Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | W&T OFFSHORE INC | |
Entity Central Index Key | 0001288403 | |
Trading Symbol | wti | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 140,690,393 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 65,709 | $ 33,293 |
Receivables: | ||
Oil and natural gas sales | 41,812 | 47,804 |
Joint interest and other, net | 38,756 | 14,634 |
Income taxes | 54,116 | 54,076 |
Total receivables | 134,684 | 116,514 |
Prepaid expenses and other assets (Note 1) | 53,101 | 76,406 |
Total current assets | 253,494 | 226,213 |
Oil and natural gas properties and other, net - at cost (Note 1) | 524,512 | 515,421 |
Restricted deposits for asset retirement obligations | 16,220 | 15,685 |
Other assets (Note 1) | 73,577 | 91,547 |
Total assets | 867,803 | 848,866 |
Current liabilities: | ||
Accounts payable | 97,893 | 82,067 |
Undistributed oil and natural gas proceeds | 27,118 | 28,995 |
Advances from joint interest partners | 39,154 | 20,627 |
Asset retirement obligations | 26,335 | 24,994 |
Accrued liabilities (Note 1) | 19,494 | 29,611 |
Total current liabilities | 209,994 | 186,294 |
Long-term debt (Note 2) | 634,415 | 633,535 |
Asset retirement obligations, less current portion | 296,996 | 285,143 |
Other liabilities (Note 1) | 61,385 | 68,690 |
Commitments and contingencies (Note 12) | ||
Shareholders’ deficit: | ||
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued for both dates presented | ||
Common stock, $0.00001 par value; 200,000 shares authorized; 143,560 issued and 140,690 outstanding on June 30, 2019 and 143,513 issued and 140,644 outstanding on December 31, 2018 | 1 | 1 |
Additional paid-in capital | 546,886 | 545,705 |
Retained deficit | (857,707) | (846,335) |
Treasury stock, at cost; 2,869 shares for both dates presented | (24,167) | (24,167) |
Total shareholders’ deficit | (334,987) | (324,796) |
Total liabilities and shareholders’ deficit | $ 867,803 | $ 848,866 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 |
Common stock, shares issued (in shares) | 143,560 | 143,513 |
Common stock, shares outstanding (in shares) | 140,690 | 140,644 |
Treasury stock, shares (in shares) | 2,869 | 2,869 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Total revenues | $ 134,701 | $ 149,612 | $ 250,781 | $ 283,825 |
Operating costs and expenses: | ||||
Lease operating expenses | 40,341 | 35,582 | 83,797 | 72,425 |
Production taxes | 317 | 439 | 733 | 894 |
Gathering and transportation | 7,068 | 4,928 | 13,491 | 9,985 |
Depreciation, depletion, amortization and accretion | 38,073 | 39,757 | 71,839 | 77,838 |
General and administrative expenses | 13,328 | 14,220 | 27,437 | 29,258 |
Derivative (gain) loss | (1,805) | 6,219 | 47,081 | 6,219 |
Total costs and expenses | 97,322 | 101,145 | 244,378 | 196,619 |
Operating income | 37,379 | 48,467 | 6,403 | 87,206 |
Interest expense, net | 12,207 | 11,786 | 28,489 | 22,748 |
Other expense, net | 478 | 486 | 809 | 514 |
Income (loss) before income tax (benefit) expense | 24,694 | 36,195 | (22,895) | 63,944 |
Income tax (benefit) expense | (11,695) | 112 | (11,523) | 221 |
Net income (loss) | $ 36,389 | $ 36,083 | $ (11,372) | $ 63,723 |
Basic and diluted earnings (loss) per common share (in dollars per share) | $ 0.25 | $ 0.25 | $ (0.08) | $ 0.44 |
Oil and Condensate [Member] | ||||
Revenues: | ||||
Total revenues | $ 109,195 | $ 116,618 | $ 195,898 | $ 213,924 |
Natural Gas Liquids [Member] | ||||
Revenues: | ||||
Total revenues | 4,640 | 8,734 | 11,088 | 18,394 |
Natural Gas, Production [Member] | ||||
Revenues: | ||||
Total revenues | 19,567 | 22,977 | 41,405 | 48,844 |
Product and Service, Other [Member] | ||||
Revenues: | ||||
Total revenues | $ 1,299 | $ 1,283 | $ 2,390 | $ 2,663 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total | |
Balances (in shares) at Dec. 31, 2017 | 139,091 | 2,869 | ||||
Balances at Dec. 31, 2017 | $ 1 | $ 545,820 | $ (1,095,162) | $ (24,167) | $ (573,508) | |
Share-based compensation | 2,434 | 2,434 | ||||
Stock Issued (in shares) | 63 | |||||
Stock Issued | ||||||
Net income | 63,723 | 63,723 | ||||
RSUs surrendered for payroll taxes (1) | [1] | (58) | (58) | |||
Balances (in shares) at Jun. 30, 2018 | 139,154 | 2,869 | ||||
Balances at Jun. 30, 2018 | $ 1 | 548,196 | (1,031,439) | $ (24,167) | (507,409) | |
Balances (in shares) at Mar. 31, 2018 | 139,091 | 2,869 | ||||
Balances at Mar. 31, 2018 | $ 1 | 547,039 | (1,067,522) | $ (24,167) | (544,649) | |
Share-based compensation | 1,215 | 1,215 | ||||
Stock Issued (in shares) | 63 | |||||
Stock Issued | ||||||
Net income | 36,083 | 36,083 | ||||
RSUs surrendered for payroll taxes (1) | [1] | (58) | (58) | |||
Balances (in shares) at Jun. 30, 2018 | 139,154 | 2,869 | ||||
Balances at Jun. 30, 2018 | $ 1 | 548,196 | (1,031,439) | $ (24,167) | (507,409) | |
Balances (in shares) at Dec. 31, 2018 | 140,644 | 2,869 | ||||
Balances at Dec. 31, 2018 | $ 1 | 545,705 | (846,335) | $ (24,167) | (324,796) | |
Share-based compensation | 1,181 | 1,181 | ||||
Stock Issued (in shares) | 46 | |||||
Stock Issued | ||||||
Net income | (11,372) | (11,372) | ||||
Balances (in shares) at Jun. 30, 2019 | 140,690 | 2,869 | ||||
Balances at Jun. 30, 2019 | $ 1 | 546,886 | (857,707) | $ (24,167) | (334,987) | |
Balances (in shares) at Mar. 31, 2019 | 140,644 | 2,869 | ||||
Balances at Mar. 31, 2019 | $ 1 | 545,627 | (894,096) | $ (24,167) | (372,635) | |
Share-based compensation | 1,259 | 1,259 | ||||
Stock Issued (in shares) | 46 | |||||
Stock Issued | ||||||
Net income | 36,389 | 36,389 | ||||
Balances (in shares) at Jun. 30, 2019 | 140,690 | 2,869 | ||||
Balances at Jun. 30, 2019 | $ 1 | $ 546,886 | $ (857,707) | $ (24,167) | $ (334,987) | |
[1] | RSUs defined in Note 9 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Net income (loss) | $ (11,372) | $ 63,723 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion | 71,839 | 77,838 |
Amortization of debt items and other items | 2,485 | 1,126 |
Share-based compensation | 1,181 | 2,434 |
Derivative (gain) loss | 47,081 | 6,219 |
Cash receipts (payments) on derivative settlements, net | 12,792 | (1,149) |
Deferred income taxes | (11,523) | 221 |
Changes in operating assets and liabilities: | ||
Oil and natural gas receivables | 5,992 | (6,630) |
Joint interest receivables | (24,162) | 251 |
Prepaid expenses and other assets | (8,134) | (14,323) |
