Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 28, 2021 | Jun. 30, 2020 | |
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 | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
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, Suite 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 | ||
Title of 12(b) Security | Common Stock, par value $0.00001 | ||
Trading Symbol | WTI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
Entity Public Float | $ 213,418,732 | ||
Entity Common Stock, Shares Outstanding | 142,304,770 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 43,726 | $ 32,433 |
Receivables: | ||
Oil and natural gas sales | 38,830 | 57,367 |
Joint interest, net | 10,840 | 19,400 |
Income taxes | 0 | 1,861 |
Total receivables | 49,670 | 78,628 |
Prepaid expenses and other assets (Note 1) | 13,832 | 30,691 |
Total current assets | 107,228 | 141,752 |
Oil and natural gas properties and other, net – at cost: (Note 1) | 686,878 | 748,798 |
Restricted deposits for asset retirement obligations | 29,675 | 15,806 |
Deferred income taxes | 94,331 | 63,916 |
Other assets (Note 1) | 22,470 | 33,447 |
Total assets | 940,582 | 1,003,719 |
Current liabilities: | ||
Accounts payable | 48,612 | 102,344 |
Undistributed oil and natural gas proceeds | 19,167 | 29,450 |
Advances from joint interest partners | 0 | 5,279 |
Asset retirement obligations | 17,188 | 21,991 |
Accrued liabilities (Note 1) | 29,880 | 30,896 |
Income tax payable | 153 | 0 |
Total current liabilities | 115,000 | 189,960 |
Long-term debt: (Note 2) | ||
Principal | 632,460 | 730,000 |
Carrying value adjustments | (7,174) | (10,467) |
Long-term debt – carrying value | 625,286 | 719,533 |
Asset retirement obligations, less current portion | 375,516 | 333,603 |
Other liabilities (Note 1) | 32,938 | 9,988 |
Deferred income taxes | 128 | 0 |
Commitments and contingencies (Note 17) | 0 | 0 |
Shareholders’ deficit: | ||
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued at December 31, 2020 and December 31, 2019 | 0 | 0 |
Common stock, $0.00001 par value; 200,000 shares authorized; 145,174 issued and 142,305 outstanding at December 31, 2020 and 144,538 issued and 141,669 outstanding at December 31, 2019 | 1 | 1 |
Additional paid-in capital | 550,339 | 547,050 |
Retained deficit | (734,459) | (772,249) |
Treasury stock, at cost; 2,869 shares at December 31, 2020 and December 31, 2019 | (24,167) | (24,167) |
Total shareholders’ deficit | (208,286) | (249,365) |
Total liabilities and shareholders’ deficit | $ 940,582 | $ 1,003,719 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
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) | 145,174 | 144,538 |
Common stock, shares outstanding (in shares) | 142,305 | 141,669 |
Treasury stock, shares (in shares) | 2,869 | 2,869 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Total revenues | $ 346,634 | $ 534,896 | $ 580,706 |
Operating costs and expenses: | |||
Lease operating expenses | 162,857 | 184,281 | 153,262 |
Production taxes | 4,918 | 2,524 | 1,832 |
Gathering and transportation | 16,029 | 25,950 | 22,382 |
Depreciation, depletion and amortization | 97,763 | 129,038 | 131,423 |
Asset retirement obligations accretion | 22,521 | 19,460 | 18,431 |
General and administrative expenses | 41,745 | 55,107 | 60,147 |
Derivative loss (gain) | (23,808) | 59,887 | (53,798) |
Total costs and expenses | 322,025 | 476,247 | 333,679 |
Operating income | 24,609 | 58,649 | 247,027 |
Interest expense, net | 61,463 | 59,569 | 48,645 |
Gain on debt transactions | (47,469) | 0 | (47,109) |
Other expense (income), net | 2,978 | 188 | (3,871) |
Income (loss) before income tax (benefit) expense | 7,637 | (1,108) | 249,362 |
Income tax (benefit) expense | (30,153) | (75,194) | 535 |
Net income | $ 37,790 | $ 74,086 | $ 248,827 |
Basic and diluted earnings per common share (in dollars per share) | $ 0.26 | $ 0.52 | $ 1.72 |
Oil and Condensate [Member] | |||
Revenues: | |||
Total revenues | $ 216,419 | $ 399,790 | $ 438,798 |
Natural Gas Liquids [Member] | |||
Revenues: | |||
Total revenues | 19,101 | 22,373 | 37,127 |
Natural Gas, Production [Member] | |||
Revenues: | |||
Total revenues | 99,300 | 106,347 | 99,629 |
Product and Service, Other [Member] | |||
Revenues: | |||
Total revenues | $ 11,814 | $ 6,386 | $ 5,152 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Deficit - 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 | $ 0 | 3,540 | 0 | $ 0 | 3,540 |
Stock issued (in shares) | 1,553 | 0 | |||
Stock issued | $ 0 | 0 | 0 | $ 0 | 0 |
RSUs surrendered for payroll taxes | 0 | (3,655) | 0 | 0 | (3,655) |
Net income | 0 | 0 | 248,827 | 0 | 248,827 |
Share-based compensation | $ 0 | 3,540 | 0 | $ 0 | 3,540 |
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 | $ 0 | 3,690 | 0 | $ 0 | 3,690 |
Stock issued (in shares) | 1,025 | 0 | |||
Stock issued | $ 0 | 0 | 0 | $ 0 | 0 |
RSUs surrendered for payroll taxes | 0 | (2,345) | 0 | 0 | (2,345) |
Net income | 0 | 0 | 74,086 | 0 | 74,086 |
Share-based compensation | $ 0 | 3,690 | 0 | $ 0 | 3,690 |
Balances (in shares) at Dec. 31, 2019 | 141,669 | 2,869 | |||
Balances at Dec. 31, 2019 | $ 1 | 547,050 | (772,249) | $ (24,167) | (249,365) |
Share-based compensation | $ 0 | 3,959 | 0 | $ 0 | 3,959 |
Stock issued (in shares) | 636 | 0 | |||
Stock issued | $ 0 | 0 | 0 | $ 0 | 0 |
RSUs surrendered for payroll taxes | 0 | (670) | 0 | 0 | (670) |
Net income | 0 | 0 | 37,790 | 0 | 37,790 |
Share-based compensation | $ 0 | 3,959 | 0 | $ 0 | 3,959 |
Balances (in shares) at Dec. 31, 2020 | 142,305 | 2,869 | |||
Balances at Dec. 31, 2020 | $ 1 | $ 550,339 | $ (734,459) | $ (24,167) | $ (208,286) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net income | $ 37,790 | $ 74,086 | $ 248,827 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion, amortization and accretion | 120,284 | 148,498 | 149,854 |
Amortization of debt items and other items | 6,834 | 5,514 | 2,850 |
Share-based compensation | 3,959 | 3,690 | 3,540 |
Derivative loss (gain) | (23,808) | 59,887 | (53,798) |
Derivatives cash receipts (payments), net | 45,196 | 13,941 | (28,164) |
Gain on debt transactions | (47,469) | 0 | (47,109) |
Deferred income taxes | (30,287) | (64,102) | 500 |
Changes in operating assets and liabilities: | |||
Oil and natural gas receivables | 18,537 | (9,563) | (2,361) |
Joint interest receivables | 8,561 | (4,766) | 5,120 |
Income taxes | 2,014 | 52,214 | 11,028 |
Prepaid expenses and other assets | 9,563 | (9,346) | 3,383 |
Asset retirement obligation settlements | (3,339) | (11,443) | (28,617) |
Cash advances from JV partners | 2,028 | (15,347) | 16,629 |
Accounts payable, accrued liabilities and other | (41,354) | (11,036) | 40,081 |
Net cash provided by operating activities | 108,509 | 232,227 | 321,763 |
Investing activities: | |||
Investment in oil and natural gas properties and equipment | (17,632) | (137,816) | (90,741) |
Changes in operating assets and liabilities associated with investing activities | (26,535) | 12,110 | (15,450) |
Acquisition of property interests | (2,919) | (188,019) | (16,782) |
Proceeds from sales of assets, net | 0 | 0 | 56,588 |
Purchases of furniture, fixtures and other | (530) | (89) | 0 |
Net cash used in investing activities | (47,616) | (313,814) | (66,385) |
Financing activities: | |||
Borrowings on credit facility | 25,000 | 150,000 | 61,000 |
Repayments on credit facility | (50,000) | (66,000) | (40,000) |
Purchase of Senior Second Lien Notes | (23,930) | 0 | 0 |
Issuance of Senior Second Lien Notes | 0 | 0 | 625,000 |
Extinguishment of debt – principal | 0 | 0 | (903,194) |
Extinguishment of debt – premiums | 0 | 0 | (21,850) |
Payment of interest on 1.5 Lien Term Loan | 0 | 0 | (6,623) |
Debt transactions costs | 0 | (939) | (17,457) |
Other | (670) | (2,334) | (3,622) |
Net cash (used in) provided by financing activities | (49,600) | 80,727 | (321,143) |
Increase (decrease) in cash and cash equivalents | 11,293 | (860) | (65,765) |
Cash and cash equivalents, beginning of period | 32,433 | 33,293 | 99,058 |
Cash and cash equivalents, end of period | 43,726 | 32,433 | 33,293 |
Second Lien PIK Toggle Notes [Member] | |||
Financing activities: | |||
Payment of interest on Lien PIK Toggle Notes | 0 | 0 | (9,725) |
Third Lien PIK Toggle Notes [Member] | |||
Financing activities: | |||
Payment of interest on Lien PIK Toggle Notes | $ 0 | $ 0 | $ (4,672) |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Operations W&T Offshore, Inc. and subsidiaries, referred to herein as “W&T,” “we,” “us,” “our,” or the “Company”, is an independent oil and natural gas producer with substantially all of its operations in the Gulf of Mexico. We are active in the exploration, development and acquisition of oil and natural gas properties. Our interest in fields, leases, structures and equipment are primarily owned by the parent company, W&T Offshore, Inc. (on a stand-alone basis, the “Parent Company”) and our 100% 4. Basis of Presentation Our consolidated financial statements include the accounts of W&T Offshore, Inc. and its majority-owned subsidiaries. Our interests in oil and gas joint ventures are proportionately consolidated. All significant intercompany transactions and amounts have been eliminated for all years presented. Our consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates. Realized Prices The price we receive for our crude oil, natural gas liquids (“NGLs”) and natural gas production directly affects our revenues, profitability, cash flows, liquidity, access to capital, proved reserves and future rate of growth. The average realized prices of these commodities decreased in 2 020 2019. Accounting Standard Updates Effective January 1, 2020 In June 2016, No. 2016 13, Financial Instruments – Credit Losses Topic 326 2016 13” not not In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12” 2017 12 not not Cash Equivalents We consider all highly liquid investments purchased with original or remaining maturities of three Revenue Recognition We recognize revenue from the sale of crude oil, NGLs, and natural gas when our performance obligations are satisfied. Our contracts with customers are primarily short-term (less than 12 We record oil and natural gas revenues based upon physical deliveries to our customers, which can be different from our net revenue ownership interest in field production. These differences create imbalances that we recognize as a liability only when the estimated remaining recoverable reserves of a property will not not December 31, 2020 2019 Concentration of Credit Risk Our customers are primarily large integrated oil and natural gas companies and large commodity trading companies. The majority of our production is sold utilizing month-to-month contracts that are based on bid prices. We attempt to minimize our credit risk exposure to purchasers of our oil and natural gas, joint interest owners, derivative counterparties and other third The following table identifies customers from whom we derived 10% Year Ended December 31, 2020 2019 2018 Customer BP Products North America 39 % 40 % 20 % Mercuria Energy America Inc. 10 % ** ** Shell Trading (US) Co./ Shell Energy N.A. ** 11 % 30 % Vitol Inc. ** 12 % 14 % Williams Field Services 13 % ** ** ** Less than 10% We believe that the loss of any of the customers above would not Accounts Receivables and Allowance for Credit Losses Our accounts receivables are recorded at their historical cost, less an allowance for credit losses. The carrying value approximates fair value because of the short-term nature of such accounts. In addition to receivables from sales of our production to our customers, we also have receivables from joint interest owners on properties we operate. In certain arrangements, we have the ability to withhold future revenue disbursements to recover amounts due us from the joint interest partners. A loss methodology is used to develop the allowance for credit losses on material receivables to estimate the net amount to be collected. The loss methodology uses historical data, current market conditions and forecasts of future economic conditions. The following table describes the balance and changes to the allowance for credit losses (in thousands): 2020 2019 2018 Allowance for credit losses, beginning of period $ 9,898 $ 9,692 $ 9,114 Additional provisions for the year 417 206 1,233 Uncollectible accounts written off or collected (1,192 ) — (655 ) Allowance for credit losses, end of period $ 9,123 $ 9,898 $ 9,692 Prepaid expenses and other assets Amounts recorded in Prepaid expenses and other assets one December 31, 2020 2019 Derivatives – current (1) $ 2,752 $ 7,266 Unamortized bonds/insurance premiums 4,717 4,357 Prepaid deposits related to royalties 4,473 7,980 Prepayment to vendors 1,429 10,202 Other 461 886 Prepaid expenses and other assets $ 13,832 $ 30,691 ( 1 Includes both open and closed contracts. Properties and Equipment We use the full-cost method of accounting for oil and natural gas properties and equipment, which are recorded at cost. Under this method, all costs associated with the acquisition, exploration, development and abandonment of oil and natural gas properties are capitalized. Acquisition costs include costs incurred to purchase, lease or otherwise acquire properties. Exploration costs include costs of drilling exploratory wells and external geological and geophysical costs, which mainly consist of seismic costs. Development costs include the cost of drilling development wells and costs of completions, platforms, facilities and pipelines. Costs associated with production, certain geological and geophysical costs and general and administrative costs are expensed in the period incurred. Oil and natural gas properties included in the amortization base are amortized using the units-of-production method based on production and estimates of proved reserve quantities. In addition to costs associated with evaluated properties and capitalized asset retirement obligations (“ARO”), the amortization base includes estimated future development costs to be incurred in developing proved reserves as well as estimated plugging and abandonment costs, net of salvage value, related to developing proved reserves. Future development costs related to proved reserves are not Sales of proved and unproved oil and natural gas properties, whether or not no Furniture, fixtures and non-oil and natural gas property and equipment are depreciated using the straight-line method based on the estimated useful lives of the respective assets, generally ranging from five seven Oil and Natural Gas Properties and Other, Net – at cost Oil and natural gas properties and equipment are recorded at cost using the full cost method. There were no December 31, 2020 2019 Oil and natural gas properties and equipment $ 8,567,509 $ 8,532,196 Furniture, fixtures and other 20,847 20,317 Total property and equipment 8,588,356 8,552,513 Less accumulated depreciation, depletion and amortization 7,901,478 7,803,715 Oil and natural gas properties and other, net $ 686,878 $ 748,798 Ceiling Test Write-Down Under the full-cost method of accounting, we are required to perform a “ceiling test” calculation quarterly, which determines a limit on the book value of our oil and natural gas properties. If the net capitalized cost of oil and natural gas properties (including capitalized ARO) net of related deferred income taxes exceeds the ceiling test limit, the excess is charged to expense on a pre-tax basis and separately disclosed. Any such write downs are not 10%; not first twelve We did not 2020, 2019 2018. 