W&T Offshore Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>W&T Offshore, Inc. has submitted its 2023 10-K filing, detailing financial performance, operational activities, and commitments for the fiscal year ending December 31, 2023.</b>

AI Summary

W&T OFFSHORE INC (WTI) filed a Annual Report (10-K) with the SEC on March 6, 2024. W&T Offshore, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key events and commitments, including drilling and Heidelberg Field operations, are detailed for 2023. The company's financial activities, including credit agreements and potential equity offerings, are referenced. Information regarding natural gas swap contracts and surety bonds is included as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking W&T OFFSHORE INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of W&T Offshore's financial health and operational status for the past fiscal year, crucial for investors assessing the company's performance and future prospects. The detailed information on operational activities, financial commitments, and risk factors will help stakeholders understand the company's strategic direction and potential challenges in the oil and gas sector.

Risk Assessment

Risk Level: medium — W&T OFFSHORE INC shows moderate risk based on this filing. The filing indicates various financial commitments and operational activities, including drilling programs and credit agreements, which carry inherent risks in the volatile oil and gas industry. Specific details on these are present throughout the document.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess W&T Offshore's current financial position and future outlook.

Key Numbers

• 20231231 — Fiscal Year End (Reporting period)
• 20240306 — Filing Date (Date of submission)
• 134 — Public Document Count (Number of documents in the filing)
• 2021-01-31 — Settled Litigation Date (Specific litigation event date)
• 2022-03-31 — Equity Offering Date (At-Market Equity Offering date)
• 2023-12-31 — Contract/Bond Date (Natural gas contracts and surety bonds date)
• 2024-01-16 — Subsequent Event Date (Date of a subsequent event)

Key Players & Entities

• W&T OFFSHORE INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240306 (date) — Filed as of date
• 0001288403 (company) — Central Index Key
• 713-626-8525 (phone) — Business phone
• Heidelberg Field (location) — Operational detail
• Monza Energy LLC (company) — JV Drilling Program context
• Mr Tracy W Krohn (person) — JV Drilling Program context

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risk due to potential concentration of sales revenue with a limited number of customers, as noted for the periods 2021-2023.
• Drilling Commitments [medium — operational]: The company has drilling commitments for the period of 2021-2023, which involve operational execution and associated risks.
• Credit Agreement [medium — financial]: The company's credit agreement and subsidiary credit agreements are subject to terms and conditions that pose financial risks.

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 WTI New York Stock Exchange Secur
• $3.87 — ,623 based on the closing sale price of $3.87 per share as reported by the New York S

Filing Documents

• wti-20231231x10k.htm (10-K) — 3485KB
• wti-20231231xex21d1.htm (EX-21.1) — 22KB
• wti-20231231xex23d1.htm (EX-23.1) — 9KB
• wti-20231231xex23d2.htm (EX-23.2) — 9KB
• wti-20231231xex31d1.htm (EX-31.1) — 14KB
• wti-20231231xex31d2.htm (EX-31.2) — 12KB
• wti-20231231xex32d1.htm (EX-32.1) — 10KB
• wti-20231231xex97d1.htm (EX-97.1) — 31KB
• wti-20231231xex99d1.htm (EX-99.1) — 179KB
• wti-20231231x10k003.jpg (GRAPHIC) — 4KB
• wti-20231231x10k004.jpg (GRAPHIC) — 42KB
• wti-20231231xex23d2001.jpg (GRAPHIC) — 5KB
• wti-20231231xex97d1001.jpg (GRAPHIC) — 1KB
• wti-20231231xex99d1001.jpg (GRAPHIC) — 5KB
• wti-20231231xex99d1003.jpg (GRAPHIC) — 12KB
• 0001558370-24-002610.txt (&nbsp;) — 14472KB
• wti-20231231.xsd (EX-101.SCH) — 105KB
• wti-20231231_cal.xml (EX-101.CAL) — 108KB
• wti-20231231_def.xml (EX-101.DEF) — 315KB
• wti-20231231_lab.xml (EX-101.LAB) — 728KB
• wti-20231231_pre.xml (EX-101.PRE) — 604KB
• wti-20231231x10k_htm.xml (XML) — 2797KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 42 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 60 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 102 Item 9A.

Controls and Procedures

Controls and Procedures 102 Item 9B. Other Information 102 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 103 PART III Item 10. Directors, Executive Officers and Corporate Governance 103 Item 11.

Executive Compensation

Executive Compensation 103 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103 Item 13. Certain Relationships and Related Transactions, and Director Independence 103 Item 14. Principal Accountant Fees and Services 103 PART IV Item 15. Exhibits and Financial Statement Schedules 104 Item 16. Form 10-K Summary 109

Signatures

Signatures 110 i Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Form 10-K") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this Form 10-K, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. A lthough we believe that these forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to us. If the risks or uncertainties materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements and assumptions. Known material risks that may affect our financial condition and results of operations are discussed in Item 1A. Risk Factors , and market risks are discussed in Item 7A. Quantitative and Qualitative Disclosures About Market Risk , of this Form 10-K and may be discussed or updated from time to time in subsequent reports filed with the SEC. When used in this Form 10-K, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project," "forecast," "may," "objective," "plan," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Readers are cautioned not to place undue

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View this 10-K filing on SEC EDGAR