Asset retirement obligation settlements | (2,641) | (12,124) |
Cash advances from JV partners | 18,527 | (3,805) |
Accounts payable, accrued liabilities and other | 4,251 | 1,411 |
Net cash provided by operating activities | 106,316 | 115,192 |
Investing activities: | ||
Investment in oil and natural gas properties and equipment | (63,149) | (61,133) |
Deposit/acquisition of property interest | (10,000) | (16,617) |
Net cash used in investing activities | (73,149) | (77,750) |
Financing activities: | ||
Debt issuance costs and other | (751) | (26) |
Net cash used in financing activities | (751) | (7,060) |
Increase in cash and cash equivalents | 32,416 | 30,382 |
Cash and cash equivalents, beginning of period | 33,293 | 99,058 |
Cash and cash equivalents, end of period | 65,709 | 129,440 |
11.00% 1.5 Lien Term Loan Due November 2019 [Member] | ||
Financing activities: | ||
Payment of interest on Debt | (4,114) | |
Payment of interest on Debt | 4,114 | |
Senior Second Lien Notes Due November 2023 [Member] | ||
Financing activities: | ||
Payment of interest on Debt | 2,920 | |
Payment of interest on Debt | $ (2,920) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation Operations. 100% 4. Interim Financial Statements. not Operating results for interim periods are not may 10 December 31, 2018. Use of Estimates. Leases. February 2016, 2016 02, Topic 842 2016 02” 2016 02 not 2016 02 first 2019 January 1, 2019. no 8 Revenue Recognition 12 Reclassifications. Other expense, net Interest expense, net not Income (loss) before income tax (benefit) expense Net cash provided by operating activities Net cash used in investing activities not not Prepaid Expenses and Other Assets. one June 30, December 31, 2019 2018 Derivative assets (1) $ 22,089 $ 60,687 Deposit for acquisition 10,000 — Unamortized bond/insurance premiums 7,108 5,197 Prepaid deposits related to royalties 8,824 8,872 Other 5,080 1,650 Prepaid expenses and other assets $ 53,101 $ 76,406 ( 1 Includes closed contracts which have not Oil and Natural Gas Properties and Other, Net – at cost. no June 30, December 31, 2019 2018 Oil and natural gas properties and equipment $ 8,241,499 $ 8,169,871 Furniture, fixtures and other 20,228 20,228 Total property and equipment 8,261,727 8,190,099 Less accumulated depreciation, depletion and amortization 7,737,215 7,674,678 Oil and natural gas properties and other, net $ 524,512 $ 515,421 Other Assets (long-term). June 30, December 31, 2019 2018 Escrow deposit - Apache lawsuit $ 49,500 $ 49,500 Derivative assets — 21,275 Appeal bond deposits 6,925 6,925 Unamortized debt issuance costs 4,478 4,773 Investment in White Cap, LLC 2,633 2,586 Unamortized brokerage fee for Monza 3,268 2,277 Proportional consolidation of Monza's other assets (Note 4) 2,251 3,275 Other 4,522 936 Total other assets (long-term) $ 73,577 $ 91,547 Accrued Liabilities. June 30, December 31, 2019 2018 Accrued interest $ 10,179 $ 12,385 Accrued salaries/payroll taxes/benefits 2,627 2,320 Incentive compensation plans 1,514 10,817 Litigation accruals 3,673 3,673 Other 1,501 416 Total accrued liabilities $ 19,494 $ 29,611 Other Liabilities (long-term). June 30, December 31, 2019 2018 Apache lawsuit $ 49,500 $ 49,500 Uncertain tax positions including interest/penalties — 11,523 Dispute related to royalty deductions 4,687 4,687 Dispute related to royalty-in-kind 2,197 2,135 Other 5,001 845 Total other liabilities (long-term) $ 61,385 $ 68,690 Recent Accounting Developments. In June 2016, No. 2016 13, Financial Instruments – Credit Losses Topic 326 2016 13” 2016 13 December 15, 2019 December 15, 2018. not 2016 13 In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12” 2017 12 2017 12 December 15, 2019 December 15, 2020. not not The SEC issued Final Rule Release No. 33 10532, Disclosure Update and Simplification X, 3 04, Changes in Stockholders’ Equity and Noncontrolling Interests March 31, 2019. |
Note 2 - Long-term Debt
Note 2 - Long-term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 2. Long-Term Debt The components of our long-term debt are presented in the following table (in thousands): June 30, December 31, 2019 2018 Credit Agreement borrowings $ 21,000 $ 21,000 Senior Second Lien Notes: Principal 625,000 625,000 Unamortized debt issuance costs (11,585 ) (12,465 ) Total Senior Second Lien Notes 613,415 612,535 Total long-term debt $ 634,415 $ 633,535 Credit Agreement On October 18, 2018, October 18, 2022. • The borrowing base and lending commitment was $250.0 10 • Letters of credit may $30.0 June 30, 2019, December 31, 2018, $7.2 $9.6 • The Leverage Ratio is limited to 3.25 1.00 June 30, 2019 September 30, 2019; 3.00 1.00 December 31, 2019 3.50 1.00 two • The Current Ratio must be maintained at greater than 1.00 1.00. Availability under the Credit Agreement is subject to semi-annual redeterminations of our borrowing base to occur on or before May 15 November 14 may not first six June 30, 2019 5.1%, 9.75% 2023 On October 18, 2018, $625.0 9.75% 2023 9.75% November 1, 2023, 10.3%, May 1 November 1 The Senior Second Lien Notes are secured by a second not no Covenants As of June 30, 2019, Fair Value Measurements For information about fair value measurements of our long-term debt, refer to Note 3. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Fair Value Measurements Derivative Financial Instruments We measure the fair value of our open derivative financial instruments by applying the income approach, using models with inputs that are classified within Level 2 6, Derivative Financial Instruments The following table presents the fair value of our open derivative financial instruments (in thousands): June 30, December 31, 2019 2018 Assets: Derivatives instruments - open contracts $ 20,226 $ 74,580 Long-Term Debt We believe the carrying value of our debt under the Credit Agreement approximates fair value because the interest rates are variable and reflective of current market rates. The fair value of our Senior Second Lien Notes was measured using quoted prices, although the market is not 2 2, Long-Term Debt The following table presents the carrying value and fair value of our long-term debt (in thousands): June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Credit Agreement $ 21,000 $ 21,000 $ 21,000 $ 21,000 Senior Second Lien Notes 613,415 594,725 612,535 546,875 |