2020, may 2021 Asset Retirement Obligations We are required to record a separate liability for the present value of our ARO, with an offsetting increase to the related oil and natural gas properties on our balance sheet. We have significant obligations to plug and abandon well bores, remove our platforms, pipelines, facilities and equipment and restore the land or seabed at the end of oil and natural gas production operations. These obligations are primarily associated with plugging and abandoning wells, removing pipelines, removing and disposing of offshore platforms and site cleanup. Estimating such costs requires us to make judgments on both the costs and the timing of ARO. Asset removal technologies and costs are constantly changing, as are regulatory, political, environmental, safety and public relations considerations, which can substantially affect our estimates of these future costs from period to period. See Note 6 Oil and Natural Gas Reserve Information We use the unweighted average of first 12 12 may five 19 Derivative Financial Instruments We have exposure related to commodity prices and have used various derivative instruments to manage our exposure to commodity price risk from sales of oil and natural gas. We do not 2020, 2019 2018, December 31, 2020 may 2020, 2019 2018, not Derivative instruments are recorded on the balance sheet as an asset or a liability at fair value. We have elected not may may not Fair Value of Financial Instruments We include fair value information in the notes to our consolidated financial statements when the fair value of our financial instruments is different from the book value or it is required by applicable guidance. We believe that the book value of our cash and cash equivalents, receivables, accounts payable and accrued liabilities materially approximates fair value due to the short-term nature and the terms of these instruments. We believe that the book value of our restricted deposits approximates fair value as deposits are in cash or short-term investments. Income Taxes We use the liability method of accounting for income taxes in accordance with the Income Taxes not not not 12 Other Assets (long-term) The major categories recorded in Other assets December 31, 2020 2019 ROU assets (Note 7) $ 11,509 $ 7,936 Unamortized debt issuance costs 2,094 3,798 Investment in White Cap, LLC 2,699 2,590 Derivatives 2,762 2,653 Unamortized brokerage fee for Monza 626 3,423 Proportional consolidation of Monza's other assets (Note 4) 1,782 5,308 Appeal bond deposits — 6,925 Other 998 814 Total other assets $ 22,470 $ 33,447 Accrued Liabilities The major categories recorded in Accrued liabilities December 31, 2020 2019 Accrued interest $ 10,389 $ 10,180 Accrued salaries/payroll taxes/benefits 4,009 2,377 Incentive compensation plans — 9,794 Litigation accruals 436 3,673 Lease liability (Note 7) 394 2,716 Derivatives 13,620 1,785 Other 1,032 371 Total accrued liabilities $ 29,880 $ 30,896 Paycheck Protection Program ("PPP") On April 15, 2020, no 20 20, The Company submitted an application to the SBA on August 20, 2020, not not We have elected to follow the income approach under IAS 20 December 31, 2020 Lease operating expenses General and administrative expenses Interest expense, net December 31, 2020. may April 2022 1%. Debt Issuance Costs Debt issuance costs associated with the Credit Agreement are amortized using the straight-line method over the scheduled maturity of the debt. Debt issuance costs associated with all other debt are deferred and amortized over the scheduled maturity of the debt utilizing the effective interest method. Unamortized debt issuance costs associated with our Credit Agreement is reported within Other Assets Long-term debt – carrying value 2 Discounts Provided on Debt Issuance Discounts were recorded in Long-term debt – carrying value Gain on Debt Transactions During 2020, 2018, 2016, 2 Other Liabilities (long-term) The major categories recorded in Other liabilities December 31, 2020 2019 Dispute related to royalty deductions $ 5,467 $ 4,687 Dispute related to royalty-in-kind — 250 Lease liability (Note 7) 11,360 4,419 Derivatives 4,384 — Black Elk escrow 11,103 — Other 624 632 Total other liabilities (long-term) $ 32,938 $ 9,988 Share-Based Compensation Compensation cost for share-based payments to employees and non-employee directors is based on the fair value of the equity instrument on the date of grant and is recognized over the period during which the recipient is required to provide service in exchange for the award. The fair value for equity instruments subject to only time or to Company performance measures was determined using the closing price of the Company’s common stock at the date of grant. We recognize share-based compensation expense on a straight line basis over the period during which the recipient is required to provide service in exchange for the award. Estimates are made for forfeitures during the vesting period, resulting in the recognition of compensation cost only for those awards that are estimated to vest and estimated forfeitures are adjusted to actual forfeitures when the equity instrument vests. See Note 10 Other Expense (Income), Net For 2020, 4 2019, 2018, Earnings Per Share Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share under the two 13 |
Note 2 - Long-term Debt
Note 2 - Long-term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 2. The components of our long-term debt are presented in the following tables (in thousands): December 31, 2020 2019 Credit Agreement borrowings $ 80,000 $ 105,000 Senior Second Lien Notes: Principal 552,460 625,000 Unamortized debt issuance costs (7,174 ) (10,467 ) Total Senior Second Lien Notes 545,286 614,533 Total long-term debt $ 625,286 $ 719,533 Aggregate annual maturities of amounts recorded for long-term debt as of December 31, 2020 2021–$0.0; 2022–$80.0; 2023–$552.5. 9.75% 2023 On October 18, 2018, 2023 9.75% November 1, 2023, May 1 November 1 During the year ended December 31, 2020 , On and after November 1, 2020, may 12 November 1, 2020, 12 November 1, 2021, November 1, 2022 The Senior Second Lien Notes are secured by a second not no Credit Agreement Concurrently with the issuance of the Senior Second Lien Notes, we renewed our credit facility by entering into the Sixth Amended and Restated Credit Agreement (the “Credit Agreement”), dated as of October 18, 2018, October 18, 2022. December 31, 2020, ● The borrowing base is $215.0 million. ● Letters of credit may ● From the period ended June 30, 2020 December 31, 2021 ( not 1.00 March 31, 2022 ● During the Waiver Period, the Company will be required to maintain a 2.00 to 1.00 first four ● The Current Ratio, as defined in the Credit Agreement, must be maintained at greater than 1.00 to 1.00. ● We are required to have deposit accounts only with banks under the Credit Agreement with certain exceptions. ● We are required to provide first ● To the extent there are borrowings, the Applicable Margins, as defined in the Credit Agreement, for Eurodollar Loans range from 2.75% to 3.75% per annum and the Applicable Margins for ABR loans range from 1.75% to 2.75% per annum. The specific Applicable Margin rate is based on the Borrowing Base Utilization Percentage. ● The commitment fee is 50.0 basis points. ● We are required to have derivative contracts for a minimum of 50% of projected production for 18 may 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 first Borrowings outstanding under the Credit Agreement are reported in the table above. As of December 31, 2020 2019 As of December 31, 2020 On January 6, 2021, January 6, 2021, January 6, 2021, October 18, 2018. ● Reduces the borrowing base under the Credit Agreement from $215.0 million to $190.0 million. ● Amends and waives certain hedging requirements for projected natural gas production volumes of the Company to the extent that certain identified existing hedge contracts may December 31, 2022 December 13, 2020 December 31, 2022 not 50% ● Establishes procedures for the Company to propose additional hedge counterparties and directs the administrative agent to enter into hedge intercreditor agreements with one ● Establishes a customary anti-cash hoarding prepayment requirement in the event the cash balances of the Company exceed $25.0 million (subject to customary adjustments) at the end of any calendar month. Under the Fifth Amendment, the lenders under the Credit Agreement have also consented to and executed certain conforming amendments necessitated by the Fifth Amendment proposed to be made to that certain Intercreditor Agreement among Toronto Dominion (Texas) LLC, as Original Priority Lien Agent and Wilmington Trust, National Association, as Second Lien Trustee and as Second Lien Collateral Agent. For information about fair value measurements of our long-term debt, refer to Note 3. Refinancing Transaction in 2018 On October 18, 2018, 2018 not 2018. Prior Debt Instruments The following debt instruments were repurchased and retired, repaid or redeemed, including interest and applicable premiums as part of the Refinancing Transaction on October 18, 2018: ● 11.00% 1.5 “1.5 November 15, 2019, October 18, 2018. ● 9.00% Term Loan, due May 15, 2020, October 18, 2018 ( ● 9.00%/ 10.75% May 15, 2020, October 18, 2018. ● 8.50% 10.00% June 15, 2021, October 18, 2018. ● 8.500% Senior Notes (the “Unsecured Senior Notes”), due June 15, 2019, October 18, 2018. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Under GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, whether using an in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. Valuation techniques are generally classified into three one ● Level 1 ● Level 2 not ● Level 3 The following tables present the fair value of our derivatives and long-term debt (in thousands): December 31, 2020 2019 Assets: Derivatives instruments - open contracts, current $ 2,705 $ 6,921 Derivatives instruments - open contracts, long-term 2,762 2,653 Liabilities: Derivatives instruments - open contracts, current 13,291 1,785 Derivatives instruments - open contracts, long-term 4,384 — December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Credit Agreement $ 80,000 $ 80,000 $ 105,000 $ 105,000 Senior Second Lien Notes 545,286 393,352 614,533 597,188 As of December 31, 2020 2019, 2 The fair value of our Senior Second Lien Notes is based on quoted prices, although the market is not 2. |
Note 4 - Joint Venture Drilling
Note 4 - Joint Venture Drilling Program | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Joint Venture Drilling Program [Text Block] | 4. Joint Venture Drilling Program In March 2018, two 2018 seven nine December 31, 2020 The members of Monza are made up of third third The Joint Venture Drilling Program is structured so that we initially receive an aggregate of 30.0% 20.0% 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 Through December 31, 2020, nine six December 31, 2020. seven nine December 31, 2020. Through December 31, 2020, December 31, 2020 Consolidation and Carrying Amounts Our interest in Monza is considered to be a variable interest that we account for using proportional consolidation. Through December 31, 2020 no not not December 31, 2020 Oil and natural gas properties and other, net , $1.8 million in Other assets, $0.2 million in ARO and $1.3 million, net, increase in working capital in connection with our proportional interest in Monza’s assets and liabilities. As of December 31, 2019, Oil and natural gas properties and other, net , $5.3 million in Other assets, $0.1 million in ARO and $2.7 million, net, increase in working capital in connection with our proportional interest in Monza’s assets and liabilities. A 2020 2019, December 31, 2020 2019 Advances from joint interest partners For 2020, Total revenues and $12.1 million in Operating costs and expenses in connection with our proportional interest in Monza’s operations. For 2019, Total revenues and $7.4 million in Operating costs and expenses in connection with our proportional interest in Monza’s operations. |
Note 5 - Acquisitions and Dives
Note 5 - Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 5. Mobile Bay Properties In August 2019, January 1, 2019, not 2019 Oil and natural gas properties and other, net - at cost: $ 192,373 Other assets 4,838 Current liabilities 1,559 Asset retirement obligations 21,684 Other liabilities 4,132 During 2020, two January 1, 2020, Magnolia Field In December 2019, 783 784 October 1, 2019, not 2019 Oil and natural gas properties and other, net - at cost: $ 23,791 Asset retirement obligations 7,842 During 2020, October 1, 2019, Heidelberg Field On April 5, 2018, 859, 903 904 January 1, 2018, not 2028 Permian Basin On September 28, 2018, |
Note 6 - Asset Retirement Oblig
Note 6 - Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 6. Asset retirement obligations associated with the retirement and decommissioning of tangible long-lived assets are required to be recognized as a liability in the period in which a legal obligation is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated asset. The cost of the tangible asset, including the initially recognized ARO, is depleted such that the cost of the ARO is recognized over the useful life of the asset. The fair value of the ARO is measured using expected cash outflows associated with the ARO, discounted at our credit-adjusted risk-free rate when the liability is initially recorded. Accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. The following table is a reconciliation of our ARO (in thousands): Year Ended December 31, 2020 2019 Asset retirement obligations, beginning of period $ 355,594 $ 310,137 Liabilities settled (3,339 ) (11,443 ) Accretion of discount 22,521 19,460 Liabilities incurred and assumed through acquisition 4,860 29,887 Revisions of estimated liabilities (1) 13,068 7,553 Asset retirement obligations, end of period 392,704 355,594 Less current portion 17,188 21,991 Long-term $ 375,516 $ 333,603 ( 1 Revisions in 2020 2019 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Our lease contracts consist of office leases, a land lease and various pipeline right-of-way contracts. For these contracts, a right-of-use ("ROU") asset and lease liability was established based on our assumptions of the term, inflation rates and incremental borrowing rates. At inception, contracts are reviewed to determine whether the agreement contains a lease. To the extent an arrangement is determined to include a lease, it is classified as either an operating or a finance lease, which dictates the pattern of expense recognition in the income statement. All of these lease contracts are operating leases. During 2020 , December 2020 . February 2032 2019, ten 10 five 2085. The amounts disclosed herein primarily represent costs associated with properties operated by the Company that are presented on a gross basis and do not December 31, 2020 2019 Operating lease cost, excluding short-term leases $ 3,060 $ 2,902 Short-term lease cost (1) 1,633 22,152 Total lease cost $ 4,693 $ 25,054 ( 1 Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not Oil and natural gas properties, net The present value of the fixed lease payments recorded as the Company’s right-of-use asset and liability, adjusted for initial direct costs and incentives are as follows (in thousands): December 31, 2020 2019 ROU assets $ 11,509 $ 7,936 Lease liability: Accrued liabilities $ 394 $ 2,716 Other liabilities 11,360 4,419 Total lease liability $ 11,754 $ 7,135 The table below presents the weighted average remaining lease term and discount rate related to leases (in thousands): December 31, 2020 2019 Weighted average remaining lease term: 14.8 years 14.3 years Weighted average discount rate: 10.2 % 10.4 % The table below presents the supplemental cash flow information related to leases (in thousands): December 31, 2020 2019 Operating cash outflow from operating leases $ 1,825 $ 1,827 Right-of-use assets obtained in exchange for new operating lease liabilities $ 5,142 $ 6,373 Undiscounted future minimum payments as of December 31, 2020 2021 $ 394 2022 1,134 2023 1,625 2024 2,023 2025 1,512 Thereafter 17,461 Total lease payments 24,149 Present value adjustment (12,395 ) Total $ 11,754 |
Note 8 - Restricted Deposits fo
Note 8 - Restricted Deposits for ARO | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 8. Restricted deposits as of December 31, 2020 2019 Pursuant to the Purchase and Sale Agreement with Total E&P USA Inc. (“Total E&P”), security for future plugging and abandonment of certain oil and natural gas properties is required either through surety bonds or payments to an escrow account or a combination thereof. Monthly payments are made to an escrow account and these funds are returned to us once verification is made that the security amount requirements have been met. See Note 15 During the year ended December 31, 2020, 11 Restricted Deposits for Asset Retirement Obligations December 31, 2020 . Other Liabilities December 31, 2020 |
Note 9 - Derivative Financial I
Note 9 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. During 2020, 2019 2018, December 31, 2020 Crude Oil: Open Swap Contracts, Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) Notional Quantity (Bbls) Weighted Strike Price Jan 2021 - Dec 2021 4,000 1,460,000 $ 42.06 Jan 2022 - Feb 2022 3,000 177,000 $ 42.98 Mar 2022 - May 2022 2,044 188,006 $ 42.33 Crude Oil: Open Collar Contracts - Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) Notional Quantity (Bbls) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Jan.2021 - Feb 2022 1,770 750,422 $ 35.00 $ 50.00 Mar 2022 - May 2022 2,000 184,000 $ 35.00 $ 48.50 Natural Gas: Open Call Contracts, Bought, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) Notional Quantity (MMBtu) Strike Price Feb 2021 - Dec. 2022 40,000 27,960,000 $ 3.00 Natural Gas: Open Swap Contracts, Bought, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) Notional Quantity (MMBtu) Strike Price Jan 2021 - Dec 2021 10,000 3,650,000 $ 2.62 Jan 2022 20,000 620,000 $ 2.79 Feb 2022 30,000 840,000 $ 2.79 Mar 2022 - May 2022 10,544 970,075 $ 2.69 Natural Gas: Open Collar Contracts, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) Notional Quantity (MMBtu) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Jan 2021 - Dec 2022 40,000 29,200,000 $ 1.83 $ 3.00 Jan 2021 - Dec 2021 30,000 10,950,000 $ 2.18 $ 3.00 Jan 2022 - Feb 2022 30,000 1,770,000 $ 2.20 $ 4.50 Mar 2022 - May 2022 10,000 92,000 $ 2.25 $ 3.40 The following amounts were recorded in the Consolidated Balance Sheets in the categories presented and include the fair value of open contracts and closed contracts, which had not December 31, 2020 2019 Prepaid and other assets – current $ 2,752 $ 7,266 Other assets – non-current 2,762 2,653 Accrued liabilities 13,620 1,785 The amounts recorded on the 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): Year Ended December 31, 2020 2019 2018 Derivative loss (gain) $ (23,808 ) $ 59,887 $ (53,798 ) Cash receipts (payments), net, on commodity derivative contract settlements, which include derivative premium payments, are included within Net cash provided by operating activities Year Ended December 31, 2020 2019 2018 Derivative cash receipts (payments), net $ 45,196 $ 13,941 $ (28,164 ) |
