W&T Offshore (WTI) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document Information [Line Items]
Entity Registrant Name	W&T OFFSHORE INC
Entity Central Index Key	0001288403
Trading Symbol	wti
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		140,690,393
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 65,709	$ 33,293
Receivables:
Oil and natural gas sales	41,812	47,804
Joint interest and other, net	38,756	14,634
Income taxes	54,116	54,076
Total receivables	134,684	116,514
Prepaid expenses and other assets (Note 1)	53,101	76,406
Total current assets	253,494	226,213
Oil and natural gas properties and other, net - at cost (Note 1)	524,512	515,421
Restricted deposits for asset retirement obligations	16,220	15,685
Other assets (Note 1)	73,577	91,547
Total assets	867,803	848,866
Current liabilities:
Accounts payable	97,893	82,067
Undistributed oil and natural gas proceeds	27,118	28,995
Advances from joint interest partners	39,154	20,627
Asset retirement obligations	26,335	24,994
Accrued liabilities (Note 1)	19,494	29,611
Total current liabilities	209,994	186,294
Long-term debt (Note 2)	634,415	633,535
Asset retirement obligations, less current portion	296,996	285,143
Other liabilities (Note 1)	61,385	68,690
Commitments and contingencies (Note 12)
Shareholders’ deficit:
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued for both dates presented
Common stock, $0.00001 par value; 200,000 shares authorized; 143,560 issued and 140,690 outstanding on June 30, 2019 and 143,513 issued and 140,644 outstanding on December 31, 2018	1	1
Additional paid-in capital	546,886	545,705
Retained deficit	(857,707)	(846,335)
Treasury stock, at cost; 2,869 shares for both dates presented	(24,167)	(24,167)
Total shareholders’ deficit	(334,987)	(324,796)
Total liabilities and shareholders’ deficit	$ 867,803	$ 848,866

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Jun. 30, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	200,000	200,000
Common stock, shares issued (in shares)	143,560	143,513
Common stock, shares outstanding (in shares)	140,690	140,644
Treasury stock, shares (in shares)	2,869	2,869

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 134,701	$ 149,612	$ 250,781	$ 283,825
Operating costs and expenses:
Lease operating expenses	40,341	35,582	83,797	72,425
Production taxes	317	439	733	894
Gathering and transportation	7,068	4,928	13,491	9,985
Depreciation, depletion, amortization and accretion	38,073	39,757	71,839	77,838
General and administrative expenses	13,328	14,220	27,437	29,258
Derivative (gain) loss	(1,805)	6,219	47,081	6,219
Total costs and expenses	97,322	101,145	244,378	196,619
Operating income	37,379	48,467	6,403	87,206
Interest expense, net	12,207	11,786	28,489	22,748
Other expense, net	478	486	809	514
Income (loss) before income tax (benefit) expense	24,694	36,195	(22,895)	63,944
Income tax (benefit) expense	(11,695)	112	(11,523)	221
Net income (loss)	$ 36,389	$ 36,083	$ (11,372)	$ 63,723
Basic and diluted earnings (loss) per common share (in dollars per share)	$ 0.25	$ 0.25	$ (0.08)	$ 0.44
Oil and Condensate [Member]
Revenues:
Total revenues	$ 109,195	$ 116,618	$ 195,898	$ 213,924
Natural Gas Liquids [Member]
Revenues:
Total revenues	4,640	8,734	11,088	18,394
Natural Gas, Production [Member]
Revenues:
Total revenues	19,567	22,977	41,405	48,844
Product and Service, Other [Member]
Revenues:
Total revenues	$ 1,299	$ 1,283	$ 2,390	$ 2,663

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($) shares in Thousands, $ in Thousands		Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balances (in shares) at Dec. 31, 2017		139,091			2,869
Balances at Dec. 31, 2017		$ 1	$ 545,820	$ (1,095,162)	$ (24,167)	$ (573,508)
Share-based compensation			2,434			2,434
Stock Issued (in shares)		63
Stock Issued
Net income				63,723		63,723
RSUs surrendered for payroll taxes (1)	[1]		(58)			(58)
Balances (in shares) at Jun. 30, 2018		139,154			2,869
Balances at Jun. 30, 2018		$ 1	548,196	(1,031,439)	$ (24,167)	(507,409)
Balances (in shares) at Mar. 31, 2018		139,091			2,869
Balances at Mar. 31, 2018		$ 1	547,039	(1,067,522)	$ (24,167)	(544,649)
Share-based compensation			1,215			1,215
Stock Issued (in shares)		63
Stock Issued
Net income				36,083		36,083
RSUs surrendered for payroll taxes (1)	[1]		(58)			(58)
Balances (in shares) at Jun. 30, 2018		139,154			2,869
Balances at Jun. 30, 2018		$ 1	548,196	(1,031,439)	$ (24,167)	(507,409)
Balances (in shares) at Dec. 31, 2018		140,644			2,869
Balances at Dec. 31, 2018		$ 1	545,705	(846,335)	$ (24,167)	(324,796)
Share-based compensation			1,181			1,181
Stock Issued (in shares)		46
Stock Issued
Net income				(11,372)		(11,372)
Balances (in shares) at Jun. 30, 2019		140,690			2,869
Balances at Jun. 30, 2019		$ 1	546,886	(857,707)	$ (24,167)	(334,987)
Balances (in shares) at Mar. 31, 2019		140,644			2,869
Balances at Mar. 31, 2019		$ 1	545,627	(894,096)	$ (24,167)	(372,635)
Share-based compensation			1,259			1,259
Stock Issued (in shares)		46
Stock Issued
Net income				36,389		36,389
Balances (in shares) at Jun. 30, 2019		140,690			2,869
Balances at Jun. 30, 2019		$ 1	$ 546,886	$ (857,707)	$ (24,167)	$ (334,987)
[1]	RSUs defined in Note 9

