W&T Offshore Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>W&T Offshore, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial and operational data.</b>

AI Summary

W&T OFFSHORE INC (WTI) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. W&T Offshore, Inc. filed a 10-Q for the quarterly period ended March 31, 2024. The filing includes data related to common stock outstanding for various periods, including March 31, 2024, December 31, 2023, March 31, 2023, and December 31, 2022. Financial data points such as Retained Earnings, Additional Paid-In Capital, and Treasury Stock are detailed as of March 31, 2024, December 31, 2023, and March 31, 2023. Production volumes for Oil & Condensate, Natural Gas, and Natural Gas Liquids are reported for the periods January 1, 2024, to March 31, 2024, and January 1, 2023, to March 31, 2023. The filing references specific agreements and programs, including Monza Energy LLC, JV Drilling Program, and a Subsidiary Credit Agreement Term Loan.

Why It Matters

For investors and stakeholders tracking W&T OFFSHORE INC, this filing contains several important signals. This 10-Q filing provides investors with the most recent financial performance and operational status of W&T Offshore, Inc., crucial for evaluating the company's current standing and future prospects. The detailed breakdown of production volumes and equity components offers insights into the company's operational efficiency and capital structure during the first quarter of 2024.

Risk Assessment

Risk Level: medium — W&T OFFSHORE INC shows moderate risk based on this filing. The company's financial health and operational performance are subject to the inherent volatility of the oil and gas industry, as indicated by the reporting of production volumes and financial statements in this 10-Q.

Analyst Insight

Investors should review the detailed production figures and financial statements in the 10-Q to assess W&T Offshore's performance in the current commodity price environment.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-10 — Filing Date (FILED AS OF DATE)
• Q1 2024 — Fiscal Quarter (Reporting Period)
• 1231 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• W&T OFFSHORE INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-10 (date) — FILED AS OF DATE
• Monza Energy LLC (company) — Member of W&T Offshore
• JV Drilling Program (company) — Member of W&T Offshore
• 713-626-8525 (phone_number) — BUSINESS PHONE
• TX (state) — STATE OF INCORPORATION
• 1311 (sic_code) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive update on the company's financial performance and operational status during the quarter.)

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 WTI New York Stock Exchange Indic

Filing Documents

• wti-20240331x10q.htm (10-Q) — 1374KB
• wti-20240331xex10d7.htm (EX-10.7) — 102KB
• wti-20240331xex10d8.htm (EX-10.8) — 52KB
• wti-20240331xex31d1.htm (EX-31.1) — 15KB
• wti-20240331xex31d2.htm (EX-31.2) — 13KB
• wti-20240331xex32d1.htm (EX-32.1) — 9KB
• wti-20240331x10q003.jpg (GRAPHIC) — 4KB
• 0001558370-24-007815.txt (&nbsp;) — 5809KB
• wti-20240331.xsd (EX-101.SCH) — 47KB
• wti-20240331_cal.xml (EX-101.CAL) — 50KB
• wti-20240331_def.xml (EX-101.DEF) — 153KB
• wti-20240331_lab.xml (EX-101.LAB) — 315KB
• wti-20240331_pre.xml (EX-101.PRE) — 258KB
• wti-20240331x10q_htm.xml (XML) — 933KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 202 3 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 25

– OTHER INFORMATION

PART II – OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 26 SIGNATURE 28 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS W&T OFFSHORE, INC. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 94,822 $ 173,338 Restricted cash 4,417 4,417 Accounts receivable: Oil, NGL and natural gas sales 66,959 52,080 Joint interest, net of allowance for credit losses of $ 11,119 and $ 11,130 as of March 31, 2024 and December 31, 2023, respectively 18,280 15,480 Other 1,901 2,218 Prepaid expenses and other current assets (Note 11) 21,342 17,447 Total current assets 207,721 264,980 Oil and natural gas properties and other, net of accumulated depreciation, depletion and amortization of $ 8,247,718 and $ 8,213,781 as of March 31, 2024 and December 31, 2023, respectively 825,628 749,056 Restricted deposits for asset retirement obligations 22,346 22,272 Deferred income taxes 38,040 38,774 Other assets 32,740 38,923 Total assets $ 1,126,475 $ 1,114,005 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 75,966 $ 78,857 Accrued liabilities (Note 11) 15,559 31,978 Undistributed oil and natural gas proceeds 52,835 42,134 Advances from joint interest partners 2,864 2,962 Current portion of asset retirement obligations (Note 5) 37,745 31,553 Current portion of long-term debt, net (Note 3) 6,987 29,368 Total current liabilities 191,956 216,852 Asset retirement obligations (Note 5) 492,066 467,262 Long-term debt, net (Note 3) 384,241 361,236 Other liabilities 16,672 19,420 Commitments and contingencies (Note 6) 20,780 18,043 Shareholders' equity: Preferred stock, $ 0.00001 par value; 20,000 shares authorized; none issued at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.00001 par value; 400,000 shares authorized; 149,726 issued and 146,857 outstanding at March 31, 2024; 149,450 issued and 146,581 outstandin

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View this 10-Q filing on SEC EDGAR