Note 10 - Share-based Awards an
Note 10 - Share-based Awards and Cash-based Awards | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. Incentive Compensation Plan The W&T Offshore, Inc. Amended and Restated Incentive Compensation Plan, and subsequent amendments, (the “Plan”) was approved by our shareholders. The Plan covers the Company’s eligible employees and consultants and includes both cash and share-based compensation awards. The Plan grants the Compensation Committee of the Board of Directors administrative authority over all participants, and grants the CEO with authority over the administration of awards granted to participants that are not 16 Pursuant to the terms of the Plan, the Compensation Committee establishes the vesting or performance criteria applicable to the award and may may may may 10 90 Share-based Awards: Restricted Stock Units During 2019 2018, no 2020. As of December 31, 2020, 10,347,591shares one one 2020, 2019 2018, RSUs currently outstanding relate to the 2019 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 All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. During 2019, net income before net interest expense; income tax (benefit) expense; depreciation, depletion, amortization and accretion; unrealized commodity derivative gain or loss; amortization of derivative premiums; bad debt reserve; litigation; and other 2019 2019. 2019, During 2018, 2018 2018. 2018, A summary of activity related to RSUs is as follows: 2020 2019 2018 Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Nonvested, beginning of period 1,614,722 $ 5.73 3,355,917 $ 3.90 5,765,251 $ 2.48 Granted - - 994,698 4.51 988,955 6.90 Vested (787,203 ) 6.90 (1,475,373 ) 2.76 (2,261,665 ) 2.21 Forfeited (63,831 ) 5.80 (1,260,520 ) 3.37 (1,136,624 ) 2.68 Nonvested, end of period 763,688 $ 4.51 1,614,722 $ 5.73 3,355,917 $ 3.90 Subject to the satisfaction of service conditions, the RSUs outstanding as of December 31, 2020 2021. RSUs fair value at grant date - There were no RSUs granted during 2020. 2019 2018, RSUs fair value at vested date - The fair value of the RSUs that vested during 2020, 2019 2018 Share-Based Awards: Restricted Stock Under the Directors Compensation Plan, shares of restricted stock (“Restricted Shares”) were issued in 2020, 2019 2018 one third three As of December 31, 2020, A summary of activity related to Restricted Shares is as follows: 2020 2019 2018 Restricted Shares Weighted Average Grant Date Fair Value Per Share Restricted Shares Weighted Average Grant Date Fair Value Per Share Restricted Shares Weighted Average Grant Date Fair Value Per Share Nonvested, beginning of period 123,180 $ 4.55 181,832 $ 3.08 246,528 $ 2.27 Granted 109,376 2.56 46,360 6.04 41,544 6.74 Vested (78,428 ) 2.38 (105,012 ) 2.67 (106,240 ) 2.64 Nonvested, end of period 154,128 $ 4.24 123,180 $ 4.55 181,832 $ 3.08 Subject to the satisfaction of service conditions, the Restricted Shares outstanding as of December 31, 2020 Restricted Shares 2021 138,676 2022 15,452 Total 154,128 Restricted stock fair value at grant date - The grant date fair value of restricted stock granted during 2020, 2019 2018 Restricted stock fair value at vested date - The fair value of the restricted stock that vested during 2020, 2019 2018 Share-Based Compensation A summary of compensation expense under share-based payment arrangements is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Share-based compensation expense from: Restricted stock units $ 3,555 $ 3,410 $ 3,260 Restricted stock 404 280 280 Total $ 3,959 $ 3,690 $ 3,540 As of December 31, 2020, November 2021 April 2022 Cash-based Awards In addition to share-based compensation, short-term, cash-based awards were granted under the Plan to substantially all eligible employees in 2019 2018. one three No 2020 no 2020 2018, ● For the 2019 four 2019 2019 March 2020 2019 ● In 2018, three ● For the 2018 2018 September 2018 November 2020 2018 December 15, 2020 ● For the 2018 2018 2018 January 2018 February 2019 2018 March 2019. Share-Based Awards and Cash-Based Awards Compensation Expense A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Share-based compensation included in: General and administrative $ 3,959 $ 3,690 $ 3,540 Cash-based incentive compensation included in: Lease operating expense 849 2,206 3,596 General and administrative 4,019 8,897 9,586 Total charged to operating income $ 8,827 $ 14,793 $ 16,722 Discretionary Bonus to Employees in 2021 February 15, 2021, one March 15, 2021 April 15, 2021, |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11. We maintain a defined contribution benefit plan (the “401 401 401 2020, 2019, 2018 401 100% five 401 2020, 2019 2018, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Tax (Benefit) Expense Components of income tax (benefit) expense were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Current $ 134 $ (11,092 ) $ 35 Deferred (30,287 ) (64,102 ) 500 Total income tax (benefit) expense $ (30,153 ) $ (75,194 ) $ 535 Reconciliation The reconciliation of income taxes computed at the U.S. federal statutory tax rate to our income tax (benefit) expense is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Income tax (benefit) expense at the federal statutory rate $ 1,604 $ (233 ) $ 52,366 Compensation adjustments 1,373 971 457 State income taxes 75 (175 ) 560 Uncertain tax position — (11,523 ) — Impact of U.S. legislative changes (21,345 ) — 487 Valuation allowance (12,018 ) (64,704 ) (53,980 ) Other 158 470 645 Total income tax (benefit) expense $ (30,153 ) $ (75,194 ) $ 535 Our effective tax rate for the years 2020, 2019 2018 not Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities were as follows (in thousands): December 31, 2020 2019 Deferred tax liabilities: Property and equipment $ 37,535 $ 21,647 Derivatives — — Investment in non-consolidated entity 8,070 14,716 Other 2,588 2,283 Total deferred tax liabilities 48,193 38,646 Deferred tax assets: Property and equipment — — Derivatives 3,416 1,409 Asset retirement obligations 84,332 76,924 Federal net operating losses 47,307 15,265 State net operating losses 8,136 7,393 Interest expense limitation carryover 16,304 48,458 Share-based compensation 419 965 Valuation allowance (22,361 ) (54,436 ) Other 4,843 6,584 Total deferred tax assets 142,396 102,562 Net deferred tax assets (liabilities) $ 94,203 $ 63,916 Income Taxes Receivable, Refunds and Payments As of December 31, 2020, not December 31, 2019, 2020 2017 2019, 2012, 2013 2014 2019. 2017 172 10 December 31, 2020 2019, not Net Operating Loss and Interest Expense Limitation Carryover The table below presents the details of our net operating loss and interest expense limitation carryover as of December 31, 2020 Amount Expiration Year Federal net operating loss $ 225,274 earliest is 2037 State net operating loss 136,440 2026 2038 Interest expense limitation carryover 75,341 N/A Valuation Allowance During 2020 2019, not not Throughout 2020, twelve December 31, 2018, 2019 2020, three not 2020, 2020 March 27, 2020 163 July 28, 2020 163 December 31, 2020, Uncertain Tax Positions The table below sets forth the beginning and ending balance of the total amount of unrecognized tax benefits. During 2019, Reconciliation of the balances of our uncertain tax positions are as follows (in thousands): December 31, 2020 2019 Balance, beginning of period $ — $ 9,482 Decrease during the period — (9,482 ) Balance, end of period $ — $ — Years open to examination The tax years from 2017 2020 W&T OFFSHORE, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities and are included in the computation of earnings per share under the two The following table presents the calculation of basic and diluted earnings per common share (in thousands, except per share amounts): Year Ended December 31, 2020 2019 2018 Net income $ 37,790 $ 74,086 $ 248,827 Less portion allocated to nonvested shares 437 1,371 9,727 Net income allocated to common shares $ 37,353 $ 72,715 $ 239,100 Weighted average common shares outstanding 141,622 140,583 139,002 Basic and diluted earnings per common share $ 0.26 $ 0.52 $ 1.72 |
Note 14 - Supplemental Cash Flo
Note 14 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 14. The following table reflects our supplemental cash flow information (in thousands): Year Ended December 31, 2020 2019 2018 Supplemental cash items: Cash paid for interest (1) $ 59,183 $ 66,720 $ 61,501 Cash paid for income taxes 159 51 138 Cash refunds received for income taxes 2,007 51,833 11,126 Cash paid for share-based compensation (2) — — 1,130 Cash received for interest income 603 7,720 2,385 Non-cash investing activities: Accruals of property and equipment 3,035 29,662 18,575 ARO - additions, dispositions and revisions, net 17,928 37,440 19,877 ( 1 During 2018, 2016, 470 60 financing activities ( 2 During 2020 2019, 2018, |
Note 15 - Commitments
Note 15 - Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 15. See Note 7 Pursuant to the Purchase and Sale Agreement with Total E&P, we may December 31, 2020, 2023 Pursuant to the Purchase and Sale Agreement with Shell Offshore Inc. (“Shell”) related to ARO for certain properties, we have surety bonds that are subject to re-appraisal by either party. As of December 31, 2020, Pursuant to the Purchase and Sale Agreement with Exxon related to ARO for certain properties, we were required to obtain $30.0 million of surety bonds as of December 31, 2020. June 1 2021; 2022; 2023; 2024; 2025, 2034. may two Pursuant to the Purchase and Sale Agreement with Conoco related to ARO for certain properties, we were required to obtain $49.0 million of surety bonds and are required to maintain this level of bonds until the properties are fully plugged, abandoned, and restored in accordance with applicable laws and regulations. During 2020, 2019 2018, 2020, 2019 2018, 2065. 2021–$5.8 2022–$5.6 2023 2024 20 25–$5.6 thereafter–$57.9 may In conjunction with the purchase of an interest in the Heidelberg field, we assumed contracts with certain pipeline companies that contain minimum quantities obligations that extend to 2028. 2020, 2019 2018 December 31, 2020, 2021–$2.5 2022–$1.8 2023–$1.2 2024 2025 thereafter–$0.7 We have no December 31, 2020. |
Note 16 - Related Parties
Note 16 - Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. During 2020, 2019 2018, ly $0.3 million, $1.2 m 2020, 2019 2018 third led $14.4 million, 2020, 2019 2018, 2020, 2019 2018. 2018, 4 |
Note 17 - Contingencies
Note 17 - Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Apache Lawsuit On December 15, 2014, three May 31, 2017 June 2017 2019 Due to funds being distributed during 2019, December 31, 2018 2019 2019. Appeal with ONRR In 2009, 2010, 2010, 2010 May 2014. June 17, 2014, January 27, 2017, $4.7 March 27, 2017. July 25, 2017 December 4, 2018, February 4, 2019, first July 9, 2019, July 31, 2019, December 18, 2019, in camera January 2020, Royalties-In-Kind (“RIK”) Under a program of the Minerals Management Service (“MMS”) (a Department of Interior ("DOI") agency and predecessor to the ONRR), royalties must be paid “in-kind” rather than in value from federal leases in the program. The MMS added to the RIK program our lease at the East Cameron 373 November 2001, October 2008, May 29, 2018. July 24, 2018. December 23, 2019, no December 31, 2020 Notices of Proposed Civil Penalty Assessment During 2020 2019, not January 2021, nine July 2012 January 2018, three first March 2021. 2022. Royalties – “Unbundling” Initiative The ONRR has publicly announced an “unbundling” initiative to revise the methodology employed by producers in determining the appropriate allowances for transportation and processing costs that are permitted to be deducted in determining royalties under Federal oil and gas leases. The ONRR’s initiative requires re-computing allowable transportation and processing costs using revised guidance from the ONRR going back 84 second 2015, not 10 not 2020, 2019 2018, not Supplemental Bonding Requirements by the BOEM The BOEM requires that lessees demonstrate financial strength and reliability according to its regulations or provide acceptable financial assurances to satisfy lease obligations, including decommissioning activities on the OCS. As of the filing date of this Form 10 no may Surety Bond Issuers’ Collateral Requirements The issuers of surety bonds in some cases have requested and received additional collateral related to surety bonds for plugging and abandonment activities. We may not 2020 2019. Other Claims We are a party to various pending or threatened claims and complaints seeking damages or other remedies concerning our commercial operations and other matters in the ordinary course of our business. In addition, claims or contingencies may no may not not |
Note 18 - Selected Quarterly Fi
Note 18 - Selected Quarterly Financial Data - Unaudited | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 18. Unaudited quarterly financial data are as follows (in thousands, except per share amounts): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Ended December 31, 2020 Revenues $ 124,128 $ 55,241 $ 72,517 94,748 Operating (loss) income 71,811 (28,041 ) (19,510 ) 349 Net (loss) income (1) 65,980 (5,904 ) (13,339 ) (8,947 ) Basic and diluted (loss) earnings per common share (2) 0.46 (0.04 ) (0.09 ) (0.06 ) Year Ended December 31, 2019 Revenues $ 116,080 $ 134,701 $ 132,221 $ 151,894 Operating income (30,976 ) 37,379 35,399 16,847 Net (loss) income (1) (47,761 ) 36,389 75,899 9,559 Basic and diluted earnings per common share (2) (0.34 ) 0.25 0.53 0.07 ( 1 During 2020, third fourth 2020, 2020, third fourth 2019, third fourth 2019, third fourth ( 2 The sum of the individual quarterly earnings (loss) per common share may not |
Note 19 - Supplemental Oil and
Note 19 - Supplemental Oil and Gas Disclosures - Unaudited | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | 19. Geographic Area of Operation All of our proved reserves are located within the United States in the Gulf of Mexico. Therefore, the following disclosures about our costs incurred, results of operations and proved reserves are on a total-company basis. Capitalized Costs Net capitalized costs related to our oil, NGLs and natural gas producing activities are as follows (in millions): December 31, 2020 2019 2018 Net capitalized costs: Proved oil and natural gas properties and equipment $ 8,567.5 $ 8,532.2 $ 8,169.9 Accumulated depreciation, depletion and amortization related to oil, NGLs and natural gas activities (7,890.9 ) (7,793.3 ) (7,665.1 ) Net capitalized costs related to producing activities $ 676.6 $ 738.9 $ 504.8 Costs Incurred In Oil and Gas Property Acquisition, Exploration and Development Activities The following costs were incurred in oil and gas acquisition, exploration, and development activities (in millions): Year Ended December 31, 2020 2019 2018 Costs incurred: (1) Proved properties acquisitions $ 8.1 $ 223.8 $ 24.1 Exploration (2) (3) 7.4 30.6 49.9 Development 23.6 114.5 56.2 Total costs incurred in oil and gas property acquisition, exploration and development activities $ 39.1 $ 368.9 $ 130.2 ( 1 Includes net additions from capitalized ARO of $15.2 million, $37.5 million, and $20.3 million during 2020, 2019, 2018, ( 2 Includes seismic costs of $0.3 million, $7.8 million, and $1.5 million incurred during 2020, 2019, 2018, ( 3 Includes geological and geophysical costs charged to expense of $4.5 million, $5.7 million, and $5.4 million during 2020, 2019, 2018, Depreciation, depletion, amortization and accretion expense The following table presents our depreciation, depletion, amortization and accretion expense per barrel equivalent (“Boe”) of products sold: Year Ended December 31, 2020 2019 2018 Depreciation, depletion, amortization and accretion per Boe $ 7.82 $ 10.01 $ 11.24 Oil and Natural Gas Reserve Information There are numerous uncertainties in estimating quantities of proved reserves and in providing the future rates of production and timing of development expenditures. The following reserve information represents estimates only and are inherently imprecise and may not December 31, 2020 may not December 31, 2020. not The following sets forth estimated quantities of our net proved, proved developed and proved undeveloped oil, NGLs and natural gas reserves. All of the reserves are located in the United States with all located in state and federal waters in the Gulf of Mexico. The reserve estimates exclude insignificant royalties and interests owned by the Company due to the unavailability of such information. In addition to other criteria, estimated reserves are assessed for economic viability based on the unweighted average of first January December not may Standardized Measure of Discounted Future Net Cash Flows”. Total Energy Equivalent