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

Quarterly report pursuant to Section 13 or 15(d)

Supplemental Guarantor Information (Tables)

Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2012

Supplemental Guarantor Information [Abstract]

Condensed Consolidating Balance Sheet as of March 31, 2012


									Consolidated
	Parent			Guarantor					W&T
	Company			Subsidiaries		Eliminations			Offshore, Inc.
	(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	8,508		$	—	$	—		$	8,508
Receivables:
Oil and natural gas sales		69,944			19,090		—			89,034
Joint interest and other		27,611			—		—			27,611
Income taxes		94,642			—		(94,642	)		—

Total receivables		192,197			19,090		(94,642	)		116,645
Deferred income taxes		11,004			—		—			11,004
Prepaid expenses and other assets		22,139			—		—			22,139

Total current assets		233,848			19,090		(94,642	)		158,296
Property and equipment – at cost:
Oil and natural gas properties and equipment		5,737,812			280,398		—			6,018,210
Furniture, fixtures and other		20,001			—		—			20,001

Total property and equipment		5,757,813			280,398		—			6,038,211
Less accumulated depreciation, depletion and amortization		4,271,613			131,805		—			4,403,418

Net property and equipment		1,486,200			148,593		—			1,634,793
Restricted deposits for asset retirement obligations		35,518			—		—			35,518
Deferred income taxes		—			18,050		(18,050	)		—
Other assets		388,653			313,034		(687,953	)		13,734

Total assets	$	2,144,219		$	498,767	$	(800,645	)	$	1,842,341

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	64,261		$	731	$	—		$	64,992
Undistributed oil and natural gas proceeds		34,836			239		—			35,075
Asset retirement obligations		105,442			—		—			105,442
Accrued liabilities		55,049			—		—			55,049
Income taxes		—			94,955		(94,642	)		313

Total current liabilities		259,588			95,925		(94,642	)		260,871
Long-term debt		684,000			—		—			684,000
Asset retirement obligations, less current portion		235,113			27,924		—			263,037
Deferred income taxes		88,477			—		(18,050	)		70,427
Other liabilities		332,624			—		(313,034	)		19,590
Shareholders' equity:
Common stock		1			—		—			1
Additional paid-in capital		389,629			231,759		(231,760	)		389,628
Retained earnings		178,954			143,159		(143,159	)		178,954
Treasury stock, at cost		(24,167	)		—		—			(24,167	)

Total shareholders' equity		544,417			374,918		(374,919	)		544,416

Total liabilities and shareholders' equity	$	2,144,219		$	498,767	$	(800,645	)	$	1,842,341

Condensed Consolidating Balance Sheet as of December 31, 2011


									Consolidated
	Parent			Guarantor					W&T
	Company			Subsidiaries		Eliminations			Offshore, Inc.
	(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	4,512		$	—	$	—		$	4,512
Receivables:
Oil and natural gas sales		78,131			20,419		—			98,550
Joint interest and other		25,804			—		—			25,804
Income taxes		74,183			—		(74,183	)		—

Total receivables		178,118			20,419		(74,183	)		124,354
Deferred income taxes		2,007			—		—			2,007
Prepaid expenses and other assets		30,315			—		—			30,315

Total current assets		214,952			20,419		(74,183	)		161,188
Property and equipment – at cost:
Oil and natural gas properties and equipment		5,689,535			269,481		—			5,959,016
Furniture, fixtures and other		19,500			—		—			19,500

Total property and equipment		5,709,035			269,481		—			5,978,516
Less accumulated depreciation, depletion and amortization		4,208,825			111,585		—			4,320,410

Net property and equipment		1,500,210			157,896		—			1,658,106
Restricted deposits for asset retirement obligations		33,462			—		—			33,462
Deferred income taxes		—			17,637		(17,637	)		—
Other assets		372,572			275,181		(631,584	)		16,169

