Annual report pursuant to Section 13 and 15(d)

Supplemental Guarantor Information (Tables)

v2.4.0.8
Supplemental Guarantor Information (Tables)
12 Months Ended
Dec. 31, 2013
Condensed Consolidating Balance Sheet

The following unaudited condensed consolidating financial information presents the financial condition, results of operations and cash flows of W&T Offshore, Inc. (the “Parent Company”) and the Guarantor Subsidiaries, together with consolidating adjustments necessary to present the Company’s results on a consolidated basis.

 

 

Condensed Consolidating Balance Sheet as of December 31, 2013

 

 

  

Parent
Company

 

 

Guarantor
Subsidiaries

 

  

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

  

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

15,800

 

 

$

 

 

$

 

 

$

15,800

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

 

75,486

 

 

 

21,266

 

 

 

 

 

 

96,752

 

Joint interest and other

 

 

27,984

 

 

 

 

 

 

 

 

 

27,984

 

Income taxes

 

 

124,393

 

 

 

 

 

 

(121,273

)

 

 

3,120

 

Total receivables

 

 

227,863

 

 

 

21,266

 

 

 

(121,273

)

 

 

127,856

 

Prepaid expenses and other assets

 

 

23,674

 

 

 

6,272

 

 

 

 

 

 

29,946

 

Total current assets

 

 

267,337

 

 

 

27,538

 

 

 

(121,273

)

 

 

173,602

 

Property and equipment—at cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and equipment

 

 

6,770,396

 

 

 

568,701

 

 

 

 

 

 

7,339,097

 

Furniture, fixtures and other

 

 

21,431

 

 

 

 

 

 

 

 

 

21,431

 

Total property and equipment

 

 

6,791,827

 

 

 

568,701

 

 

 

 

 

 

7,360,528

 

Less accumulated depreciation, depletion and amortization

 

 

4,784,932

 

 

 

299,772

 

 

 

 

 

 

5,084,704

 

Net property and equipment

 

 

2,006,895

 

 

 

268,929

 

 

 

 

 

 

2,275,824

 

Restricted deposits for asset retirement obligations

 

 

37,421

 

 

 

 

 

 

 

 

 

37,421

 

Other assets

 

 

574,280

 

 

 

427,619

 

 

 

(981,444

)

 

 

20,455

 

Total assets

 

$

2,885,933

 

 

$

724,086

 

 

$

(1,102,717

)

 

$

2,507,302

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

144,492

 

 

$

720

 

 

$

 

 

$

145,212

 

Undistributed oil and natural gas proceeds

 

 

41,735

 

 

 

372

 

 

 

 

 

 

42,107

 

Asset retirement obligations

 

 

75,977

 

 

 

1,808

 

 

 

 

 

 

77,785

 

Accrued liabilities

 

 

28,000

 

 

 

121,273

 

 

 

(121,273

)

 

 

28,000

 

Total current liabilities

 

 

290,204

 

 

 

124,173

 

 

 

(121,273

)

 

 

293,104

 

Long-term debt, less current maturities

 

 

1,205,421

 

 

 

 

 

 

 

 

 

1,205,421

 

Asset retirement obligations, less current portion

 

 

238,270

 

 

 

38,367

 

 

 

 

 

 

276,637

 

Deferred income taxes

 

 

170,419

 

 

 

7,723

 

 

 

 

 

 

178,142

 

Other liabilities

 

 

441,009

 

 

 

 

 

 

(427,621

)

 

 

13,388

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Additional paid-in capital

 

 

403,564

 

 

 

317,776

 

 

 

(317,776

)

 

 

403,564

 

Retained earnings

 

 

161,212

 

 

 

236,047

 

 

 

(236,047

)

 

 

161,212

 

Treasury stock, at cost

 

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ equity

 

 

540,610

 

 

 

553,823

 

 

 

(553,823

)

 

 

540,610

 

Total liabilities and shareholders’ equity

 

$

2,885,933

 

 

$

724,086

 

 

$

(1,102,717

)

 

$

2,507,302

 

 

 

Condensed Consolidating Balance Sheet as of December 31, 2012

 

 

  

Parent
Company

 

 

Guarantor
Subsidiaries

 

  

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

  

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

12,245

 