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net income (loss)	$ (11,372)	$ 63,723
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	71,839	77,838
Amortization of debt items and other items	2,485	1,126
Share-based compensation	1,181	2,434
Derivative (gain) loss	47,081	6,219
Cash receipts (payments) on derivative settlements, net	12,792	(1,149)
Deferred income taxes	(11,523)	221
Changes in operating assets and liabilities:
Oil and natural gas receivables	5,992	(6,630)
Joint interest receivables	(24,162)	251
Prepaid expenses and other assets	(8,134)	(14,323)
Asset retirement obligation settlements	(2,641)	(12,124)
Cash advances from JV partners	18,527	(3,805)
Accounts payable, accrued liabilities and other	4,251	1,411
Net cash provided by operating activities	106,316	115,192
Investing activities:
Investment in oil and natural gas properties and equipment	(63,149)	(61,133)
Deposit/acquisition of property interest	(10,000)	(16,617)
Net cash used in investing activities	(73,149)	(77,750)
Financing activities:
Debt issuance costs and other	(751)	(26)
Net cash used in financing activities	(751)	(7,060)
Increase in cash and cash equivalents	32,416	30,382
Cash and cash equivalents, beginning of period	33,293	99,058
Cash and cash equivalents, end of period	65,709	129,440
11.00% 1.5 Lien Term Loan Due November 2019 [Member]
Financing activities:
Payment of interest on Debt		(4,114)
Payment of interest on Debt		4,114
Senior Second Lien Notes Due November 2023 [Member]
Financing activities:
Payment of interest on Debt		2,920
Payment of interest on Debt		$ (2,920)

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Basis of Presentation Operations. 100% 4. Interim Financial Statements. not Operating results for interim periods are not may 10 December 31, 2018. Use of Estimates. Leases. February 2016, 2016 02, Topic 842 2016 02” 2016 02 not 2016 02 first 2019 January 1, 2019. no 8 Revenue Recognition 12 Reclassifications. Other expense, net Interest expense, net not Income (loss) before income tax (benefit) expense Net cash provided by operating activities Net cash used in investing activities not not Prepaid Expenses and Other Assets. one June 30, December 31, 2019 2018 Derivative assets (1) $ 22,089 $ 60,687 Deposit for acquisition 10,000 — Unamortized bond/insurance premiums 7,108 5,197 Prepaid deposits related to royalties 8,824 8,872 Other 5,080 1,650 Prepaid expenses and other assets $ 53,101 $ 76,406 ( 1 Includes closed contracts which have not Oil and Natural Gas Properties and Other, Net – at cost. no June 30, December 31, 2019 2018 Oil and natural gas properties and equipment $ 8,241,499 $ 8,169,871 Furniture, fixtures and other 20,228 20,228 Total property and equipment 8,261,727 8,190,099 Less accumulated depreciation, depletion and amortization 7,737,215 7,674,678 Oil and natural gas properties and other, net $ 524,512 $ 515,421 Other Assets (long-term). June 30, December 31, 2019 2018 Escrow deposit - Apache lawsuit $ 49,500 $ 49,500 Derivative assets — 21,275 Appeal bond deposits 6,925 6,925 Unamortized debt issuance costs 4,478 4,773 Investment in White Cap, LLC 2,633 2,586 Unamortized brokerage fee for Monza 3,268 2,277 Proportional consolidation of Monza's other assets (Note 4) 2,251 3,275 Other 4,522 936 Total other assets (long-term) $ 73,577 $ 91,547 Accrued Liabilities. June 30, December 31, 2019 2018 Accrued interest $ 10,179 $ 12,385 Accrued salaries/payroll taxes/benefits 2,627 2,320 Incentive compensation plans 1,514 10,817 Litigation accruals 3,673 3,673 Other 1,501 416 Total accrued liabilities $ 19,494 $ 29,611 Other Liabilities (long-term). June 30, December 31, 2019 2018 Apache lawsuit $ 49,500 $ 49,500 Uncertain tax positions including interest/penalties — 11,523 Dispute related to royalty deductions 4,687 4,687 Dispute related to royalty-in-kind 2,197 2,135 Other 5,001 845 Total other liabilities (long-term) $ 61,385 $ 68,690 Recent Accounting Developments. In June 2016, No. 2016 13, Financial Instruments – Credit Losses Topic 326 2016 13” 2016 13 December 15, 2019 December 15, 2018. not 2016 13 In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12” 2017 12 2017 12 December 15, 2019 December 15, 2020. not not The SEC issued Final Rule Release No. 33 10532, Disclosure Update and Simplification X, 3 04, Changes in Stockholders’ Equity and Noncontrolling Interests March 31, 2019.

Note 2 - Long-term Debt

Note 2 - Long-term Debt	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Long-term Debt [Text Block]	2. Long-Term Debt The components of our long-term debt are presented in the following table (in thousands): June 30, December 31, 2019 2018 Credit Agreement borrowings $ 21,000 $ 21,000 Senior Second Lien Notes: Principal 625,000 625,000 Unamortized debt issuance costs (11,585 ) (12,465 ) Total Senior Second Lien Notes 613,415 612,535 Total long-term debt $ 634,415 $ 633,535 Credit Agreement On October 18, 2018, October 18, 2022. • The borrowing base and lending commitment was $250.0 10 • Letters of credit may $30.0 June 30, 2019, December 31, 2018, $7.2 $9.6 • The Leverage Ratio is limited to 3.25 1.00 June 30, 2019 September 30, 2019; 3.00 1.00 December 31, 2019 3.50 1.00 two • The Current Ratio must be maintained at greater than 1.00 1.00. Availability under the Credit Agreement is subject to semi-annual redeterminations of our borrowing base to occur on or before May 15 November 14 may not first six June 30, 2019 5.1%, 9.75% 2023 On October 18, 2018, $625.0 9.75% 2023 9.75% November 1, 2023, 10.3%, May 1 November 1 The Senior Second Lien Notes are secured by a second not no Covenants As of June 30, 2019, Fair Value Measurements For information about fair value measurements of our long-term debt, refer to Note 3.