Total assets	$	2,121,196		$	471,133	$	(723,404	)	$	1,868,925

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	73,333		$	2,538	$	—		$	75,871
Undistributed oil and natural gas proceeds		33,391			341		—			33,732
Asset retirement obligations		138,185			—		—			138,185
Accrued liabilities		29,705			—		—			29,705
Income taxes		—			84,575		(74,183	)		10,392

Total current liabilities		274,614			87,454		(74,183	)		287,885
Long-term debt		717,000			—		—			717,000
Asset retirement obligations, less current portion		228,419			27,276		—			255,695
Deferred income taxes		76,518			—		(17,637	)		58,881
Other liabilities		280,071			—		(275,181	)		4,890
Shareholders' equity:
Common stock		1			—		—			1
Additional paid-in capital		386,920			231,759		(231,759	)		386,920
Retained earnings		181,820			124,644		(124,644	)		181,820
Treasury stock, at cost		(24,167	)		—		—			(24,167	)

Total shareholders' equity		544,574			356,403		(356,403	)		544,574

Total liabilities and shareholders' equity	$	2,121,196		$	471,133	$	(723,404	)	$	1,868,925

Condensed Consolidating Statement Of Income

Condensed Consolidating Statement of Income for the Three Months Ended March 31, 2012


									Consolidated
	Parent			Guarantor					W&T
	Company			Subsidiaries		Eliminations			Offshore, Inc.
	(In thousands)
Revenues	$	176,562		$	59,324	$	—		$	235,886

Operating costs and expenses:
Lease operating expenses		50,018			6,645		—			56,663
Production taxes		1,485			—		—			1,485
Gathering and transportation		3,484			737		—			4,221
Depreciation, depletion, amortization and accretion		67,623			20,868		—			88,491
General and administrative expenses		26,887			2,592		—			29,479
Derivative loss		39,634			—		—			39,634

Total costs and expenses		189,131			30,842		—			219,973

Operating income (loss)		(12,569	)		28,482		—			15,913
Earnings of affiliates		18,516			—		(18,516	)		—
Interest expense:
Incurred		13,905			—		—			13,905
Capitalized		(3,191	)		—		—			(3,191	)

Income (loss) before income tax expense		(4,767	)		28,482		(18,516	)		5,199
Income tax expense (benefit)		(7,985	)		9,966		—			1,981

Net income	$	3,218		$	18,516	$	(18,516	)	$	3,218

Condensed Consolidating Statement of Income for the Three Months Ended March 31, 2011


									Consolidated
	Parent			Guarantor					W&T
	Company			Subsidiaries		Eliminations			Offshore, Inc.
	(In thousands)
Revenues	$	140,226		$	70,629	$	—		$	210,855

Operating costs and expenses:
Lease operating expenses		42,081			10,324		—			52,405
Production taxes		288			—		—			288
Gathering and transportation		3,072			1,481		—			4,553
Depreciation, depletion, amortization and accretion		51,411			22,681		—			74,092
General and administrative expenses		16,657			1,472		—			18,129
Derivative loss		23,840			—		—			23,840

Total costs and expenses		137,349			35,958		—			173,307

Operating income		2,877			34,671		—			37,548
Earnings of affiliates		22,536			—		(22,536	)		—
Interest expense:
Incurred		10,129			—		—			10,129
Capitalized		(1,412	)		—		—			(1,412	)

Income before income tax expense		16,696			34,671		(22,536	)		28,831
Income tax expense (benefit)		(1,953	)		12,135		—			10,182