Note 4 - Joint Venture Drilling
Note 4 - Joint Venture Drilling Program | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Joint Venture Drilling Program [Text Block] | 4. Joint Venture Drilling Program On March 12, 2018, two 14 2018 2020, may 2020. 88.94% 14 11.06% 2018 $361.4 30.0% 20.0% third Monza is an entity separate from any other entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Monza’s assets prior to any value in Monza becoming available to holders of its equity. The assets of Monza are not The members of Monza are made up of third third 4.5% $14.5 As of June 30, 2019, $184.9 $70.2 six June 30, 2019. June 30, 2019 $57.6 may Consolidation and Carrying Amounts. not not June 30, 2019, $13.4 Oil and natural gas properties and other, net $2.3 Other assets $3.4 December 31, 2018, $8.8 Oil and natural gas properties and other, net $3.3 Other assets $0.7 six June 30, 2019, $4.0 Total revenues $2.5 Operating costs and expenses six June 30, 2018, $0.5 Total revenues, $0.4 Operating costs and expenses $0.2 Other (income) expense, net Additionally, during the six June 30, 2019, $80.3 $39.1 Advances from joint interest partners June 30, 2019. |
Note 5 - Asset Retirement Oblig
Note 5 - Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 5. Asset Retirement Obligations Our asset retirement obligations (“ARO”) represent the estimated present value of the amount incurred to plug, abandon and remediate our properties at the end of their productive lives. A summary of the changes to our ARO is as follows (in thousands): Balances, December 31, 2018 $ 310,137 Liabilities settled (2,641 ) Accretion of discount 9,302 Liabilities incurred 323 Revisions of estimated liabilities 6,210 Balances, June 30, 2019 323,331 Less current portion 26,335 Long-term $ 296,996 |
Note 6 - Derivative Financial I
Note 6 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. Derivative Financial Instruments Our market risk exposure relates primarily to commodity prices and, from time to time, we use various derivative instruments to manage our exposure to this commodity price risk from sales of our crude oil and natural gas. All of the present derivative counterparties are also lenders or affiliates of lenders participating in our Credit Agreement. We are exposed to credit loss in the event of nonperformance by the derivative counterparties; however, we currently anticipate that each of our derivative counterparties will be able to fulfill their contractual obligations. We are not not We have elected not Net cash provided by operating activities During 2018, second 2019. June 30, 2019 Crude Oil: Swap, Priced off WTI (NYMEX) Termination Period Notional Quantity (Bbls/day) (1) Notional Quantity (1) Strike Price May 2020 1,500 504,000 $ 60.80 May 2020 5,000 1,680,000 61.00 May 2020 3,500 1,176,000 60.85 ( 1 Bbls = Barrels Crude Oil: Calls - Bought, Priced off WTI (NYMEX) Termination Period Notional Quantity (Bbls/day) (1) Notional Quantity (1) Strike Price May 2020 10,000 3,360,000 $ 61.00 ( 1 Bbls = Barrels The following amounts were recorded in the Condensed Consolidated Balance Sheets in the categories presented and include the fair value of open contracts, and closed contracts which had not June 30, December 31, 2019 2018 Prepaid expenses and other assets $ 22,089 $ 60,687 Other assets (non-current) — 21,275 The amounts recorded on the Condensed Consolidated Balance Sheets are on a gross basis. If these were recorded on a net settlement basis, it would not Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivative (gain) loss $ (1,805 ) $ 6,219 $ 47,081 $ 6,219 Cash receipts on commodity derivative contract settlements, net, are included within Net cash provided by operating activities Six Months Ended June 30, 2019 2018 Cash receipts (payments) on derivative settlements, net $ 12,792 $ (1,149 ) |
Note 7 - Oil and Gas Property A
Note 7 - Oil and Gas Property Acquisition | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 7. Oil and Gas Property Acquisition On June 26, 2019, $200 January 1, 2019. nine August 30, 2019. June 30, 2019, $10.0 |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Leases ASU 2016 02 January 1, 2019 no As provided for in subsequent accounting standards updates related to ASU 2016 02, • not 12 not • not • not January 1, 2019; • use hindsight in determining the lease term and assessing impairment; and • not Based on the results of our implementation process, we identified one January 1, 2019 2016 02, December 2022. six June 30, 2019 ten six June 30, 2019, $11.9 Oil and natural gas properties, net not no Houston Office Lease. of June 30, 2019 are 2019 $0.8 2020 $1.6 2021 $1.6 2022 $1.6 six June 30, 2019 2018 $1.3 As of June 30, 2019 9.75%. Amounts related to leases recorded within our Condensed Consolidated Balance Sheet are as follows (in thousands): June 30, 2019 ROU: Prepaid expenses and other current assets: $ 1,132 Other assets 4,328 Total ROU $ 5,460 Lease liability: Accrued liabilities $ 1,133 Other liabilities 3,557 Total lease liability $ 4,690 Lease incentives: Prepaid expenses and other current assets (contra-asset) $ (223 ) Other assets (contra-asset) (734 ) Total lease incentives $ (957 ) The adoption of the new standard did not |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation and Cash-based Incentive Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. Share-Based Compensation and Cash-Based Incentive Compensation Awards to Employees. 2010, 2019, 2018 2017, may may As of June 30, 2019, 11,852,592 one one RSUs currently outstanding relate to the 2019, 2018 2017 2019 2019 2018 2017 December second We recognize compensation cost for share-based payments to employees over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the RSUs granted during 2019, 2018 2017 All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. A summary of activity related to RSUs during the six June 30, 2019 Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2018 3,355,917 $ 3.90 Granted 988,800 4.51 Forfeited (1) (897,828 ) 2.85 Nonvested, June 30, 2019 3,446,889 4.35 ( 1 Primarily related to a former executive’s forfeitures. For the outstanding RSUs issued to the eligible employees as of June 30, 2019, Restricted Stock Units 2019 1,555,740 2020 902,349 2021 988,800 Total 3,446,889 Awards to Non-Employee Directors . 