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	3. Fair Value Measurements Derivative Financial Instruments We measure the fair value of our open derivative financial instruments by applying the income approach, using models with inputs that are classified within Level 2 6, Derivative Financial Instruments The following table presents the fair value of our open derivative financial instruments (in thousands): June 30, December 31, 2019 2018 Assets: Derivatives instruments - open contracts $ 20,226 $ 74,580 Long-Term Debt We believe the carrying value of our debt under the Credit Agreement approximates fair value because the interest rates are variable and reflective of current market rates. The fair value of our Senior Second Lien Notes was measured using quoted prices, although the market is not 2 2, Long-Term Debt The following table presents the carrying value and fair value of our long-term debt (in thousands): June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Credit Agreement $ 21,000 $ 21,000 $ 21,000 $ 21,000 Senior Second Lien Notes 613,415 594,725 612,535 546,875

Note 4 - Joint Venture Drilling

Note 4 - Joint Venture Drilling Program	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Joint Venture Drilling Program [Text Block]	4. Joint Venture Drilling Program On March 12, 2018, two 14 2018 2020, may 2020. 88.94% 14 11.06% 2018 $361.4 30.0% 20.0% third Monza is an entity separate from any other entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Monza’s assets prior to any value in Monza becoming available to holders of its equity. The assets of Monza are not The members of Monza are made up of third third 4.5% $14.5 As of June 30, 2019, $184.9 $70.2 six June 30, 2019. June 30, 2019 $57.6 may Consolidation and Carrying Amounts. not not June 30, 2019, $13.4 Oil and natural gas properties and other, net $2.3 Other assets $3.4 December 31, 2018, $8.8 Oil and natural gas properties and other, net $3.3 Other assets $0.7 six June 30, 2019, $4.0 Total revenues $2.5 Operating costs and expenses six June 30, 2018, $0.5 Total revenues, $0.4 Operating costs and expenses $0.2 Other (income) expense, net Additionally, during the six June 30, 2019, $80.3 $39.1 Advances from joint interest partners June 30, 2019.

Note 5 - Asset Retirement Oblig

Note 5 - Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	5. Asset Retirement Obligations Our asset retirement obligations (“ARO”) represent the estimated present value of the amount incurred to plug, abandon and remediate our properties at the end of their productive lives. A summary of the changes to our ARO is as follows (in thousands): Balances, December 31, 2018 $ 310,137 Liabilities settled (2,641 ) Accretion of discount 9,302 Liabilities incurred 323 Revisions of estimated liabilities 6,210 Balances, June 30, 2019 323,331 Less current portion 26,335 Long-term $ 296,996

Note 6 - Derivative Financial I

Note 6 - Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. Derivative Financial Instruments Our market risk exposure relates primarily to commodity prices and, from time to time, we use various derivative instruments to manage our exposure to this commodity price risk from sales of our crude oil and natural gas. All of the present derivative counterparties are also lenders or affiliates of lenders participating in our Credit Agreement. We are exposed to credit loss in the event of nonperformance by the derivative counterparties; however, we currently anticipate that each of our derivative counterparties will be able to fulfill their contractual obligations. We are not not We have elected not Net cash provided by operating activities During 2018, second 2019. June 30, 2019 Crude Oil: Swap, Priced off WTI (NYMEX) Termination Period Notional Quantity (Bbls/day) (1) Notional Quantity (1) Strike Price May 2020 1,500 504,000 $ 60.80 May 2020 5,000 1,680,000 61.00 May 2020 3,500 1,176,000 60.85 ( 1 Bbls = Barrels Crude Oil: Calls - Bought, Priced off WTI (NYMEX) Termination Period Notional Quantity (Bbls/day) (1) Notional Quantity (1) Strike Price May 2020 10,000 3,360,000 $ 61.00 ( 1 Bbls = Barrels The following amounts were recorded in the Condensed Consolidated Balance Sheets in the categories presented and include the fair value of open contracts, and closed contracts which had not June 30, December 31, 2019 2018 Prepaid expenses and other assets $ 22,089 $ 60,687 Other assets (non-current) — 21,275 The amounts recorded on the Condensed Consolidated Balance Sheets are on a gross basis. If these were recorded on a net settlement basis, it would not Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivative (gain) loss $ (1,805 ) $ 6,219 $ 47,081 $ 6,219 Cash receipts on commodity derivative contract settlements, net, are included within Net cash provided by operating activities Six Months Ended June 30, 2019 2018 Cash receipts (payments) on derivative settlements, net $ 12,792 $ (1,149 )

Note 7 - Oil and Gas Property A

Note 7 - Oil and Gas Property Acquisition	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	7. Oil and Gas Property Acquisition On June 26, 2019, $200 January 1, 2019. nine August 30, 2019. June 30, 2019, $10.0

Note 8 - Leases

Note 8 - Leases	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	8. Leases ASU 2016 02 January 1, 2019 no As provided for in subsequent accounting standards updates related to ASU 2016 02, • not 12 not • not • not January 1, 2019; • use hindsight in determining the lease term and assessing impairment; and • not Based on the results of our implementation process, we identified one January 1, 2019 2016 02, December 2022. six June 30, 2019 ten six June 30, 2019, $11.9 Oil and natural gas properties, net not no Houston Office Lease. of June 30, 2019 are 2019 $0.8 2020 $1.6 2021 $1.6 2022 $1.6 six June 30, 2019 2018 $1.3 As of June 30, 2019 9.75%. Amounts related to leases recorded within our Condensed Consolidated Balance Sheet are as follows (in thousands): June 30, 2019 ROU: Prepaid expenses and other current assets: $ 1,132 Other assets 4,328 Total ROU $ 5,460 Lease liability: Accrued liabilities $ 1,133 Other liabilities 3,557 Total lease liability $ 4,690 Lease incentives: Prepaid expenses and other current assets (contra-asset) $ (223 ) Other assets (contra-asset) (734 ) Total lease incentives $ (957 ) The adoption of the new standard did not

