Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001288403 | |
Entity Registrant Name | W&T OFFSHORE INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-32414 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 72-1121985 | |
Entity Address, Address Line One | 5718 Westheimer Road, SuiteĀ 700 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77057-5745 | |
City Area Code | 713 | |
Local Phone Number | 626-8525 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.00001 | |
Trading Symbol | WTI | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 142,367,242 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 209,148 | $ 43,726 |
Receivables: | ||
Oil and natural gas sales | 50,220 | 38,830 |
Joint interest, net | 11,750 | 10,840 |
Total receivables | 61,970 | 49,670 |
Prepaid expenses and other assets (Note 1) | 30,705 | 13,832 |
Total current assets | 301,823 | 107,228 |
Oil and natural gas properties and other, net (Note 1) | 657,657 | 686,878 |
Restricted deposits for asset retirement obligations | 29,820 | 29,675 |
Deferred income taxes | 107,337 | 94,331 |
Other assets (Note 1) | 42,395 | 22,470 |
Total assets | 1,139,032 | 940,582 |
Current liabilities: | ||
Accounts payable | 54,624 | 48,612 |
Undistributed oil and natural gas proceeds | 28,688 | 19,167 |
Asset retirement obligations | 23,888 | 17,188 |
Accrued liabilities (Note 1) | 100,363 | 29,880 |
Current portion of long-term debt | 36,771 | |
Income tax payable | 63 | 153 |
Total current liabilities | 244,397 | 115,000 |
Long-term debt: (Note 2) | ||
Principal | 730,689 | 632,460 |
Unamortized debt issuance costs | (12,773) | (7,174) |
Long-term debt, net | 717,916 | 625,286 |
Asset retirement obligations, less current portion | 380,115 | 375,516 |
Other liabilities (Note 1) | 56,259 | 32,938 |
Deferred income taxes | 128 | 128 |
Commitments and contingencies (Note 11) | ||
Shareholders' deficit: | ||
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued at June 30, 2021 and December 31, 2020 | ||
Common stock, $0.00001 par value; 200,000 shares authorized; 145,236 issued and 142,367 outstanding at June 30, 2021; 145,174 issued and 142,305 outstanding at December 31, 2020 | 1 | 1 |
Additional paid-in capital | 551,260 | 550,339 |
Retained deficit | (786,877) | (734,459) |
Treasury stock, at cost; 2,869 shares at June 30, 2021 and December 31, 2020 | (24,167) | (24,167) |
Total shareholders' deficit | (259,783) | (208,286) |
Total liabilities and shareholders' deficit | $ 1,139,032 | $ 940,582 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
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) | 145,236 | 145,174 |
Common stock, shares outstanding (in shares) | 142,367 | 142,305 |
Treasury stock, shares (in shares) | 2,869 | 2,869 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Total revenues | $ 132,828 | $ 55,241 | $ 258,476 | $ 179,369 |
Operating costs and expenses: | ||||
Lease operating expenses | 47,552 | 28,313 | 89,909 | 83,088 |
Production taxes | 1,956 | 1,143 | 3,952 | 2,059 |
Gathering and transportation | 4,824 | 3,301 | 9,143 | 8,750 |
Depreciation, depletion, amortization and accretion | 30,952 | 29,483 | 57,589 | 68,609 |
General and administrative expenses | 13,986 | 5,628 | 24,698 | 19,591 |
Derivative loss (gain) | 81,440 | 15,414 | 106,020 | (46,498) |
Total costs and expenses | 180,710 | 83,282 | 291,311 | 135,599 |
Operating (loss) income | (47,882) | (28,041) | (32,835) | 43,770 |
Interest expense, net | 16,530 | 14,816 | 31,564 | 31,926 |
Gain on debt transactions | 0 | (28,968) | 0 | (47,469) |
Other expense, net | 751 | 963 | 1,474 | |
(Loss) income before income taxes | (64,412) | (14,640) | (65,362) | 57,839 |
Income tax benefit | (12,740) | (8,736) | (12,944) | (2,237) |
Net (loss) income | $ (51,672) | $ (5,904) | $ (52,418) | $ 60,076 |
Basic and diluted (loss) earnings per common share (in dollars per share) | $ (0.36) | $ (0.04) | $ (0.37) | $ 0.42 |
Oil and Condensate [Member] | ||||
Revenues: | ||||
Total revenues | $ 88,013 | $ 30,645 | $ 166,153 | $ 115,295 |
Natural Gas Liquids [Member] | ||||
Revenues: | ||||
Total revenues | 8,833 | 1,917 | 18,193 | 8,369 |
Natural Gas, Production [Member] | ||||
Revenues: | ||||
Total revenues | 32,470 | 21,364 | 68,679 | 50,664 |
Product and Service, Other [Member] | ||||
Revenues: | ||||
Total revenues | $ 3,512 | $ 1,315 | $ 5,451 | $ 5,041 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Deficit - USD ($) shares in Thousands, $ in Thousands | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Common Stock Outstanding [Member] | Total |
Balances (in shares) at Dec. 31, 2019 | 2,869 | 141,669 | |||
Balances at Dec. 31, 2019 | $ 547,050 | $ (772,249) | $ (24,167) | $ 1 | $ (249,365) |
Share-based compensation | 2,067 | 2,067 | |||
Net (loss) income | 60,076 | 60,076 | |||
Balances (in shares) at Jun. 30, 2020 | 2,869 | 141,669 | |||
Balances at Jun. 30, 2020 | 549,117 | (712,173) | $ (24,167) | $ 1 | (187,222) |
Balances (in shares) at Mar. 31, 2020 | 2,869 | 141,669 | |||
Balances at Mar. 31, 2020 | 548,098 | (706,269) | $ (24,167) | $ 1 | (182,337) |
Share-based compensation | 1,019 | 0 | 0 | 0 | 1,019 |
Stock Issued | 0 | 0 | $ 0 | $ 0 | 0 |
Net (loss) income | (5,904) | (5,904) | |||
Balances (in shares) at Jun. 30, 2020 | 2,869 | 141,669 | |||
Balances at Jun. 30, 2020 | 549,117 | (712,173) | $ (24,167) | $ 1 | (187,222) |
Balances (in shares) at Dec. 31, 2020 | 2,869 | 142,305 | |||
Balances at Dec. 31, 2020 | 550,339 | (734,459) | $ (24,167) | $ 1 | (208,286) |
Share-based compensation | 921 | 921 | |||
Stock Issued (in shares) | 62 | ||||
Net (loss) income | (52,418) | (52,418) | |||
Balances (in shares) at Jun. 30, 2021 | 2,869 | 142,367 | |||
Balances at Jun. 30, 2021 | 551,260 | (786,877) | $ (24,167) | $ 1 | (259,783) |
Balances (in shares) at Mar. 31, 2021 | 2,869 | 142,305 | |||
Balances at Mar. 31, 2021 | 550,793 | (735,205) | $ (24,167) | $ 1 | (208,578) |
Share-based compensation | 467 | 0 | $ 0 | $ 0 | 467 |
Stock Issued (in shares) | 0 | 62 | |||
Stock Issued | 0 | 0 | $ 0 | $ 0 | 0 |
Net (loss) income | 0 | (51,672) | $ 0 | $ 0 | (51,672) |
Balances (in shares) at Jun. 30, 2021 | 2,869 | 142,367 | |||
Balances at Jun. 30, 2021 | $ 551,260 | $ (786,877) | $ (24,167) | $ 1 | $ (259,783) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Operating activities: | |||||
Net (loss) income | $ (51,672) | $ (5,904) | $ (52,418) | $ 60,076 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||
Depreciation, depletion, amortization and accretion | 57,589 | 68,609 | |||
Amortization of debt items and other items | 2,967 | 3,682 | |||
Share-based compensation | 921 | 2,067 | |||
Derivative loss (gain) | 81,440 | 15,414 | 106,020 | (46,498) | |
Derivative cash (payments) receipts, net | (41,130) | 37,566 | |||
Gain on debt transactions | 0 | (28,968) | 0 | (47,469) | |
Deferred income taxes | (13,006) | (2,207) | |||
Changes in operating assets and liabilities: | |||||
Oil and natural gas receivables | (11,390) | 34,984 | |||
Joint interest receivables | (910) | 4,743 | |||
Prepaid expenses and other assets | (17,605) | 3,505 | |||
Income tax | (92) | 2,008 | |||
Asset retirement obligation settlements | (11,213) | (2,164) | |||
Cash advances from JV partners | (3,925) | 5,850 | |||
Accounts payable, accrued liabilities and other | 30,386 | (31,274) | |||
Net cash provided by operating activities | 46,194 | 93,478 | |||
Investing activities: | |||||
Investment in oil and natural gas properties and equipment | (5,856) | (14,138) | |||
Changes in operating assets and liabilities associated with investing activities | (3,078) | (25,811) | |||
Acquisition of property interests | 0 | (456) | |||
Purchases of furniture, fixtures and other | 2 | (70) | |||
Net cash used in investing activities | (8,932) | (40,475) | |||
Financing activities: | |||||
Borrowings on credit facility | 25,000 | ||||
Repayments on credit facility | (80,000) | (50,000) | |||
Purchase of Senior Second Lien Notes | 0 | (23,930) | |||
Proceeds from Term Loan | 215,000 | ||||
Debt issuance costs and other | (6,840) | ||||
Net cash provided by (used in) financing activities | 128,160 | (48,930) | |||
Increase in cash and cash equivalents | 165,422 | 4,073 | |||
Cash and cash equivalents, beginning of period | 43,726 | 32,433 | $ 32,433 | ||
Cash and cash equivalents, end of period | $ 209,148 | $ 36,506 | $ 209,148 | $ 36,506 | $ 43,726 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation Operations. Interim Financial Statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Companyās Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates. Accounting Standards Updates effective January 1, 2021 Simplifying the Accounting for Income Taxes. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Revenue Recognition . Employee Retention Credit. General and administrative expenses Credit Risk and Allowance for Credit Losses. Prepaid Expenses and Other Assets. ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Derivatives ā current (1) ā $ 14,021 ā $ 2,752 Unamortized insurance/bond premiums ā 6,195 ā 4,717 Prepaid deposits related to royalties ā 4,544 ā 4,473 Prepayment to vendors ā 4,775 ā 1,429 Other ā 1,170 ā 461 Prepaid expenses and other assets ā $ 30,705 ā $ 13,832 (1) Includes closed contracts which have not yet settled. Oil and Natural Gas Properties and Other, Net. ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Oil and natural gas properties and equipment, at cost ā $ 8,583,983 ā $ 8,567,509 Furniture, fixtures and other ā 20,845 ā 20,847 Total property and equipment ā 8,604,828 ā 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment ā 7,947,171 ā 7,901,478 Oil and natural gas properties and other, net ā $ 657,657 ā $ 686,878 ā Other Assets (long-term). ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Right-of-Use assets ā $ 10,783 ā $ 11,509 Unamortized debt issuance costs ā 1,333 ā 2,094 Investment in White Cap, LLC ā 2,995 ā 2,699 Unamortized brokerage fee for Monza ā ā ā 626 Proportional consolidation of Monza's other assets (Note 5) ā 4,209 ā 1,782 Derivatives ā 21,005 ā 2,762 Other ā 2,070 ā 998 Total other assets (long-term) ā $ 42,395 ā $ 22,470 ā Accrued Liabilities. ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Accrued interest ā $ 10,185 ā $ 10,389 Accrued salaries/payroll taxes/benefits ā 4,218 ā 4,009 Litigation accruals ā 570 ā 436 Lease liability ā 673 ā 394 Derivatives ā 82,832 ā 13,620 Other ā 1,885 ā 1,032 Total accrued liabilities ā $ 100,363 ā $ 29,880 ā Paycheck Protection Program ("PPP") , . ā Other Liabilities (long-term). ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Dispute related to royalty deductions ā $ 5,247 ā $ 5,467 Derivatives ā 28,122 ā 4,384 Lease liability ā 11,062 ā 11,360 Black Elk escrow ā 11,102 ā 11,103 Other ā 726 ā 624 Total other liabilities (long-term) ā $ 56,259 ā $ 32,938 ā |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt [Text Block] | 2. Debt The components of our debt are presented in the following table (in thousands): ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Term Loan: ā ā ā ā ā ā Principal ā $ 215,000 ā $ ā Unamortized debt issuance costs ā ā (6,718) ā ā ā Total Term Loan ā 208,282 ā ā ā ā ā ā ā ā ā Company Credit Agreement borrowings: ā ā ā ā ā 80,000 ā ā ā ā ā ā ā Senior Second Lien Notes: ā ā Principal ā 552,460 ā 552,460 Unamortized debt issuance costs ā (6,055) ā (7,174) Total Senior Second Lien Notes ā 546,405 ā 545,286 ā ā ā ā ā ā ā Less current portion ā ā (36,771) ā ā ā Total long-term debt, net ā $ 717,916 ā $ 625,286 ā ā ā ā ā ā ā ā Current Portion of Long-Term Debt Term Loan (Subsidiary Credit Agreement) On May 19, 2021, Aquasition LLC (āA-I LLCā) and Aquasition II LLC (āA-II LLCā) (collectively, the āBorrowersā), both Delaware limited liability companies and indirect, wholly-owned subsidiaries of W&T Offshore, Inc., entered into a credit agreement (the āSubsidiary Credit Agreementā) providing for a term loan in an aggregate principal amount equal to $215.0 million (the āTerm Loanā). The Term Loan requires quarterly amortization payments commencing September 30, 2021. The Term Loan bears interest at a fixed rate of 7% per annum and will mature on May 19, 2028. The Term Loan is non-recourse to the Company and any subsidiaries other than the Borrowers and the subsidiary that owns the equity in the Borrowers, and is secured by the first lien security interests in the equity of the Borrowers and a first lien mortgage security interest and mortgages on certain assets of the Borrowers (the Mobile Bay Properties, defined below). ā In exchange for the net cash proceeds received by the Borrowers from the Term Loan, the Company assigned to (a) A-I LLC all of its interests in certain oil and gas leasehold interests and associated wells and units located in State of Alabama waters and U.S. federal waters in the offshore Gulf of Mexico, Mobile Bay region (such assets, the āMobile Bay Propertiesā) and (b) A-II LLC its interest in certain gathering and processing assets located (i) in State of Alabama waters and U.S. federal waters in the offshore Gulf of Mexico, Mobile Bay region and (ii) onshore near Mobile, Alabama, including offshore gathering pipelines, an onshore crude oil treating and sweetening facility, an onshore gathering pipeline, and associated assets (such assets, the āMidstream Assetsā). A portion of the proceeds to the Company was used to repay the $48.0 million outstanding balance on its reserve-based lending facility under the Company Credit Agreement (defined below), with the majority of the proceeds to W&T expected to be used for general corporate purposes, including oil and gas acquisitions, development activities, and other opportunities to grow the Companyās broader asset base. We refer to the transactions contemplated by the Subsidiary Credit Agreement, including the assignment of the Mobile Bay Properties to A-I LLC and the assignment of the Midstream Assets to A-II LLC as the āMobile Bay Transactionā. ā For information about Mobile Bay Transaction refer to Note 4, Mobile Bay Transaction ā Company Credit Agreement On October 18, 2018, we entered into the Sixth Amended and Restated Credit Agreement (as amended, the āCompany Credit Agreementā), which matures on October 18, 2022. On May 19, 2021 , The Sixth Amendment, among other things, (i) amended the Company Credit Agreement to effectuate the Mobile Bay Transaction (as discussed under Term Loan above and Note 4, Mobile Bay Transaction below) by specifically permitting the Mobile Bay Transaction and related transactions under certain covenants and (ii) consented to and waived certain technical defaults arising from the formation of certain company subsidiaries that were formed in advance of, and in order to effectuate, the consummation of the Mobile Bay Transaction and related transactions. On July 15, 2021, the Company entered into a Waiver and Seventh Amendment to Sixth Amended and Restated Credit Agreement (the āSeventh Amendmentā) dated effective June 30, 2021, which further amended the Company Credit Agreement. The primary terms and covenants associated with the Company Credit Agreement as of June 30, 2021, as amended by the Sixth and Seventh Amendments, are as follows, with capitalized terms defined under the Company Credit Agreement: Ā· The borrowing base was $190.0 million, subject to the next redetermination on or about October 1, 2021. Ā· Letters of credit may be issued in amounts up to $30.0 million, provided availability under the Company Credit Agreement exists. Ā· From the period ended June 30, 2020 through the period ended December 31, 2021 ( Ā· During the Waiver Period, the Company will be required to maintain a 2.00 to 1.00 ratio limit of first lien debt outstanding under the Company Credit Agreement on the last day of the most recent quarter to EBITDAX for the trailing four quarters. Ā· Availability under the Company Credit Agreement is subject to semi-annual redeterminations of our borrowing base and, the next scheduled redetermination is to occur on or about October 1, 2021. Subsequent to the October 2021 redetermination, additional redeterminations may be requested at the discretion of either the lenders or the Company. The borrowing base is calculated by our lenders based on their evaluation of our proved reserves and their own internal criteria. Any redetermination by our lenders to change our borrowing base will result in a similar change in the availability under the Company Credit Agreement. The Company currently has no borrowings outstanding under the Company Credit Agreement and has agreed to not to make borrowings under the Company Credit Agreement unless and until the next semi-annual redetermination of our borrowing base occurs and the Company complies with certain revised hedging requirements. The Company used a portion of the proceeds from Mobile Bay Transaction to repay the $48.0 million outstanding balance on its reserve-based lending facility under the Company Credit Agreement. All liens on the Mobile Bay Properties granted to secure obligations under the Company Credit Agreement were released in connection with the transfer of such assets to Borrowers. As of June 30, 2021 and December 31, 2020, we had $4.4 million of letters of credit issued and outstanding under the Company Credit Agreement. No borrowings under the Company Credit Agreement were outstanding as of June 30, 2021 and $80.0 million in borrowings were outstanding under the Company Credit Agreement as of December 31, 2020. The annualized interest rate on borrowings outstanding for the six months ended June 30, 2021 was 3.2%, which excludes debt issuance costs, commitment fees and other fees. 9.75% Senior Second Lien Notes Due 2023 On October 18, 2018, we issued $625.0 million of 9.75% Senior Second Lien Notes due 2023 (the āSenior Second Lien Notesā), which were issued at par with an interest rate of 9.75% per annum and mature on November 1, 2023, and are governed under the terms of the Indenture of the Senior Second Lien Notes (the āIndentureā). The estimated annual effective interest rate on the Senior Second Lien Notes is 10.3%, which includes amortization of debt issuance costs. Interest on the Senior Second Lien Notes is payable in arrears on May 1 and November 1 of each year. During the year ended December 31, 2020, we acquired $72.5 million in principal of our outstanding Senior Second Lien Notes for $23.9 million and recorded a non-cash gain on purchase of debt of $47.5 million, which included a reduction of $1.1 million related to the write-off of unamortized debt issuance costs. No such transactions were completed during the three and six months ended June 30, 2021. As a result of these purchases, $552.5 million in principal amount of Senior Second Lien Notes remains issued and outstanding as of June 30, 2021 and December 31, 2020. The Senior Second Lien Notes are secured by a second-priority lien on all of our assets that are secured under the Company Credit Agreement, which does not include the Mobile Bay Properties and the related Midstream Assets. The Senior Second Lien Notes contain covenants that limit or prohibit our ability and the ability of certain of our subsidiaries to: (i) make investments; (ii) incur additional indebtedness or issue certain types of preferred stock; (iii) create certain liens; (iv) sell assets; (v) enter into agreements that restrict dividends or other payments from the Companyās subsidiaries to the Company; (vi) consolidate, merge or transfer all or substantially all of the assets of the Company; (vii) engage in transactions with affiliates; (viii) pay dividends or make other distributions on capital stock or subordinated indebtedness; and (ix) create subsidiaries that would not be restricted by the covenants of the Indenture. These covenants are subject to exceptions and qualifications set forth in the Indenture. In addition, most of the above described covenants will terminate if both S&P Global Ratings, a division of S&P Global Inc., and Moodyās Investors Service, Inc. assign the Senior Second Lien Notes an investment grade rating and no default exists with respect to the Senior Second Lien Notes. Covenants As of June 30, 2021 and for all prior measurement periods, we were in compliance with all applicable covenants of the Company Credit Agreement and the Indenture. The Seventh Amendment revised certain covenants under the Company Credit Agreement related to hedging our future production and waived compliance with such requirements, including the requirement that certain existing hedge transactions be unwound or terminated, until our next semi-annual borrowing base redetermination occurs. Fair Value Measurements For information about fair value measurements of our long-term debt, refer to Note 3. ā |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Fair Value Measurements ā 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 of the valuation hierarchy. The inputs used for the fair value measurement of our open derivative financial instruments are the exercise price, the expiration date, the settlement date, notional quantities, the implied volatility, the discount curve with spreads and published commodity future prices. Our open derivative financial instruments are reported in the Condensed Consolidated Balance Sheets using fair value. See Note 7 Derivative Financial Instruments The following table presents the fair value of our open derivative financial instruments (in thousands): ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Assets: ā ā Derivatives instruments - open contracts, current ā $ 13,111 ā $ 2,705 Derivatives instruments - open contracts, long-term ā 21,005 ā 2,762 ā ā ā ā ā ā ā Liabilities: ā ā Derivatives instruments - open contracts, current ā 74,632 ā 13,291 Derivatives instruments - open contracts, long-term ā 28,122 ā 4,384 ā Debt The fair value of the Term Loan was measured using a discounted cash flows model and current market rates. The net value of our debt under the Company 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 a very active market. The fair value of our debt was classified as Level 2 within the valuation hierarchy. See Note 2 ā Debt The following table presents the net value and fair value of our long-term debt (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2021 December 31, 2020 ā ā Net Value Fair Value Net Value Fair Value Liabilities: ā ā ā ā Term Loan ā $ 208,282 ā $ 214,607 ā $ ā ā $ ā Company Credit Agreement ā ā ā ā ā ā ā ā 80,000 ā ā 80,000 Senior Second Lien Notes ā 546,405 ā 536,660 ā 545,286 ā 393,352 Total ā ā 754,687 ā ā 751,267 ā ā 625,286 ā ā 473,352 ā |