2004 2019, 2018 2017. June 30, 2019, 82,620 one one We recognize compensation cost for share-based payments to non-employee directors over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the Restricted Shares granted were determined using the Company’s closing price on the grant date. No The Restricted Shares are subject to service conditions and vesting occurs at the end of specified service periods unless otherwise approved by the Board of Directors. Restricted Shares cannot be sold, transferred or disposed of during the restricted period. The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares. A summary of activity related to Restricted Shares during the six June 30, 2019 Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2018 181,832 $ 3.08 Granted 46,360 6.04 Vested (105,012 ) 2.67 Nonvested, June 30, 2019 123,180 4.55 For the Restricted Shares vested during the six June 30, 2019, $0.3 $0.5 For the outstanding Restricted Shares issued to the non-employee directors as of June 30, 2019, Restricted Shares 2020 78,428 2021 29,300 2022 15,452 Total 123,180 Share-Based Compensation. General and administrative expense not Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation expense from: Restricted stock units (1) $ 1,189 $ 1,145 $ 1,041 $ 2,294 Restricted Shares 70 70 140 140 Total $ 1,259 $ 1,215 $ 1,181 $ 2,434 ( 1 For the six June 30, 2019, Unrecognized Share-Based Compensation. June 30, 2019, $7.8 $0.5 November 2021 April 2022 Cash-Based Incentive Compensation. 2019, 2018 2017. 2018, two • For the 2019 2019 May 2019 February 2020 2019 March 2020, • For the 2018 2018 September 2018 November 2020 2018 December 14, 2020 • For the 2018 2018 2018 January 2018 February 2019 2018 March 2019. • For the 2017 2017 2017 January 2017 February 2018 2017 March 2018. A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation included in: General and administrative expenses $ 1,259 $ 1,215 $ 1,181 $ 2,434 Cash-based incentive compensation included in: Lease operating expense (1) 402 543 279 1,403 General and administrative expenses (1) 1,243 1,391 3,338 4,063 Total charged to operating income $ 2,904 $ 3,149 $ 4,798 $ 7,900 ( 1 Includes adjustments of accruals to actual payments. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes Our income tax benefit for the three six June 30, 2019 $11.7 $11.5 three June 30, 2019, three six June 30, 2019. three six June 30, 2018 $0.1 $0.2 not During the six June 30, 2019 2018, not As of June 30, 2019 December 31, 2018, $121.8 $117.8 not not As of June 30, 2019 December 31, 2018, $54.1 2012, 2013 2014 172 10 second 2019. third 2019. The tax years 2013 2018 |
Note 11 - Earnings (Loss) Per S
Note 11 - Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Earnings (Loss) Per Share The following table presents the calculation of basic and diluted earnings (loss) per common share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) $ 36,389 $ 36,083 $ (11,372 ) $ 63,723 Less portion allocated to nonvested shares 666 1,474 — 2,621 Net income (loss) allocated to common shares $ 35,723 $ 34,609 $ (11,372 ) $ 61,102 Weighted average common shares outstanding 140,567 138,929 140,507 138,892 Basic and diluted earnings (loss) per common share $ 0.25 $ 0.25 $ (0.08 ) $ 0.44 Shares excluded due to being anti-dilutive (weighted-average) — — 2,978 — |
Note 12 - Contingencies
Note 12 - Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Contingencies Apache Lawsuit. December 15, 2014, Apache Deepwater, L.L.C. vs. W&T Offshore, Inc three May 31, 2017 $43.2 $6.3 December 2018. $49.5 June 2017. On July 16, 2019, 13, Subsequent Event, for additional information. The deposit of $49.5 Other assets ( June 30, 2019 December 31, 2018. $49.5 Other liabilities June 30, 2019 December 31, 2018. Appeal with the Office of Natural Resources Revenue (“ONRR”). 2009, 2010, 2010, $4.7 2010 May 2014. June 17, 2014, January 27, 2017, $4.7 March 27, 2017. July 25, 2017 $7.2 $6.9 December 4, 2018, February 4, 2019, first July 9, 2019, July 31, 2019. Royalties-In-Kind (“RIK”). 373 November 2001, October 2008, May 29, 2018. July 24, 2018. $2.2 $2.1 June 30, 2019 December 31, 2018, 2019. 2010 $0.7 not Royalties – “Unbundling” Initiative. 84 second 2015, not 10 not six June 30, 2019 2018, $0.2 $0.3 not Notices of Proposed Civil Penalty Assessment. six June 30, 2019 2018, not nine not 10 July 2012 January 2018. $7.7 June 30, 2019 December 31, 2018, $3.5 Other Claims. may no may not not |
Note 13 - Subsequent Event
Note 13 - Subsequent Event | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. On July 16, 2019, Apache Deepwater, L.L.C. vs. W&T Offshore, Inc 12, 2017 $49.5 not See Note 7, Oil and Gas Property Acquisition, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Interim Financial Statements. not Operating results for interim periods are not may 10 December 31, 2018. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
Lessee, Leases [Policy Text Block] | Leases. February 2016, 2016 02, Topic 842 2016 02” 2016 02 not 2016 02 first 2019 January 1, 2019. no 8 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition 12 |
Reclassification, Policy [Policy Text Block] | Reclassifications. Other expense, net Interest expense, net not Net (loss) income before income tax expense Net cash providing by operating activities Net cash used in investing activities not not |
Prepaid Expenses and Other Assets [Policy Text Block] | Prepaid Expenses and Other Assets. one June 30, December 31, 2019 2018 Derivative assets (1) $ 22,089 $ 60,687 Unamortized bond/insurance premiums 17,113 5,197 Prepaid deposits related to royalties 8,824 8,872 Other 5,075 1,650 Prepaid expenses and other assets $ 53,101 $ 76,406 ( 1 Includes closed contracts which have not |
Property, Plant and Equipment, Policy [Policy Text Block] | Oil and Natural Gas Properties and Other, Net – at cost. no June 30, December 31, 2019 2018 Oil and natural gas properties and equipment $ 8,241,499 $ 8,169,871 Furniture, fixtures and other 20,228 20,228 Total property and equipment 8,261,727 8,190,099 Less accumulated depreciation, depletion and amortization 7,737,215 7,674,678 Oil and natural gas properties and other, net $ 524,512 $ 515,421 |