 

$

 

 

$

 

 

$

12,245

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

 

80,729

 

 

 

17,004

 

 

 

 

 

 

97,733

 

Joint interest and other

 

 

56,439

 

 

 

 

 

 

 

 

 

56,439

 

Income taxes

 

 

163,750

 

 

 

 

 

 

(115,866

)

 

 

47,884

 

Total receivables

 

 

300,918

 

 

 

17,004

 

 

 

(115,866

)

 

 

202,056

 

Prepaid expenses and other assets

 

 

25,822

 

 

 

 

 

 

 

 

 

25,822

 

Total current assets

 

 

338,985

 

 

 

17,004

 

 

 

(115,866

)

 

 

240,123

 

Property and equipment—at cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and equipment

 

 

6,356,529

 

 

 

337,981

 

 

 

 

 

 

6,694,510

 

Furniture, fixtures and other

 

 

21,786

 

 

 

 

 

 

 

 

 

21,786

 

Total property and equipment

 

 

6,378,315

 

 

 

337,981

 

 

 

 

 

 

6,716,296

 

Less accumulated depreciation, depletion and amortization

 

 

4,461,886

 

 

 

193,955

 

 

 

 

 

 

4,655,841

 

Net property and equipment

 

 

1,916,429

 

 

 

144,026

 

 

 

 

 

 

2,060,455

 

Restricted deposits for asset retirement obligations

 

 

28,466

 

 

 

 

 

 

 

 

 

28,466

 

Other assets

 

 

442,540

 

 

 

407,008

 

 

 

(829,605

)

 

 

19,943

 

Total assets

 

$

2,726,420

 

 

$

568,038

 

 

$

(945,471

)

 

$

2,348,987

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

123,792

 

 

$

93

 

 

$

 

 

$

123,885

 

Undistributed oil and natural gas proceeds

 

 

36,791

 

 

 

282

 

 

 

 

 

 

37,073

 

Asset retirement obligations

 

 

92,595

 

 

 

 

 

 

35

 

 

 

92,630

 

Accrued liabilities

 

 

20,755

 

 

 

116,132

 

 

 

(115,866

)

 

 

21,021

 

Total current liabilities

 

 

273,933

 

 

 

116,507

 

 

 

(115,831

)

 

 

274,609

 

Long-term debt

 

 

1,087,611

 

 

 

 

 

 

 

 

 

1,087,611

 

Asset retirement obligations, less current portion

 

 

262,524

 

 

 

28,934

 

 

 

(35

)

 

 

291,423

 

Deferred income taxes

 

 

158,758

 

 

 

 

 

 

(13,509

)

 

 

145,249

 

Other liabilities

 

 

402,407

 

 

 

 

 

 

(393,499

)

 

 

8,908

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Additional paid-in capital

 

 

396,186

 

 

 

231,759

 

 

 

(231,759

)

 

 

396,186

 

Retained earnings

 

 

169,167

 

 

 

190,838

 

 

 

(190,838

)

 

 

169,167

 

Treasury stock, at cost

 

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ equity

 

 

541,187

 

 

 

422,597

 

 

 

(422,597

)

 

 

541,187

 

Total liabilities and shareholders’ equity

 

$

2,726,420

 

 

$

568,038

 

 

$

(945,471

)

 

$

2,348,987

 

 

 

Condensed Consolidating Statement of Income

Condensed Consolidating Statement of Income for the Twelve Months Ended December 31, 2013

 

 

  

Parent
Company

 

 

Guarantor
Subsidiaries

 

  

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

  

(In thousands) 

 

Revenues

 

$

780,442

 

 

$

203,646

 

 

$

 

 

$

984,088

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

 

252,511

 

 

 

18,328

 

 

 

 

 

 

270,839

 

Production taxes

 

 

7,135

 

 

 

 

 

 

 

 

 

7,135

 

Gathering and transportation

 

 

13,747

 

 

 

3,763

 

 

 

 

 

 

17,510

 

Depreciation, depletion and amortization

 

 

324,794

 

 

 

105,817

 

 

 

 

 

 

430,611

 

Asset retirement obligation accretion

 

 

18,152

 

 

 

2,766

 

 

 

 

 

 

20,918

 

General and administrative expenses

 