Mobile Bay Transaction
Mobile Bay Transaction | 6 Months Ended |
Jun. 30, 2021 | |
Notes To Financial Statements [Abstract] | |
Mobile Bay Transaction | 4. Mobile Bay Transaction ā On May 19, 2021, the Companyās wholly-owned special purpose vehicles (the āSPVsā), A-I LLC and A-II LLC or the Borrowers, entered into the Subsidiary Credit Agreement providing for the Term Loan in an aggregate principal amount equal to $215.0 million. Proceeds of the Term Loan were used by the Borrowers to (i) fund the acquisition of the Mobile Bay Properties and the Midstream Assets from the Company and (ii) pay fees, commissions and expenses in connection with the transactions contemplated by the Subsidiary Credit Agreement and the other related loan documents, including to enter into certain swap and put derivative contracts described in more detail under Note 7 ā Derivative Financial Instruments ā As part of the Mobile Bay Transaction, the SPVs entered into a management services agreement (the āServices Agreementā) with the Company, pursuant to which the Company will provide (a) certain operational and management services for (I) the Mobile Bay Properties and (II) the Midstream Assets and (b) certain corporate, general and administrative services for A-I LLC and A-II LLC (collectively in this capacity, the āServices Recipientā). Under the Services Agreement, the Company will indemnify the Services Recipient with respect to claims, losses or liabilities incurred by the Services Agreement Parties that relate to personal injury or death or property damage of the Company, in each case, arising out of performance of the Services Agreement, except to the extent of the gross negligence or willful misconduct of the Services Recipient. The Services Recipient will indemnify the Company with respect to claims, losses or liabilities incurred by the Company that relate to personal injury or death of the Services Recipient or property damage of the Services Recipient, in each case, arising out of performance of the Services Agreement, except to the extent of the gross negligence or willful misconduct of the Company. The Services Agreement will terminate upon the earlier of (a) termination of the Subsidiary Credit Agreement and payment and satisfaction of all obligations thereunder or (b) the exercise of certain remedies by the secured parties under the Subsidiary Credit Agreement and the realization by such secured parties upon any of the collateral under the Subsidiary Credit Agreement. ā The SPVs are wholly-owned subsidiaries of the Company; however, the assets of the SPVs will not be available to satisfy the debt or contractual obligations of any non-SPV entities, including debt securities or other contractual obligations of W&T Offshore, Inc., and the SPVs do not bear any liability for the indebtedness or other contractual obligations of any non-SPVs, and vice versa. As of June 30, 2021, the book value of the assets of the SPVs were $292.4 million. ā ā |
Joint Venture Drilling Program
Joint Venture Drilling Program | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Joint Venture Drilling Program [Text Block] | 5. Joint Venture Drilling Program ā In March 2018, W&T and two other initial members formed and initially funded Monza, which jointly participates with us in the exploration, drilling and development of certain drilling projects (the āJoint Venture Drilling Programā) in the Gulf of Mexico. Subsequent to the initial closing, additional investors joined as members of Monza during 2018 and total commitments by all members, including W&Tās commitment to fund its retained interest in Monza projects held outside of Monza, are $361.4 million. W&T contributed 88.94% of its working interest in certain identified undeveloped drilling projects to Monza and retained 11.06% of its working interest. The Joint Venture Drilling Program is structured so that we initially receive an aggregate of 30.0% of the revenues less expenses, through both our direct ownership of our retained working interest in the Monza projects and our indirect interest through our interest in Monza, for contributing 20.0% of the estimated total well costs plus associated leases and providing access to available infrastructure at agreed-upon rates. Any exceptions to this structure are approved by the Monza board. The members of Monza are made up of third-party investors, W&T and an entity owned and controlled by Mr. Tracy W. Krohn, our Chairman and Chief Executive Officer. The Krohn entity invested as a minority investor on the same terms and conditions as the third-party investors, and its investment is limited to 4.5% of total invested capital within Monza. The entity affiliated with Mr. Krohn has made a capital commitment to Monza of $14.5 million. 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 Monzaās assets prior to any value in Monza becoming available to holders of its equity. The assets of Monza are not available to pay creditors of the Company and its affiliates. Through June 30, 2021, nine wells have been completed. In 2020, one well was drilled to target depth, which we expect to be completed in the fourth quarter of 2021. W&T is the operator for seven of the nine wells completed through June 30, 2021. Through June 30, 2021, members of Monza made partner capital contributions, including our contributions of working interest in the drilling projects, to Monza totaling $302.4 million and received cash distributions totaling $77.9 million. Our net contribution to Monza, reduced by distributions received, as of June 30, 2021 was $51.6 million. W&T is obligated to fund certain cost overruns to the extent they occur, subject to certain exceptions, for the Joint Venture Drilling Program wells above budgeted and contingency amounts, of which the total exposure cannot be estimated at this time. Consolidation and Carrying Amounts Our interest in Monza is considered to be a variable interest that we account for using proportional consolidation. Through June 30, 2021, there have been no events or changes that would cause a redetermination of the variable interest status. We do not fully consolidate Monza because we are not considered the primary beneficiary of Monza. As of June 30, 2021, in the Condensed Consolidated Balance Sheet, we recorded $6.6 million, net, in Oil and natural gas properties and other, net Other assets Oil and natural gas properties and other, net Other assets Advances from joint interest partners Total revenues Operating costs and expenses Total revenues Operating costs and expenses |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 6. Asset Retirement Obligations ā Our 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): ā ā ā ā ā Balances, December 31, 2020 ā $ 392,704 Liabilities settled ā (11,213) Accretion of discount ā 11,895 Liabilities incurred and assumed through acquisition ā 417 Revisions of estimated liabilities ā 10,200 Balances, June 30, 2021 ā 404,003 Less current portion ā (23,888) Long-term ā $ 380,115 ā |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. 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 Company Credit Agreement or Term Loan. 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 required to provide additional collateral to the derivative counterparties and we do not require collateral from our derivative counterparties. We have elected not to designate our commodity derivative contracts as hedging instruments; therefore, all current period changes in the fair value of derivative contracts are recognized in earnings during the periods presented. The cash flows of all of our commodity derivative contracts are included in Net cash provided by operating activities We entered into commodity contracts for crude oil and natural gas which related to a portion of our expected future production. The crude oil contracts are based on West Texas Intermediate (āWTIā) crude oil prices and the natural gas contracts are based off the Henry Hub prices, both of which are quoted off the New York Mercantile Exchange (āNYMEXā). The following table reflects the contracted volumes and weighted average prices under the terms of the Companyās open derivative contracts as of June 30, 2021: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Average ā ā ā ā ā ā ā ā ā ā ā ā Instrument ā Daily ā Total ā Weighted ā Weighted ā Weighted Period Type Volumes Volumes Strike Price Put Price Call Price ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Crude Oil - WTI (NYMEX) ā (Bbls)(1) ā (Bbls)(1) ā ā ($/Bbl)(1) ā ā ($/Bbl)(1) ā ā ($/Bbl)(1) Jul 2021 - Dec 2021 ā swap ā 4,000 ā 736,000 ā $ 42.06 ā $ ā ā $ ā Jul 2021 - Dec 2021 ā collar ā 200 ā 36,800 ā $ ā ā $ 40.00 ā $ 54.90 Jul 2021 - Feb 2022 ā collar ā 2,024 ā 491,733 ā $ ā ā $ 38.81 ā $ 57.24 Jan 2022 - Feb 2022 swap 3,000 177,000 $ 42.98 $ ā $ ā Mar 2022 - May 2022 swap 2,044 188,006 $ 42.33 $ ā $ ā Mar 2022 - May 2022 ā collar ā 2,000 ā 184,000 ā $ ā ā $ 35.00 ā $ 48.50 Mar 2022 - Sept 2022 ā swap ā 1,615 ā 345,638 ā $ 54.53 ā $ ā ā $ ā Mar 2022 - Sept 2022 ā collar ā 1,615 ā 345,638 ā $ ā ā $ 45.00 ā $ 62.50 Oct 2022 ā swap ā 2,172 ā 67,332 ā $ 58.50 ā $ ā ā ā ā Oct 2022 ā collar ā 2,172 ā 67,332 ā $ ā ā $ 46.00 ā ā 66.50 Nov 2022 ā swap ā 2,176 ā 65,280 ā $ 58.25 ā $ ā ā ā ā Nov 2022 ā collar ā 2,176 ā 65,280 ā $ ā ā $ 46.00 ā ā 66.30 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Natural Gas - Henry Hub (NYMEX) ā (MMbtu)(2) ā (MMbtu)(2) ā ā ($/MMbtu)(2) ā ā ($/MMbtu)(2) ā ā ($/MMbtu)(2) Jul 2021 - Dec 2021 ā collar ā 30,000 ā 5,520,000 ā $ ā ā $ 2.18 ā $ 3.00 Jul 2021 - Dec 2021 ā swap ā 10,000 ā 1,840,000 ā $ 2.62 ā $ ā ā $ ā Jul 2021 - Dec 2021 ā call ā 40,000 ā 7,360,000 ā $ ā ā $ ā ā $ 3.50 Jul 2021 - Dec 2022 ā collar ā 40,000 ā 21,960,000 ā $ ā ā $ 1.83 ā $ 3.00 Jul 2021 - Dec 2022 ā call ā 40,000 ā 21,960,000 ā $ ā ā $ ā ā $ 3.00 Jan 2022 - Feb 2022 ā collar ā 30,000 ā 1,830,000 ā $ ā ā $ 2.20 ā $ 4.50 