Reserves (1) Oil (MMBbls) NGLs (MMBbls) Natural Gas (Bcf) Oil Equivalent (MMBoe) Natural Gas Equivalent (Bcfe) Proved reserves as of Dec. 31, 2017 34.4 7.8 192.2 74.2 445.3 Revisions of previous estimates (2) 11.6 2.8 40.4 21.1 126.7 Extensions and discoveries (3) 0.5 0.3 7.7 2.1 12.6 Purchase of minerals in place (4) 1.5 0.4 9.4 3.4 20.7 Sales of minerals in place (5) (2.2 ) (0.2 ) (7.2 ) (3.5 ) (21.2 ) Production (6.7 ) (1.3 ) (32.0 ) (13.3 ) (80.0 ) Proved reserves as of Dec. 31, 2018 39.1 9.8 210.5 84.0 504.1 Revisions of previous estimates (6) 1.4 (1.5 ) (16.9 ) (3.0 ) (18.2 ) Extensions and discoveries (7) 0.9 0.1 1.2 1.1 6.7 Purchase of minerals in place (8) 3.1 17.4 417.6 90.1 540.9 Production (6.7 ) (1.3 ) (41.3 ) (14.8 ) (89.0 ) Proved reserves as of Dec. 31, 2019 37.8 24.5 571.1 157.4 944.5 Revisions of previous estimates (9) (0.9 ) (5.9 ) 31.6 (1.4 ) (8.8 ) Extensions and discoveries (10) 0.2 0.0 0.2 0.2 1.3 Purchase of minerals in place (11) 0.7 0.4 14.8 3.6 21.8 Production (5.6 ) (1.7 ) (48.4 ) (15.4 ) (92.3 ) Proved reserves as of Dec. 31, 2020 32.2 17.3 569.3 144.4 866.5 Year-end proved developed reserves: 2020 24.0 16.5 550.2 132.2 793.3 2019 28.0 21.7 504.9 133.8 802.9 2018 31.5 7.8 166.8 67.0 402.2 Year-end proved undeveloped reserves: 2020 (12) 8.2 0.9 19.1 12.2 73.2 2019 9.8 2.8 66.2 23.6 141.6 2018 7.6 2.0 43.7 17.0 101.9 Volume measurements: MMBbls – million barrels for crude oil, condensate or NGLs Bcf – billion cubic feet MMBoe – million barrels of oil equivalent Bcfe – billion cubic feet of gas equivalent ( 1 The conversion to barrels of oil equivalent and cubic feet equivalent were determined using the energy-equivalent ratio of six one may not not may ( 2 Primarily related to upward revisions at our Mahogany field and our Ship Shoal 028 ( 3 Primarily related to extensions and discoveries of 1.3 MMBoe at our Viosca Knoll 823 910 ( 4 Primarily related to our Ship Shoal 028 859 ( 5 Primarily related to conveyance of interest in properties related to the JV Drilling Program. ( 6 Increases primarily related to upward revisions to our Ship Shoal 028 108 December 31, 2019. ( 7 Primarily related to extensions and discoveries of 0.9 MMBoe at our Mississippi Canyon 800 ( 8 Primarily related to the Mobile Bay Properties and Magnolia acquisitions. ( 9 Decreases of 27.7 MMBoe were due to price revisions for all proved reserves. Increases of 26.2 MMBoe were primarily related to technical revisions at our Mobile Bay and Fairway properties. ( 10 Primarily related to the discovery at East Cameron 338 ( 11 Primarily related to the Mobile Bay Properties and Mahogany working interest acquisitions. ( 12 We believe that we will be able to develop all but 2.3 MMBoe (approximately 19%) of the total of 12.2 MMBoe reserves classified as proved undeveloped (“PUDs”) at December 31, 2020, five 243 823 one 2022 2024. Standardized Measure of Discounted Future Net Cash Flows The following presents the standardized measure of discounted future net cash flows related to our proved oil and natural gas reserves together with changes therein. Future cash inflows represent expected revenues from production of period-end quantities of proved reserves based on the unweighted average of first December 31, 2020 2019 2018 2017 Oil - per barrel $ 37.78 $ 58.11 $ 65.21 $ 46.58 NGLs per barrel 10.29 18.72 29.73 22.65 Natural gas per Mcf 2.05 2.63 3.13 2.86 Future production, development costs and ARO are based on costs in effect at the end of each of the respective years with no The standardized measure of discounted future net cash flows does not 2021 Year Ended December 31, 2020 2019 2018 Standardized Measure of Discounted Future Net Cash Flows Future cash inflows $ 2,561.2 $ 4,153.8 $ 3,500.9 Future costs: Production (1,257.4 ) (1,901.1 ) (958.5 ) Development and abandonment (707.4 ) (794.7 ) (628.3 ) Income taxes (60.5 ) (170.5 ) (293.9 ) Future net cash inflows before 10% discount 535.9 1,287.5 1,620.2 10% annual discount factor (42.2 ) (300.6 ) (553.2 ) Total $ 493.7 $ 986.9 $ 1,067.0 The change in the standardized measure of discounted future net cash flows relating to our proved oil and natural gas reserves is as follows (in millions): Year Ended December 31, 2020 2019 2018 Changes in Standardized Measure Standardized measure, beginning of year $ 986.9 $ 1,067.0 $ 740.6 Increases (decreases): Sales and transfers of oil and gas produced, net of production costs (168.6 ) (315.8 ) (398.1 ) Net changes in price, net of future production costs (503.7 ) (376.4 ) 571.5 Extensions and discoveries, net of future production and development costs 2.8 27.0 53.6 Changes in estimated future development costs (15.9 ) (6.0 ) (114.7 ) Previously estimated development costs incurred 1.4 19.3 48.4 Revisions of quantity estimates (65.2 ) 116.4 307.6 Accretion of discount 111.8 107.4 50.5 Net change in income taxes 87.7 62.9 (133.4 ) Purchases of reserves in-place 44.6 298.3 27.8 Sales of reserves in-place — — (54.1 ) Changes in production rates due to timing and other 11.9 (13.2 ) (32.7 ) Net (decrease) increase (493.2 ) (80.1 ) 326.4 Standardized measure, end of year $ 493.7 $ 986.9 $ 1,067.0 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Our consolidated financial statements include the accounts of W&T Offshore, Inc. and its majority-owned subsidiaries. Our interests in oil and gas joint ventures are proportionately consolidated. All significant intercompany transactions and amounts have been eliminated for all years presented. Our consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates. |
Realized Prices [Policy Text Block] | Realized Prices The price we receive for our crude oil, natural gas liquids (“NGLs”) and natural gas production directly affects our revenues, profitability, cash flows, liquidity, access to capital, proved reserves and future rate of growth. The average realized prices of these commodities decreased in 2 020 2019. |
New Accounting Pronouncements, Adopted [Policy Text Block] | Accounting Standard Updates Effective January 1, 2020 In June 2016, No. 2016 13, Financial Instruments – Credit Losses Topic 326 2016 13” not not In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12” 2017 12 not not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents We consider all highly liquid investments purchased with original or remaining maturities of three |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition We recognize revenue from the sale of crude oil, NGLs, and natural gas when our performance obligations are satisfied. Our contracts with customers are primarily short-term (less than 12 We record oil and natural gas revenues based upon physical deliveries to our customers, which can be different from our net revenue ownership interest in field production. These differences create imbalances that we recognize as a liability only when the estimated remaining recoverable reserves of a property will not not December 31, 2020 2019 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Our customers are primarily large integrated oil and natural gas companies and large commodity trading companies. The majority of our production is sold utilizing month-to-month contracts that are based on bid prices. We attempt to minimize our credit risk exposure to purchasers of our oil and natural gas, joint interest owners, derivative counterparties and other third The following table identifies customers from whom we derived 10% Year Ended December 31, 2020 2019 2018 Customer BP Products North America 39 % 40 % 20 % Mercuria Energy America Inc. 10 % ** ** Shell Trading (US) Co./ Shell Energy N.A. ** 11 % 30 % Vitol Inc. ** 12 % 14 % Williams Field Services 13 % ** ** ** Less than 10% We believe that the loss of any of the customers above would not |
Accounts Receivable [Policy Text Block] | Accounts Receivables and Allowance for Credit Losses Our accounts receivables are recorded at their historical cost, less an allowance for credit losses. The carrying value approximates fair value because of the short-term nature of such accounts. In addition to receivables from sales of our production to our customers, we also have receivables from joint interest owners on properties we operate. In certain arrangements, we have the ability to withhold future revenue disbursements to recover amounts due us from the joint interest partners. A loss methodology is used to develop the allowance for credit losses on material receivables to estimate the net amount to be collected. The loss methodology uses historical data, current market conditions and forecasts of future economic conditions. The following table describes the balance and changes to the allowance for credit losses (in thousands): 2020 2019 2018 Allowance for credit losses, beginning of period $ 9,898 $ 9,692 $ 9,114 Additional provisions for the year 417 206 1,233 Uncollectible accounts written off or collected (1,192 ) — (655 ) Allowance for credit losses, end of period $ 9,123 $ 9,898 $ 9,692 |
Prepaid Expenses and Other Assets [Policy Text Block] | Prepaid expenses and other assets Amounts recorded in Prepaid expenses and other assets one December 31, 2020 2019 Derivatives – current (1) $ 2,752 $ 7,266 Unamortized bonds/insurance premiums 4,717 4,357 Prepaid deposits related to royalties 4,473 7,980 Prepayment to vendors 1,429 10,202 Other 461 886 Prepaid expenses and other assets $ 13,832 $ 30,691 ( 1 Includes both open and closed contracts. |
Property, Plant and Equipment, Policy [Policy Text Block] | Properties and Equipment We use the full-cost method of accounting for oil and natural gas properties and equipment, which are recorded at cost. Under this method, all costs associated with the acquisition, exploration, development and abandonment of oil and natural gas properties are capitalized. Acquisition costs include costs incurred to purchase, lease or otherwise acquire properties. Exploration costs include costs of drilling exploratory wells and external geological and geophysical costs, which mainly consist of seismic costs. Development costs include the cost of drilling development wells and costs of completions, platforms, facilities and pipelines. Costs associated with production, certain geological and geophysical costs and general and administrative costs are expensed in the period incurred. Oil and natural gas properties included in the amortization base are amortized using the units-of-production method based on production and estimates of proved reserve quantities. In addition to costs associated with evaluated properties and capitalized asset retirement obligations (“ARO”), the amortization base includes estimated future development costs to be incurred in developing proved reserves as well as estimated plugging and abandonment costs, net of salvage value, related to developing proved reserves. Future development costs related to proved reserves are not Sales of proved and unproved oil and natural gas properties, whether or not no Furniture, fixtures and non-oil and natural gas property and equipment are depreciated using the straight-line method based on the estimated useful lives of the respective assets, generally ranging from five seven Oil and Natural Gas Properties and Other, Net – at cost Oil and natural gas properties and equipment are recorded at cost using the full cost method. There were no December 31, 2020 2019 Oil and natural gas properties and equipment $ 8,567,509 $ 8,532,196 Furniture, fixtures and other 20,847 20,317 Total property and equipment 8,588,356 8,552,513 Less accumulated depreciation, depletion and amortization 7,901,478 7,803,715 Oil and natural gas properties and other, net $ 686,878 $ 748,798 |
Oil and Gas Properties Policy [Policy Text Block] | Ceiling Test Write-Down Under the full-cost method of accounting, we are required to perform a “ceiling test” calculation quarterly, which determines a limit on the book value of our oil and natural gas properties. If the net capitalized cost of oil and natural gas properties (including capitalized ARO) net of related deferred income taxes exceeds the ceiling test limit, the excess is charged to expense on a pre-tax basis and separately disclosed. Any such write downs are not 10%; not first twelve We did not 2020, 2019 2018. 2020, may 2021 |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations We are required to record a separate liability for the present value of our ARO, with an offsetting increase to the related oil and natural gas properties on our balance sheet. We have significant obligations to plug and abandon well bores, remove our platforms, pipelines, facilities and equipment and restore the land or seabed at the end of oil and natural gas production operations. These obligations are primarily associated with plugging and abandoning wells, removing pipelines, removing and disposing of offshore platforms and site cleanup. Estimating such costs requires us to make judgments on both the costs and the timing of ARO. Asset removal technologies and costs are constantly changing, as are regulatory, political, environmental, safety and public relations considerations, which can substantially affect our estimates of these future costs from period to period. See Note 6 |
Industry Specific Policies, Oil and Gas [Policy Text Block] | Oil and Natural Gas Reserve Information We use the unweighted average of first 12 12 may five 19 |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | Derivative Financial Instruments We have exposure related to commodity prices and have used various derivative instruments to manage our exposure to commodity price risk from sales of oil and natural gas. We do not 2020, 2019 2018, December 31, 2020 may 2020, 2019 2018, not Derivative instruments are recorded on the balance sheet as an asset or a liability at fair value. We have elected not may may not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments We include fair value information in the notes to our consolidated financial statements when the fair value of our financial instruments is different from the book value or it is required by applicable guidance. We believe that the book value of our cash and cash equivalents, receivables, accounts payable and accrued liabilities materially approximates fair value due to the short-term nature and the terms of these instruments. We believe that the book value of our restricted deposits approximates fair value as deposits are in cash or short-term investments. |
Income Tax, Policy [Policy Text Block] | Income Taxes We use the liability method of accounting for income taxes in accordance with the Income Taxes not not not 12 |
Other Noncurrent Assets [Policy Text Block] | Other Assets (long-term) The major categories recorded in Other assets December 31, 2020 2019 ROU assets (Note 7) $ 11,509 $ 7,936 Unamortized debt issuance costs 2,094 3,798 Investment in White Cap, LLC 2,699 2,590 Derivatives 2,762 2,653 Unamortized brokerage fee for Monza 626 3,423 Proportional consolidation of Monza's other assets (Note 4) 1,782 5,308 Appeal bond deposits — 6,925 Other 998 814 Total other assets $ 22,470 $ 33,447 |
Accrued Liabilities Policy [Policy Text Block] | Accrued Liabilities The major categories recorded in Accrued liabilities December 31, 2020 2019 Accrued interest $ 10,389 $ 10,180 Accrued salaries/payroll taxes/benefits 4,009 2,377 Incentive compensation plans — 9,794 Litigation accruals 436 3,673 Lease liability (Note 7) 394 2,716 Derivatives 13,620 1,785 Other 1,032 371 Total accrued liabilities $ 29,880 $ 30,896 |
Paycheck Protection Program, Policy [Policy Text Block] | Paycheck Protection Program ("PPP") On April 15, 2020, no 20 20, The Company submitted an application to the SBA on August 20, 2020, not not We have elected to follow the income approach under IAS 20 December 31, 2020 Lease operating expenses General and administrative expenses Interest expense, net December 31, 2020. may April 2022 1%. |
Debt, Policy [Policy Text Block] | Debt Issuance Costs Debt issuance costs associated with the Credit Agreement are amortized using the straight-line method over the scheduled maturity of the debt. Debt issuance costs associated with all other debt are deferred and amortized over the scheduled maturity of the debt utilizing the effective interest method. Unamortized debt issuance costs associated with our Credit Agreement is reported within Other Assets Long-term debt – carrying value 2 Discounts Provided on Debt Issuance Discounts were recorded in Long-term debt – carrying value Gain on Debt Transactions During 2020, 2018, 2016, 2 |