 

78,649

 

 

 

3,225

 

 

 

 

 

 

81,874

 

Derivative loss

 

 

8,470

 

 

 

 

 

 

 

 

 

8,470

 

Total costs and expenses

 

 

703,458

 

 

 

133,899

 

 

 

 

 

 

837,357

 

Operating income

 

 

76,984

 

 

 

69,747

 

 

 

 

 

 

146,731

 

Earnings of affiliates

 

 

45,209

 

 

 

 

 

 

(45,209

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

 

85,531

 

 

 

108

 

 

 

 

 

 

85,639

 

Capitalized

 

 

(9,950

)

 

 

(108

)

 

 

 

 

 

(10,058

)

Loss on extinguishment of debt

 

 

128

 

 

 

 

 

 

 

 

 

128

 

Other income

 

 

9,074

 

 

 

 

 

 

 

 

 

9,074

 

Income before income tax expense

 

 

55,558

 

 

 

69,747

 

 

 

(45,209

)

 

 

80,096

 

Income tax expense

 

 

4,236

 

 

 

24,538

 

 

 

 

 

 

28,774

 

Net income

 

$

51,322

 

 

$

45,209

 

 

$

(45,209

)

 

$

51,322

 

 

 

 

Condensed Consolidating Statement of Income for the Twelve Months Ended December 31, 2012

 

 

  

Parent
Company

 

 

Guarantor
Subsidiaries

 

  

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

  

(In thousands) 

 

Revenues

 

$

659,203

 

 

$

215,288

 

 

$

 

 

$

874,491

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

 

209,581

 

 

 

22,679

 

 

 

 

 

 

232,260

 

Production taxes

 

 

5,840

 

 

 

 

 

 

 

 

 

5,840

 

Gathering and transportation

 

 

11,703

 

 

 

3,175

 

 

 

 

 

 

14,878

 

Depreciation, depletion and amortization

 

 

253,807

 

 

 

82,370

 

 

 

 

 

 

336,177

 

Asset retirement obligation accretion

 

 

17,463

 

 

 

2,592

 

 

 

 

 

 

20,055

 

General and administrative expenses

 

 

79,424

 

 

 

2,593

 

 

 

 

 

 

82,017

 

Derivative loss

 

 

13,954

 

 

 

 

 

 

 

 

 

13,954

 

Total costs and expenses

 

 

591,772

 

 

 

113,409

 

 

 

 

 

 

705,181

 

Operating income

 

 

67,431

 

 

 

101,879

 

 

 

 

 

 

169,310

 

Earnings of affiliates

 

 

66,195

 

 

 

 

 

 

(66,195

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

 

63,268

 

 

 

 

 

 

 

 

 

63,268

 

Capitalized

 

 

(13,274

)

 

 

 

 

 

 

 

 

(13,274

)

Other income

 

 

215

 

 

 

 

 

 

 

 

 

215

 

Income before income tax expense

 

 

83,847

 

 

 

101,879

 

 

 

(66,195

)

 

 

119,531

 

Income tax expense

 

 

11,863

 

 

 

35,684

 

 

 

 

 

 

47,547

 

Net income

 

$

71,984

 

 

$

66,195

 

 

$

(66,195

)

 

$

71,984

 

 

 

 

Condensed Consolidating Statement of Income for the Twelve Months Ended December 31, 2011

 

 

  

Parent
Company

 

 

Guarantor
Subsidiaries

 

  

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

  

(In thousands) 

 

Revenues

 

$

697,899

 

 

$

273,148

 

 

$

 

 

$

971,047

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

 

182,165

 

 

 

37,041

 

 

 

 

 

 

219,206

 

Production taxes

 

 

4,275

 

 

 

 

 

 

 

 

 

4,275

 

Gathering and transportation

 

 

12,676

 

 

 

4,244

 

 

 

 

 

 

16,920

 

Depreciation, depletion and amortization

 

 

214,740

 

 

 

84,275

 

 

 

 

 

 

299,015

 

Asset retirement obligation accretion

 

 

26,947

 

 

 

2,824

 

 

 

 

 

 

29,771

 

General and administrative expenses

 

 

71,714

 

 

 

2,582

 

 

 

 

 

 

74,296

 