Jan 2022 - Dec 2022 ā call ā 37,000 ā 13,505,000 ā $ ā ā $ ā ā $ 3.50 Jan 2022 ā swap ā 20,000 ā 620,000 ā $ 2.79 ā $ ā ā $ ā Feb 2022 ā swap ā 30,000 ā 840,000 ā $ 2.79 ā $ ā ā $ ā Mar 2022 - May 2022 ā collar ā 10,000 ā 920,000 ā $ ā ā $ 2.25 ā $ 3.40 Mar 2022 - May 2022 ā swap ā 10,544 ā 970,075 ā $ 2.69 ā $ ā ā $ ā Apr 2022 - Sept 2022 ā swap ā 12,428 ā 2,274,311 ā $ 2.44 ā $ ā ā $ ā Oct 2022 swap 16,129 499,999 $ 2.56 $ ā $ ā Nov 2022 ā swap ā 17,570 ā 527,100 ā $ 2.63 ā $ ā ā $ ā Jan 2023 - Dec 2023 ā call ā 70,000 ā 25,550,000 ā $ ā ā $ ā ā $ 3.50 Jul 2021 - Mar 2025 (3) ā swap ā 72,920 ā 99,900,000 ā $ 2.63 ā $ ā ā $ ā Apr 2025 - Apr 2028 (3) ā put ā 55,684 ā 62,700,000 ā $ ā ā $ 2.35 ā $ ā (1) Bbls = Barrels (2) MMbtu = Million British Thermal Units (3) These contracts were entered into by the Companyās wholly owned subsidiary, A-I LLC, in conjunction with the Mobile Bay Transaction (see Note 4 Mobile Bay Transaction). ā 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 yet settled (in thousands): ā ā ā ā ā ā ā ā ā ā June 30, ā December 31, ā 2021 2020 Prepaid expenses and other current assets ā $ 14,021 ā $ 2,752 Other assets (long-term) ā 21,005 ā 2,762 Accrued liabilities ā 82,832 ā 13,620 Other liabilities (long-term) ā ā 28,122 ā ā 4,384 ā The amounts recorded on the Condensed Consolidated Balance Sheets are on a gross basis. Changes in the fair value and settlements of contracts are recorded on the Condensed Consolidated Statements of Operations as Derivative loss (gain) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, ā Six Months Ended June 30, ā 2021 2020 2021 2020 Realized loss (gain) ā $ 15,357 ā $ (22,578) ā $ 23,602 ā $ (31,970) Unrealized loss (gain) ā ā 66,083 ā ā 37,992 ā ā 82,418 ā ā (14,528) Derivative loss (gain) ā $ 81,440 ā $ 15,414 ā $ 106,020 ā $ (46,498) ā Cash receipts on commodity derivative contract settlements, net, are included within Net cash provided by operating activities ā ā ā ā ā ā ā ā ā ā Six Months Ended June 30, ā 2021 2020 Derivative loss (gain) ā $ 106,020 ā $ (46,498) Derivative cash (payments) receipts, net ā ā (41,130) ā ā 37,566 ā |
Share-based Awards and Cash-bas
Share-based Awards and Cash-based Awards | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8. Share-Based Awards and Cash-Based Awards Share-Based Awards to Employees The W&T Offshore, Inc. Amended and Restated Incentive Compensation Plan (as amended from time to time, the āPlanā) was approved by our shareholders in 2010. Under the Plan, the Company may issue, subject to the approval of the Board of Directors, stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, performance units or shares, cash awards, substitute awards or any combination of the foregoing to employees, directors and consultants. As of June 30, 2021, there were 10,347,591 shares of common stock available for issuance in satisfaction of awards under the Plan. The shares available for issuance are reduced on a one-for-one basis when awards are settled in shares of common stock, which shares of common stock are issued net of withholding tax through the withholding of shares. The Company has the option following vesting to settle awards in stock or cash, or a combination of stock and cash. The Company expects to settle outstanding awards, discussed below, that vest in the future using shares of common stock. Restricted Stock Units (āRSUsā). one The 2019 grants were subject to predetermined performance criteria applied against the applicable performance period. All of the 2019 RSUs currently outstanding are also subject to employment-based criteria and, subject to the satisfaction of the service conditions, vesting of the outstanding 2019 RSUs will occur in December 2021. A summary of activity related to RSUs during the three months ended June 30, 2021 is as follows: ā ā ā ā ā ā ā ā ā Restricted Stock Units ā ā ā ā Weighted ā ā Average ā ā ā ā Grant Date Fair ā ā Units ā Value Per Unit Nonvested, December 31, 2020 ā 763,688 ā $ 4.51 Granted 698,301 ā 4.72 Vested ā ā ā Forfeited (19,880) ā 4.51 Nonvested, June 30, 2021 1,442,109 ā ā 4.61 ā For the outstanding RSUs issued to the eligible employees as of June 30, 2021, vesting is expected to occur as follows (subject to forfeitures): ā ā ā ā ā Restricted ā ā Shares 2021 743,808 2022 232,767 2023 ā 232,767 2024 ā 232,767 Total 1,442,109 ā 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 were determined using the Companyās closing price on the grant date. We also estimate forfeitures, resulting in the recognition of compensation cost only for those awards that are expected to actually vest. All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. Performance Share Units (āPSUsā). A summary of activity related to PSUs during the three months ended June 30, 2021 is as follows: ā ā ā ā ā ā ā ā ā Performance Share Units ā ā ā ā Weighted ā ā Average ā ā ā ā Grant Date Fair ā ā Units ā Value Per Unit Nonvested, December 31, 2020 ā ā ā $ ā Granted 388,908 ā 5.57 Vested ā ā ā Forfeited ā ā ā Nonvested, June 30, 2021 388,908 ā ā 5.57 ā 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. All PSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. The grant date fair value of the PSUs was determined through the use of the Monte Carlo simulation method. This method requires the use of highly subjective assumptions. Our key assumptions in the method include the price and the expected volatility of our stock and our self-determined Peer Group companiesā stock, risk free rate of return and cross-correlations between the Company and our Peer Group companies. The valuation model assumes dividends, if any, are immediately reinvested. The grant date fair value of the PSUs granted during the six months ended June 30 2021, is $2.2 million. The following table summarizes the assumptions used to calculate the grant date fair value of the PSUs granted: ā ā ā ā ā ā ā 2021 Grant Date ā ā June 28 Expected term for performance period (in years) ā 0.5 ā Expected volatility ā 67.9 % Risk-free interest rate ā 0.1 % ā Share-Based Awards to Non-Employee Directors Under the W&T Offshore, Inc. 2004 Directors Compensation Plan (as amended from time to time, the āDirector Compensation Planā), shares of restricted stock (āRestricted Sharesā) have been granted to the Companyās non-employee directors. Grants to non-employee directors were made during the six months ended June 30, 2021, and during the year ended December 31, 2020. During the second quarter of 2020, our shareholders approved increasing the shares available under the Director Compensation Plan by 500,000 shares. As of June 30, 2021, there were 410,742 shares of common stock available for issuance in satisfaction of awards under the Director Compensation Plan. The shares available are reduced on a one-to-one basis when Restricted Shares are granted. 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 Companyās closing price on the grant date. No forfeitures were estimated for the non-employee directorsā awards. 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 months ended June 30, 2021 is as follows: ā ā ā ā ā ā ā ā ā Restricted Shares ā ā ā ā Weighted ā ā Average ā ā ā ā Grant Date Fair ā ā Units ā Value Per Unit Nonvested, December 31, 2020 ā 154,128 ā $ 3.64 Granted 62,502 ā 3.36 Vested (146,404) ā 3.51 Nonvested, June 30, 2021 70,226 ā ā 3.67 ā Subject to the satisfaction of the service conditions, the outstanding are eligible to vest in 2022. ā Share-Based Compensation Expense Share-based compensation expense is recorded in the line General and administrative expense ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, ā Six Months Ended June 30, ā 2021 2020 2021 2020 Share-based compensation expense from: ā ā ā ā ā ā ā ā Restricted stock units ā $ 339 ā $ 949 ā $ 676 ā $ 1,927 Restricted Shares ā 128 ā 70 ā 245 ā 140 Total ā $ 467 ā $ 1,019 ā $ 921 ā $ 2,067 ā Unrecognized Share-Based Compensation Expense As of June 30, 2021, unrecognized share-based compensation expense related to our awards of RSUs, PSUs, and Restricted Shares was $3.9 million, $2.2 million, and $0.2 million, respectively. Unrecognized share-based compensation expense will be recognized through December 2023 for RSUs, September 2023 for PSUs, and April 2022 for Restricted Shares. Cash-Based Incentive Compensation In addition to share-based compensation, both short-term and long-term cash-based incentive awards were granted under the Plan to all eligible employees in 2021. Short-term Cash-Based Incentive Compensation. ā The first short-term, cash-based award granted in February 2021 was discretionary and subject only to continued employment on the payment dates. The 2021 discretionary bonus award was paid in equal installments on March 15, 2021 and April 15, 2021, to substantially all employees subject to employment on those dates. Incentive compensation expense of $3.8 million and $7.6 million was recognized during the three and six months ended June 30, 2021, respectively, related to these awards. ā The second short-term, cash-based award granted in June 2021 is subject to Company performance-based criteria and individual performance criteria. Incentive compensation expense is based on estimates of Company metrics for full-year 2021 and is being recognized during the 2021 service period. Incentive compensation expense for this award was not material during the six months ended June 30, 2021. No cash-based incentive awards were granted in 2020, and therefore, no cash-based incentive compensation expense for 2020 was recorded. ā Long-term Cash-Based Incentive Compensation. The 2021 long-term, cash-based awards (āCash Awardsā) were granted in June 2021 and are subject to the same performance-based criteria as the PSUās noted above. The Companyās TSR ranking against peer companies will be evaluated for the performance period of 2021. Subsequent to the performance period, the Cash Awards will continue to be subject to service-based criteria with vesting occurring on October 1, 2023. These Cash Awards are accounted for as liability awards and are measured at fair value each reporting date. We recognize compensation cost for share-based payments to employees over the service period from June 28, 2021 through October 1, 2023. The reporting date fair value of the awards was determined through the use of the Monte Carlo simulation method. This method requires the use of highly subjective assumptions. Our key assumptions in the method include the price and the expected volatility of our stock and our self-determined peer group companiesā stock, risk-free rate of return, cross-correlations between the Company and our peer group companies, and an appropriate discount rate. The valuation model assumes dividends are immediately reinvested. The fair value of the awards as of June 30, 2021, is million. As of June 30, 2021, unrecognized compensation