Other Noncurrent Assets [Policy Text Block] | Other Assets (long-term). June 30, December 31, 2019 2018 Escrow deposit - Apache lawsuit $ 49,500 $ 49,500 Derivative assets — 21,275 Appeal bond deposits 6,925 6,925 Unamortized debt issuance costs 4,478 4,773 Investment in White Cap, LLC 2,633 2,586 Unamortized brokerage fee for Monza 3,268 2,277 Proportional consolidation of Monza's other assets (Note 4) 2,251 3,275 Other 4,522 936 Total other assets (long-term) $ 73,577 $ 91,547 |
Accrued Liabilities Policy [Policy Text Block] | Accrued Liabilities. June 30, December 31, 2019 2018 Accrued interest $ 10,179 $ 12,385 Accrued salaries/payroll taxes/benefits 2,627 2,320 Incentive compensation plans 1,514 10,817 Litigation accruals 3,673 3,673 Other 1,501 416 Total accrued liabilities $ 19,494 $ 29,611 |
Other Noncurrent Liabilities [Policy Text Block] | Other Liabilities (long-term). June 30, December 31, 2019 2018 Apache lawsuit $ 49,500 $ 49,500 Uncertain tax positions including interest/penalties — 11,523 Dispute related to royalty deductions 4,687 4,687 Dispute related to royalty-in-kind 2,197 2,135 Other 5,001 845 Total other liabilities (long-term) $ 61,385 $ 68,690 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments. In June 2016, No. 2016 13, Financial Instruments – Credit Losses Topic 326 2016 13” 2016 13 December 15, 2019 December 15, 2018. not 2016 13 In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12” 2017 12 2017 12 December 15, 2019 December 15, 2020. not not The SEC issued Final Rule Release No. 33 10532, Disclosure Update and Simplification X, 3 04, Changes in Stockholders’ Equity and Noncontrolling Interests March 31, 2019. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, December 31, 2019 2018 Derivative assets (1) $ 22,089 $ 60,687 Deposit for acquisition 10,000 — Unamortized bond/insurance premiums 7,108 5,197 Prepaid deposits related to royalties 8,824 8,872 Other 5,080 1,650 Prepaid expenses and other assets $ 53,101 $ 76,406 |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2019 2018 Oil and natural gas properties and equipment $ 8,241,499 $ 8,169,871 Furniture, fixtures and other 20,228 20,228 Total property and equipment 8,261,727 8,190,099 Less accumulated depreciation, depletion and amortization 7,737,215 7,674,678 Oil and natural gas properties and other, net $ 524,512 $ 515,421 |
Schedule of Other Assets, Noncurrent [Table Text Block] | June 30, December 31, 2019 2018 Escrow deposit - Apache lawsuit $ 49,500 $ 49,500 Derivative assets — 21,275 Appeal bond deposits 6,925 6,925 Unamortized debt issuance costs 4,478 4,773 Investment in White Cap, LLC 2,633 2,586 Unamortized brokerage fee for Monza 3,268 2,277 Proportional consolidation of Monza's other assets (Note 4) 2,251 3,275 Other 4,522 936 Total other assets (long-term) $ 73,577 $ 91,547 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2019 2018 Accrued interest $ 10,179 $ 12,385 Accrued salaries/payroll taxes/benefits 2,627 2,320 Incentive compensation plans 1,514 10,817 Litigation accruals 3,673 3,673 Other 1,501 416 Total accrued liabilities $ 19,494 $ 29,611 |
Other Noncurrent Liabilities [Table Text Block] | June 30, December 31, 2019 2018 Apache lawsuit $ 49,500 $ 49,500 Uncertain tax positions including interest/penalties — 11,523 Dispute related to royalty deductions 4,687 4,687 Dispute related to royalty-in-kind 2,197 2,135 Other 5,001 845 Total other liabilities (long-term) $ 61,385 $ 68,690 |
Note 2 - Long-term Debt (Tables
Note 2 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, 2019 2018 Credit Agreement borrowings $ 21,000 $ 21,000 Senior Second Lien Notes: Principal 625,000 625,000 Unamortized debt issuance costs (11,585 ) (12,465 ) Total Senior Second Lien Notes 613,415 612,535 Total long-term debt $ 634,415 $ 633,535 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | June 30, December 31, 2019 2018 Assets: Derivatives instruments - open contracts $ 20,226 $ 74,580 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Credit Agreement $ 21,000 $ 21,000 $ 21,000 $ 21,000 Senior Second Lien Notes 613,415 594,725 612,535 546,875 |
Note 5 - Asset Retirement Obl_2
Note 5 - Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balances, December 31, 2018 $ 310,137 Liabilities settled (2,641 ) Accretion of discount 9,302 Liabilities incurred 323 Revisions of estimated liabilities 6,210 Balances, June 30, 2019 323,331 Less current portion 26,335 Long-term $ 296,996 |
Note 6 - Derivative Financial_2
Note 6 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Crude Oil: Swap, Priced off WTI (NYMEX) Termination Period Notional Quantity (Bbls/day) (1) Notional Quantity (1) Strike Price May 2020 1,500 504,000 $ 60.80 May 2020 5,000 1,680,000 61.00 May 2020 3,500 1,176,000 60.85 Crude Oil: Calls - Bought, Priced off WTI (NYMEX) Termination Period Notional Quantity (Bbls/day) (1) Notional Quantity (1) Strike Price May 2020 10,000 3,360,000 $ 61.00 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | June 30, December 31, 2019 2018 Prepaid expenses and other assets $ 22,089 $ 60,687 Other assets (non-current) — 21,275 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivative (gain) loss $ (1,805 ) $ 6,219 $ 47,081 $ 6,219 |
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block] | Six Months Ended June 30, 2019 2018 Cash receipts (payments) on derivative settlements, net $ 12,792 $ (1,149 ) |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Balance Sheet Amounts Related to Operating Leases [Table Text Block] | June 30, 2019 ROU: Prepaid expenses and other current assets: $ 1,132 Other assets 4,328 Total ROU $ 5,460 Lease liability: Accrued liabilities $ 1,133 Other liabilities 3,557 Total lease liability $ 4,690 Lease incentives: Prepaid expenses and other current assets (contra-asset) $ (223 ) Other assets (contra-asset) (734 ) Total lease incentives $ (957 ) |
Note 9 - Share-based Compensa_2
Note 9 - Share-based Compensation and Cash-based Incentive Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2018 3,355,917 $ 3.90 Granted 988,800 4.51 Forfeited (1) (897,828 ) 2.85 Nonvested, June 30, 2019 3,446,889 4.35 |
Schedule of Nonvested Restricted Stock Units, Vesting Schedule [Table Text Block] | Restricted Stock Units 2019 1,555,740 2020 902,349 2021 988,800 Total 3,446,889 |
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block] | Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2018 181,832 $ 3.08 Granted 46,360 6.04 Vested (105,012 ) 2.67 Nonvested, June 30, 2019 123,180 4.55 |