Other Noncurrent Liabilities [Policy Text Block] | Other Liabilities (long-term) The major categories recorded in Other liabilities December 31, 2020 2019 Dispute related to royalty deductions $ 5,467 $ 4,687 Dispute related to royalty-in-kind — 250 Lease liability (Note 7) 11,360 4,419 Derivatives 4,384 — Black Elk escrow 11,103 — Other 624 632 Total other liabilities (long-term) $ 32,938 $ 9,988 |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation Compensation cost for share-based payments to employees and non-employee directors is based on the fair value of the equity instrument on the date of grant and is recognized over the period during which the recipient is required to provide service in exchange for the award. The fair value for equity instruments subject to only time or to Company performance measures was determined using the closing price of the Company’s common stock at the date of grant. We recognize share-based compensation expense on a straight line basis over the period during which the recipient is required to provide service in exchange for the award. Estimates are made for forfeitures during the vesting period, resulting in the recognition of compensation cost only for those awards that are estimated to vest and estimated forfeitures are adjusted to actual forfeitures when the equity instrument vests. See Note 10 |
Other Income (Expense), Net [Policy Text Block] | Other Expense (Income), Net For 2020, 4 2019, 2018, |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share under the two 13 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Ended December 31, 2020 2019 2018 Customer BP Products North America 39 % 40 % 20 % Mercuria Energy America Inc. 10 % ** ** Shell Trading (US) Co./ Shell Energy N.A. ** 11 % 30 % Vitol Inc. ** 12 % 14 % Williams Field Services 13 % ** ** |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | 2020 2019 2018 Allowance for credit losses, beginning of period $ 9,898 $ 9,692 $ 9,114 Additional provisions for the year 417 206 1,233 Uncollectible accounts written off or collected (1,192 ) — (655 ) Allowance for credit losses, end of period $ 9,123 $ 9,898 $ 9,692 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2020 2019 Derivatives – current (1) $ 2,752 $ 7,266 Unamortized bonds/insurance premiums 4,717 4,357 Prepaid deposits related to royalties 4,473 7,980 Prepayment to vendors 1,429 10,202 Other 461 886 Prepaid expenses and other assets $ 13,832 $ 30,691 |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 Oil and natural gas properties and equipment $ 8,567,509 $ 8,532,196 Furniture, fixtures and other 20,847 20,317 Total property and equipment 8,588,356 8,552,513 Less accumulated depreciation, depletion and amortization 7,901,478 7,803,715 Oil and natural gas properties and other, net $ 686,878 $ 748,798 |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, 2020 2019 ROU assets (Note 7) $ 11,509 $ 7,936 Unamortized debt issuance costs 2,094 3,798 Investment in White Cap, LLC 2,699 2,590 Derivatives 2,762 2,653 Unamortized brokerage fee for Monza 626 3,423 Proportional consolidation of Monza's other assets (Note 4) 1,782 5,308 Appeal bond deposits — 6,925 Other 998 814 Total other assets $ 22,470 $ 33,447 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2020 2019 Accrued interest $ 10,389 $ 10,180 Accrued salaries/payroll taxes/benefits 4,009 2,377 Incentive compensation plans — 9,794 Litigation accruals 436 3,673 Lease liability (Note 7) 394 2,716 Derivatives 13,620 1,785 Other 1,032 371 Total accrued liabilities $ 29,880 $ 30,896 |
Other Noncurrent Liabilities [Table Text Block] | December 31, 2020 2019 Dispute related to royalty deductions $ 5,467 $ 4,687 Dispute related to royalty-in-kind — 250 Lease liability (Note 7) 11,360 4,419 Derivatives 4,384 — Black Elk escrow 11,103 — Other 624 632 Total other liabilities (long-term) $ 32,938 $ 9,988 |
Note 2 - Long-term Debt (Tables
Note 2 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2020 2019 Credit Agreement borrowings $ 80,000 $ 105,000 Senior Second Lien Notes: Principal 552,460 625,000 Unamortized debt issuance costs (7,174 ) (10,467 ) Total Senior Second Lien Notes 545,286 614,533 Total long-term debt $ 625,286 $ 719,533 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | December 31, 2020 2019 Assets: Derivatives instruments - open contracts, current $ 2,705 $ 6,921 Derivatives instruments - open contracts, long-term 2,762 2,653 Liabilities: Derivatives instruments - open contracts, current 13,291 1,785 Derivatives instruments - open contracts, long-term 4,384 — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Credit Agreement $ 80,000 $ 80,000 $ 105,000 $ 105,000 Senior Second Lien Notes 545,286 393,352 614,533 597,188 |
Note 5 - Acquisitions and Div_2
Note 5 - Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 2019 Oil and natural gas properties and other, net - at cost: $ 192,373 Other assets 4,838 Current liabilities 1,559 Asset retirement obligations 21,684 Other liabilities 4,132 2019 Oil and natural gas properties and other, net - at cost: $ 23,791 Asset retirement obligations 7,842 |
Note 6 - Asset Retirement Obl_2
Note 6 - Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Year Ended December 31, 2020 2019 Asset retirement obligations, beginning of period $ 355,594 $ 310,137 Liabilities settled (3,339 ) (11,443 ) Accretion of discount 22,521 19,460 Liabilities incurred and assumed through acquisition 4,860 29,887 Revisions of estimated liabilities (1) 13,068 7,553 Asset retirement obligations, end of period 392,704 355,594 Less current portion 17,188 21,991 Long-term $ 375,516 $ 333,603 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2020 2019 Operating lease cost, excluding short-term leases $ 3,060 $ 2,902 Short-term lease cost (1) 1,633 22,152 Total lease cost $ 4,693 $ 25,054 |
Operating Lease, Lessee, Assets and Liabilities [Table Text Block] | December 31, 2020 2019 ROU assets $ 11,509 $ 7,936 Lease liability: Accrued liabilities $ 394 $ 2,716 Other liabilities 11,360 4,419 Total lease liability $ 11,754 $ 7,135 |
Lessee, Operating Lease, Weighted Average Remaining Lease Term and Discount Rate [Table Text Block] | December 31, 2020 2019 Weighted average remaining lease term: 14.8 years 14.3 years Weighted average discount rate: 10.2 % 10.4 % |
Lessee, Operating Lease, Supplemental Cash Flow Information [Table Text Block] | December 31, 2020 2019 Operating cash outflow from operating leases $ 1,825 $ 1,827 Right-of-use assets obtained in exchange for new operating lease liabilities $ 5,142 $ 6,373 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 $ 394 2022 1,134 2023 1,625 2024 2,023 2025 1,512 Thereafter 17,461 Total lease payments 24,149 Present value adjustment (12,395 ) Total $ 11,754 |
Note 9 - Derivative Financial_2
Note 9 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Crude Oil: Open Swap Contracts, Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) Notional Quantity (Bbls) Weighted Strike Price Jan 2021 - Dec 2021 4,000 1,460,000 $ 42.06 Jan 2022 - Feb 2022 3,000 177,000 $ 42.98 Mar 2022 - May 2022 2,044 188,006 $ 42.33 Crude Oil: Open Collar Contracts - Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) Notional Quantity (Bbls) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Jan.2021 - Feb 2022 1,770 750,422 $ 35.00 $ 50.00 Mar 2022 - May 2022 2,000 184,000 $ 35.00 $ 48.50 Natural Gas: Open Call Contracts, Bought, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) Notional Quantity (MMBtu) Strike Price Feb 2021 - Dec. 2022 40,000 27,960,000 $ 3.00 Natural Gas: Open Swap Contracts, Bought, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) Notional Quantity (MMBtu) Strike Price Jan 2021 - Dec 2021 10,000 3,650,000 $ 2.62 Jan 2022 20,000 620,000 $ 2.79 Feb 2022 30,000 840,000 $ 2.79 Mar 2022 - May 2022 10,544 970,075 $ 2.69 Natural Gas: Open Collar Contracts, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) Notional Quantity (MMBtu) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Jan 2021 - Dec 2022 40,000 29,200,000 $ 1.83 $ 3.00 Jan 2021 - Dec 2021 30,000 10,950,000 $ 2.18 $ 3.00 Jan 2022 - Feb 2022 30,000 1,770,000 $ 2.20 $ 4.50 Mar 2022 - May 2022 10,000 92,000 $ 2.25 $ 3.40 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | December 31, 2020 2019 Prepaid and other assets – current $ 2,752 $ 7,266 Other assets – non-current 2,762 2,653 Accrued liabilities 13,620 1,785 Year Ended December 31, 2020 2019 2018 Derivative loss (gain) $ (23,808 ) $ 59,887 $ (53,798 ) |
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block] | Year Ended December 31, 2020 2019 2018 Derivative cash receipts (payments), net $ 45,196 $ 13,941 $ (28,164 ) |
Note 10 - Share-based Awards _2
Note 10 - Share-based Awards and Cash-based Awards (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | 2020 2019 2018 Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Nonvested, beginning of period 1,614,722 $ 5.73 3,355,917 $ 3.90 5,765,251 $ 2.48 Granted - - 994,698 4.51 988,955 6.90 Vested (787,203 ) 6.90 (1,475,373 ) 2.76 (2,261,665 ) 2.21 Forfeited (63,831 ) 5.80 (1,260,520 ) 3.37 (1,136,624 ) 2.68 Nonvested, end of period 763,688 $ 4.51 1,614,722 $ 5.73 3,355,917 $ 3.90 |
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block] | 2020 2019 2018 Restricted Shares Weighted Average Grant Date Fair Value Per Share Restricted Shares Weighted Average Grant Date Fair Value Per Share Restricted Shares Weighted Average Grant Date Fair Value Per Share Nonvested, beginning of period 123,180 $ 4.55 181,832 $ 3.08 246,528 $ 2.27 Granted 109,376 2.56 46,360 6.04 41,544 6.74 Vested (78,428 ) 2.38 (105,012 ) 2.67 (106,240 ) 2.64 Nonvested, end of period 154,128 $ 4.24 123,180 $ 4.55 181,832 $ 3.08 |
Schedule of Nonvested Restricted Stock, Vesting Schedule [Table Text Block] | Restricted Shares 2021 138,676 2022 15,452 Total 154,128 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Year Ended December 31, 2020 2019 2018 Share-based compensation expense from: Restricted stock units $ 3,555 $ 3,410 $ 3,260 Restricted stock 404 280 280 Total $ 3,959 $ 3,690 $ 3,540 |
Schedule of Incentive Compensation Expense [Table Text Block] | Year Ended December 31, 2020 2019 2018 Share-based compensation included in: General and administrative $ 3,959 $ 3,690 $ 3,540 Cash-based incentive compensation included in: Lease operating expense 849 2,206 3,596 General and administrative 4,019 8,897 9,586 Total charged to operating income $ 8,827 $ 14,793 $ 16,722 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 2018 Current $ 134 $ (11,092 ) $ 35 Deferred (30,287 ) (64,102 ) 500 Total income tax (benefit) expense $ (30,153 ) $ (75,194 ) $ 535 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 Income tax (benefit) expense at the federal statutory rate $ 1,604 $ (233 ) $ 52,366 Compensation adjustments 1,373 971 457 State income taxes 75 (175 ) 560 Uncertain tax position — (11,523 ) — Impact of U.S. legislative changes (21,345 ) — 487 Valuation allowance (12,018 ) (64,704 ) (53,980 ) Other 158 470 645 Total income tax (benefit) expense $ (30,153 ) $ (75,194 ) $ 535 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred tax liabilities: Property and equipment $ 37,535 $ 21,647 Derivatives — — Investment in non-consolidated entity 8,070 14,716 Other 2,588 2,283 Total deferred tax liabilities 48,193 38,646 Deferred tax assets: Property and equipment — — Derivatives 3,416 1,409 Asset retirement obligations 84,332 76,924 Federal net operating losses 47,307 15,265 State net operating losses 8,136 7,393 Interest expense limitation carryover 16,304 48,458 Share-based compensation 419 965 Valuation allowance (22,361 ) (54,436 ) Other 4,843 6,584 Total deferred tax assets 142,396 102,562 Net deferred tax assets (liabilities) $ 94,203 $ 63,916 |
Summary of Operating Loss Carryforwards [Table Text Block] | Amount Expiration Year Federal net operating loss $ 225,274 earliest is 2037 State net operating loss 136,440 2026 2038 Interest expense limitation carryover 75,341 N/A |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | December 31, 2020 2019 Balance, beginning of period $ — $ 9,482 Decrease during the period — (9,482 ) Balance, end of period $ — $ — |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 2018 Net income $ 37,790 $ 74,086 $ 248,827 Less portion allocated to nonvested shares 437 1,371 9,727 Net income allocated to common shares $ 37,353 $ 72,715 $ 239,100 Weighted average common shares outstanding 141,622 140,583 139,002 Basic and diluted earnings per common share $ 0.26 $ 0.52 $ 1.72 |
Note 14 - Supplemental Cash F_2
Note 14 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended December 31, 2020 2019 2018 Supplemental cash items: Cash paid for interest (1) $ 59,183 $ 66,720 $ 61,501 Cash paid for income taxes 159 51 138 Cash refunds received for income taxes 2,007 51,833 11,126 Cash paid for share-based compensation (2) — — 1,130 Cash received for interest income 603 7,720 2,385 Non-cash investing activities: Accruals of property and equipment 3,035 29,662 18,575 ARO - additions, dispositions and revisions, net 17,928 37,440 19,877 |
Note 18 - Selected Quarterly _2
Note 18 - Selected Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Ended December 31, 2020 Revenues $ 124,128 $ 55,241 $ 72,517 94,748 Operating (loss) income 71,811 (28,041 ) (19,510 ) 349 Net (loss) income (1) 65,980 (5,904 ) (13,339 ) (8,947 ) Basic and diluted (loss) earnings per common share (2) 0.46 (0.04 ) (0.09 ) (0.06 ) Year Ended December 31, 2019 Revenues $ 116,080 $ 134,701 $ 132,221 $ 151,894 Operating income (30,976 ) 37,379 35,399 16,847 Net (loss) income (1) (47,761 ) 36,389 75,899 9,559 Basic and diluted earnings per common share (2) (0.34 ) 0.25 0.53 0.07 |
Note 19 - Supplemental Oil an_2
Note 19 - Supplemental Oil and Gas Disclosures - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] | December 31, 2020 2019 2018 Net capitalized costs: Proved oil and natural gas properties and equipment $ 8,567.5 $ 8,532.2 $ 8,169.9 Accumulated depreciation, depletion and amortization related to oil, NGLs and natural gas activities (7,890.9 ) (7,793.3 ) (7,665.1 ) Net capitalized costs related to producing activities $ 676.6 $ 738.9 $ 504.8 |
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block] | Year Ended December 31, 2020 2019 2018 Costs incurred: (1) Proved properties acquisitions $ 8.1 $ 223.8 $ 24.1 Exploration (2) (3) 7.4 30.6 49.9 Development 23.6 114.5 56.2 Total costs incurred in oil and gas property acquisition, exploration and development activities $ 39.1 $ 368.9 $ 130.2 |
Schedule of Amortization Expense Per Unit of Production [Table Text Block] | Year Ended December 31, 2020 2019 2018 Depreciation, depletion, amortization and accretion per Boe $ 7.82 $ 10.01 $ 11.24 |
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block] | Total Energy Equivalent Reserves (1) Oil (MMBbls) NGLs (MMBbls) Natural Gas (Bcf) Oil Equivalent (MMBoe) Natural Gas Equivalent (Bcfe) Proved reserves as of Dec. 31, 2017 34.4 7.8 192.2 74.2 445.3 Revisions of previous estimates (2) 11.6 2.8 40.4 21.1 126.7 Extensions and discoveries (3) 0.5 0.3 7.7 2.1 12.6 Purchase of minerals in place (4) 1.5 0.4 9.4 3.4 20.7 Sales of minerals in place (5) (2.2 ) (0.2 ) (7.2 ) (3.5 ) (21.2 ) Production (6.7 ) (1.3 ) (32.0 ) (13.3 ) (80.0 ) Proved reserves as of Dec. 31, 2018 39.1 9.8 210.5 84.0 504.1 Revisions of previous estimates (6) 1.4 (1.5 ) (16.9 ) (3.0 ) (18.2 ) Extensions and discoveries (7) 0.9 0.1 1.2 1.1 6.7 Purchase of minerals in place (8) 3.1 17.4 417.6 90.1 540.9 Production (6.7 ) (1.3 ) (41.3 ) (14.8 ) (89.0 ) Proved reserves as of Dec. 31, 2019 37.8 24.5 571.1 157.4 944.5 Revisions of previous estimates (9) (0.9 ) (5.9 ) 31.6 (1.4 ) (8.8 ) Extensions and discoveries (10) 0.2 0.0 0.2 0.2 1.3 Purchase of minerals in place (11) 0.7 0.4 14.8 3.6 21.8 Production (5.6 ) (1.7 ) (48.4 ) (15.4 ) (92.3 ) Proved reserves as of Dec. 31, 2020 32.2 17.3 569.3 144.4 866.5 Year-end proved developed reserves: 2020 24.0 16.5 550.2 132.2 793.3 2019 28.0 21.7 504.9 133.8 802.9 2018 31.5 7.8 166.8 67.0 402.2 Year-end proved undeveloped reserves: 2020 (12) 8.2 0.9 19.1 12.2 73.2 2019 9.8 2.8 66.2 23.6 141.6 2018 7.6 2.0 43.7 17.0 101.9 |
Schedule Of Prices Weighted By Field Production Related To The Proved Reserves [Table Text Block] | December 31, 2020 2019 2018 2017 Oil - per barrel $ 37.78 $ 58.11 $ 65.21 $ 46.58 NGLs per barrel 10.29 18.72 29.73 22.65 Natural gas per Mcf 2.05 2.63 3.13 2.86 |
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block] | Year Ended December 31, 2020 2019 2018 Standardized Measure of Discounted Future Net Cash Flows Future cash inflows $ 2,561.2 $ 4,153.8 $ 3,500.9 Future costs: Production (1,257.4 ) (1,901.1 ) (958.5 ) Development and abandonment (707.4 ) (794.7 ) (628.3 ) Income taxes (60.5 ) (170.5 ) (293.9 ) Future net cash inflows before 10% discount 535.9 1,287.5 1,620.2 10% annual discount factor (42.2 ) (300.6 ) (553.2 ) Total $ 493.7 $ 986.9 $ 1,067.0 |
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block] | Year Ended December 31, 2020 2019 2018 Changes in Standardized Measure Standardized measure, beginning of year $ 986.9 $ 1,067.0 $ 740.6 Increases (decreases): Sales and transfers of oil and gas produced, net of production costs (168.6 ) (315.8 ) (398.1 ) Net changes in price, net of future production costs (503.7 ) (376.4 ) 571.5 Extensions and discoveries, net of future production and development costs 2.8 27.0 53.6 Changes in estimated future development costs (15.9 ) (6.0 ) (114.7 ) Previously estimated development costs incurred 1.4 19.3 48.4 Revisions of quantity estimates (65.2 ) 116.4 307.6 Accretion of discount 111.8 107.4 50.5 Net change in income taxes 87.7 62.9 (133.4 ) Purchases of reserves in-place 44.6 298.3 27.8 Sales of reserves in-place — — (54.1 ) Changes in production rates due to timing and other 11.9 (13.2 ) (32.7 ) Net (decrease) increase (493.2 ) (80.1 ) 326.4 Standardized measure, end of year $ 493.7 $ 986.9 $ 1,067.0 |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies (Details Textual) Pure in Thousands, $ in Thousands | Apr. 15, 2020USD ($) | Oct. 18, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Gas Balancing Asset (Liability) | $ 3,500 | $ 3,600 | |||