expense related to these awards was million. The following table summarizes the assumptions used to calculate the fair value of the outstanding long-term Cash Awards as of June 30, 2021: ā ā ā ā ā ā ā 2021 Grant Date ā ā June 28 Expected term for performance period (in years) ā 0.5 ā Expected volatility ā 67.9 % Risk-free interest rate ā 0.1 % Expected term for cash payment (in years) ā 2.3 ā Discount rate used to discount expected cash payment ā 12.1 % ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, ā Six Months Ended June 30, ā 2021 2020 2021 2020 Share-based compensation included in: ā ā ā ā ā ā ā ā General and administrative expenses ā $ 467 ā $ 1,019 ā $ 921 ā $ 2,067 Cash-based incentive compensation included in: ā ā ā ā Lease operating expense (1) ā 816 ā ā ā 1,655 ā 849 General and administrative expenses (1) ā 2,676 ā 159 ā 5,359 ā 3,790 Total charged to operating (loss) income ā $ 3,959 ā $ 1,178 ā $ 7,935 ā $ 6,706 (1) Includes adjustments of accruals to actual payments. ā |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes Tax Benefit and Tax Rate. million, respectively. For the six months ended June 30, 2021 and 2020, income tax benefit was Calculation of Interim Provision for Income Tax. ā Valuation Allowance. As of June 30, 2021 and December 31, 2020, our valuation allowance was $22.8 million and $22.4 million, respectively, and relates primarily to state net operating losses and the disallowed interest expense limitation carryover. Income Taxes Receivable, Refunds and Payments. . The tax years 2017 ā |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Earnings Per Share The following table presents the calculation of basic and diluted (loss) earnings per common share (in thousands, except per share amounts): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, ā Six Months Ended June 30, ā 2021 2020 2021 2020 Net (loss) income ā $ (51,672) ā $ (5,904) ā $ (52,418) ā $ 60,076 Less portion allocated to nonvested shares ā ā ā ā ā ā ā 707 Net (loss) income allocated to common shares ā $ (51,672) ā $ (5,904) ā $ (52,418) ā $ 59,369 Weighted average common shares outstanding ā 142,244 ā 141,597 ā 142,197 ā 141,571 Basic and diluted (loss) earnings per common share ā $ (0.36) ā $ (0.04) ā $ (0.37) ā $ 0.42 Shares excluded due to being anti-dilutive (weighted-average) ā ā 880 ā ā 1,665 ā ā 899 ā ā ā ā |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Contingencies Appeal with the Office of Natural Resources Revenue (āONRRā). , , , . Royalties ā āUnbundlingā Initiative. Notices of Proposed Civil Penalty Assessment. . . Other Claims. ā |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
Subsequent Events | 12. Subsequent Events As described in more detail in Note 2 ā Debt , on July 15, 2021, the Company entered into a Waiver and Seventh Amendment to Sixth Amended and Restated Credit Agreement dated effective June 30, 2021, which further amended the Company Credit Agreement and waived certain hedging transaction requirements. ā |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Interim Financial Statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Companyās Annual Report on Form 10-K for the year ended December 31, 2020. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
New Accounting Pronouncements, Adopted [Policy Text Block] | Accounting Standards Updates effective January 1, 2021 Simplifying the Accounting for Income Taxes. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition . |
Employee Retention Credit [Policy Text Block] | Employee Retention Credit. General and administrative expenses |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] | Credit Risk and Allowance for Credit Losses. |
Prepaid Expenses and Other Assets [Policy Text Block] | Prepaid Expenses and Other Assets. ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Derivatives ā current (1) ā $ 14,021 ā $ 2,752 Unamortized insurance/bond premiums ā 6,195 ā 4,717 Prepaid deposits related to royalties ā 4,544 ā 4,473 Prepayment to vendors ā 4,775 ā 1,429 Other ā 1,170 ā 461 Prepaid expenses and other assets ā $ 30,705 ā $ 13,832 (1) Includes closed contracts which have not yet settled. |
Property, Plant and Equipment, Policy [Policy Text Block] | Oil and Natural Gas Properties and Other, Net. ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Oil and natural gas properties and equipment, at cost ā $ 8,583,983 ā $ 8,567,509 Furniture, fixtures and other ā 20,845 ā 20,847 Total property and equipment ā 8,604,828 ā 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment ā 7,947,171 ā 7,901,478 Oil and natural gas properties and other, net ā $ 657,657 ā $ 686,878 |
Other Noncurrent Assets [Policy Text Block] | Other Assets (long-term). ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Right-of-Use assets ā $ 10,783 ā $ 11,509 Unamortized debt issuance costs ā 1,333 ā 2,094 Investment in White Cap, LLC ā 2,995 ā 2,699 Unamortized brokerage fee for Monza ā ā ā 626 Proportional consolidation of Monza's other assets (Note 5) ā 4,209 ā 1,782 Derivatives ā 21,005 ā 2,762 Other ā 2,070 ā 998 Total other assets (long-term) ā $ 42,395 ā $ 22,470 |
Accrued Liabilities Policy [Policy Text Block] | Accrued Liabilities. ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Accrued interest ā $ 10,185 ā $ 10,389 Accrued salaries/payroll taxes/benefits ā 4,218 ā 4,009 Litigation accruals ā 570 ā 436 Lease liability ā 673 ā 394 Derivatives ā 82,832 ā 13,620 Other ā 1,885 ā 1,032 Total accrued liabilities ā $ 100,363 ā $ 29,880 |
Paycheck Protection Program, Policy [Policy Text Block] | Paycheck Protection Program ("PPP") , . |
Other Noncurrent Liabilities [Policy Text Block] | Other Liabilities (long-term). ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Dispute related to royalty deductions ā $ 5,247 ā $ 5,467 Derivatives ā 28,122 ā 4,384 Lease liability ā 11,062 ā 11,360 Black Elk escrow ā 11,102 ā 11,103 Other ā 726 ā 624 Total other liabilities (long-term) ā $ 56,259 ā $ 32,938 |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Derivatives ā current (1) ā $ 14,021 ā $ 2,752 Unamortized insurance/bond premiums ā 6,195 ā 4,717 Prepaid deposits related to royalties ā 4,544 ā 4,473 Prepayment to vendors ā 4,775 ā 1,429 Other ā 1,170 ā 461 Prepaid expenses and other assets ā $ 30,705 ā $ 13,832 (1) Includes closed contracts which have not yet settled. |
Property, Plant and Equipment [Table Text Block] | ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Oil and natural gas properties and equipment, at cost ā $ 8,583,983 ā $ 8,567,509 Furniture, fixtures and other ā 20,845 ā 20,847 Total property and equipment ā 8,604,828 ā 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment ā 7,947,171 ā 7,901,478 Oil and natural gas properties and other, net ā $ 657,657 ā $ 686,878 |
Schedule of Other Assets, Noncurrent [Table Text Block] | ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Right-of-Use assets ā $ 10,783 ā $ 11,509 Unamortized debt issuance costs ā 1,333 ā 2,094 Investment in White Cap, LLC ā 2,995 ā 2,699 Unamortized brokerage fee for Monza ā ā ā 626 Proportional consolidation of Monza's other assets (Note 5) ā 4,209 ā 1,782 Derivatives ā 21,005 ā 2,762 Other ā 2,070 ā 998 Total other assets (long-term) ā $ 42,395 ā $ 22,470 |
Schedule of Accrued Liabilities [Table Text Block] | ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Accrued interest ā $ 10,185 ā $ 10,389 Accrued salaries/payroll taxes/benefits ā 4,218 ā 4,009 Litigation accruals ā 570 ā 436 Lease liability ā 673 ā 394 Derivatives ā 82,832 ā 13,620 Other ā 1,885 ā 1,032 Total accrued liabilities ā $ 100,363 ā $ 29,880 |
Other Noncurrent Liabilities [Table Text Block] | ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Dispute related to royalty deductions ā $ 5,247 ā $ 5,467 Derivatives ā 28,122 ā 4,384 Lease liability ā 11,062 ā 11,360 Black Elk escrow ā 11,102 ā 11,103 Other ā 726 ā 624 Total other liabilities (long-term) ā $ 56,259 ā $ 32,938 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Debt Instruments [Table Text Block] | ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Term Loan: ā ā ā ā ā ā Principal ā $ 215,000 ā $ ā Unamortized debt issuance costs ā ā (6,718) ā ā ā Total Term Loan ā 208,282 ā ā ā ā ā ā ā ā ā Company Credit Agreement borrowings: ā ā ā ā ā 80,000 ā ā ā ā ā ā ā Senior Second Lien Notes: ā ā Principal ā 552,460 ā 552,460 Unamortized debt issuance costs ā (6,055) ā (7,174) Total Senior Second Lien Notes ā 546,405 ā 545,286 ā ā ā ā ā ā ā Less current portion ā ā (36,771) ā ā ā Total long-term debt, net ā $ 717,916 ā $ 625,286 ā ā ā ā ā ā ā |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | ā ā ā ā ā ā ā ā ā ā June 30, 2021 ā December 31, 2020 Assets: ā ā Derivatives instruments - open contracts, current ā $ 13,111 ā $ 2,705 Derivatives instruments - open contracts, long-term ā 21,005 ā 2,762 ā ā ā ā ā ā ā Liabilities: ā ā Derivatives instruments - open contracts, current ā 74,632 ā 13,291 Derivatives instruments - open contracts, long-term ā 28,122 ā 4,384 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2021 December 31, 2020 ā ā Net Value Fair Value Net Value Fair Value Liabilities: ā ā ā ā Term Loan ā $ 208,282 ā $ 214,607 ā $ ā ā $ ā Company Credit Agreement ā ā ā ā ā ā ā ā 80,000 ā ā 80,000 Senior Second Lien Notes ā 546,405 ā 536,660 ā 545,286 ā 393,352 Total ā ā 754,687 ā ā 751,267 ā ā 625,286 ā ā 473,352 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | ā ā ā ā ā Balances, December 31, 2020 ā $ 392,704 Liabilities settled ā (11,213) Accretion of discount ā 11,895 Liabilities incurred and assumed through acquisition ā 417 Revisions of estimated liabilities ā 10,200 Balances, June 30, 2021 ā 404,003 Less current portion ā (23,888) Long-term ā $ 380,115 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Average ā ā ā ā ā ā ā ā ā ā ā ā Instrument ā Daily ā Total ā Weighted ā Weighted ā Weighted Period Type Volumes Volumes Strike Price Put Price Call Price ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Crude Oil - WTI (NYMEX) ā (Bbls)(1) ā (Bbls)(1) ā ā ($/Bbl)(1) ā ā ($/Bbl)(1) ā ā ($/Bbl)(1) Jul 2021 - Dec 2021 ā swap ā 4,000 ā 736,000 ā $ 42.06 ā $ ā ā $ ā Jul 2021 - Dec 2021 ā collar ā 200 ā 36,800 ā $ ā ā $ 40.00 ā $ 54.90 Jul 2021 - Feb 2022 ā collar ā 2,024 ā 491,733 ā $ ā ā $ 38.81 ā $ 57.24 Jan 2022 - Feb 2022 swap 3,000 177,000 $ 42.98 $ ā $ ā Mar 2022 - May 2022 swap 2,044 188,006 $ 42.33 $ ā $ ā Mar 2022 - May 2022 ā collar ā 2,000 ā 184,000 ā $ ā ā $ 35.00 ā $ 48.50 Mar 2022 - Sept 2022 ā swap ā 1,615 ā 345,638 ā $ 54.53 ā $ ā ā $ ā Mar 2022 - Sept 2022 ā collar ā 1,615 ā 345,638 ā $ ā ā $ 45.00 ā $ 62.50 Oct 2022 ā swap ā 2,172 ā 67,332 ā $ 58.50 ā $ ā ā ā ā Oct 2022 ā collar ā 2,172 ā 67,332 ā $ ā ā $ 46.00 ā ā 66.50 Nov 2022 ā swap ā 2,176 ā 65,280 ā $ 58.25 ā $ ā ā ā ā Nov 2022 ā collar ā 2,176 ā 65,280 ā $ ā ā $ 46.00 ā ā 66.30 