Schedule of Nonvested Restricted Stock, Vesting Schedule [Table Text Block] | Restricted Shares 2020 78,428 2021 29,300 2022 15,452 Total 123,180 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation expense from: Restricted stock units (1) $ 1,189 $ 1,145 $ 1,041 $ 2,294 Restricted Shares 70 70 140 140 Total $ 1,259 $ 1,215 $ 1,181 $ 2,434 |
Schedule of Incentive Compensation Expense [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation included in: General and administrative expenses $ 1,259 $ 1,215 $ 1,181 $ 2,434 Cash-based incentive compensation included in: Lease operating expense (1) 402 543 279 1,403 General and administrative expenses (1) 1,243 1,391 3,338 4,063 Total charged to operating income $ 2,904 $ 3,149 $ 4,798 $ 7,900 |
Note 11 - Earnings (Loss) Per_2
Note 11 - Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) $ 36,389 $ 36,083 $ (11,372 ) $ 63,723 Less portion allocated to nonvested shares 666 1,474 — 2,621 Net income (loss) allocated to common shares $ 35,723 $ 34,609 $ (11,372 ) $ 61,102 Weighted average common shares outstanding 140,567 138,929 140,507 138,892 Basic and diluted earnings (loss) per common share $ 0.25 $ 0.25 $ (0.08 ) $ 0.44 Shares excluded due to being anti-dilutive (weighted-average) — — 2,978 — |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative assets (1) | [1] | $ 22,089 | $ 60,687 |
Deposit for acquisition | 10,000 | ||
Unamortized bond/insurance premiums | 7,108 | 5,197 | |
Prepaid deposits related to royalties | 8,824 | 8,872 | |
Other | 5,080 | 1,650 | |
Prepaid expenses and other assets | $ 53,101 | $ 76,406 | |
[1] | Includes closed contracts which have not yet settled. |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Oil and natural gas properties and equipment | $ 8,241,499 | $ 8,169,871 |
Furniture, fixtures and other | 20,228 | 20,228 |
Total property and equipment | 8,261,727 | 8,190,099 |
Less accumulated depreciation, depletion and amortization | 7,737,215 | 7,674,678 |
Oil and natural gas properties and other, net | $ 524,512 | $ 515,421 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Escrow deposit - Apache lawsuit | $ 49,500 | $ 49,500 |
Derivative assets | 21,275 | |
Appeal bond deposits | 6,925 | 6,925 |
Unamortized debt issuance costs | 4,478 | 4,773 |
Investment in White Cap, LLC | 2,633 | 2,586 |
Unamortized brokerage fee for Monza | 3,268 | 2,277 |
Proportional consolidation of Monza's other assets (Note 4) | 2,251 | 3,275 |
Other assets, long-term | 4,522 | 936 |
Total other assets (long-term) | $ 73,577 | $ 91,547 |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued interest | $ 10,179 | $ 12,385 |
Accrued salaries/payroll taxes/benefits | 2,627 | 2,320 |
Incentive compensation plans | 1,514 | 10,817 |
Litigation accruals | 3,673 | 3,673 |
Other | 1,501 | 416 |
Total accrued liabilities | $ 19,494 | $ 29,611 |
Note 1 - Basis of Presentatio_6
Note 1 - Basis of Presentation - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Apache lawsuit | $ 49,500 | $ 49,500 |
Uncertain tax positions including interest/penalties | 11,523 | |
Dispute related to royalty deductions | 4,687 | 4,687 |
Dispute related to royalty-in-kind | 2,197 | 2,135 |
Other liabilities, long-term | 5,001 | 845 |
Total other liabilities (long-term) | $ 61,385 | $ 68,690 |
Note 2 - Long-term Debt (Detail
Note 2 - Long-term Debt (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | May 02, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 18, 2018USD ($) | |
Credit Agreement, Maximum Leverage Ratio Following Material Acquisition | 3.5 | 3.5 | |||||
Credit Agreement [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||||
Letters of Credit Outstanding, Amount | $ 7,200 | $ 7,200 | $ 9,600 | ||||
Credit Agreement, Maximum Leverage Ratio | 3.25 | ||||||
Credit Agreement, Minimum Current Ratio | 1 | ||||||
Debt Instrument, Interest Rate During Period | 5.10% | ||||||
Credit Agreement [Member] | Forecast [Member] | |||||||
Credit Agreement, Maximum Leverage Ratio | 3 | 3 | |||||
Credit Agreement [Member] | Letter of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | ||||||
Senior Second Lien Notes Due November 2023 [Member] | |||||||
Debt Instrument, Face Amount | $ 625,000 | $ 625,000 | $ 625,000 | $ 625,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 10.30% |
Note 2 - Long-term Debt - Compo
Note 2 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Oct. 18, 2018 | |
Total long-term debt | $ 634,415 | $ 633,535 | ||
Credit Agreement [Member] | ||||
Credit Agreement borrowings | [1] | 21,000 | 21,000 | |
Total long-term debt | 21,000 | 21,000 | ||
Senior Second Lien Notes Due November 2023 [Member] | ||||
Credit Agreement borrowings | [1] | 613,415 | 612,535 | |
Principal | 625,000 | 625,000 | $ 625,000 | |
Unamortized debt issuance costs | (11,585) | (12,465) | ||
Total long-term debt | $ 613,415 | $ 612,535 | ||
[1] | Defined below |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements - Fair Value of Open Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Open Contracts [Member] | ||
Derivatives instruments - open contracts | $ 20,226 | $ 74,580 |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Long-term debt, carrying value | $ 634,415 | $ 633,535 |
Credit Agreement [Member] | ||
Long-term debt, carrying value | 21,000 | 21,000 |
Long-term debt, fair value | 21,000 | 21,000 |
Senior Second Lien Notes Due November 2023 [Member] | ||
Long-term debt, carrying value | 613,415 | 612,535 |
Long-term debt, fair value | $ 594,725 | $ 546,875 |
Note 4 - Joint Venture Drilli_2
Note 4 - Joint Venture Drilling Program (Details Textual) - USD ($) $ in Thousands | Mar. 12, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Property, Plant and Equipment, Net, Ending Balance | $ 524,512 | $ 524,512 | $ 515,421 | ||||
Other Assets, Noncurrent, Total | 73,577 | 73,577 | 91,547 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 134,701 | $ 149,612 | 250,781 | $ 283,825 | |||
Other Nonoperating Income (Expense), Total | (478) | $ (486) | (809) | (514) | |||
JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member] | |||||||
Minority Interest Ownership Percentage By Joint Venture | 4.50% | ||||||
Monza Energy, LLC [Member] | |||||||
Property, Plant and Equipment, Net, Ending Balance | 13,400 | 13,400 | 8,800 | ||||
Other Assets, Noncurrent, Total | 2,300 | 2,300 | 3,300 | ||||