Net income	$	18,649		$	22,536	$	(22,536	)	$	18,649

Condensed Consolidating Statement Of Cash Flows

Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2012


										Consolidated
	Parent			Guarantor						W&T
	Company			Subsidiaries			Eliminations			Offshore, Inc.
	(In thousands)
Operating activities:
Net income	$	3,218		$	18,516		$	(18,516	)	$	3,218
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion		67,623			20,868			—			88,491
Amortization of debt issuance costs		586			—			—			586
Share-based compensation		2,659			—			—			2,659
Derivative loss		39,634			—			—			39,634
Cash payments on derivative settlements		(5,800	)		—			—			(5,800	)
Deferred income taxes		2,963			(413	)		—			2,550
Earnings of affiliates		(18,516	)		—			18,516			—
Changes in operating assets and liabilities:
Oil and natural gas receivables		8,187			1,329			—			9,516
Joint interest and other receivables		(2,170	)		—			—			(2,170	)
Insurance receivables		715			—			—			715
Income taxes		(20,766	)		10,380			—			(10,386	)
Prepaid expenses and other assets		3,735			(37,855	)		38,004			3,884
Asset retirement obligations		(5,384	)		—			—			(5,384	)
Accounts payable and accrued liabilities		1,787			(1,908	)		(150	)		(271	)
Other liabilities		38,769			—			(37,854	)		915

Net cash provided by operating activities		117,240			10,917			—			128,157

Investing activities:
Investment in oil and natural gas properties and equipment		(73,709	)		(10,917	)		—			(84,626	)
Purchases of furniture, fixtures and other		(500	)		—			—			(500	)

Net cash used in investing activities		(74,209	)		(10,917	)		—			(85,126	)

Financing activities:
Borrowings of long-term debt – revolving bank credit facility		84,000			—			—			84,000
Repayments of long-term debt – revolving bank credit facility		(117,000	)		—			—			(117,000	)
Dividends to shareholders		(5,948	)		—			—			(5,948	)
Other		(87	)		—			—			(87	)

Net cash used in financing activities		(39,035	)		—			—			(39,035	)

Increase in cash and cash equivalents		3,996			—			—			3,996
Cash and cash equivalents, beginning of period		4,512			—			—			4,512

Cash and cash equivalents, end of period	$	8,508		$	—		$	—		$	8,508

Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2011


										Consolidated
	Parent			Guarantor						W&T
	Company			Subsidiaries			Eliminations			Offshore, Inc.
	(In thousands)
Operating activities:
Net income	$	18,649		$	22,536		$	(22,536	)	$	18,649
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion		51,411			22,681			—			74,092
Amortization of debt issuance costs		335			—			—			335
Share-based compensation		1,826			—			—			1,826
Derivative loss		23,840			—			—			23,840
Cash payments on derivative settlements		(2,223	)		—			—			(2,223	)
Deferred income taxes		12,707			(3,360	)		—			9,347
Earnings of affiliates		(22,536	)		—			22,536			—
Changes in operating assets and liabilities:
Oil and natural gas receivables		(3,608	)		1,173			—			(2,435	)
Joint interest and other receivables		3,235			—			—			3,235
Insurance receivables		9,295			—			—			9,295
Income taxes		(33,772	)		15,497			—			(18,275	)
Prepaid expenses and other assets		5,062			(55,164	)		55,164			5,062
Asset retirement obligations		(17,470	)		—			—			(17,470	)
Accounts payable and accrued liabilities		(31,286	)		(1,332	)		—			(32,618	)
Other liabilities		55,229			—			(55,164	)		65

Net cash provided by operating activities		70,694			2,031			—			72,725

Investing activities:
Investment in oil and natural gas properties and equipment		(37,897	)		(2,031	)		—			(39,928	)
Purchases of furniture, fixtures and other		(80	)		—			—			(80	)

Net cash used in investing activities		(37,977	)		(2,031	)		—			(40,008	)

Financing activities:
Borrowings of long-term debt – revolving bank credit facility		10,000			—			—			10,000
Repayments of long-term debt – revolving bank credit facility		(10,000	)		—			—			(10,000	)
Dividends to shareholders		(2,979	)		—			—			(2,979	)

Net cash used in financing activities		(2,979	)		—			—			(2,979	)

Increase in cash and cash equivalents		29,738			—			—			29,738
Cash and cash equivalents, beginning of period		28,655			—			—			28,655

Cash and cash equivalents, end of period	$	58,393		$	—		$	—		$	58,393