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Natural Gas - Henry Hub (NYMEX) ā (MMbtu)(2) ā (MMbtu)(2) ā ā ($/MMbtu)(2) ā ā ($/MMbtu)(2) ā ā ($/MMbtu)(2) Jul 2021 - Dec 2021 ā collar ā 30,000 ā 5,520,000 ā $ ā ā $ 2.18 ā $ 3.00 Jul 2021 - Dec 2021 ā swap ā 10,000 ā 1,840,000 ā $ 2.62 ā $ ā ā $ ā Jul 2021 - Dec 2021 ā call ā 40,000 ā 7,360,000 ā $ ā ā $ ā ā $ 3.50 Jul 2021 - Dec 2022 ā collar ā 40,000 ā 21,960,000 ā $ ā ā $ 1.83 ā $ 3.00 Jul 2021 - Dec 2022 ā call ā 40,000 ā 21,960,000 ā $ ā ā $ ā ā $ 3.00 Jan 2022 - Feb 2022 ā collar ā 30,000 ā 1,830,000 ā $ ā ā $ 2.20 ā $ 4.50 Jan 2022 - Dec 2022 ā call ā 37,000 ā 13,505,000 ā $ ā ā $ ā ā $ 3.50 Jan 2022 ā swap ā 20,000 ā 620,000 ā $ 2.79 ā $ ā ā $ ā Feb 2022 ā swap ā 30,000 ā 840,000 ā $ 2.79 ā $ ā ā $ ā Mar 2022 - May 2022 ā collar ā 10,000 ā 920,000 ā $ ā ā $ 2.25 ā $ 3.40 Mar 2022 - May 2022 ā swap ā 10,544 ā 970,075 ā $ 2.69 ā $ ā ā $ ā Apr 2022 - Sept 2022 ā swap ā 12,428 ā 2,274,311 ā $ 2.44 ā $ ā ā $ ā Oct 2022 swap 16,129 499,999 $ 2.56 $ ā $ ā Nov 2022 ā swap ā 17,570 ā 527,100 ā $ 2.63 ā $ ā ā $ ā Jan 2023 - Dec 2023 ā call ā 70,000 ā 25,550,000 ā $ ā ā $ ā ā $ 3.50 Jul 2021 - Mar 2025 (3) ā swap ā 72,920 ā 99,900,000 ā $ 2.63 ā $ ā ā $ ā Apr 2025 - Apr 2028 (3) ā put ā 55,684 ā 62,700,000 ā $ ā ā $ 2.35 ā $ ā (1) Bbls = Barrels (2) MMbtu = Million British Thermal Units (3) These contracts were entered into by the Companyās wholly owned subsidiary, A-I LLC, in conjunction with the Mobile Bay Transaction (see Note 4 Mobile Bay Transaction). |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | ā ā ā ā ā ā ā ā ā ā June 30, ā December 31, ā 2021 2020 Prepaid expenses and other current assets ā $ 14,021 ā $ 2,752 Other assets (long-term) ā 21,005 ā 2,762 Accrued liabilities ā 82,832 ā 13,620 Other liabilities (long-term) ā ā 28,122 ā ā 4,384 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, ā Six Months Ended June 30, ā 2021 2020 2021 2020 Realized loss (gain) ā $ 15,357 ā $ (22,578) ā $ 23,602 ā $ (31,970) Unrealized loss (gain) ā ā 66,083 ā ā 37,992 ā ā 82,418 ā ā (14,528) Derivative loss (gain) ā $ 81,440 ā $ 15,414 ā $ 106,020 ā $ (46,498) |
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block] | ā ā ā ā ā ā ā ā ā ā Six Months Ended June 30, ā 2021 2020 Derivative loss (gain) ā $ 106,020 ā $ (46,498) Derivative cash (payments) receipts, net ā ā (41,130) ā ā 37,566 |
Share-based Awards and Cash-b_2
Share-based Awards and Cash-based Awards (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | ā ā ā ā ā ā ā ā ā Restricted Stock Units ā ā ā ā Weighted ā ā Average ā ā ā ā Grant Date Fair ā ā Units ā Value Per Unit Nonvested, December 31, 2020 ā 763,688 ā $ 4.51 Granted 698,301 ā 4.72 Vested ā ā ā Forfeited (19,880) ā 4.51 Nonvested, June 30, 2021 1,442,109 ā ā 4.61 |
Summary Of Nonvested Restricted Stock Units, Vesting Schedule [Table Text Block] | ā ā ā ā ā Restricted ā ā Shares 2021 743,808 2022 232,767 2023 ā 232,767 2024 ā 232,767 Total 1,442,109 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | ā ā ā ā ā ā ā ā ā Performance Share Units ā ā ā ā Weighted ā ā Average ā ā ā ā Grant Date Fair ā ā Units ā Value Per Unit Nonvested, December 31, 2020 ā ā ā $ ā Granted 388,908 ā 5.57 Vested ā ā ā Forfeited ā ā ā Nonvested, June 30, 2021 388,908 ā ā 5.57 |
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block] | ā ā ā ā ā ā ā ā ā Restricted Shares ā ā ā ā Weighted ā ā Average ā ā ā ā Grant Date Fair ā ā Units ā Value Per Unit Nonvested, December 31, 2020 ā 154,128 ā $ 3.64 Granted 62,502 ā 3.36 Vested (146,404) ā 3.51 Nonvested, June 30, 2021 70,226 ā ā 3.67 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, ā Six Months Ended June 30, ā 2021 2020 2021 2020 Share-based compensation expense from: ā ā ā ā ā ā ā ā Restricted stock units ā $ 339 ā $ 949 ā $ 676 ā $ 1,927 Restricted Shares ā 128 ā 70 ā 245 ā 140 Total ā $ 467 ā $ 1,019 ā $ 921 ā $ 2,067 |
Schedule of Incentive Compensation Expense [Table Text Block] | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, ā Six Months Ended June 30, ā 2021 2020 2021 2020 Share-based compensation included in: ā ā ā ā ā ā ā ā General and administrative expenses ā $ 467 ā $ 1,019 ā $ 921 ā $ 2,067 Cash-based incentive compensation included in: ā ā ā ā Lease operating expense (1) ā 816 ā ā ā 1,655 ā 849 General and administrative expenses (1) ā 2,676 ā 159 ā 5,359 ā 3,790 Total charged to operating (loss) income ā $ 3,959 ā $ 1,178 ā $ 7,935 ā $ 6,706 (1) Includes adjustments of accruals to actual payments. |
Performance Share Units [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Equity Instrument Other Than Options, Valuation Assumptions [Table Text Block] | ā ā ā ā ā ā ā 2021 Grant Date ā ā June 28 Expected term for performance period (in years) ā 0.5 ā Expected volatility ā 67.9 % Risk-free interest rate ā 0.1 % |
Long Term Cash Based Awards [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Equity Instrument Other Than Options, Valuation Assumptions [Table Text Block] | ā ā ā ā ā ā ā 2021 Grant Date ā ā June 28 Expected term for performance period (in years) ā 0.5 ā Expected volatility ā 67.9 % Risk-free interest rate ā 0.1 % Expected term for cash payment (in years) ā 2.3 ā Discount rate used to discount expected cash payment ā 12.1 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, ā Six Months Ended June 30, ā 2021 2020 2021 2020 Net (loss) income ā $ (51,672) ā $ (5,904) ā $ (52,418) ā $ 60,076 Less portion allocated to nonvested shares ā ā ā ā ā ā ā 707 Net (loss) income allocated to common shares ā $ (51,672) ā $ (5,904) ā $ (52,418) ā $ 59,369 Weighted average common shares outstanding ā 142,244 ā 141,597 ā 142,197 ā 141,571 Basic and diluted (loss) earnings per common share ā $ (0.36) ā $ (0.04) ā $ (0.37) ā $ 0.42 Shares excluded due to being anti-dilutive (weighted-average) ā ā 880 ā ā 1,665 ā ā 899 ā ā ā |
Basis of Presentation (Details
Basis of Presentation (Details Textual) $ in Millions | Apr. 15, 2020USD ($) | Jun. 30, 2021USD ($)company | Dec. 31, 2020USD ($) |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 9.1 | $ 9.1 | |
Proceeds from Paycheck Protection Program Under CARES Act | $ 8.4 | ||
W&T Energy VI, LLC, Aquasition LLC, and Aquasition II, LLC [Member] | |||
Owned Subsidiaries | 100.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Major Oil and Gas Companies [Member] | |||
Concentration Risk, Percentage | 64.00% | 62.00% | |
Number of Major Customers | 3 | 3 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Maximum [Member] | |||
Number of Major Customers | company | 10 | ||
General and Administrative Expense [Member] | |||
Employee Retention Credit | $ 2.1 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Note 1 - Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) | |||
Derivatives - current | [1] | $ 14,021 | $ 2,752 |
Unamortized insurance/bond premiums | 6,195 | 4,717 | |
Prepaid deposits related to royalties | 4,544 | 4,473 | |
Prepayment to vendors | 4,775 | 1,429 | |
Other | 1,170 | 461 | |
Prepaid expenses and other assets | $ 30,705 | $ 13,832 | |
[1] | Includes closed contracts which have not yet settled. |
Basis of Presentation - Sched_2
Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Note 1 - Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) | ||
Oil and natural gas properties and equipment, at cost | $ 8,583,983 | $ 8,567,509 |
Furniture, fixtures and other | 20,845 | 20,847 |
Total property and equipment | 8,604,828 | 8,588,356 |
Less: Accumulated depreciation, depletion, amortization and impairment | 7,947,171 | 7,901,478 |
Oil and natural gas properties and other, net | $ 657,657 | $ 686,878 |
Basis of Presentation - Sched_3
Basis of Presentation - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Note 1 - Basis of Presentation - Schedule of Other Assets (Long-term) (Details) | ||
Right-of-Use assets | $ 10,783 | $ 11,509 |
Unamortized debt issuance costs | 1,333 | 2,094 |
Investment in White Cap, LLC | 2,995 | 2,699 |
Unamortized brokerage fee for Monza | 0 | 626 |
Proportional consolidation of Monza's other assets (Note 5) | 4,209 | 1,782 |
Derivatives | 21,005 | 2,762 |
Other assets, long-term | 2,070 | 998 |
Total other assets (long-term) | $ 42,395 | $ 22,470 |
Basis of Presentation - Sched_4
Basis of Presentation - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Total accrued liabilities | $ 100,363 | $ 29,880 |
Accrued liabilities | ||
Accrued interest | 10,185 | 10,389 |
Accrued salaries/payroll taxes/benefits | 4,218 | 4,009 |
Litigation accruals | 570 | 436 |
Lease liability | 673 | 394 |
Derivatives | 82,832 | 13,620 |
Other | $ 1,885 | $ 1,032 |
Basis of Presentation - Sched_5
Basis of Presentation - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Total other liabilities (long-term) | $ 56,259 | $ 32,938 |
Other liabilities (long-term) | ||
Dispute related to royalty deductions | 5,247 | 5,467 |
Derivatives | 28,122 | 4,384 |
Lease liability | 11,062 | 11,360 |
Black Elk escrow | 11,102 | 11,103 |
Other | $ 726 | $ 624 |
Long-term Debt - Components of
Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Principal | $ 730,689 | $ 632,460 |
Unamortized debt issuance costs | (12,773) | (7,174) |
Long-term Debt, Total | 754,687 | 625,286 |
Less current portion | (36,771) | |
Total long-term debt, net | 717,916 | 625,286 |
Term Loan [Member] | ||
Principal | 215,000 | |
Unamortized debt issuance costs | (6,718) | |
Long-term Debt, Total | 208,282 | |
Less current portion | (36,800) | |
Credit Agreement [Member] | ||
Long-term Debt, Total | 80,000 | |
Total long-term debt, net | 80,000 | |
Senior Second Lien Notes Due November 2023 [Member] | ||
Principal | 552,460 | 552,460 |
Unamortized debt issuance costs | (6,055) | (7,174) |
Long-term Debt, Total | $ 546,405 | $ 545,286 |
Long-term Debt (Details Textual
Long-term Debt (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | May 19, 2021USD ($) | Oct. 18, 2018USD ($) | |
Current portion of long-term debt | $ 36,771,000 | $ 36,771,000 | |||||
Repayments of outstanding balance | 80,000,000 | $ 50,000,000 | |||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | $ 28,968,000 | 0 | $ 47,469,000 | |||
Term Loan [Member] | |||||||
Current portion of long-term debt | 36,800,000 | 36,800,000 | |||||
Debt Instrument, Face Amount | $ 215,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||||||
Credit Agreement [Member] | |||||||
Repayments of outstanding balance | 48,000,000 | ||||||
Borrowings outstanding | 0 | 0 | $ 80,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 190,000,000 | $ 190,000,000 | |||||
Credit Agreement, Maximum Leverage Ratio | 3 | ||||||
Credit Agreement, Leverage Ratio | 2 | ||||||
Credit Agreement, Minimum Current Ratio | 1 | ||||||
Credit Agreement, Minimum Percentage of Total Proved Reserves | 90.00% | ||||||
Letters of Credit Outstanding, Amount | 4,400,000 | $ 4,400,000 | 4,400,000 | ||||