Derivative gain

 

 

(1,896

)

 

 

 

 

 

 

 

 

(1,896

)

Total costs and expenses

 

 

510,621

 

 

 

130,966

 

 

 

 

 

 

641,587

 

Operating income

 

 

187,278

 

 

 

142,182

 

 

 

 

 

 

329,460

 

Earnings of affiliates

 

 

92,533

 

 

 

 

 

 

(92,533

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

 

52,393

 

 

 

 

 

 

 

 

 

52,393

 

Capitalized

 

 

(9,877

)

 

 

 

 

 

 

 

 

(9,877

)

Loss on extinguishment of debt

 

 

22,694

 

 

 

 

 

 

 

 

 

22,694

 

Other income

 

 

84

 

 

 

 

 

 

 

 

 

84

 

Income before income tax expense

 

 

214,685

 

 

 

142,182

 

 

 

(92,533

)

 

 

264,334

 

Income tax expense

 

 

41,868

 

 

 

49,649

 

 

 

 

 

 

91,517

 

Net income

 

$

172,817

 

 

$

92,533

 

 

$

(92,533

)

 

$

172,817

 

 

Condensed Consolidating Statement of Cash Flows

 

 

Condensed Consolidating Statement of Cash Flows for the Twelve Months Ended December 31, 2013

 

 

  

Parent
Company

 

 

Guarantor
Subsidiaries

 

 

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

  

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

51,322

 

 

$

45,209

 

 

$

(45,209

)

 

$

51,322

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

 

342,946

 

 

 

108,583

 

 

 

 

 

 

451,529

 

Amortization of debt issuance costs and premium

 

 

1,645

 

 

 

 

 

 

 

 

 

1,645

 

Loss on extinguishment of debt

 

 

128

 

 

 

 

 

 

 

 

 

128

 

Share-based compensation

 

 

11,525

 

 

 

 

 

 

 

 

 

11,525

 

Derivative loss

 

 

8,470

 

 

 

 

 

 

 

 

 

8,470

 

Cash payments on derivative settlements (realized)

 

 

(8,589

)

 

 

 

 

 

 

 

 

(8,589

)

Deferred income taxes

 

 

11,522

 

 

 

19,398

 

 

 

 

 

 

30,920

 

Earnings of affiliates

 

 

(45,209

)

 

 

 

 

 

45,209

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

 

5,242

 

 

 

(4,262

)

 

 

 

 

 

980

 

Joint interest and other receivables

 

 

28,566

 

 

 

 

 

 

 

 

 

28,566

 

Insurance proceeds

 

 

5,691

 

 

 

 

 

 

 

 

 

5,691

 

Income taxes

 

 

39,188

 

 

 

5,140

 

 

 

 

 

 

44,328

 

Prepaid expenses and other assets

 

 

(5,606

)

 

 

(38,558

)

 

 

34,120

 

 

 

(10,044

)

Asset retirement obligations

 

 

(79,950

)

 

 

(1,593

)

 

 

 

 

 

(81,543

)

Accounts payable and accrued liabilities

 

 

27,415

 

 

 

717

 

 

 

 

 

 

28,132

 

Other

 

 

32,418

 

 

 

 

 

 

(34,120

)

 

 

(1,702

)

Net cash provided by operating activities

 

 

426,724

 

 

 

134,634

 

 

 

 

 

 

561,358

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of property interest in oil and natural gas properties

 

 

(82,424

)

 

 

 

 

 

 

 

 

(82,424

)

Investment in oil and natural gas properties and equipment

 

 

(331,303

)

 

 

(220,651

)

 

 

 

 

 

(551,954

)

Investment in subsidiary

 

 

(86,017

)

 

 

 

 

 

86,017

 

 

 

 

Proceeds from sales of assets and other, net

 

 

21,008

 

 

 

 

 

 

 

 

 

21,008

 

Purchases of furniture, fixtures, misc. sales and other

 

 

(1,435

)

 

 

 

 

 

 

 

 

(1,435

)

Net cash used in investing activities

 

 

(480,171

)

 

 

(220,651

)

 

 

86,017

 

 

 

(614,805

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings of long-term debt - revolving bank credit facility

 

 

563,000

 

 

 

 

 

 

