W&T Offshore, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) (Tables)

SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure

Net capitalized costs related to oil, NGLs and natural gas producing activities are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Proved oil and natural gas properties and equipment	$	8,919,403	$	8,813,404	$	8,636,408
Accumulated depreciation, depletion and amortization		(8,200,968)		(8,088,271)		(7,981,271)
Net capitalized costs related to producing activities	$	718,435	$	725,133	$	655,137

Depreciation, depletion and amortization ($/Boe)		8.85		7.32		6.50

Schedule of Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure

The following costs were incurred in oil, NGLs and natural gas property acquisition, exploration, and development activities (in thousands):


	Year Ended December 31,
	2023		2022		2021
Acquisition of proved oil and natural gas properties ⁽¹⁾	$	43,736	$	78,565	$	2,197
Exploration costs ⁽²⁾		12,250		24,498		18,444
Development costs ⁽³⁾		54,022		77,282		47,218
Total	$	110,008	$	180,345	$	67,859

(1)	Includes capitalized ARO of $16.4 million and $33.2 million during 2023 and 2022, respectively. There was no capitalized ARO related to acquisitions during 2021.

(2)	Includes seismic costs of $2.8 million, $5.6 million, and $0.1 million incurred during 2023, 2022 and 2021, respectively. Includes geological and geophysical costs charged to expense of $4.8 million, $5.5 million, and $5.7 million during 2023, 2022 and 2021, respectively.

(3)	Includes net additions from capitalized ARO of $21.0 million, $55.6 million, and $36.2 million during 2023, 2022 and 2021, respectively. These adjustments for ARO are associated with liabilities incurred and revisions of estimates.

Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities

The following sets forth changes in estimated quantities of net proved oil, NGLs and natural gas reserves:



	Oil	NGLs	Natural Gas
	(MMBbls)	(MMBbls)	(Bcf)	MMBoe
Proved reserves as of December 31, 2020	32.2	17.4	569.3	144.4
Revisions of previous estimates	10.0	3.1	83.0	27.1
Purchase of minerals in place	—	—	0.1	—
Production	(5.0)	(1.4)	(44.8)	(13.9)
Proved reserves as of December 31, 2021	37.2	19.1	607.6	157.6
Revisions of previous estimates	4.5	1.2	64.3	16.3
Purchase of minerals in place	4.5	0.2	7.5	6.0
Production	(5.6)	(1.6)	(44.8)	(14.6)
Proved reserves as of December 31, 2022	40.6	18.9	634.6	165.3
Revisions of previous estimates	—	(4.0)	(168.8)	(32.2)
Extensions and discoveries	—	—	—	—
Purchase of minerals in place	1.4	0.2	5.8	2.6
Production	(5.0)	(1.4)	(37.6)	(12.7)
Proved reserves as of December 31, 2023	37.0	13.7	434.0	123.0

Year-end proved developed reserves:
2023	27.4	12.7	379.4	103.3
2022	31.1	17.6	576.0	144.8
2021	27.6	17.8	549.2	137.0

Year-end proved undeveloped reserves:
2023	9.6	1.0	54.6	19.7
2022	9.5	1.3	58.6	20.5
2021	9.6	1.3	58.4	20.6

Schedule of Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure

The following presents the standardized measure of discounted future net cash flows related to the Company’s proved oil, NGLs and natural gas reserves together with changes therein (in millions):


	Year Ended December 31,
	2023		2022		2021
Future cash inflows	$	4,282.3	$	8,856.0	$	5,178.0
Future costs:
Production		(2,007.6)		(2,895.0)		(2,062.0)
Development and abandonment		(1,052.3)		(990.0)		(976.0)
Income taxes		(210.3)		(1,006.0)		(359.0)
Future net cash inflows		1,012.1		3,965.0		1,781.0
10% annual discount factor		(328.9)		(1,702.0)		(625.0)
Standardized measure of discounted future net cash flows	$	683.2	$	2,263.0	$	1,156.0

Schedule Of Prices Weighted By Field Production Related To The Proved Reserves


	December 31,
	2023		2022		2021
Oil ($/Bbl)	$	74.79	$	91.50	$	65.25
NGLs ($/Bbl)		24.08		41.92		26.83
Natural gas ($/Mcf)		2.74		6.85		3.68

Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows

The change in the standardized measure of discounted future net cash flows relating to the Company’s proved oil, NGLs and natural gas reserves is as follows (in millions):


	Year Ended December 31,
	2023		2022		2021
Standardized measure, beginning of year	$	2,263.0	$	1,156.0	$	493.7
Sales and transfers of oil, NGL and natural gas produced, net of production costs		(240.1)		(672.7)		(370.4)
Net changes in prices and production costs		(1,241.4)		1,368.6		980.9
Net change in future development costs		(22.0)		(15.2)		(24.7)
Revisions of quantity estimates		(828.8)		249.1		289.6
Acquisition of reserves in place		72.0		225.2		0.3
Accretion of discount		285.7		138.1		44.0
Net change in income taxes		443.1		(369.3)		(181.8)
Changes in timing and other		(48.3)		183.2		(75.6)
Standardized measure, end of year	$	683.2	$	2,263.0	$	1,156.0

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details