Line of Credit Facility, Interest Rate During Period | 3.20% | ||||||
Credit Agreement [Member] | Letter of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | $ 30,000,000 | |||||
Senior Second Lien Notes Due November 2023 [Member] | |||||||
Debt Instrument, Face Amount | $ 552,500,000 | $ 552,500,000 | 552,500,000 | $ 625,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 10.30% | ||||||
Extinguishment of Debt, Amount | 72,500,000 | ||||||
Repayments of Long-term Debt, Total | 23,900,000 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | 47,500,000 | ||||||
Write off of Deferred Debt Issuance Cost | $ 1,100,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Open Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Derivatives - current | [1] | $ 14,021 | $ 2,752 |
Derivatives instruments - open contracts, long-term | 21,005 | 2,762 | |
Open Contracts [Member] | |||
Derivatives - current | 13,111 | 2,705 | |
Derivatives instruments - open contracts, long-term | 21,005 | 2,762 | |
Derivatives instruments - open contracts, current | 74,632 | 13,291 | |
Derivatives | $ 28,122 | $ 4,384 | |
[1] | Includes closed contracts which have not yet settled. |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term debt, carrying value | $ 754,687 | $ 625,286 |
Long-term debt, fair value | 751,267 | 473,352 |
Term Loan [Member] | ||
Long-term debt, carrying value | 208,282 | |
Long-term debt, fair value | 214,607 | |
Credit Agreement [Member] | ||
Long-term debt, carrying value | 80,000 | |
Long-term debt, fair value | 80,000 | |
Senior Second Lien Notes Due November 2023 [Member] | ||
Long-term debt, carrying value | 546,405 | 545,286 |
Long-term debt, fair value | $ 536,660 | $ 393,352 |
Mobile Bay Transaction (Details
Mobile Bay Transaction (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | May 19, 2021 | Dec. 31, 2020 |
Assets | $ 1,139,032 | $ 940,582 | |
Term Loan [Member] | |||
Debt Instrument, Face Amount | $ 215,000 | ||
Special Purpose Vehicles, A-I LLC And A-II LLC [Member] | |||
Assets | $ 292,400 | ||
Special Purpose Vehicles, A-I LLC And A-II LLC [Member] | Term Loan [Member] | |||
Debt Instrument, Face Amount | $ 215,000 |
Joint Venture Drilling Program
Joint Venture Drilling Program (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2018USD ($)item | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Mar. 12, 2018USD ($) | |
Property, Plant and Equipment, Net, Ending Balance | $ 657,657 | $ 657,657 | $ 686,878 | ||||
Other Assets, Noncurrent, Total | 42,395 | 42,395 | 22,470 | ||||
Asset Retirement Obligation, Ending Balance | 404,003 | 404,003 | 392,704 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 132,828 | $ 55,241 | 258,476 | $ 179,369 | |||
Monza Energy, LLC [Member] | |||||||
Property, Plant and Equipment, Net, Ending Balance | 6,600 | 6,600 | |||||
Other Assets, Noncurrent, Total | 4,200 | 4,200 | |||||
Asset Retirement Obligation, Ending Balance | 300 | 300 | 200 | ||||
Increase (Decrease) in Working Capital | $ 1,700 | 1,300 | |||||
JV Drilling Program [Member] | |||||||
Number of wells completed | item | 9 | ||||||
Number of wells, drilling in progress | item | 1 | ||||||
Number of completed wells in operation | item | 7 | ||||||
JV Drilling Program [Member] | Monza Energy, LLC [Member] | |||||||
Capital Contribution Payments from Related Party | 302,400 | $ 302,400 | |||||
Capital Contributions from Related Party During Period | 77,900 | ||||||
Capital Contribution Payments to Related Party, Net | 51,600 | 51,600 | |||||
Monza Energy, LLC [Member] | |||||||
Property, Plant and Equipment, Net, Ending Balance | 9,900 | ||||||
Other Assets, Noncurrent, Total | 1,800 | ||||||
Cash Call Balance | $ 3,400 | 3,400 | 7,300 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 5,500 | 8,400 | |||||
Operating Costs and Expenses, Total | $ 6,700 | $ 12,100 | |||||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | |||||||
Number of initial members | item | 2 | ||||||
Amount Committed by Investors | $ 361,400 | ||||||
Joint Venture Working Interest Percentage Contributed to Related Party | 88.94% | ||||||
Joint Venture Working Interest Percent | 11.06% | ||||||
Oil and Gas Revenue, Percent | 30.00% | ||||||
Well Cost, Percent | 20.00% | ||||||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member] | |||||||
Minority Interest Ownership Percentage By Joint Venture | 4.50% | ||||||
Capital Commitment to Joint Venture | $ 14,500 |
Asset Retirement Obligations -
Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Note 6 - Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details) | ||
Balances, December 31, 2020 | $ 392,704 | |
Liabilities settled | (11,213) | |
Accretion of discount | 11,895 | |
Liabilities incurred and assumed through acquisition | 417 | |
Revisions of estimated liabilities | 10,200 | |
Balances, March 31, 2021 | 404,003 | |
Less current portion | (23,888) | $ (17,188) |
Long-term | $ 380,115 | $ 375,516 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details) | 6 Months Ended |
Jun. 30, 2021MMBTU$ / sharesbbl | |
NYMEX Crude Oil Swap | Jul 2021 - Dec 2021 | |
Average daily volume | bbl | 4,000 |
Total volume | 736,000 |
Weighted Price (in dollars per share) | $ 42.06 |
NYMEX Crude Oil Swap | Jan 2022 - Feb 2022 | |
Average daily volume | bbl | 3,000 |
Total volume | 177,000 |
Weighted Price (in dollars per share) | $ 42.98 |
NYMEX Crude Oil Swap | Mar 2022 - May 2022 | |
Average daily volume | bbl | 2,044 |
Total volume | 188,006 |
Weighted Price (in dollars per share) | $ 42.33 |
NYMEX Crude Oil Swap | Mar 2022 - Sept 2022 | |
Average daily volume | bbl | 1,615 |
Total volume | 345,638 |
Weighted Price (in dollars per share) | $ 54.53 |
NYMEX Crude Oil Swap | Oct 2022 | |
Average daily volume | bbl | 2,172 |
Total volume | 67,332 |
Weighted Price (in dollars per share) | $ 58.50 |
NYMEX Crude Oil Swap | Nov 2022 | |
Average daily volume | bbl | 2,176 |
Total volume | 65,280 |
Weighted Price (in dollars per share) | $ 58.25 |
NYMEX Crude Oil Collar | Jul 2021 - Dec 2021 | |
Average daily volume | bbl | 200 |
Total volume | 36,800 |
NYMEX Crude Oil Collar | Jul 2021 - Dec 2021 | Put Option | |
Weighted Price (in dollars per share) | $ 40 |
NYMEX Crude Oil Collar | Jul 2021 - Dec 2021 | Call Option | |
Weighted Price (in dollars per share) | $ 54.90 |
NYMEX Crude Oil Collar | Jul 2021 - Feb 2022 | |
Average daily volume | bbl | 2,024 |
Total volume | 491,733 |
NYMEX Crude Oil Collar | Jul 2021 - Feb 2022 | Put Option | |
Weighted Price (in dollars per share) | $ 38.81 |
NYMEX Crude Oil Collar | Jul 2021 - Feb 2022 | Call Option | |
Weighted Price (in dollars per share) | $ 57.24 |
NYMEX Crude Oil Collar | Mar 2022 - May 2022 | |
Average daily volume | bbl | 2,000 |
Total volume | 184,000 |
NYMEX Crude Oil Collar | Mar 2022 - May 2022 | Put Option | |
Weighted Price (in dollars per share) | $ 35 |
NYMEX Crude Oil Collar | Mar 2022 - May 2022 | Call Option | |
Weighted Price (in dollars per share) | $ 48.50 |
NYMEX Crude Oil Collar | Mar 2022 - Sept 2022 | |
Average daily volume | bbl | 1,615 |
Total volume | 345,638 |
NYMEX Crude Oil Collar | Mar 2022 - Sept 2022 | Put Option | |
Weighted Price (in dollars per share) | $ 45 |
NYMEX Crude Oil Collar | Mar 2022 - Sept 2022 | Call Option | |
Weighted Price (in dollars per share) | $ 62.50 |
NYMEX Crude Oil Collar | Oct 2022 | |
Average daily volume | bbl | 2,172 |
Total volume | 67,332 |
NYMEX Crude Oil Collar | Oct 2022 | Put Option | |
Weighted Price (in dollars per share) | $ 46 |
NYMEX Crude Oil Collar | Oct 2022 | Call Option | |
Weighted Price (in dollars per share) | $ 66.50 |
NYMEX Crude Oil Collar | Nov 2022 | |
Average daily volume | bbl | 2,176 |
Total volume | 65,280 |
NYMEX Crude Oil Collar | Nov 2022 | Put Option | |
Weighted Price (in dollars per share) | $ 46 |
NYMEX Crude Oil Collar | Nov 2022 | Call Option | |
Weighted Price (in dollars per share) | $ 66.30 |
NYMEX Natural Gas Henry Hub Collar | Jul 2021 - Dec 2021 | |
Average daily volume | MMBTU | 30,000 |
Total volume | 5,520,000 |
NYMEX Natural Gas Henry Hub Collar | Jul 2021 - Dec 2021 | Put Option | |
Weighted Price (in dollars per share) | $ 2.18 |
NYMEX Natural Gas Henry Hub Collar | Jul 2021 - Dec 2021 | Call Option | |
Weighted Price (in dollars per share) | $ 3 |
NYMEX Natural Gas Henry Hub Collar | Jul 2021 - Dec 2022 | |
Average daily volume | MMBTU | 40,000 |
Total volume | 21,960,000 |
NYMEX Natural Gas Henry Hub Collar | Jul 2021 - Dec 2022 | Put Option | |
Weighted Price (in dollars per share) | $ 1.83 |
NYMEX Natural Gas Henry Hub Collar | Jul 2021 - Dec 2022 | Call Option | |
Weighted Price (in dollars per share) | $ 3 |
NYMEX Natural Gas Henry Hub Collar | Jan 2022 - Feb 2022 | |
Average daily volume | MMBTU | 30,000 |
Total volume | 1,830,000 |
NYMEX Natural Gas Henry Hub Collar | Jan 2022 - Feb 2022 | Put Option | |
Weighted Price (in dollars per share) | $ 2.20 |
NYMEX Natural Gas Henry Hub Collar | Jan 2022 - Feb 2022 | Call Option | |
Weighted Price (in dollars per share) | $ 4.50 |
NYMEX Natural Gas Henry Hub Collar | Mar 2022 - May 2022 | |
Average daily volume | MMBTU | 10,000 |
Total volume | 920,000 |
NYMEX Natural Gas Henry Hub Collar | Mar 2022 - May 2022 | Put Option | |
Weighted Price (in dollars per share) | $ 2.25 |
NYMEX Natural Gas Henry Hub Collar | Mar 2022 - May 2022 | Call Option | |
Weighted Price (in dollars per share) | $ 3.40 |
NYMEX Natural Gas Henry Hub Swap | Jul 2021 - Dec 2021 | |
Average daily volume | MMBTU | 10,000 |
Total volume | 1,840,000 |
Weighted Price (in dollars per share) | $ 2.62 |
NYMEX Natural Gas Henry Hub Swap | Jan 2022 | |
Average daily volume | MMBTU | 20,000 |
Total volume | 620,000 |
Weighted Price (in dollars per share) | $ 2.79 |
NYMEX Natural Gas Henry Hub Swap | Feb 2022 | |
Average daily volume | MMBTU | 30,000 |
Total volume | 840,000 |
Weighted Price (in dollars per share) | $ 2.79 |
NYMEX Natural Gas Henry Hub Swap | Mar 2022 - May 2022 | |
Average daily volume | MMBTU | 10,544 |
Total volume | 970,075 |
Weighted Price (in dollars per share) | $ 2.69 |
NYMEX Natural Gas Henry Hub Swap | Apr 2022 - Sept 2022 | |
Average daily volume | MMBTU | 12,428 |
Total volume | 2,274,311 |
Weighted Price (in dollars per share) | $ 2.44 |
NYMEX Natural Gas Henry Hub Swap | Oct 2022 | |
Average daily volume | MMBTU | 16,129 |
Total volume | 499,999 |
Weighted Price (in dollars per share) | $ 2.56 |
NYMEX Natural Gas Henry Hub Swap | Nov 2022 | |
Average daily volume | MMBTU | 17,570 |
Total volume | 527,100 |
Weighted Price (in dollars per share) | $ 2.63 |
NYMEX Natural Gas Henry Hub Swap | Jul 2021 - Mar 2025 | |
Average daily volume | MMBTU | 72,920 |
Total volume | 99,900,000 |
Weighted Price (in dollars per share) | $ 2.63 |
NYMEX Natural Gas Henry Hub Call | Jul 2021 - Dec 2021 | |
Average daily volume | MMBTU | 40,000 |
