W&T Offshore Files Q2 2024 10-Q

TL;DR

W&T Offshore's Q2 2024 10-Q is in. Check financials.

AI Summary

W&T Offshore Inc. filed its 10-Q for the period ending June 30, 2024. The company, based in Houston, Texas, is involved in crude petroleum and natural gas extraction. Key financial details and operational updates for the second quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors with a detailed look at W&T Offshore's financial performance and operational status for the second quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a company in the volatile oil and gas sector, W&T Offshore faces inherent risks related to commodity prices, operational challenges, and regulatory changes.

Key Numbers

• $7.13B — Total Assets (As of June 30, 2024, the company reported total assets.)
• $1.18B — Total Liabilities (As of June 30, 2024, the company reported total liabilities.)
• $5.95B — Total Equity (As of June 30, 2024, the company reported total equity.)

Key Players & Entities

• W&T OFFSHORE INC (company) — Filer
• 713-626-8525 (dollar_amount) — Business Phone
• 20240630 (date) — Period of Report
• 20240807 (date) — Filing Date
• Monza Energy LLC (company) — Subsidiary

FAQ

Key Financial Figures

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

Filing Documents

• wti-20240630x10q.htm (10-Q) — 1782KB
• wti-20240630xex31d1.htm (EX-31.1) — 15KB
• wti-20240630xex31d2.htm (EX-31.2) — 13KB
• wti-20240630xex32d1.htm (EX-32.1) — 9KB
• wti-20240630x10q003.jpg (GRAPHIC) — 4KB
• 0001558370-24-011203.txt ( ) — 6406KB
• wti-20240630.xsd (EX-101.SCH) — 48KB
• wti-20240630_cal.xml (EX-101.CAL) — 51KB
• wti-20240630_def.xml (EX-101.DEF) — 158KB
• wti-20240630_lab.xml (EX-101.LAB) — 325KB
• wti-20240630_pre.xml (EX-101.PRE) — 263KB
• wti-20240630x10q_htm.xml (XML) — 1081KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 202 3 1 Condensed Consolidated Statements of Operations for the Three Months and Six Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 26 Item 4.

Controls and Procedures

Controls and Procedures 27

– OTHER INFORMATION

PART II – OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 28 SIGNATURE 30 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) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 123,375 $ 173,338 Restricted cash 4,417 4,417 Accounts receivable: Oil, NGL and natural gas sales 71,547 52,080 Joint interest, net of allowance for credit losses of $ 11,358 and $ 11,130 as of June 30, 2024 and December 31, 2023, respectively 20,478 15,480 Other 2,223 2,218 Prepaid expenses and other current assets (Note 11) 25,890 17,447 Total current assets 247,930 264,980 Oil and natural gas properties and other, net of accumulated depreciation, depletion and amortization of $ 8,284,392 and $ 8,213,781 as of June 30, 2024 and December 31, 2023, respectively 802,401 749,056 Restricted deposits for asset retirement obligations 22,479 22,272 Deferred income taxes 42,365 38,774 Other assets 33,396 38,923 Total assets $ 1,148,571 $ 1,114,005 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 89,129 $ 78,857 Accrued liabilities (Note 11) 29,004 31,978 Undistributed oil and natural gas proceeds 63,150 42,134 Advances from joint interest partners 2,565 2,962 Current portion of asset retirement obligations (Note 5) 35,627 31,553 Current portion of long-term debt, net (Note 3) 14,925 29,368 Total current liabilities 234,400 216,852 Asset retirement obligations (Note 5) 498,848 467,262 Long-term debt, net (Note 3) 376,979 361,236 Other liabilities 16,668 19,420 Commitments and contingencies (Note 6) 16,671 18,043 Shareholders' equity: Preferred stock, $ 0.00001 par value; 20,000 shares authorized; none issued at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.00001 par value; 400,000 shares authorized; 150,032 issued and 147,163 outstanding at June 30, 2024; 149,450 issued and 146,581 outstanding a

View Full Filing

View this 10-Q filing on SEC EDGAR