Note 9 - Share-based Compensati

Note 9 - Share-based Compensation and Cash-based Incentive Compensation	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	9. Share-Based Compensation and Cash-Based Incentive Compensation Awards to Employees. 2010, 2019, 2018 2017, may may As of June 30, 2019, 11,852,592 one one RSUs currently outstanding relate to the 2019, 2018 2017 2019 2019 2018 2017 December second We recognize compensation cost for share-based payments to employees over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the RSUs granted during 2019, 2018 2017 All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. A summary of activity related to RSUs during the six June 30, 2019 Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2018 3,355,917 $ 3.90 Granted 988,800 4.51 Forfeited (1) (897,828 ) 2.85 Nonvested, June 30, 2019 3,446,889 4.35 ( 1 Primarily related to a former executive’s forfeitures. For the outstanding RSUs issued to the eligible employees as of June 30, 2019, Restricted Stock Units 2019 1,555,740 2020 902,349 2021 988,800 Total 3,446,889 Awards to Non-Employee Directors . 2004 2019, 2018 2017. June 30, 2019, 82,620 one one We recognize compensation cost for share-based payments to non-employee directors over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the Restricted Shares granted were determined using the Company’s closing price on the grant date. No The Restricted Shares are subject to service conditions and vesting occurs at the end of specified service periods unless otherwise approved by the Board of Directors. Restricted Shares cannot be sold, transferred or disposed of during the restricted period. The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares. A summary of activity related to Restricted Shares during the six June 30, 2019 Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2018 181,832 $ 3.08 Granted 46,360 6.04 Vested (105,012 ) 2.67 Nonvested, June 30, 2019 123,180 4.55 For the Restricted Shares vested during the six June 30, 2019, $0.3 $0.5 For the outstanding Restricted Shares issued to the non-employee directors as of June 30, 2019, Restricted Shares 2020 78,428 2021 29,300 2022 15,452 Total 123,180 Share-Based Compensation. General and administrative expense not Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation expense from: Restricted stock units (1) $ 1,189 $ 1,145 $ 1,041 $ 2,294 Restricted Shares 70 70 140 140 Total $ 1,259 $ 1,215 $ 1,181 $ 2,434 ( 1 For the six June 30, 2019, Unrecognized Share-Based Compensation. June 30, 2019, $7.8 $0.5 November 2021 April 2022 Cash-Based Incentive Compensation. 2019, 2018 2017. 2018, two • For the 2019 2019 May 2019 February 2020 2019 March 2020, • For the 2018 2018 September 2018 November 2020 2018 December 14, 2020 • For the 2018 2018 2018 January 2018 February 2019 2018 March 2019. • For the 2017 2017 2017 January 2017 February 2018 2017 March 2018. A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation included in: General and administrative expenses $ 1,259 $ 1,215 $ 1,181 $ 2,434 Cash-based incentive compensation included in: Lease operating expense (1) 402 543 279 1,403 General and administrative expenses (1) 1,243 1,391 3,338 4,063 Total charged to operating income $ 2,904 $ 3,149 $ 4,798 $ 7,900 ( 1 Includes adjustments of accruals to actual payments.

Note 10 - Income Taxes

Note 10 - Income Taxes	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10. Income Taxes Our income tax benefit for the three six June 30, 2019 $11.7 $11.5 three June 30, 2019, three six June 30, 2019. three six June 30, 2018 $0.1 $0.2 not During the six June 30, 2019 2018, not As of June 30, 2019 December 31, 2018, $121.8 $117.8 not not As of June 30, 2019 December 31, 2018, $54.1 2012, 2013 2014 172 10 second 2019. third 2019. The tax years 2013 2018

Note 11 - Earnings (Loss) Per S

Note 11 - Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	11. Earnings (Loss) Per Share The following table presents the calculation of basic and diluted earnings (loss) per common share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) $ 36,389 $ 36,083 $ (11,372 ) $ 63,723 Less portion allocated to nonvested shares 666 1,474 — 2,621 Net income (loss) allocated to common shares $ 35,723 $ 34,609 $ (11,372 ) $ 61,102 Weighted average common shares outstanding 140,567 138,929 140,507 138,892 Basic and diluted earnings (loss) per common share $ 0.25 $ 0.25 $ (0.08 ) $ 0.44 Shares excluded due to being anti-dilutive (weighted-average) — — 2,978 —

Note 12 - Contingencies

Note 12 - Contingencies	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. Contingencies Apache Lawsuit. December 15, 2014, Apache Deepwater, L.L.C. vs. W&T Offshore, Inc three May 31, 2017 $43.2 $6.3 December 2018. $49.5 June 2017. On July 16, 2019, 13, Subsequent Event, for additional information. The deposit of $49.5 Other assets ( June 30, 2019 December 31, 2018. $49.5 Other liabilities June 30, 2019 December 31, 2018. Appeal with the Office of Natural Resources Revenue (“ONRR”). 2009, 2010, 2010, $4.7 2010 May 2014. June 17, 2014, January 27, 2017, $4.7 March 27, 2017. July 25, 2017 $7.2 $6.9 December 4, 2018, February 4, 2019, first July 9, 2019, July 31, 2019. Royalties-In-Kind (“RIK”). 373 November 2001, October 2008, May 29, 2018. July 24, 2018. $2.2 $2.1 June 30, 2019 December 31, 2018, 2019. 2010 $0.7 not Royalties – “Unbundling” Initiative. 84 second 2015, not 10 not six June 30, 2019 2018, $0.2 $0.3 not Notices of Proposed Civil Penalty Assessment. six June 30, 2019 2018, not nine not 10 July 2012 January 2018. $7.7 June 30, 2019 December 31, 2018, $3.5 Other Claims. may no may not not

Note 13 - Subsequent Event

Note 13 - Subsequent Event	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	13. On July 16, 2019, Apache Deepwater, L.L.C. vs. W&T Offshore, Inc 12, 2017 $49.5 not See Note 7, Oil and Gas Property Acquisition,