Impairment of Oil and Gas Properties | $ 0 | 0 | $ 0 | ||
Proved Undeveloped Reserves Classification, Period to be Drilled (Year) | 5 years | ||||
Proceeds from Paycheck Protection Program Under CARES Act | $ 8,400 | ||||
Increase (Decrease), Operating Lease Expense | $ (2,300) | ||||
Increase (Decrease), General and Administrative Expense | 4,200 | ||||
Increase (Decrease), Interest Expense, Net | 1,900 | ||||
Gain (Loss) on Extinguishment of Debt, Total | 47,469 | $ 0 | 47,109 | ||
Refinancing Transaction [Member] | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ 47,100 | $ 47,100 | |||
Senior Second Lien Notes Due November 2023 [Member] | |||||
Extinguishment of Debt, Amount | 72,500 | ||||
Repayments of Long-term Debt, Total | 23,900 | ||||
Gain (Loss) on Extinguishment of Debt, Total | $ 47,500 | ||||
Interest Rate Contract [Member] | |||||
Derivative, Number of Instruments Held, Total | 0 | 0 | 0 | ||
Furniture, Fixtures and Non-oil and Natural Gas Property and Equipment [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Furniture, Fixtures and Non-oil and Natural Gas Property and Equipment [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies - Percentage of Revenue by Major Customers (Details) - Customer Concentration Risk [Member] - Revenue from Contract with Customer Benchmark [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
BP Products North America [Member] | |||
Concentration risk percentage | 39.00% | 40.00% | 20.00% |
Mercuria Energy America Inc. [Member] | |||
Concentration risk percentage | 10.00% | ||
Shell Trading (US) Co. [Member] | |||
Concentration risk percentage | 11.00% | 30.00% | |
Vitol Inc. [Member] | |||
Concentration risk percentage | 12.00% | 14.00% | |
Williams Field Services [Member] | |||
Concentration risk percentage | 13.00% |
Note 1 - Significant Accounti_5
Note 1 - Significant Accounting Policies - Credit Risk and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for credit losses, beginning of period | $ 9,898 | $ 9,692 | $ 9,114 |
Additional provisions for the year | 417 | 206 | 1,233 |
Uncollectible accounts written off or collected | (1,192) | 0 | (655) |
Allowance for credit losses, end of period | $ 9,123 | $ 9,898 | $ 9,692 |
Note 1 - Significant Accounti_6
Note 1 - Significant Accounting Policies - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives - current | [1] | $ 2,752 | $ 7,266 |
Unamortized bonds/insurance premiums | 4,717 | 4,357 | |
Prepaid deposits related to royalties | 4,473 | 7,980 | |
Prepayment to vendors | 1,429 | 10,202 | |
Other | 461 | 886 | |
Prepaid expenses and other assets | $ 13,832 | $ 30,691 | |
[1] | Includes both open and closed contracts. |
Note 1 - Significant Accounti_7
Note 1 - Significant Accounting Policies - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Oil and natural gas properties and equipment | $ 8,567,509 | $ 8,532,196 |
Furniture, fixtures and other | 20,847 | 20,317 |
Total property and equipment | 8,588,356 | 8,552,513 |
Less accumulated depreciation, depletion and amortization | 7,901,478 | 7,803,715 |
Oil and natural gas properties and other, net | $ 686,878 | $ 748,798 |
Note 1 - Significant Accounti_8
Note 1 - Significant Accounting Policies - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ROU assets (Note 7) | $ 11,509 | $ 7,936 |
Unamortized debt issuance costs | 2,094 | 3,798 |
Investment in White Cap, LLC | 2,699 | 2,590 |
Derivatives | 2,762 | 2,653 |
Unamortized brokerage fee for Monza | 626 | 3,423 |
Proportional consolidation of Monza's other assets (Note 4) | 1,782 | 5,308 |
Appeal bond deposits | 0 | 6,925 |
Other assets, long-term | 998 | 814 |
Total other assets | $ 22,470 | $ 33,447 |
Note 1 - Significant Accounti_9
Note 1 - Significant Accounting Policies - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total accrued liabilities | $ 29,880 | $ 30,896 |
Accrued Liabilities [Member] | ||
Accrued interest | 10,389 | 10,180 |
Accrued salaries/payroll taxes/benefits | 4,009 | 2,377 |
Incentive compensation plans | 0 | 9,794 |
Litigation accruals | 436 | 3,673 |
Lease liability (Note 7) | 394 | 2,716 |
Derivatives | 13,620 | 1,785 |
Other | $ 1,032 | $ 371 |
Note 1 - Significant Account_10
Note 1 - Significant Accounting Policies - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total other liabilities (long-term) | $ 32,938 | $ 9,988 |
Other Noncurrent Liabilities [Member] | ||
Dispute related to royalty deductions | 5,467 | 4,687 |
Dispute related to royalty-in-kind | 0 | 250 |
Lease liability (Note 7) | 11,360 | 4,419 |
Derivatives | 4,384 | 0 |
Black Elk escrow | 11,103 | 0 |
Other | $ 624 | $ 632 |
Note 2 - Long-term Debt (Detail
Note 2 - Long-term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 18, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 06, 2021 |
Long-Term Debt, Maturity, Year One | $ 0 | ||||
Long-Term Debt, Maturity, Year Two | 80,000 | ||||
Long-Term Debt, Maturity, Year Three | 552,500 | ||||
Gain (Loss) on Extinguishment of Debt, Total | 47,469 | $ 0 | $ 47,109 | ||
Refinancing Transaction [Member] | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ 47,100 | $ 47,100 | |||
Basic Earnings Per Share Adjustment, Pro Forma (in dollars per share) | $ 0.33 | ||||
Senior Second Lien Notes Due November 2023 [Member] | |||||
Debt Instrument, Face Amount | $ 625,000 | 552,460 | 625,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 10.30% | ||||
Extinguishment of Debt, Amount | 72,500 | ||||
Repayments of Long-term Debt, Total | 23,900 | ||||
Gain (Loss) on Extinguishment of Debt, Total | 47,500 | ||||
Write off of Deferred Debt Issuance Cost | $ 1,100 | ||||
Senior Second Lien Notes Due November 2023 [Member] | Debt Instrument, Redemption, Period One [Member] | |||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 104.875% | ||||
Senior Second Lien Notes Due November 2023 [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 102.438% | ||||
Senior Second Lien Notes Due November 2023 [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||
Senior Second Lien Notes Due November 2023 [Member] | Debt Instrument, Redemption, Period Four [Member] | |||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | ||||
Credit Agreement [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 215,000 | ||||
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% | ||||
Commitment Fee if Borrowing Base Utilization Percentage is Below 50% | 0.50% | ||||
Debt Instrument, Covenant, Minimum Percentage of Derivative Contracts | 50.00% | ||||
Letters of Credit Outstanding, Amount | $ 4,400 | $ 5,800 | |||
Line of Credit Facility, Interest Rate During Period | 3.80% | ||||
Credit Agreement [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 190,000 | ||||
Debt Instrument, Anti-cash Hoarding Prepayment, Maximum Cash Balance Threshold | $ 25,000 | ||||
Credit Agreement [Member] | Minimum [Member] | Eurodollar [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Credit Agreement [Member] | Minimum [Member] | Base Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||
Credit Agreement [Member] | Maximum [Member] | Eurodollar [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||
Credit Agreement [Member] | Maximum [Member] | Base Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Credit Agreement [Member] | Line of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | ||||
11.00% 1.5 Lien Term Loan Due November 2019 [Member] | Refinancing Transaction [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | ||||
Extinguishment of Debt, Amount | $ 75,000 | ||||
The Nine Percent Term Loan, due May 15, 2020 [Member] | Refinancing Transaction [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||||
Extinguishment of Debt, Amount | $ 300,000 | ||||
Second Lien PIK Toggle Notes [Member] | Refinancing Transaction [Member] | |||||
Extinguishment of Debt, Amount | $ 177,500 | ||||
Second Lien PIK Toggle Notes [Member] | Minimum [Member] | Refinancing Transaction [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||||
Second Lien PIK Toggle Notes [Member] | Maximum [Member] | Refinancing Transaction [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | ||||
Third Lien PIK Toggle Notes [Member] | Refinancing Transaction [Member] | |||||
Extinguishment of Debt, Amount | $ 160,900 | ||||
Third Lien PIK Toggle Notes [Member] | Minimum [Member] | Refinancing Transaction [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | ||||
Third Lien PIK Toggle Notes [Member] | Maximum [Member] | Refinancing Transaction [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||
Unsecured Senior Notes [Member] | Refinancing Transaction [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | ||||
Extinguishment of Debt, Amount | $ 189,800 |
Note 2 - Long-term Debt - Compo
Note 2 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 18, 2018 | |
Debt instrument | $ 632,460 | $ 730,000 | ||
Total long-term debt | 625,286 | 719,533 | ||
Credit Agreement [Member] | ||||
Debt instrument | [1] | 80,000 | 105,000 | |
Total long-term debt | 80,000 | 105,000 | ||
Senior Second Lien Notes Due November 2023 [Member] | ||||
Debt instrument | [1] | 545,286 | 614,533 | |
Principal | 552,460 | 625,000 | $ 625,000 | |
Unamortized debt issuance costs | (7,174) | (10,467) | ||
Total long-term debt | $ 545,286 | $ 614,533 | ||
[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 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives - current | [1] | $ 2,752 | $ 7,266 |
Derivatives instruments - open contracts, long-term | 2,762 | 2,653 | |
Open Contracts [Member] | |||
Derivatives - current | 2,705 | 6,921 | |
Derivatives instruments - open contracts, long-term | 2,762 | 2,653 | |
Derivatives instruments - open contracts, current | 13,291 | 1,785 | |
Derivatives | $ 4,384 | $ 0 | |
[1] | Includes both open and closed contracts. |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term debt, carrying value | $ 625,286 | $ 719,533 |
Credit Agreement [Member] | ||
Long-term debt, carrying value | 80,000 | 105,000 |
Long-term debt, fair value | 80,000 | 105,000 |
Senior Second Lien Notes Due November 2023 [Member] | ||
Long-term debt, carrying value | 545,286 | 614,533 |
Long-term debt, fair value | $ 393,352 | $ 597,188 |
Note 4 - Joint Venture Drilli_2
Note 4 - Joint Venture Drilling Program (Details Textual) - USD ($) $ in Thousands | Mar. 12, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment, Net, Ending Balance | $ 686,878 | $ 748,798 | $ 686,878 | $ 748,798 | ||||||||
Other Assets, Noncurrent, Total | 22,470 | 33,447 | 22,470 | 33,447 | ||||||||
Asset Retirement Obligation, Ending Balance | 392,704 | 355,594 | 392,704 | 355,594 | $ 310,137 | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 94,748 | $ 72,517 | $ 55,241 | $ 124,128 | 151,894 | $ 132,221 | $ 134,701 | $ 116,080 | 346,634 | 534,896 | $ 580,706 | |
Monza Energy, LLC [Member] | ||||||||||||
Asset Retirement Obligation, Ending Balance | 200 | 200 | ||||||||||
Increase (Decrease) in Working Capital | 1,300 | |||||||||||
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 | 9,900 | 16,100 | 9,900 | 16,100 | ||||||||
Other Assets, Noncurrent, Total | 1,800 | 5,300 | 1,800 | 5,300 | ||||||||
Asset Retirement Obligation, Ending Balance | 100 | 100 | ||||||||||
Increase (Decrease) in Working Capital | 2,700 | |||||||||||
Cash Call Balance | 7,300 | $ 5,300 | 7,300 | 5,300 | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 8,400 | 11,900 | ||||||||||
Operating Costs and Expenses, Total | 12,100 | $ 7,400 | ||||||||||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | ||||||||||||
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% | |||||||||||
Capital Contribution Payments from Related Party | 289,300 | 289,300 | ||||||||||
Capital Contributions from Related Party During Period | 70,800 | |||||||||||
Capital Contribution Payments to Related Party, Net | $ 51,800 | $ 51,800 | ||||||||||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member] | ||||||||||||
Capital Commitment to Joint Venture | $ 14,500 |
Note 5 - Acquisitions and Div_3
Note 5 - Acquisitions and Divestitures (Details Textual) - USD ($) $ in Thousands | Sep. 28, 2018 | Apr. 05, 2018 | Dec. 31, 2019 | Aug. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payments to Acquire Oil and Gas Property and Equipment, Total | $ 2,919 | $ 188,019 | $ 16,782 | ||||
Permian Basin [Member] | |||||||
Proceeds from Sale of Productive Assets, Total | $ 56,600 | ||||||
Mobile Bay Properties [Member] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 169,800 | ||||||
Payments to Acquire Oil and Gas Property and Equipment, Cash from Long-term Lines of Credit | $ 150,000 | ||||||
Chevron [Member] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 2,200 | ||||||
Magnolia Field Acquisition [Member] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 15,900 | ||||||
Marubeni [Member] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 1,500 | ||||||
Heidelberg Field [Member] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 16,800 | ||||||
Payments to Acquire Oil and Gas Property and Equipment, Cash from Long-term Lines of Credit | $ 9,400 | ||||||
Percentage of Non-operated Working Interest Acquired | 9.375% | ||||||
Oil and Gas, Asset Acquisition, Amounts Included in Asset Retirement Obligations, Noncurrent, Total | $ 3,600 | ||||||
Payments to Acquire Oil and Gas Property and Equipment, Total | $ 19,600 |
Note 5 - Acquisitions and Div_4
Note 5 - Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Aug. 31, 2019 |
Mobile Bay Properties [Member] | ||
Oil and natural gas properties and other, net - at cost: | $ 192,373 | |
Other assets | 4,838 | |
Current liabilities | 1,559 | |
Asset retirement obligations | 21,684 | |
Other liabilities | $ 4,132 | |
Magnolia Field Acquisition [Member] | ||
Oil and natural gas properties and other, net - at cost: | $ 23,791 | |
Asset retirement obligations | $ 7,842 |
Note 6 - Asset Retirement Obl_3
Note 6 - Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Asset retirement obligations, beginning of period | $ 355,594 | $ 310,137 | ||
Liabilities settled | (3,339) | (11,443) | ||
Asset retirement obligations accretion | 22,521 | 19,460 | $ 18,431 | |
Liabilities incurred and assumed through acquisition | 4,860 | 29,887 | ||
Revisions of estimated liabilities (1) | [1] | 13,068 | 7,553 | |
Asset retirement obligations, end of period | 392,704 | 355,594 | $ 310,137 | |
Less current portion | 17,188 | 21,991 | ||
Long-term | $ 375,516 | $ 333,603 | ||
[1] | Revisions in 2020 and 2019 were due to changes in scope, weather impact, revisions to actual expenses versus estimates and revisions related to non-operated properties. |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | Dec. 31, 2020 |
Office Lease [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 10 years |
Lessee, Operating Lease, Discount Rate | 9.75% |
Pipeline Right-of-way Contracts [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 10 years |
Lessee, Operating Lease, Term of Contract (Year) | 10 years |
Land Acquired in Mobile Bay Properties Acquisition [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Other Leases [Member] | |
Lessee, Operating Lease, Discount Rate | 10.75% |
Note 7 - Leases - Lease Cost (D
Note 7 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating lease cost, excluding short-term leases | $ 3,060 | $ 2,902 | |
Short-term lease cost (1) | [1] | 1,633 | 22,152 |
Total lease cost | $ 4,693 | $ 25,054 | |
[1] | Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the balance sheet. The majority of such costs were recorded within Oil and natural gas properties, net, on the Consolidated Balance Sheet. |
Note 7 - Leases - Lessee Assets
Note 7 - Leases - Lessee Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ROU assets (Note 7) | $ 11,509 | $ 7,936 |
Other Noncurrent Assets [Member] | ||
ROU assets (Note 7) | 11,509 | 7,936 |
Accrued Liabilities [Member] | ||
Accrued liabilities | 394 | 2,716 |
Other Noncurrent Liabilities [Member] | ||
Other liabilities | 11,360 | 4,419 |
Accrued Liabilities and Other Noncurrent Liabilities [Member] | ||
Total lease liability | $ 11,754 | $ 7,135 |
Note 7 - Leases - Weighted Aver
Note 7 - Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted average remaining lease term: (Year) | 14 years 9 months 18 days | 14 years 3 months 18 days |
Weighted average discount rate: | 10.20% | 10.40% |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating cash outflow from operating leases | $ 1,825 | $ 1,827 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 5,142 | $ 6,373 |
Note 7 - Leases - Undiscounted
Note 7 - Leases - Undiscounted Future Minimum Payment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 394 | |
2022 | 1,134 | |
2023 | 1,625 | |
2024 | 2,023 | |
2025 | 1,512 | |
Thereafter | 17,461 | |
Total lease payments | 24,149 | |