 

 

 

563,000

 

Repayments of long-term debt - revolving bank credit facility

 

 

(443,000

)

 

 

 

 

 

 

 

 

(443,000

)

Debt issuance costs

 

 

(3,892

)

 

 

 

 

 

 

 

 

(3,892

)

Dividends to shareholders

 

 

(58,846

)

 

 

 

 

 

 

 

 

(58,846

)

Investment from parent

 

 

 

 

 

86,017

 

 

 

(86,017

)

 

 

 

Other

 

 

(260

)

 

 

 

 

 

 

 

 

(260

)

Net cash provided by financing activities

 

 

57,002

 

 

 

86,017

 

 

 

(86,017

)

 

 

57,002

 

Increase in cash and cash equivalents

 

 

3,555

 

 

 

 

 

 

 

 

 

3,555

 

Cash and cash equivalents, beginning of period

 

 

12,245

 

 

 

 

 

 

 

 

 

12,245

 

Cash and cash equivalents, end of period

 

$

15,800

 

 

$

 

 

$

 

 

$

15,800

 

 

 

 

Condensed Consolidating Statement of Cash Flows for the Twelve Months Ended December 31, 2012

 

 

  

Parent
Company

 

 

Guarantor
Subsidiaries

 

 

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

  

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

71,984

 

 

$

66,195

 

 

$

(66,195

)

 

$

71,984

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

 

271,270

 

 

 

84,962

 

 

 

 

 

 

356,232

 

Amortization of debt issuance costs and premium

 

 

2,575

 

 

 

 

 

 

 

 

 

2,575

 

Share-based compensation

 

 

12,398

 

 

 

 

 

 

 

 

 

12,398

 

Derivative loss

 

 

13,954

 

 

 

 

 

 

 

 

 

13,954

 

Cash payments on derivative settlements (realized)

 

 

(7,664

)

 

 

 

 

 

 

 

 

(7,664

)

Deferred income taxes

 

 

83,981

 

 

 

4,128

 

 

 

 

 

 

88,109

 

Earnings of affiliates

 

 

(66,195

)

 

 

 

 

 

66,195

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

 

(2,597

)

 

 

3,415

 

 

 

 

 

 

818

 

Joint interest and other receivables

 

 

(31,399

)

 

 

 

 

 

 

 

 

(31,399

)

Insurance proceeds

 

 

2,576

 

 

 

 

 

 

 

 

 

2,576

 

Income taxes

 

 

(89,568

)

 

 

31,557

 

 

 

 

 

 

(58,011

)

Prepaid expenses and other assets

 

 

7,442

 

 

 

(118,320

)

 

 

118,318

 

 

 

7,440

 

Asset retirement obligations

 

 

(112,199

)

 

 

(628

)

 

 

 

 

 

(112,827

)

Accounts payable and accrued liabilities

 

 

40,530

 

 

 

(2,504

)

 

 

 

 

 

38,026

 

Other

 

 

119,244

 

 

 

 

 

 

(118,318

)

 

 

926

 

Net cash provided by operating activities

 

 

316,332

 

 

 

68,805

 

 

 

 

 

 

385,137

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of property interest in oil and natural gas properties

 

 

(205,550

)

 

 

 

 

 

 

 

 

(205,550

)

Investment in oil and natural gas properties and equipment

 

 

(410,508

)

 

 

(68,805

)

 

 

 

 

 

(479,313

)

Proceeds from sales of assets and other, net

 

 

30,453

 

 

 

 

 

 

 

 

 

30,453

 

Purchases of furniture, fixtures, misc. sales and other

 

 

(3,031

)

 

 

 

 

 

 

 

 

(3,031

)

Net cash used in investing activities

 

 

(588,636

)

 

 

(68,805

)

 

 

 

 

 

(657,441

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 8.50% Senior Notes

 

 

318,000

 

 

 

 

 

 

 

 

 

318,000

 

Borrowings of long-term debt - revolving bank credit facility

 

 

732,000

 

 

 

 

 

 

 

 

 

732,000

 

Repayments of long-term debt - revolving bank credit facility

 

 

(679,000

)

 

 

 

 

 

 

 

 

(679,000

)

Debt issuance costs

 

 

(8,510

)

 

 