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Interim Financial Statements. not Operating results for interim periods are not may 10 December 31, 2018.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates.
Lessee, Leases [Policy Text Block]	Leases. February 2016, 2016 02, Topic 842 2016 02” 2016 02 not 2016 02 first 2019 January 1, 2019. no 8
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition 12
Reclassification, Policy [Policy Text Block]	Reclassifications. Other expense, net Interest expense, net not Net (loss) income before income tax expense Net cash providing by operating activities Net cash used in investing activities not not
Prepaid Expenses and Other Assets [Policy Text Block]	Prepaid Expenses and Other Assets. one June 30, December 31, 2019 2018 Derivative assets (1) $ 22,089 $ 60,687 Unamortized bond/insurance premiums 17,113 5,197 Prepaid deposits related to royalties 8,824 8,872 Other 5,075 1,650 Prepaid expenses and other assets $ 53,101 $ 76,406 ( 1 Includes closed contracts which have not
Property, Plant and Equipment, Policy [Policy Text Block]	Oil and Natural Gas Properties and Other, Net – at cost. no June 30, December 31, 2019 2018 Oil and natural gas properties and equipment $ 8,241,499 $ 8,169,871 Furniture, fixtures and other 20,228 20,228 Total property and equipment 8,261,727 8,190,099 Less accumulated depreciation, depletion and amortization 7,737,215 7,674,678 Oil and natural gas properties and other, net $ 524,512 $ 515,421
Other Noncurrent Assets [Policy Text Block]	Other Assets (long-term). June 30, December 31, 2019 2018 Escrow deposit - Apache lawsuit $ 49,500 $ 49,500 Derivative assets — 21,275 Appeal bond deposits 6,925 6,925 Unamortized debt issuance costs 4,478 4,773 Investment in White Cap, LLC 2,633 2,586 Unamortized brokerage fee for Monza 3,268 2,277 Proportional consolidation of Monza's other assets (Note 4) 2,251 3,275 Other 4,522 936 Total other assets (long-term) $ 73,577 $ 91,547
Accrued Liabilities Policy [Policy Text Block]	Accrued Liabilities. June 30, December 31, 2019 2018 Accrued interest $ 10,179 $ 12,385 Accrued salaries/payroll taxes/benefits 2,627 2,320 Incentive compensation plans 1,514 10,817 Litigation accruals 3,673 3,673 Other 1,501 416 Total accrued liabilities $ 19,494 $ 29,611
Other Noncurrent Liabilities [Policy Text Block]	Other Liabilities (long-term). June 30, December 31, 2019 2018 Apache lawsuit $ 49,500 $ 49,500 Uncertain tax positions including interest/penalties — 11,523 Dispute related to royalty deductions 4,687 4,687 Dispute related to royalty-in-kind 2,197 2,135 Other 5,001 845 Total other liabilities (long-term) $ 61,385 $ 68,690
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Developments. In June 2016, No. 2016 13, Financial Instruments – Credit Losses Topic 326 2016 13” 2016 13 December 15, 2019 December 15, 2018. not 2016 13 In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12” 2017 12 2017 12 December 15, 2019 December 15, 2020. not not The SEC issued Final Rule Release No. 33 10532, Disclosure Update and Simplification X, 3 04, Changes in Stockholders’ Equity and Noncontrolling Interests March 31, 2019.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	June 30, December 31, 2019 2018 Derivative assets (1) $ 22,089 $ 60,687 Deposit for acquisition 10,000 — Unamortized bond/insurance premiums 7,108 5,197 Prepaid deposits related to royalties 8,824 8,872 Other 5,080 1,650 Prepaid expenses and other assets $ 53,101 $ 76,406
Property, Plant and Equipment [Table Text Block]	June 30, December 31, 2019 2018 Oil and natural gas properties and equipment $ 8,241,499 $ 8,169,871 Furniture, fixtures and other 20,228 20,228 Total property and equipment 8,261,727 8,190,099 Less accumulated depreciation, depletion and amortization 7,737,215 7,674,678 Oil and natural gas properties and other, net $ 524,512 $ 515,421
Schedule of Other Assets, Noncurrent [Table Text Block]	June 30, December 31, 2019 2018 Escrow deposit - Apache lawsuit $ 49,500 $ 49,500 Derivative assets — 21,275 Appeal bond deposits 6,925 6,925 Unamortized debt issuance costs 4,478 4,773 Investment in White Cap, LLC 2,633 2,586 Unamortized brokerage fee for Monza 3,268 2,277 Proportional consolidation of Monza's other assets (Note 4) 2,251 3,275 Other 4,522 936 Total other assets (long-term) $ 73,577 $ 91,547
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, 2019 2018 Accrued interest $ 10,179 $ 12,385 Accrued salaries/payroll taxes/benefits 2,627 2,320 Incentive compensation plans 1,514 10,817 Litigation accruals 3,673 3,673 Other 1,501 416 Total accrued liabilities $ 19,494 $ 29,611
Other Noncurrent Liabilities [Table Text Block]	June 30, December 31, 2019 2018 Apache lawsuit $ 49,500 $ 49,500 Uncertain tax positions including interest/penalties — 11,523 Dispute related to royalty deductions 4,687 4,687 Dispute related to royalty-in-kind 2,197 2,135 Other 5,001 845 Total other liabilities (long-term) $ 61,385 $ 68,690

Note 2 - Long-term Debt (Tables

Note 2 - Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, December 31, 2019 2018 Credit Agreement borrowings $ 21,000 $ 21,000 Senior Second Lien Notes: Principal 625,000 625,000 Unamortized debt issuance costs (11,585 ) (12,465 ) Total Senior Second Lien Notes 613,415 612,535 Total long-term debt $ 634,415 $ 633,535

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Derivative Assets at Fair Value [Table Text Block]	June 30, December 31, 2019 2018 Assets: Derivatives instruments - open contracts $ 20,226 $ 74,580
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Credit Agreement $ 21,000 $ 21,000 $ 21,000 $ 21,000 Senior Second Lien Notes 613,415 594,725 612,535 546,875

Note 5 - Asset Retirement Obl_2

Note 5 - Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	Balances, December 31, 2018 $ 310,137 Liabilities settled (2,641 ) Accretion of discount 9,302 Liabilities incurred 323 Revisions of estimated liabilities 6,210 Balances, June 30, 2019 323,331 Less current portion 26,335 Long-term $ 296,996

Note 6 - Derivative Financial_2

Note 6 - Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	Crude Oil: Swap, Priced off WTI (NYMEX) Termination Period Notional Quantity (Bbls/day) (1) Notional Quantity (1) Strike Price May 2020 1,500 504,000 $ 60.80 May 2020 5,000 1,680,000 61.00 May 2020 3,500 1,176,000 60.85 Crude Oil: Calls - Bought, Priced off WTI (NYMEX) Termination Period Notional Quantity (Bbls/day) (1) Notional Quantity (1) Strike Price May 2020 10,000 3,360,000 $ 61.00
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	June 30, December 31, 2019 2018 Prepaid expenses and other assets $ 22,089 $ 60,687 Other assets (non-current) — 21,275 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivative (gain) loss $ (1,805 ) $ 6,219 $ 47,081 $ 6,219
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block]	Six Months Ended June 30, 2019 2018 Cash receipts (payments) on derivative settlements, net $ 12,792 $ (1,149 )