Present value adjustment | (12,395) | |
Accrued Liabilities and Other Noncurrent Liabilities [Member] | ||
Total | $ 11,754 | $ 7,135 |
Note 8 - Restricted Deposits _2
Note 8 - Restricted Deposits for ARO (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Deposits for Asset Retirement Obligations [Member] | ||
Escrow Deposit | $ 13,900 | |
Other Noncurrent Liabilities [Member] | ||
Escrow Liability, Noncurrent | $ 11,103 | $ 0 |
Note 9 - Derivative Financial_3
Note 9 - Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details) | 12 Months Ended |
Dec. 31, 2020BTU$ / sharesbbl | |
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, One [Member] | |
Notional Quantity | 3,650,000 |
Strike Price (in dollars per share) | $ 2.62 |
Notional Quantity (MMBtu/day) (British Thermal Unit) | BTU | 10,000 |
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Two [Member] | |
Notional Quantity | 620,000 |
Strike Price (in dollars per share) | $ 2.79 |
Notional Quantity (MMBtu/day) (British Thermal Unit) | BTU | 20,000 |
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Three [Member] | |
Notional Quantity | 840,000 |
Strike Price (in dollars per share) | $ 2.79 |
Notional Quantity (MMBtu/day) (British Thermal Unit) | BTU | 30,000 |
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Four [Member] | |
Notional Quantity | 970,075 |
Strike Price (in dollars per share) | $ 2.69 |
Notional Quantity (MMBtu/day) (British Thermal Unit) | BTU | 10,544 |
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 1 [Member] | |
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 4,000 |
Notional Quantity | 1,460,000 |
Strike Price (in dollars per share) | $ 42.06 |
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 2 [Member] | |
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 3,000 |
Notional Quantity | 177,000 |
Strike Price (in dollars per share) | $ 42.98 |
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 3 [Member] | |
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 2,044 |
Notional Quantity | 188,006 |
Strike Price (in dollars per share) | $ 42.33 |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member] | |
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 1,770 |
Notional Quantity | 750,422 |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member] | Put Option [Member] | |
Strike Price (in dollars per share) | $ 35 |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member] | Call Option [Member] | |
Strike Price (in dollars per share) | $ 50 |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member] | |
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 2,000 |
Notional Quantity | 184,000 |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member] | Put Option [Member] | |
Strike Price (in dollars per share) | $ 35 |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member] | Call Option [Member] | |
Strike Price (in dollars per share) | $ 48.50 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | |
Notional Quantity | 29,200,000 |
Notional Quantity (MMBtu/day) (British Thermal Unit) | BTU | 40,000 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | Put Option [Member] | |
Strike Price (in dollars per share) | $ 1.83 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | Call Option [Member] | |
Strike Price (in dollars per share) | $ 3 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member] | |
Notional Quantity | 10,950,000 |
Notional Quantity (MMBtu/day) (British Thermal Unit) | BTU | 30,000 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member] | Put Option [Member] | |
Strike Price (in dollars per share) | $ 2.18 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member] | Call Option [Member] | |
Strike Price (in dollars per share) | $ 3 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member] | |
Notional Quantity | 1,770,000 |
Notional Quantity (MMBtu/day) (British Thermal Unit) | BTU | 30,000 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member] | Put Option [Member] | |
Strike Price (in dollars per share) | $ 2.20 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member] | Call Option [Member] | |
Strike Price (in dollars per share) | $ 4.50 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member] | |
Notional Quantity | 92,000 |
Notional Quantity (MMBtu/day) (British Thermal Unit) | BTU | 10,000 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member] | Put Option [Member] | |
Strike Price (in dollars per share) | $ 2.25 |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member] | Call Option [Member] | |
Strike Price (in dollars per share) | $ 3.40 |
NYMEX Natural Gas, Open Call Contracts [Member] | Natural Gas, Open Call Contracts, One [Member] | |
Notional Quantity | 27,960,000 |
Strike Price (in dollars per share) | $ 3 |
Notional Quantity (MMBtu/day) (British Thermal Unit) | BTU | 40,000 |
Note 9 - Derivative Financial_4
Note 9 - Derivative Financial Instruments - Fair Value of Open and Closed Contracts Which Had Not Yet Settled (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Prepaid and other assets – current | [1] | $ 2,752 | $ 7,266 | $ 2,752 | $ 7,266 | |||||||
Other assets – non-current | 2,762 | 2,653 | 2,762 | 2,653 | ||||||||
Derivative loss (gain) | 11,500 | $ 11,200 | $ 15,400 | $ (61,900) | 18,700 | $ (5,900) | $ (1,800) | $ 48,900 | (23,808) | 59,887 | $ (53,798) | |
Accrued Liabilities [Member] | ||||||||||||
Derivatives | 13,620 | 1,785 | 13,620 | 1,785 | ||||||||
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | ||||||||||||
Prepaid and other assets – current | 2,752 | 7,266 | 2,752 | 7,266 | ||||||||
Other assets – non-current | 2,762 | 2,653 | 2,762 | 2,653 | ||||||||
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Accrued Liabilities [Member] | ||||||||||||
Derivatives | $ 13,620 | $ 1,785 | $ 13,620 | $ 1,785 | ||||||||
[1] | Includes both open and closed contracts. |
Note 9 - Derivative Financial_5
Note 9 - Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives cash receipts (payments), net | $ 45,196 | $ 13,941 | $ (28,164) |
Note 10 - Share-based Awards _3
Note 10 - Share-based Awards and Cash-based Awards (Details Textual) - USD ($) $ in Thousands | Feb. 01, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Member] | ||||
Cash Discretionary Bonus | $ 7,600 | |||
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] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 10,347,591 | |||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Grant Date Fair Value | $ 0 | $ 4,500 | $ 6,800 | |
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Grant Date Fair Value | 2,000 | $ 7,000 | $ 11,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 1,200 | |||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Adjustments | 0.00% | 0.00% | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Adjustments | 100.00% | 100.00% | ||
Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 200 | |||
Restricted Stock [Member] | Directors Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 473,244 | |||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Grant Date Fair Value | $ 300 | $ 300 | $ 300 | |
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Grant Date Fair Value | $ 200 | 500 | $ 700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Restricted Stock [Member] | Directors Compensation Plan [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 3.00% | |||
Restricted Stock [Member] | Directors Compensation Plan [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 3.00% | |||
Restricted Stock [Member] | Directors Compensation Plan [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 3.00% | |||
Cash-based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Adjusted EBITDA Less Interest, Minimum | $ 200,000 |
Note 10 - Share-based Awards _4
Note 10 - Share-based Awards and Cash-based Awards - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonvested, units (in shares) | 1,614,722 | 3,355,917 | 5,765,251 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ 5.73 | $ 3.90 | $ 2.48 |
Granted, units (in shares) | 0 | 994,698 | 988,955 |
Granted, weighted average grant date fair value per unit (in dollars per share) | $ 0 | $ 4.51 | $ 6.90 |
Vested, units (in shares) | (787,203) | (1,475,373) | (2,261,665) |
Vested, weighted average grant date fair value per unit (in dollars per share) | $ 6.90 | $ 2.76 | $ 2.21 |
Forfeited, units (in shares) | (63,831) | (1,260,520) | (1,136,624) |
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ 5.80 | $ 3.37 | $ 2.68 |
Nonvested, units (in shares) | 763,688 | 1,614,722 | 3,355,917 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ 4.51 | $ 5.73 | $ 3.90 |
Note 10 - Share-based Awards _5
Note 10 - Share-based Awards and Cash-based Awards - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonvested, units (in shares) | 123,180 | 181,832 | 246,528 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ 4.55 | $ 3.08 | $ 2.27 |
Granted, units (in shares) | 109,376 | 46,360 | 41,544 |
Granted, weighted average grant date fair value per unit (in dollars per share) | $ 2.56 | $ 6.04 | $ 6.74 |
Vested, units (in shares) | (78,428) | (105,012) | (106,240) |
Vested, weighted average grant date fair value per unit (in dollars per share) | $ 2.38 | $ 2.67 | $ 2.64 |
Nonvested, units (in shares) | 154,128 | 123,180 | 181,832 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ 4.24 | $ 4.55 | $ 3.08 |
Note 10 - Share-based Awards _6
Note 10 - Share-based Awards and Cash-based Awards - Schedule of Outstanding Restricted Shares Issued to Non-employee Directors (Details) - Restricted Stock [Member] - shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Awards expected to vest by period (in shares) | 154,128 | 123,180 | 181,832 | 246,528 |
Vesting in 2021 [Member] | ||||
Awards expected to vest by period (in shares) | 138,676 | |||
Vesting in 2022 [Member] | ||||
Awards expected to vest by period (in shares) | 15,452 |
Note 10 - Share-based Awards _7
Note 10 - Share-based Awards and Cash-based Awards - Summary of Incentive Compensation Expense Under Share-based Payment Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based compensation expense | $ 3,959 | $ 3,690 | $ 3,540 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based compensation expense | 3,555 | 3,410 | 3,260 |
Restricted Stock [Member] | |||
Share-based compensation expense | $ 404 | $ 280 | $ 280 |
Note 10 - Share-based Awards _8
Note 10 - Share-based Awards and Cash-based Awards - Summary of Compensation Expense Related to Share-based Awards and Cash-Based Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based compensation expense | $ 3,959 | $ 3,690 | $ 3,540 |
Total charged to operating income | 8,827 | 14,793 | 16,722 |
General and Administrative Expense [Member] | |||
Share-based compensation expense | 3,959 | 3,690 | 3,540 |
Cash-based incentive compensation | 4,019 | 8,897 | 9,586 |
Lease Operating Expense [Member] | |||
Cash-based incentive compensation | $ 849 | $ 2,206 | $ 3,596 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period (Year) | 5 years | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan, Cost | $ 2.3 | $ 2 | $ 2 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Income Taxes Receivable, Current | $ 0 | $ 1,861 | |
Proceeds from Income Tax Refunds | 2,007 | 51,833 | $ 11,126 |
Interest Income Related to Income Tax Refunds | 4,500 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (32,100) | (63,300) | |
Income Tax Benefit Cares Act | 32,100 | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 22,361 | $ 54,436 | |
Open Tax Year | 2017 2018 2019 2020 |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | $ 134 | $ (11,092) | $ 35 | ||||||||
Deferred | (30,287) | (64,102) | 500 | ||||||||
Total income tax (benefit) expense | $ (6,900) | $ (21,100) | $ (8,700) | $ 6,500 | $ (8,200) | $ (55,500) | $ (11,700) | $ 200 | $ (30,153) | $ (75,194) | $ 535 |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Income Taxes Computed to Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax (benefit) expense at the federal statutory rate, amount | $ 1,604 | $ (233) | $ 52,366 | ||||||||
Compensation adjustments, amount | 1,373 | 971 | 457 | ||||||||
State income taxes, amount | 75 | (175) | 560 | ||||||||
Uncertain tax position, amount | 0 | (11,523) | 0 | ||||||||
Impact of U.S. legislative changes | (21,345) | 0 | 487 | ||||||||
Valuation allowance, amount | (12,018) | (64,704) | (53,980) | ||||||||
Other, amount | 158 | 470 | 645 | ||||||||
Income tax (benefit) expense | $ (6,900) | $ (21,100) | $ (8,700) | $ 6,500 | $ (8,200) | $ (55,500) | $ (11,700) | $ 200 | $ (30,153) | $ (75,194) | $ 535 |
Note 12 - Income Taxes - Signif
Note 12 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax liabilities: | ||
Property and equipment | $ 37,535 | $ 21,647 |
Derivatives | 0 | 0 |
Investment in non-consolidated entity | 8,070 | 14,716 |
Other | 2,588 | 2,283 |
Total deferred tax liabilities | 48,193 | 38,646 |
Deferred tax assets: | ||
Property and equipment | 0 | 0 |
Derivatives | 3,416 | 1,409 |
Asset retirement obligations | 84,332 | 76,924 |
Federal net operating losses | 47,307 | 15,265 |
State net operating losses | 8,136 | 7,393 |
Interest expense limitation carryover | 16,304 | 48,458 |
Share-based compensation | 419 | 965 |
Valuation allowance | (22,361) | (54,436) |
Other | 4,843 | 6,584 |
Total deferred tax assets | 142,396 | 102,562 |
Net deferred tax assets | $ 94,203 | $ 63,916 |
Note 12 - Income Taxes - Net Op
Note 12 - Income Taxes - Net Operating Loss, Interest and Tax Credit Carryovers (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Net operating loss, amount | $ 75,341 |
Domestic Tax Authority [Member] | |
Net operating loss, amount | 225,274 |
State and Local Jurisdiction [Member] | |
Net operating loss, amount | $ 136,440 |
Note 12 - Income Taxes - Uncert
Note 12 - Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, beginning of period | $ 0 | $ 9,482 |
Decrease during the period | 0 | (9,482) |
Balance, end of period | $ 0 | $ 0 |
Note 13 - Earnings Per Share -
Note 13 - 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 | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Net income | $ (8,947) | [1] | $ (13,339) | [1] | $ (5,904) | [1] | $ 65,980 | [1] | $ 9,559 | [1] | $ 75,899 | [1] | $ 36,389 | [1] | $ (47,761) | [1] | $ 37,790 | $ 74,086 | $ 248,827 |
Less portion allocated to nonvested shares | 437 | 1,371 | 9,727 | ||||||||||||||||
Net income allocated to common shares | $ 37,353 | $ 72,715 | $ 239,100 | ||||||||||||||||
Weighted average common shares outstanding (in shares) | 141,622 | 140,583 | 139,002 | ||||||||||||||||
Basic and diluted earnings per common share (in dollars per share) | $ (0.06) | [2] | $ (0.09) | [2] | $ (0.04) | [2] | $ 0.46 | [2] | $ 0.07 | [2] | $ 0.53 | [2] | $ 0.25 | [2] | $ (0.34) | [2] | $ 0.26 | $ 0.52 | $ 1.72 |
[1] | During 2020, we recorded a derivative (gain) loss of $(61.9) million, 15.4 million, 11.2 million, and $11.5 million in the first, second, third and fourth quarters, respectively. During 2020, we recorded gain on debt transactions of $47.5 million. During 2020, we recorded income tax expense (benefit) of $6.5 million, ($8.7) million, ($21.1) million and ($6.9) million in the first, second, third and fourth quarters, respectively. During 2019, we recorded a derivative loss (gain) of $48.9 million, ($1.8) million, ($5.9) million, and $18.7 million in the first, second, third and fourth quarters, respectively. During 2019, we recorded income tax expense (benefit) of $0.2 million, ($11.7) million, ($55.5) million and ($8.2) million in the first, second, third and fourth quarters, respectively. | ||||||||||||||||||
[2] | The sum of the individual quarterly earnings (loss) per common share may not agree with the yearly amount due to each quarterly calculation is based on income for that quarter and the weighted average common shares outstanding for that quarter. |
Note 14 - Supplemental Cash F_3
Note 14 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Costs Capitalized Adjustment | $ 0 | $ 0 | $ 0 |
Note 14 - Supplemental Cash F_4
Note 14 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Supplemental cash items: | ||||
Cash paid for income taxes | $ 159 | $ 51 | $ 138 | |
Cash refunds received for income taxes | 2,007 | 51,833 | 11,126 | |
Cash paid for share-based compensation (2) | [1] | 0 | 0 | 1,130 |
Cash received for interest income | 603 | 7,720 | 2,385 | |
Non-cash investing activities: | ||||
Accruals of property and equipment | 3,035 | 29,662 | 18,575 | |
ARO - additions, dispositions and revisions, net | 17,928 | 37,440 | 19,877 | |
Debt Convert to Second Lien Term Loan, due May 2020 [Member] | ||||
Supplemental cash items: | ||||
Cash paid for interest | [2] | $ 59,183 | $ 66,720 | $ 61,501 |
[1] | During 2020 and 2019, only common shares were used to settle vested RSUs and Restricted Shares. During 2018, cash was used to settle vested RSUs related to the retirement of executive officers and shares of common stock were used to settle all other vested RSUs and to settle Restricted Shares. | |||