Total volume | 7,360,000 |
NYMEX Natural Gas Henry Hub Call | Jul 2021 - Dec 2021 | Call Option | |
Weighted Price (in dollars per share) | $ 3.50 |
NYMEX Natural Gas Henry Hub Call | Jul 2021 - Dec 2022 | |
Average daily volume | MMBTU | 40,000 |
Total volume | 21,960,000 |
NYMEX Natural Gas Henry Hub Call | Jul 2021 - Dec 2022 | Call Option | |
Weighted Price (in dollars per share) | $ 3 |
NYMEX Natural Gas Henry Hub Call | Jan 2022 - Dec 2022 | |
Average daily volume | MMBTU | 37,000 |
Total volume | 13,505,000 |
NYMEX Natural Gas Henry Hub Call | Jan 2022 - Dec 2022 | Call Option | |
Weighted Price (in dollars per share) | $ 3.50 |
NYMEX Natural Gas Henry Hub Call | Jan 2023 - Dec 2023 | |
Average daily volume | MMBTU | 70,000 |
Total volume | 25,550,000 |
NYMEX Natural Gas Henry Hub Call | Jan 2023 - Dec 2023 | Call Option | |
Weighted Price (in dollars per share) | $ 3.50 |
NYMEX Natural Gas Henry Hub Put | Apr 2025 - Apr 2028 | |
Average daily volume | MMBTU | 55,684 |
Total volume | 62,700,000 |
NYMEX Natural Gas Henry Hub Put | Apr 2025 - Apr 2028 | Put Option | |
Weighted Price (in dollars per share) | $ 2.35 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Open and Closed Contracts Which Had Not Yet Settled (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Prepaid expenses and other assets | [1] | $ 14,021 | $ 2,752 |
Other assets (long-term) | 21,005 | 2,762 | |
Accrued liabilities | |||
Derivatives | 82,832 | 13,620 | |
Other liabilities (long-term) | |||
Other liabilities (long-term) | 28,122 | 4,384 | |
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Prepaid expenses and other current assets | |||
Prepaid expenses and other assets | 14,021 | 2,752 | |
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other assets (long-term) | |||
Other assets (long-term) | 21,005 | 2,762 | |
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Accrued liabilities | |||
Derivatives | 82,832 | 13,620 | |
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other liabilities (long-term) | |||
Other liabilities (long-term) | $ 28,122 | $ 4,384 | |
[1] | Includes closed contracts which have not yet settled. |
Derivative Financial Instrume_5
Derivative Financial Instruments - Change in fair value and settlement contract (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Financial Instruments | ||||
Realized loss (gain) | $ 15,357 | $ (22,578) | $ 23,602 | $ (31,970) |
Unrealized loss (gain) | 66,083 | 37,992 | 82,418 | (14,528) |
Derivative loss (gain) | $ 81,440 | $ 15,414 | $ 106,020 | $ (46,498) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Note 9 - Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details) | ||||
Derivative loss (gain) | $ 81,440 | $ 15,414 | $ 106,020 | $ (46,498) |
Derivative cash (payments) receipts, net | $ (41,130) | $ 37,566 |
Share-based Awards and Cash-b_3
Share-based Awards and Cash-based Awards (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 10,347,591 | 10,347,591 | ||
Conversion ratio | 1 | |||
Cash Based Discretionary Incentive Compensation | $ 3,800 | $ 7,600 | ||
Directors Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 410,742 | 410,742 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 500,000 | |||
Amended and Restated Incentive Plan [Member] | ||||
Cash-Based Awards, Granted in Period (in shares) | 0 | |||
Cash-based Incentive Compensation | $ 0 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Granted, units (in shares) | 698,301 | 0 | ||
Vesting percentage each year on January 1, 2022, 2023, and 2024 | 0.33% | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,900 | $ 3,900 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 19,880 | |||
Performance Share Units [Member] | ||||
Granted, units (in shares) | 388,908 | |||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Grant Date Fair Value | $ 2,200 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 2,200 | $ 2,200 | ||
Restricted Stock [Member] | ||||
Conversion ratio | 1 | |||
Granted, units (in shares) | 62,502 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 200 | $ 200 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | |||
Long Term Cash Based Awards [Member] | ||||
Fair value of awards | 2,200 | $ 2,200 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,200 | $ 2,200 |
Share-based Awards and Cash-b_4
Share-based Awards and Cash-based Awards - Summary of Share Activity Related to Restricted Stock Units (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Nonvested, units (in shares) | 1,442,109 | |
Restricted Stock Units (RSUs) [Member] | ||
Nonvested, units (in shares) | 763,688 | |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ 4.51 | |
Granted, units (in shares) | 698,301 | 0 |
Granted, weighted average grant date fair value per unit (in dollars per share) | $ 4.72 | |
Forfeited, units (in shares) | (19,880) | |
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ 4.51 | |
Nonvested, units (in shares) | 1,442,109 | 763,688 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ 4.61 | $ 4.51 |
Share-based Awards and Cash-b_5
Share-based Awards and Cash-based Awards - Schedule of Outstanding Restricted Shares Issued to Non-employee Directors (Details) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Awards expected to vest by period (in shares) | 1,442,109 | |
Vesting in 2021 [Member] | ||
Awards expected to vest by period (in shares) | 743,808 | |
Vesting in 2022 [Member] | ||
Awards expected to vest by period (in shares) | 232,767 | |
Vesting in 2023 [Member] | ||
Awards expected to vest by period (in shares) | 232,767 | |
Vesting in 2024 [Member] | ||
Awards expected to vest by period (in shares) | 232,767 | |
Restricted Stock Units (RSUs) [Member] | ||
Awards expected to vest by period (in shares) | 1,442,109 | 763,688 |
Share-based Awards and Cash-b_6
Share-based Awards and Cash-based Awards - Summary of Share Activity Related to Performance Share Units (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested, units (in shares) | 1,442,109 |
Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, units (in shares) | 388,908 |
Granted, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 5.57 |
Nonvested, units (in shares) | 388,908 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 5.57 |
Share-based Awards and Cash-b_7
Share-based Awards and Cash-based Awards - Summary of Assumptions Used to Calculate Fair Value of PSUss granted (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term for performance period (in years) | 6 months |
Expected volatility | 67.90% |
Risk-free interest rate | 0.10% |
Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term for performance period (in years) | 6 months |
Expected volatility | 67.90% |
Risk-free interest rate | 0.10% |
Share-based Awards and Cash-b_8
Share-based Awards and Cash-based Awards - Summary of Restricted Stock Activity (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Nonvested, units (in shares) | 1,442,109 |
Restricted Stock [Member] | |
Nonvested, units (in shares) | 154,128 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 3.64 |
Granted, units (in shares) | 62,502 |
Granted, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 3.36 |
Vested, units (in shares) | (146,404) |
Vested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 3.51 |
Nonvested, units (in shares) | 70,226 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 3.67 |
Share-based Awards and Cash-b_9
Share-based Awards and Cash-based Awards - Summary of Incentive Compensation Expense Under Share-based Payment Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based compensation expense | $ 467 | $ 1,019 | $ 921 | $ 2,067 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based compensation expense | 339 | 949 | 676 | 1,927 |
Restricted Stock [Member] | ||||
Share-based compensation expense | $ 128 | $ 70 | $ 245 | $ 140 |
Share-based Awards and Cash-_10
Share-based Awards and Cash-based Awards - Summary of Assumptions Used to Calculate Fair Value of outstanding Long Term Cash Awards (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Share-Based Awards and Cash-Based Awards | |
Expected term for performance period (in years) | 6 months |
Expected volatility | 67.90% |
Risk-free interest rate | 0.10% |
Expected term for cash payment (in years) | 2 years 3 months 18 days |
Discount rate used to discount expected cash payment | 12.10% |
Share-based Awards and Cash-_11
Share-based Awards and Cash-based Awards - 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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based compensation expense | $ 467 | $ 1,019 | $ 921 | $ 2,067 |
Total charged to operating (loss) income | 3,959 | 1,178 | 7,935 | 6,706 |
General and Administrative Expense [Member] | ||||
Share-based compensation expense | 467 | 1,019 | 921 | 2,067 |
Cash-based incentive compensation | 2,676 | $ 159 | 5,359 | 3,790 |
Lease Operating Expense [Member] | ||||
Cash-based incentive compensation | $ 816 | $ 1,655 | $ 849 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Note To Financial Statement Details Textual | |||||
Income tax benefit | $ (12,740) | $ (8,736) | $ (12,944) | $ (2,237) | |
Effective Income Tax Rate Reconciliation, Percent, Total | 19.80% | 59.70% | 19.80% | (3.90%) | |
Deferred Tax Assets, Valuation Allowance, Total | $ 22,800 | $ 22,800 | $ 22,400 | ||
Income taxes receivable | 0 | 0 | $ 0 | ||
Proceeds from Income Tax Refunds | $ 0 | $ 1,900 | $ 0 | $ 1,900 | |
Open Tax Year | 2017 2018 2019 2020 |
Earnings Per Share - Schedule o
Earnings 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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Note 13 - Earnings Per Share - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details) | ||||
Net (loss) income | $ (51,672) | $ (5,904) | $ (52,418) | $ 60,076 |
Less portion allocated to nonvested shares | 0 | 707 | ||
Net (loss) income allocated to common shares | $ (51,672) | $ (5,904) | $ (52,418) | $ 59,369 |
Weighted average common shares outstanding (in shares) | 142,244 | 141,597 | 142,197 | 141,571 |
Basic and diluted (loss) earnings per common share (in dollars per share) | $ (0.36) | $ (0.04) | $ (0.37) | $ 0.42 |
Shares excluded due to being anti-dilutive (weighted-average) (in shares) | 880 | 1,665 | 899 | 0 |
Contingencies (Details Textual)
Contingencies (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Jul. 25, 2017USD ($) | Dec. 31, 2010USD ($) | |
Additional Royalty Due to Disallowed Deductions | $ 4,700,000 | |||
Bonds Posted to Appeal IBLA Decision | $ 7,200,000 | |||
Collateral for Bonds Posted Related to Appeal with IBLA | $ 8,200,000 | $ 8,200,000 | $ 6,900,000 | |
BSEE [Member] | ||||
Loss Contingency, Number of Claims Filed | 9 | |||
Proposed Civil Penalties | $ 7,700,000 | |||
Settlement Agreement, Annual Instalments, Value | 720,000 | $ 720,000 | ||
Payment for Civil Penalty | $ 0 |