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Balance Sheet Amounts Related to Operating Leases [Table Text Block]	June 30, 2019 ROU: Prepaid expenses and other current assets: $ 1,132 Other assets 4,328 Total ROU $ 5,460 Lease liability: Accrued liabilities $ 1,133 Other liabilities 3,557 Total lease liability $ 4,690 Lease incentives: Prepaid expenses and other current assets (contra-asset) $ (223 ) Other assets (contra-asset) (734 ) Total lease incentives $ (957 )

Note 9 - Share-based Compensa_2

Note 9 - Share-based Compensation and Cash-based Incentive Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]	Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2018 3,355,917 $ 3.90 Granted 988,800 4.51 Forfeited (1) (897,828 ) 2.85 Nonvested, June 30, 2019 3,446,889 4.35
Schedule of Nonvested Restricted Stock Units, Vesting Schedule [Table Text Block]	Restricted Stock Units 2019 1,555,740 2020 902,349 2021 988,800 Total 3,446,889
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block]	Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2018 181,832 $ 3.08 Granted 46,360 6.04 Vested (105,012 ) 2.67 Nonvested, June 30, 2019 123,180 4.55
Schedule of Nonvested Restricted Stock, Vesting Schedule [Table Text Block]	Restricted Shares 2020 78,428 2021 29,300 2022 15,452 Total 123,180
Share-based Payment Arrangement, Cost by Plan [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation expense from: Restricted stock units (1) $ 1,189 $ 1,145 $ 1,041 $ 2,294 Restricted Shares 70 70 140 140 Total $ 1,259 $ 1,215 $ 1,181 $ 2,434
Schedule of Incentive Compensation Expense [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation included in: General and administrative expenses $ 1,259 $ 1,215 $ 1,181 $ 2,434 Cash-based incentive compensation included in: Lease operating expense (1) 402 543 279 1,403 General and administrative expenses (1) 1,243 1,391 3,338 4,063 Total charged to operating income $ 2,904 $ 3,149 $ 4,798 $ 7,900

Note 11 - Earnings (Loss) Per_2

Note 11 - Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) $ 36,389 $ 36,083 $ (11,372 ) $ 63,723 Less portion allocated to nonvested shares 666 1,474 — 2,621 Net income (loss) allocated to common shares $ 35,723 $ 34,609 $ (11,372 ) $ 61,102 Weighted average common shares outstanding 140,567 138,929 140,507 138,892 Basic and diluted earnings (loss) per common share $ 0.25 $ 0.25 $ (0.08 ) $ 0.44 Shares excluded due to being anti-dilutive (weighted-average) — — 2,978 —

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Derivative assets (1)	[1]	$ 22,089	$ 60,687
Deposit for acquisition		10,000
Unamortized bond/insurance premiums		7,108	5,197
Prepaid deposits related to royalties		8,824	8,872
Other		5,080	1,650
Prepaid expenses and other assets		$ 53,101	$ 76,406
[1]	Includes closed contracts which have not yet settled.

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Oil and natural gas properties and equipment	$ 8,241,499	$ 8,169,871
Furniture, fixtures and other	20,228	20,228
Total property and equipment	8,261,727	8,190,099
Less accumulated depreciation, depletion and amortization	7,737,215	7,674,678
Oil and natural gas properties and other, net	$ 524,512	$ 515,421

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Escrow deposit - Apache lawsuit	$ 49,500	$ 49,500
Derivative assets		21,275
Appeal bond deposits	6,925	6,925
Unamortized debt issuance costs	4,478	4,773
Investment in White Cap, LLC	2,633	2,586
Unamortized brokerage fee for Monza	3,268	2,277
Proportional consolidation of Monza's other assets (Note 4)	2,251	3,275
Other assets, long-term	4,522	936
Total other assets (long-term)	$ 73,577	$ 91,547

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accrued interest	$ 10,179	$ 12,385
Accrued salaries/payroll taxes/benefits	2,627	2,320
Incentive compensation plans	1,514	10,817
Litigation accruals	3,673	3,673
Other	1,501	416
Total accrued liabilities	$ 19,494	$ 29,611

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Apache lawsuit	$ 49,500	$ 49,500
Uncertain tax positions including interest/penalties		11,523
Dispute related to royalty deductions	4,687	4,687
Dispute related to royalty-in-kind	2,197	2,135
Other liabilities, long-term	5,001	845
Total other liabilities (long-term)	$ 61,385	$ 68,690

Note 2 - Long-term Debt (Detail

Note 2 - Long-term Debt (Details Textual) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	May 02, 2019USD ($)	Dec. 31, 2018USD ($)	Oct. 18, 2018USD ($)
Credit Agreement, Maximum Leverage Ratio Following Material Acquisition			3.5	3.5
Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 250,000
Letters of Credit Outstanding, Amount			$ 7,200	$ 7,200		$ 9,600
Credit Agreement, Maximum Leverage Ratio			3.25
Credit Agreement, Minimum Current Ratio			1
Debt Instrument, Interest Rate During Period				5.10%
Credit Agreement [Member] | Forecast [Member]
Credit Agreement, Maximum Leverage Ratio	3	3
Credit Agreement [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 30,000
Senior Second Lien Notes Due November 2023 [Member]
Debt Instrument, Face Amount			$ 625,000	$ 625,000		$ 625,000	$ 625,000
Debt Instrument, Interest Rate, Stated Percentage							9.75%
Debt Instrument, Interest Rate, Effective Percentage							10.30%

Note 2 - Long-term Debt - Compo

Note 2 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018	Oct. 18, 2018
Total long-term debt		$ 634,415	$ 633,535
Credit Agreement [Member]
Credit Agreement borrowings	[1]	21,000	21,000
Total long-term debt		21,000	21,000
Senior Second Lien Notes Due November 2023 [Member]
Credit Agreement borrowings	[1]	613,415	612,535
Principal		625,000	625,000	$ 625,000
Unamortized debt issuance costs		(11,585)	(12,465)
Total long-term debt		$ 613,415	$ 612,535
[1]	Defined below

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements - Fair Value of Open Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Open Contracts [Member]
Derivatives instruments - open contracts	$ 20,226	$ 74,580