Increase (Decrease) in Working Capital | 3,400 | $ 700 | |||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 4,000 | 500 | |||||
Operating Costs and Expenses, Total | 2,500 | 400 | |||||
Other Nonoperating Income (Expense), Total | $ 200 | ||||||
Cash Calls Received from Joint Venture | 80,300 | 80,300 | |||||
Monza Energy, LLC [Member] | Advances from Joint Interest Partners [Member] | |||||||
Cash Calls Received from Joint Venture | $ 39,100 | $ 39,100 | |||||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | |||||||
Joint Venture Working Interest Percentage Contributed to Related Party | 88.94% | ||||||
Joint Venture Working Interest Percent | 11.06% | ||||||
Amount Committed by Investors | $ 361,400 | ||||||
Oil and Gas Revenue, Percent | 30.00% | ||||||
Well Cost, Percent | 20.00% | ||||||
Capital Contribution Payments from Related Party | $ 184,900 | ||||||
Capital Contributions from Related Party During Period | 70,200 | ||||||
Capital Contribution Payments to Related Party, Net | 57,600 | ||||||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member] | |||||||
Capital Commitment to Joint Venture | $ 14,500 | ||||||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Maximum [Member] | |||||||
Number of Drilling Projects in Drilling Program | 14 |
Note 5 - Asset Retirement Obl_3
Note 5 - Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Balances | $ 310,137 | |
Liabilities settled | (2,641) | |
Accretion of discount | 9,302 | |
Liabilities incurred | 323 | |
Revisions of estimated liabilities | 6,210 | |
Balances | 323,331 | |
Less current portion | 26,335 | $ 24,994 |
Long-term | $ 296,996 | $ 285,143 |
Note 6 - Derivative Financial_3
Note 6 - Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details) | 3 Months Ended | |
Jun. 30, 2019$ / bblbbl | ||
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 1 [Member] | ||
Termination Period | May 2020 | |
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 1,500 | [1] |
Notional Quantity (Bbls) | 504,000 | [1] |
Strike Price | $ / bbl | 60.80 | |
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 2 [Member] | ||
Termination Period | May 2020 | |
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 5,000 | [1] |
Notional Quantity (Bbls) | 1,680,000 | [1] |
Strike Price | $ / bbl | 61 | |
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 3 [Member] | ||
Termination Period | May 2020 | |
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 3,500 | [1] |
Notional Quantity (Bbls) | 1,176,000 | [1] |
Strike Price | $ / bbl | 60.85 | |
NYMEX Crude Oil Calls [Member] | Long [Member] | ||
Termination Period | May 2020 | |
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 10,000 | [1] |
Notional Quantity (Bbls) | 3,360,000 | [1] |
Strike Price | $ / bbl | 61 | |
[1] | Bbls = Barrels |
Note 6 - Derivative Financial_4
Note 6 - Derivative Financial Instruments - Fair Value of Open and Closed Contracts Which Had Not Yet Settled (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Prepaid expenses and other assets | [1] | $ 22,089 | $ 22,089 | $ 60,687 | ||
Other assets (non-current) | 21,275 | |||||
Derivative (gain) loss | (1,805) | $ 6,219 | 47,081 | $ 6,219 | ||
Prepaid Expenses and Other Current Assets [Member] | Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | ||||||
Prepaid expenses and other assets | 22,089 | 22,089 | 60,687 | |||
Other Noncurrent Assets [Member] | Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | ||||||
Other assets (non-current) | $ 21,275 | |||||
[1] | Includes closed contracts which have not yet settled. |
Note 6 - Derivative Financial_5
Note 6 - Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash receipts (payments) on derivative settlements, net | $ 12,792 | $ (1,149) |
Note 7 - Oil and Gas Property_2
Note 7 - Oil and Gas Property Acquisition (Details Textual) $ in Thousands | Jun. 30, 2019USD ($) | Jun. 26, 2019USD ($) | Dec. 31, 2018USD ($) |
Deposit for Acquisition | $ 10,000 | ||
Oil and Gas Producting Properties in the Eastern Region of the Gulf of Mexico, Offshore Alabama and Related Processing Facilities [Member] | |||
Asset Purchase Agreement, Amount | $ 200,000 | ||
Asset Purchase Agreement, Number of Offshore Producing Fields | 9 | ||
Deposit for Acquisition | $ 10,000 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jan. 01, 2019 | |
Number of Operating Leases | 1 | ||
Lessee, Operating Lease, Term of Contract | 10 years | ||
Short-term Lease, Cost | $ 11.9 | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 0.8 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1.6 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1.6 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1.6 | ||
Operating Lease, Cost | $ 1.3 | $ 1.3 | |
Lessee, Operating Lease, Discount Rate | 9.75% |
Note 8 - Leases - Amounts Relat
Note 8 - Leases - Amounts Related to Leases Recorded Within the Condensed Consolidated Balance Sheet (Details) $ in Thousands | Jun. 30, 2019USD ($) |
ROU | $ 5,460 |
Lease liability | 4,690 |
Lease incentives | (957) |
Prepaid Expenses and Other Current Assets [Member] | |
ROU | 1,132 |
Other Assets [Member] | |
ROU | 4,328 |
Accrued Liabilities [Member] | |
Lease liability | 1,133 |
Other Liabilities [Member] | |
Lease liability | 3,557 |
Prepaid Expenses and Other Current Assets (Contra-asset) [Member] | |
Lease incentives | (223) |
Other Assets (Contra-asset) [Member] | |
Lease incentives | $ (734) |
Note 9 - Share-based Compensa_3
Note 9 - Share-based Compensation and Cash-based Incentive Compensation (Details Textual) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)shares | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 11,852,592 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Grant Date Fair Value | $ 0.3 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 0.5 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 0.5 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 7.8 | |
Directors Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 82,620 | |
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited | shares | 0 | |
Number of Cash-based Awards | 2 |
Note 9 - Share-based Compensa_4
Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended | |
Jun. 30, 2019$ / sharesshares | ||
Nonvested, units (in shares) | shares | 3,355,917 | |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 3.90 | |