 

 

 

 

 

 

(8,510

)

Dividends to shareholders

 

 

(82,832

)

 

 

 

 

 

 

 

 

(82,832

)

Other

 

 

379

 

 

 

 

 

 

 

 

 

379

 

Net cash provided by financing activities

 

 

280,037

 

 

 

 

 

 

 

 

 

280,037

 

Increase in cash and cash equivalents

 

 

7,733

 

 

 

 

 

 

 

 

 

7,733

 

Cash and cash equivalents, beginning of period

 

 

4,512

 

 

 

 

 

 

 

 

 

4,512

 

Cash and cash equivalents, end of period

 

$

12,245

 

 

$

 

 

$

 

 

$

12,245

 

 

 

 

Condensed Consolidating Statement of Cash Flows for the Twelve Months Ended December 31, 2011

 

 

  

Parent
Company

 

 

Guarantor
Subsidiaries

 

 

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

  

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

172,817

 

 

$

92,533

 

 

$

(92,533

)

 

$

172,817

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

 

241,687

 

 

 

87,099

 

 

 

 

 

 

328,786

 

Amortization of debt issuance costs

 

 

2,010

 

 

 

 

 

 

 

 

 

2,010

 

Loss on extinguishment of debt

 

 

22,694

 

 

 

 

 

 

 

 

 

22,694

 

Share-based compensation

 

 

9,710

 

 

 

 

 

 

 

 

 

9,710

 

Derivative gain

 

 

(1,896

)

 

 

 

 

 

 

 

 

(1,896

)

Cash payments on derivative settlements (realized)

 

 

(9,873

)

 

 

 

 

 

 

 

 

(9,873

)

Deferred income taxes

 

 

76,717

 

 

 

(14,882

)

 

 

 

 

 

61,835

 

Earnings of affiliates

 

 

(92,533

)

 

 

 

 

 

92,533

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

 

(27,709

)

 

 

9,070

 

 

 

 

 

 

(18,639

)

Joint interest and other receivables

 

 

375

 

 

 

 

 

 

 

 

 

375

 

Insurance proceeds

 

 

20,771

 

 

 

 

 

 

 

 

 

20,771

 

Income taxes

 

 

(71,655

)

 

 

64,531

 

 

 

 

 

 

(7,124

)

Prepaid expenses and other assets

 

 

(8,003

)

 

 

(228,020

)

 

 

228,214

 

 

 

(7,809

)

Asset retirement obligations

 

 

(59,958

)

 

 

 

 

 

 

 

 

(59,958

)

Accounts payable and accrued liabilities

 

 

8,589

 

 

 

(514

)

 

 

(194

)

 

 

7,881

 

Other

 

 

227,918

 

 

 

 

 

 

(228,020

)

 

 

(102

)

Net cash provided by operating activities

 

 

511,661

 

 

 

9,817

 

 

 

 

 

 

521,478

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of property interest in oil and natural gas properties

 

 

(437,247

)

 

 

 

 

 

 

 

 

(437,247

)

Investment in oil and natural gas properties and equipment

 

 

(277,147

)

 

 

(4,632

)

 

 

 

 

 

(281,779

)

Investment in subsidiary

 

 

5,185

 

 

 

 

 

 

(5,185

)

 

 

 

Proceeds from sales of assets and other, net

 

 

15

 

 

 

 

 

 

 

 

 

15

 

Purchases of furniture, fixtures, misc. sales and other

 

 

(3,660

)

 

 

 

 

 

 

 

 

(3,660

)

Net cash used in investing activities

 

 

(712,854

)

 

 

(4,632

)

 

 

(5,185

)

 

 

(722,671

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 8.50% Senior Notes

 

 

600,000

 

 

 

 

 

 

 

 

 

600,000

 

Repurchase of 8.25% Senior Notes

 

 

(450,000

)

 

 

 

 

 

 

 

 

(450,000

)

Borrowings of long-term debt - revolving bank credit facility

 

 

623,000

 

 

 

 

 

 

 

 

 

623,000

 

Repayments of long-term debt - revolving bank credit facility

 

 

(506,000

)

 

 

 

 

 

 

 

 

(506,000

)

Repurchase premium and debt issuance costs

 

 

(32,288

)