Note 3 - Fair Value Measureme_4

Note 3 - Fair Value Measurements - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Long-term debt, carrying value	$ 634,415	$ 633,535
Credit Agreement [Member]
Long-term debt, carrying value	21,000	21,000
Long-term debt, fair value	21,000	21,000
Senior Second Lien Notes Due November 2023 [Member]
Long-term debt, carrying value	613,415	612,535
Long-term debt, fair value	$ 594,725	$ 546,875

Note 4 - Joint Venture Drilli_2

Note 4 - Joint Venture Drilling Program (Details Textual) - USD ($) $ in Thousands	Mar. 12, 2018	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Property, Plant and Equipment, Net, Ending Balance		$ 524,512			$ 524,512		$ 515,421
Other Assets, Noncurrent, Total		73,577			73,577		91,547
Revenue from Contract with Customer, Excluding Assessed Tax, Total		134,701		$ 149,612	250,781	$ 283,825
Other Nonoperating Income (Expense), Total		(478)		$ (486)	(809)	(514)
JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member]
Minority Interest Ownership Percentage By Joint Venture			4.50%
Monza Energy, LLC [Member]
Property, Plant and Equipment, Net, Ending Balance		13,400			13,400		8,800
Other Assets, Noncurrent, Total		2,300			2,300		3,300
Increase (Decrease) in Working Capital					3,400		$ 700
Revenue from Contract with Customer, Excluding Assessed Tax, Total					4,000	500
Operating Costs and Expenses, Total					2,500	400
Other Nonoperating Income (Expense), Total						$ 200
Cash Calls Received from Joint Venture		80,300			80,300
Monza Energy, LLC [Member] | Advances from Joint Interest Partners [Member]
Cash Calls Received from Joint Venture		$ 39,100			$ 39,100
Monza Energy, LLC [Member] | JV Drilling Program [Member]
Joint Venture Working Interest Percentage Contributed to Related Party	88.94%
Joint Venture Working Interest Percent	11.06%
Amount Committed by Investors	$ 361,400
Oil and Gas Revenue, Percent	30.00%
Well Cost, Percent	20.00%
Capital Contribution Payments from Related Party			$ 184,900
Capital Contributions from Related Party During Period			70,200
Capital Contribution Payments to Related Party, Net			57,600
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member]
Capital Commitment to Joint Venture			$ 14,500
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Maximum [Member]
Number of Drilling Projects in Drilling Program	14

Note 5 - Asset Retirement Obl_3

Note 5 - Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Balances	$ 310,137
Liabilities settled	(2,641)
Accretion of discount	9,302
Liabilities incurred	323
Revisions of estimated liabilities	6,210
Balances	323,331
Less current portion	26,335	$ 24,994
Long-term	$ 296,996	$ 285,143

Note 6 - Derivative Financial_3

Note 6 - Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details)	3 Months Ended
	Jun. 30, 2019$ / bblbbl
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 1 [Member]
Termination Period	May 2020
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	1,500	[1]
Notional Quantity (Bbls)	504,000	[1]
Strike Price | $ / bbl	60.80
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 2 [Member]
Termination Period	May 2020
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	5,000	[1]
Notional Quantity (Bbls)	1,680,000	[1]
Strike Price | $ / bbl	61
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 3 [Member]
Termination Period	May 2020
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	3,500	[1]
Notional Quantity (Bbls)	1,176,000	[1]
Strike Price | $ / bbl	60.85
NYMEX Crude Oil Calls [Member] | Long [Member]
Termination Period	May 2020
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	10,000	[1]
Notional Quantity (Bbls)	3,360,000	[1]
Strike Price | $ / bbl	61
[1]	Bbls = Barrels

Note 6 - Derivative Financial_4

Note 6 - Derivative Financial Instruments - Fair Value of Open and Closed Contracts Which Had Not Yet Settled (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Prepaid expenses and other assets	[1]	$ 22,089		$ 22,089		$ 60,687
Other assets (non-current)						21,275
Derivative (gain) loss		(1,805)	$ 6,219	47,081	$ 6,219
Prepaid Expenses and Other Current Assets [Member] | Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member]
Prepaid expenses and other assets		22,089		22,089		60,687
Other Noncurrent Assets [Member] | Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member]
Other assets (non-current)						$ 21,275
[1]	Includes closed contracts which have not yet settled.

Note 6 - Derivative Financial_5

Note 6 - Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash receipts (payments) on derivative settlements, net	$ 12,792	$ (1,149)

Note 7 - Oil and Gas Property_2

Note 7 - Oil and Gas Property Acquisition (Details Textual) $ in Thousands	Jun. 30, 2019USD ($)	Jun. 26, 2019USD ($)	Dec. 31, 2018USD ($)
Deposit for Acquisition	$ 10,000
Oil and Gas Producting Properties in the Eastern Region of the Gulf of Mexico, Offshore Alabama and Related Processing Facilities [Member]
Asset Purchase Agreement, Amount		$ 200,000
Asset Purchase Agreement, Number of Offshore Producing Fields		9
Deposit for Acquisition	$ 10,000

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jan. 01, 2019
Number of Operating Leases			1
Lessee, Operating Lease, Term of Contract			10 years
Short-term Lease, Cost	$ 11.9
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	0.8
Lessee, Operating Lease, Liability, Payments, Due Year Two	1.6
Lessee, Operating Lease, Liability, Payments, Due Year Three	1.6
Lessee, Operating Lease, Liability, Payments, Due Year Four	1.6
Operating Lease, Cost	$ 1.3	$ 1.3
Lessee, Operating Lease, Discount Rate	9.75%

Note 8 - Leases - Amounts Relat

Note 8 - Leases - Amounts Related to Leases Recorded Within the Condensed Consolidated Balance Sheet (Details) $ in Thousands	Jun. 30, 2019USD ($)
ROU	$ 5,460
Lease liability	4,690
Lease incentives	(957)
Prepaid Expenses and Other Current Assets [Member]
ROU	1,132
Other Assets [Member]
ROU	4,328
Accrued Liabilities [Member]
Lease liability	1,133
Other Liabilities [Member]
Lease liability	3,557
Prepaid Expenses and Other Current Assets (Contra-asset) [Member]
Lease incentives	(223)
Other Assets (Contra-asset) [Member]
Lease incentives	$ (734)

Note 9 - Share-based Compensa_3

Note 9 - Share-based Compensation and Cash-based Incentive Compensation (Details Textual) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)shares	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares	11,852,592
Restricted Stock [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Grant Date Fair Value	$ 0.3
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	0.5
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	0.5
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 7.8
Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares	82,620
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited | shares	0
Number of Cash-based Awards		2

Note 9 - Share-based Compensa_4

Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Nonvested, units (in shares) | shares	3,355,917
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 3.90
Granted (in shares) | shares	988,800
Granted, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.51
Forfeited, units (in shares) | shares	(897,828)	[1]
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 2.85	[1]
Nonvested, units (in shares) | shares	3,446,889
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.35
[1]	Primarily related to a former executive's forfeitures.