Granted (in shares) | shares | 988,800 | |
Granted, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 4.51 | |
Forfeited, units (in shares) | shares | (897,828) | [1] |
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 2.85 | [1] |
Nonvested, units (in shares) | shares | 3,446,889 | |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 4.35 | |
[1] | Primarily related to a former executive's forfeitures. |
Note 9 - Share-based Compensa_5
Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Schedule of Outstanding Restricted Stock Units Issued to Eligible Employees (Details) - Restricted Stock Units (RSUs) [Member] - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Awards expected to vest (in shares) | 3,446,889 | 3,355,917 |
Vesting in 2019 [Member] | ||
Awards expected to vest (in shares) | 1,555,740 | |
Vesting in 2020 [Member] | ||
Awards expected to vest (in shares) | 902,349 | |
Vesting in 2021 [Member] | ||
Awards expected to vest (in shares) | 988,800 |
Note 9 - Share-based Compensa_6
Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Nonvested, units (in shares) | shares | 181,832 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 3.08 |
Granted (in shares) | shares | 46,360 |
Granted, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 6.04 |
Vested (in shares) | shares | (105,012) |
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 2.67 |
Nonvested, units (in shares) | shares | 123,180 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 4.55 |
Note 9 - Share-based Compensa_7
Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Schedule of Outstanding Restricted Shares Issued to Non-employee Directors (Details) - Restricted Stock [Member] - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Awards expected to vest by period (in shares) | 123,180 | 181,832 |
Vesting in 2020 [Member] | ||
Awards expected to vest by period (in shares) | 78,428 | |
Vesting in 2021 [Member] | ||
Awards expected to vest by period (in shares) | 29,300 | |
Vesting in 2022 [Member] | ||
Awards expected to vest by period (in shares) | 15,452 |
Note 9 - Share-based Compensa_8
Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Incentive Compensation Expense Under Share-based Payment Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Share-based compensation | $ 1,259 | $ 1,215 | $ 1,181 | $ 2,434 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share-based compensation | [1] | 1,189 | 1,145 | 1,041 | 2,294 |
Restricted Stock [Member] | |||||
Share-based compensation | $ 70 | $ 70 | $ 140 | $ 140 | |
[1] | For the 2019 period, the net credit is due to a former executive's forfeitures. |
Note 9 - Share-based Compensa_9
Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Compensation Expense Related to Share-Based Awards and Cash-Based Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Share-based compensation | $ 1,259 | $ 1,215 | $ 1,181 | $ 2,434 | |
Total charged to operating income | 2,904 | 3,149 | 4,798 | 7,900 | |
General and Administrative Expense [Member] | |||||
Share-based compensation | 1,259 | 1,215 | 1,181 | 2,434 | |
Lease operating expense (1) | [1] | 1,243 | 1,391 | 3,338 | 4,063 |
Lease Operating Expense [Member] | |||||
Lease operating expense (1) | [1] | $ 402 | $ 543 | $ 279 | $ 1,403 |
[1] | Includes adjustments of accruals to actual payments. |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ (11,695) | $ 112 | $ (11,523) | $ 221 | |
Deferred Tax Assets, Valuation Allowance, Total | 121,800 | 121,800 | $ 117,800 | ||
Income Taxes Receivable, Current | $ 54,116 | $ 54,116 | $ 54,076 | ||
Open Tax Year | 2013 2014 2015 2016 2017 2018 |
Note 11 - Earnings (Loss) Per_3
Note 11 - Earnings (Loss) Per Share - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) | $ 36,389 | $ 36,083 | $ (11,372) | $ 63,723 |
Less portion allocated to nonvested shares | 666 | 1,474 | 2,621 | |
Net income (loss) allocated to common shares | $ 35,723 | $ 34,609 | $ (11,372) | $ 61,102 |
Weighted average common shares outstanding (in shares) | 140,567 | 138,929 | 140,507 | 138,892 |
Basic and diluted earnings (loss) per common share (in dollars per share) | $ 0.25 | $ 0.25 | $ (0.08) | $ 0.44 |
Shares excluded due to being anti-dilutive (weighted-average) (in shares) | 2,978 |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2019USD ($)yr | Mar. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2017USD ($) | May 31, 2017USD ($) | Jan. 27, 2017USD ($) | Dec. 31, 2010USD ($) | |
Escrow Deposit | $ 49,500 | $ 49,500 | |||||||
Loss Contingency Accrual, Ending Balance | 49,500 | 49,500 | |||||||
Additional Royalty Due to Disallowed Deductions | $ 4,700 | $ 4,700 | |||||||
Bonds Posted to Appeal IBLA Decision | 7,200 | ||||||||
Collateral for Bonds Posted Related to Appeal with IBLA | $ 6,900 | ||||||||
Royalties in Kind, Liability Reserve | $ 2,200 | 2,100 | |||||||
Royalties in Kind, Liability Reserve, Interest Asserted as Waived | 700 | ||||||||
Incremental Payments for Royalties Related to Unbundling | $ 200 | $ 300 | |||||||
BSEE [Member] | |||||||||
Loss Contingency Accrual, Ending Balance | 3,500 | 3,400 | |||||||
Payment for Civil Penalty | $ 0 | $ 0 | |||||||
Loss Contingency, Number of Claims Filed | yr | 9 | ||||||||
Proposed Civil Penalties | $ 7,700 | ||||||||
Apache Corporation [Member] | Judicial Ruling [Member] | |||||||||
Loss Contingency, Damages Payable to Other Party Except Prejudgment Interest, Attorney Fees, and Judgment Costs | $ 43,200 | ||||||||
Prejudgment Interest, Attorney Fees, and Judgment Costs Payable | $ 6,300 | ||||||||
Escrow Deposit | $ 49,500 | ||||||||
Loss Contingency Accrual, Ending Balance | $ 49,500 | ||||||||
Apache Corporation [Member] | Judicial Ruling [Member] | Other Noncurrent Assets [Member] | |||||||||
Escrow Deposit | 49,500 | 49,500 | |||||||
Apache Corporation [Member] | Judicial Ruling [Member] | Other Noncurrent Liabilities [Member] | |||||||||
Loss Contingency Accrual, Ending Balance | $ 49,500 | $ 49,500 |
Note 13 - Subsequent Event (Det
Note 13 - Subsequent Event (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2017 |
Escrow Deposit | $ 49,500 | $ 49,500 | |
Loss Contingency Accrual, Ending Balance | $ 49,500 | $ 49,500 | |
Apache Corporation [Member] | Judicial Ruling [Member] | |||
Escrow Deposit | $ 49,500 | ||
Loss Contingency Accrual, Ending Balance | $ 49,500 |