Note 9 - Share-based Compensa_5

Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Schedule of Outstanding Restricted Stock Units Issued to Eligible Employees (Details) - Restricted Stock Units (RSUs) [Member] - shares	Jun. 30, 2019	Dec. 31, 2018
Awards expected to vest (in shares)	3,446,889	3,355,917
Vesting in 2019 [Member]
Awards expected to vest (in shares)	1,555,740
Vesting in 2020 [Member]
Awards expected to vest (in shares)	902,349
Vesting in 2021 [Member]
Awards expected to vest (in shares)	988,800

Note 9 - Share-based Compensa_6

Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Nonvested, units (in shares) | shares	181,832
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 3.08
Granted (in shares) | shares	46,360
Granted, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 6.04
Vested (in shares) | shares	(105,012)
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 2.67
Nonvested, units (in shares) | shares	123,180
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.55

Note 9 - Share-based Compensa_7

Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Schedule of Outstanding Restricted Shares Issued to Non-employee Directors (Details) - Restricted Stock [Member] - shares	Jun. 30, 2019	Dec. 31, 2018
Awards expected to vest by period (in shares)	123,180	181,832
Vesting in 2020 [Member]
Awards expected to vest by period (in shares)	78,428
Vesting in 2021 [Member]
Awards expected to vest by period (in shares)	29,300
Vesting in 2022 [Member]
Awards expected to vest by period (in shares)	15,452

Note 9 - Share-based Compensa_8

Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Incentive Compensation Expense Under Share-based Payment Arrangements (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based compensation		$ 1,259	$ 1,215	$ 1,181	$ 2,434
Restricted Stock Units (RSUs) [Member]
Share-based compensation	[1]	1,189	1,145	1,041	2,294
Restricted Stock [Member]
Share-based compensation		$ 70	$ 70	$ 140	$ 140
[1]	For the 2019 period, the net credit is due to a former executive's forfeitures.

Note 9 - Share-based Compensa_9

Note 9 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Compensation Expense Related to Share-Based Awards and Cash-Based Awards (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based compensation		$ 1,259	$ 1,215	$ 1,181	$ 2,434
Total charged to operating income		2,904	3,149	4,798	7,900
General and Administrative Expense [Member]
Share-based compensation		1,259	1,215	1,181	2,434
Lease operating expense (1)	[1]	1,243	1,391	3,338	4,063
Lease Operating Expense [Member]
Lease operating expense (1)	[1]	$ 402	$ 543	$ 279	$ 1,403
[1]	Includes adjustments of accruals to actual payments.

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Expense (Benefit), Total	$ (11,695)	$ 112	$ (11,523)	$ 221
Deferred Tax Assets, Valuation Allowance, Total	121,800		121,800		$ 117,800
Income Taxes Receivable, Current	$ 54,116		$ 54,116		$ 54,076
Open Tax Year			2013 2014 2015 2016 2017 2018

Note 11 - Earnings (Loss) Per_3

Note 11 - Earnings (Loss) Per Share - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income (loss)	$ 36,389	$ 36,083	$ (11,372)	$ 63,723
Less portion allocated to nonvested shares	666	1,474		2,621
Net income (loss) allocated to common shares	$ 35,723	$ 34,609	$ (11,372)	$ 61,102
Weighted average common shares outstanding (in shares)	140,567	138,929	140,507	138,892
Basic and diluted earnings (loss) per common share (in dollars per share)	$ 0.25	$ 0.25	$ (0.08)	$ 0.44
Shares excluded due to being anti-dilutive (weighted-average) (in shares)			2,978

Note 12 - Contingencies (Detail

Note 12 - Contingencies (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)yr	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2017USD ($)	May 31, 2017USD ($)	Jan. 27, 2017USD ($)	Dec. 31, 2010USD ($)
Escrow Deposit			$ 49,500		$ 49,500
Loss Contingency Accrual, Ending Balance			49,500		49,500
Additional Royalty Due to Disallowed Deductions								$ 4,700	$ 4,700
Bonds Posted to Appeal IBLA Decision								7,200
Collateral for Bonds Posted Related to Appeal with IBLA								$ 6,900
Royalties in Kind, Liability Reserve	$ 2,200				2,100
Royalties in Kind, Liability Reserve, Interest Asserted as Waived			700
Incremental Payments for Royalties Related to Unbundling			$ 200	$ 300
BSEE [Member]
Loss Contingency Accrual, Ending Balance	3,500				3,400
Payment for Civil Penalty	$ 0	$ 0
Loss Contingency, Number of Claims Filed | yr	9
Proposed Civil Penalties	$ 7,700
Apache Corporation [Member] | Judicial Ruling [Member]
Loss Contingency, Damages Payable to Other Party Except Prejudgment Interest, Attorney Fees, and Judgment Costs							$ 43,200
Prejudgment Interest, Attorney Fees, and Judgment Costs Payable							$ 6,300
Escrow Deposit						$ 49,500
Loss Contingency Accrual, Ending Balance						$ 49,500
Apache Corporation [Member] | Judicial Ruling [Member] | Other Noncurrent Assets [Member]
Escrow Deposit	49,500				49,500
Apache Corporation [Member] | Judicial Ruling [Member] | Other Noncurrent Liabilities [Member]
Loss Contingency Accrual, Ending Balance	$ 49,500				$ 49,500

Note 13 - Subsequent Event (Det

Note 13 - Subsequent Event (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2017
Escrow Deposit	$ 49,500	$ 49,500
Loss Contingency Accrual, Ending Balance	$ 49,500	$ 49,500
Apache Corporation [Member] | Judicial Ruling [Member]
Escrow Deposit			$ 49,500
Loss Contingency Accrual, Ending Balance			$ 49,500