[2] | During 2018, cash paid for interest included amounts related to the debt instruments issued during 2016, which were accounted for under ASC 470-60 and recorded against the carrying value of the debt instruments on the Consolidated Balance Sheets and included in financing activities on the Consolidated Statements of Cash Flows. No interest was capitalized in the periods presented. |
Note 15 - Commitments (Details
Note 15 - Commitments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expense Relating to Surety Bonds Paid. | $ 5,400 | $ 4,700 | $ 5,900 |
Surety Bonds [Member] | |||
Other Commitment, to be Paid, Year One | 5,800 | ||
Other Commitment, to be Paid, Year Two | 5,600 | ||
Other Commitment, to be Paid, Year Three | 5,700 | ||
Other Commitment, to be Paid, Year Four | 5,600 | ||
Other Commitment, to be Paid, Year Five | 5,600 | ||
Other Commitment, Due after Fifth Year | 57,900 | ||
Surety Bonds [Member] | Other Commitment [Member] | |||
Bonding Requirement, Related To Purchase of Properties Minimum Amount | 64,000 | ||
Bonding Requirement Related To Purchase of Properties Maximum Amount | 94,000 | ||
Surety Bonds [Member] | Total E&P [Member] | |||
Bonding Requirement Related to Purchase of Properties Amount Current Year. | 93,700 | ||
Escrow Deposit | 0 | ||
Bonding Requirement Related to Purchase of Properties Amount, Fifth Anniversary. | 103,000 | ||
Bonding Requirement Related to Purchase of Properties Amount Increment From Second Anniversary. | 3,000 | ||
Surety Bonds [Member] | Exxon [Member] | |||
Bonding Requirement, Related To Purchase of Properties Minimum Amount | 30,000 | ||
Other Commitment, to be Paid, Year One | 33,000 | ||
Other Commitment, to be Paid, Year Two | 36,300 | ||
Other Commitment, to be Paid, Year Three | 40,000 | ||
Other Commitment, to be Paid, Year Four | 44,000 | ||
Other Commitment, to be Paid, Year Five | 48,300 | ||
Other Commitment, Due after Fifth Year | 114,000 | ||
Surety Bonds [Member] | Exxon [Member] | Minimum [Member] | |||
Annual Increase in Other Commitment | 4,000 | ||
Surety Bonds [Member] | Exxon [Member] | Maximum [Member] | |||
Annual Increase in Other Commitment | 9,000 | ||
Surety Bonds [Member] | Conoco [Member] | |||
Bonding Requirement, Related To Purchase of Properties Minimum Amount | 49,000 | ||
Heidelberg Field [Member] | |||
Other Commitment, to be Paid, Year One | 2,500 | ||
Other Commitment, to be Paid, Year Two | 1,800 | ||
Other Commitment, to be Paid, Year Three | 1,200 | ||
Other Commitment, to be Paid, Year Four | 800 | ||
Other Commitment, to be Paid, Year Five | 600 | ||
Other Commitment, Due after Fifth Year | 700 | ||
Other Commitment, Expense | $ 4,500 | $ 4,500 | $ 2,300 |
Note 16 - Related Parties (Deta
Note 16 - Related Parties (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Airplane Services [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 0.3 | $ 1.2 | $ 1.3 |
Marine Transportation and Logistic Services [Member] | |||
Related Party Transaction, Amounts of Transaction | 0.1 | 0.1 | 0.1 |
Repayments of Related Party Debt | $ 14.4 | $ 22.8 | 21 |
CEO and Largest Shareholder [Member] | Senior Second Lien Note Issuance [Member] | |||
Debt Instrument, Face Amount | $ 8 |
Note 17 - Contingencies (Detail
Note 17 - Contingencies (Details Textual) | May 31, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 31, 2020USD ($) | Jul. 25, 2017USD ($) | Jun. 30, 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 | $ 6,900,000 | $ 6,900,000 | |||||
Minerals Management Service Royalties [Member] | Maximum [Member] | ||||||||
Claim Value, Liability Reserve | $ 250,000,000,000 | |||||||
BSEE [Member] | ||||||||
Payment for Civil Penalty | $ 0 | 0 | ||||||
Loss Contingency, Number of Claims Filed | 9 | |||||||
Proposed Civil Penalties | $ 7,700,000 | |||||||
Settlement Agreement, Annual Instalments, Value | 720,000 | |||||||
ONRR Unbundling Initiative [Member] | ||||||||
Payments for Royalties | $ 200,000 | 400,000 | $ 600,000 | |||||
Judicial Ruling [Member] | Apache Corporation [Member] | ||||||||
Loss Contingency, Damages Awarded, Value | $ 49,500,000 | |||||||
Escrow Deposit | $ 49,500,000 | |||||||
Judicial Ruling [Member] | Apache Corporation [Member] | Interest Expense [Member] | ||||||||
Interest Income, Litigation | $ 1,900,000 | |||||||
Judicial Ruling [Member] | Apache Corporation [Member] | Other Noncurrent Assets [Member] | ||||||||
Loss Contingency Accrual, Ending Balance | 49,500,000 | |||||||
Judicial Ruling [Member] | Apache Corporation [Member] | Other Noncurrent Liabilities [Member] | ||||||||
Loss Contingency Accrual, Ending Balance | $ 49,500,000 |
Note 18 - Selected Quarterly _3
Note 18 - Selected Quarterly Financial Data - Unaudited (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ (11,500) | $ (11,200) | $ (15,400) | $ 61,900 | $ (18,700) | $ 5,900 | $ 1,800 | $ (48,900) | $ 23,808 | $ (59,887) | $ 53,798 |
Gain (Loss) on Extinguishment of Debt, Total | 47,469 | 0 | 47,109 | ||||||||
Income Tax Expense (Benefit), Total | $ (6,900) | $ (21,100) | $ (8,700) | $ 6,500 | $ (8,200) | $ (55,500) | $ (11,700) | $ 200 | $ (30,153) | $ (75,194) | $ 535 |
Note 18 - Selected Quarterly _4
Note 18 - Selected Quarterly Financial Data - Unaudited - Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Total revenues | $ 94,748 | $ 72,517 | $ 55,241 | $ 124,128 | $ 151,894 | $ 132,221 | $ 134,701 | $ 116,080 | $ 346,634 | $ 534,896 | $ 580,706 | ||||||||
Operating (loss) income | 349 | (19,510) | (28,041) | 71,811 | 16,847 | 35,399 | 37,379 | (30,976) | 24,609 | 58,649 | 247,027 | ||||||||
Net income | $ (8,947) | [1] | $ (13,339) | [1] | $ (5,904) | [1] | $ 65,980 | [1] | $ 9,559 | [1] | $ 75,899 | [1] | $ 36,389 | [1] | $ (47,761) | [1] | $ 37,790 | $ 74,086 | $ 248,827 |
Basic and diluted earnings per common share (in dollars per share) | $ (0.06) | [2] | $ (0.09) | [2] | $ (0.04) | [2] | $ 0.46 | [2] | $ 0.07 | [2] | $ 0.53 | [2] | $ 0.25 | [2] | $ (0.34) | [2] | $ 0.26 | $ 0.52 | $ 1.72 |
[1] | During 2020, we recorded a derivative (gain) loss of $(61.9) million, 15.4 million, 11.2 million, and $11.5 million in the first, second, third and fourth quarters, respectively. During 2020, we recorded gain on debt transactions of $47.5 million. During 2020, we recorded income tax expense (benefit) of $6.5 million, ($8.7) million, ($21.1) million and ($6.9) million in the first, second, third and fourth quarters, respectively. During 2019, we recorded a derivative loss (gain) of $48.9 million, ($1.8) million, ($5.9) million, and $18.7 million in the first, second, third and fourth quarters, respectively. During 2019, we recorded income tax expense (benefit) of $0.2 million, ($11.7) million, ($55.5) million and ($8.2) million in the first, second, third and fourth quarters, respectively. | ||||||||||||||||||
[2] | The sum of the individual quarterly earnings (loss) per common share may not agree with the yearly amount due to each quarterly calculation is based on income for that quarter and the weighted average common shares outstanding for that quarter. |
Note 19 - Supplemental Oil an_3
Note 19 - Supplemental Oil and Gas Disclosures - Unaudited (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)MMBoe | Dec. 31, 2019USD ($)MMBoe | Dec. 31, 2018USD ($)MMBoe | |
Asset Retirement Obligation, Period Increase (Decrease) Due To Acquisitions Incurred and Revisions | $ | $ 15.2 | $ 37.5 | $ 20.3 |
Seismic Costs | $ | 0.3 | 7.8 | 1.5 |
Geological and Geophysical Costs | $ | $ 4.5 | $ 5.7 | $ 5.4 |
Percentage of Non-operated Proved Developed Non-producing Reserves | 22.10% | ||
Proved Undeveloped Reserve Net Energy Converted Outside of Five Years (Millions of Barrels of Oil Equivalent) | 2.3 | ||
Percentage of Proved Undeveloped Reserves Expected To Be Developed | 19.00% | ||
Present Value Discounted Percentage. | 10.00% | ||
Barrel Equivalent [Member] | Proved Undeveloped Reserves [Member] | |||
Proved Developed and Undeveloped Reserve, Net (Energy), Ending Balance (Millions of Barrels of Oil Equivalent) | 12.2 | ||
Changes Due To Price [Member] | |||
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy) (Millions of Barrels of Oil Equivalent) | 27.7 | 2.3 | |
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent) | 10 | ||
Changes at the Viosca Knoll 823 [Member] | |||
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent) | 1.3 | ||
Ewing Bank 910 Field [Member] | |||
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent) | 0.7 | ||
Mississippi Canyon 800 (Gladden) Field [Member] | |||
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent) | 0.9 | ||
Mobile Bay and Fairway Properties [Member] | |||
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy) (Millions of Barrels of Oil Equivalent) | 26.2 | ||
Mississippi Canyon 243 Field [Member] | |||
Wells Expected To Be Drilled, Year | 2022 | ||
Virgo Deepwater Fields [Member] | |||
Wells Expected To Be Drilled, Year | 2024 |
Note 19 - Supplemental Oil an_4
Note 19 - Supplemental Oil and Gas Disclosures - Unaudited - Capitalized Costs Related to Oil and Natural Gas (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Proved oil and natural gas properties and equipment | $ 8,567.5 | $ 8,532.2 | $ 8,169.9 |
Accumulated depreciation, depletion and amortization related to oil, NGLs and natural gas activities | (7,890.9) | (7,793.3) | (7,665.1) |
Net capitalized costs related to producing activities | $ 676.6 | $ 738.9 | $ 504.8 |
Note 19 - Supplemental Oil an_5
Note 19 - Supplemental Oil and Gas Disclosures - Cost Incurred in Oil and Gas Property Acquisition Exploration and Development Activities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Costs incurred: (1) | ||||
Proved properties acquisitions | [1] | $ 8.1 | $ 223.8 | $ 24.1 |
Exploration (2) (3) | [1],[2],[3] | 7.4 | 30.6 | 49.9 |
Development | [1] | 23.6 | 114.5 | 56.2 |
Total costs incurred in oil and gas property acquisition, exploration and development activities | [1] | $ 39.1 | $ 368.9 | $ 130.2 |
[1] | Includes net additions from capitalized ARO of of $18.0 million, $37.5 million, and $20.3 million during 2020, 2019, and 2018, respectively. These adjustments for ARO are associated with acquisitions, liabilities incurred, divestitures and revisions of estimates. | |||
[2] | Includes geological and geophysical costs charged to expense of of $4.5 million, $5.7 million, and $5.4 million during 2020, 2019, and 2018, respectively. | |||
[3] | Includes seismic costs of $0.3 million, $7.8 million, and $1.5 million incurred during 2020, 2019, and 2018, respectively. |
Note 19 - Supplemental Oil an_6
Note 19 - Supplemental Oil and Gas Disclosures - Schedule of Depreciation, Depletion, Amortization and Accretion Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, depletion, amortization and accretion per Boe | $ 7.82 | $ 10.01 | $ 11.24 |
Note 19 - Supplemental Oil an_7
Note 19 - Supplemental Oil and Gas Disclosures - Estimated Quantities of Net Proved, Proved Developed and Proved Undeveloped Oil, NGLs and Natural Gas Reserves (Details) Mcfe in Millions, ft³ in Billions, Boe in Billions | 12 Months Ended | ||||||
Dec. 31, 2020MMBoeMcfeMMBblsft³ | Dec. 31, 2019MMBoeMcfeBoeMMBblsft³ | Dec. 31, 2018MMBoeMcfeBoeMMBblsft³ | |||||
Oil [Member] | |||||||
Proved reserves, balance (Million Barrels of Oil) | 37.8 | 39.1 | 34.4 | ||||
Revisions of previous estimates (Million Barrels of Oil) | (0.9) | [1] | 1.4 | [2] | 11.6 | [3] | |
Extensions and discoveries (Million Barrels of Oil) | 0.2 | [4] | 0.9 | [5] | 0.5 | [6] | |
Purchase of minerals in place (Million Barrels of Oil) | 0.7 | [7] | 3.1 | [8] | 1.5 | [9] | |
Sales of minerals in place (Million Barrels of Oil) | [10] | (2.2) | |||||
Production (Million Barrels of Oil) | (5.6) | (6.7) | (6.7) | ||||
Proved reserves, balance (Million Barrels of Oil) | 32.2 | 37.8 | 39.1 | ||||
Proved reserves, ending balance (Million Barrels of Oil) | 24 | 28 | 31.5 | ||||
Undeveloped reserves, ending balance (Million Barrels of Oil) | 8.2 | [11] | 9.8 | 7.6 | |||
Natural Gas Liquids [Member] | |||||||
Proved reserves, balance (Million Barrels of Oil) | 24.5 | 9.8 | 7.8 | ||||
Revisions of previous estimates (Million Barrels of Oil) | (5.9) | [1] | (1.5) | [2] | 2.8 | [3] | |
Extensions and discoveries (Million Barrels of Oil) | 0 | [4] | 0.1 | [5] | 0.3 | [6] | |
Purchase of minerals in place (Million Barrels of Oil) | 0.4 | [7] | 17.4 | [8] | 0.4 | [9] | |
Sales of minerals in place (Million Barrels of Oil) | [10] | (0.2) | |||||
Production (Million Barrels of Oil) | (1.7) | (1.3) | (1.3) | ||||
Proved reserves, balance (Million Barrels of Oil) | 17.3 | 24.5 | 9.8 | ||||
Proved reserves, ending balance (Million Barrels of Oil) | 16.5 | 21.7 | 7.8 | ||||
Undeveloped reserves, ending balance (Million Barrels of Oil) | 0.9 | [11] | 2.8 | 2 | |||
Natural Gas [Member] | |||||||
Proved reserves, balance (Million Barrels of Oil) | ft³ | 571.1 | 210.5 | 192.2 | ||||
Revisions of previous estimates (Million Barrels of Oil) | ft³ | 31.6 | [1] | (16.9) | [2] | 40.4 | [3] | |
Extensions and discoveries (Million Barrels of Oil) | ft³ | 0.2 | [4] | 1.2 | [5] | 7.7 | [6] | |
Purchase of minerals in place (Million Barrels of Oil) | ft³ | 14.8 | [7] | 417.6 | [8] | 9.4 | [9] | |
Sales of minerals in place (Million Barrels of Oil) | ft³ | [10] | (7.2) | |||||
Production (Million Barrels of Oil) | ft³ | (48.4) | (41.3) | (32) | ||||
Proved reserves, balance (Million Barrels of Oil) | ft³ | 569.3 | 571.1 | 210.5 | ||||
Proved reserves, ending balance (Million Barrels of Oil) | ft³ | 550.2 | 504.9 | 166.8 | ||||
Undeveloped reserves, ending balance (Million Barrels of Oil) | ft³ | 19.1 | [11] | 66.2 | 43.7 | |||
Oil Equivalent [Member] | |||||||
Proved reserves, balance (Millions of Barrels of Oil Equivalent) | MMBoe | [12] | 157.4 | 84 | 74.2 | |||
Revisions of previous estimates (Millions of Barrels of Oil Equivalent) | MMBoe | [12] | (1.4) | [1] | (3) | [2] | 21.1 | [3] |
Extensions and discoveries (Millions of Barrels of Oil Equivalent) | MMBoe | [12] | 0.2 | [4] | 1.1 | [5] | 2.1 | [6] |
Purchase of minerals in place (Millions of Barrels of Oil Equivalent) | MMBoe | [12] | 3.6 | [7] | 90.1 | [8] | 3.4 | [9] |
Sales of minerals in place (Millions of Barrels of Oil Equivalent) | MMBoe | [10],[12] | (3.5) | |||||
Production (Millions of Barrels of Oil Equivalent) | MMBoe | [12] | (15.4) | (14.8) | (13.3) | |||
Proved reserves, balance (Millions of Barrels of Oil Equivalent) | MMBoe | [12] | 144.4 | 157.4 | 84 | |||
Proved reserves, ending balance (Millions of Barrels of Oil Equivalent) | MMBoe | [12] | 132.2 | 133.8 | 67 | |||
Undeveloped reserves, ending balance (Millions of Barrels of Oil Equivalent) | MMBoe | [12] | 12.2 | [11] | 23.6 | 17 | ||
Natural Gas Equivalent [Member] | |||||||
Proved reserves, balance (Millions of Barrels of Oil Equivalent) | [12] | 944.5 | 504.1 | 445.3 | |||
Revisions of previous estimates (Millions of Barrels of Oil Equivalent) | Mcfe | [12] | (8.8) | [1] | (18.2) | [2] | 126.7 | [3] |
Extensions and discoveries (Millions of Barrels of Oil Equivalent) | Mcfe | [12] | 1.3 | [4] | 6.7 | [5] | 12.6 | [6] |
Purchase of minerals in place (Millions of Barrels of Oil Equivalent) | Mcfe | [12] | 21.8 | [7] | 540.9 | [8] | 20.7 | [9] |
Sales of minerals in place (Millions of Barrels of Oil Equivalent) | Mcfe | [10],[12] | (21.2) | |||||
Production (Millions of Barrels of Oil Equivalent) | [12] | (92.3) | (89) | (80) | |||
Proved reserves, balance (Millions of Barrels of Oil Equivalent) | [12] | 866.5 | 944.5 | 504.1 | |||
Proved reserves, ending balance (Millions of Barrels of Oil Equivalent) | Mcfe | [12] | 793.3 | 802.9 | 402.2 | |||
Undeveloped reserves, ending balance (Millions of Barrels of Oil Equivalent) | Mcfe | [12] | 73.2 | [11] | 141.6 | 101.9 | ||
[1] | Decreases of 27.7 MMBoe were due to price revisions for all proved reserves. Increases of 26.2 MMBoe were primarily related to technical revisions at our Mobile Bay and Fairway properties. | ||||||
[2] | Increases primarily related to upward revisions to our Ship Shoal 028 field and our Main Pass 108 field. Decreases of 10.0 MMBoe were due to price revisions for all proved reserves, which include estimated price revisions of the purchase of minerals in place from the date of purchase to December 31, 2019. | ||||||
[3] | Primarily related to upward revisions at our Mahogany field and our Ship Shoal 028 field. Additionally, increases of 2.3 MMBoe were due to price revisions. | ||||||
[4] | Primarily related to the discovery at East Cameron 338 field. | ||||||
[5] | Primarily related to extensions and discoveries of 0.9 MMBoe at our Mississippi Canyon 800 (Gladden) field. | ||||||
[6] | Primarily related to extensions and discoveries of 1.3 MMBoe at our Viosca Knoll 823 (Virgo) field and 0.7 MMBoe at our Ewing Bank 910 field. | ||||||
[7] | Primarily related to the Mobile Bay Properties and Mahogany working interest acquisitions. | ||||||
[8] | Primarily related to the Mobile Bay Properties and Magnolia acquisitions. | ||||||
[9] | Primarily related to our Ship Shoal 028 field and our Green Canyon 859 field (Heidelberg). | ||||||
[10] | Primarily related to conveyance of interest in properties related to the JV Drilling Program. | ||||||
[11] | We believe that we will be able to develop all but 2.3 MMBoe (approximately 19%) of the total of 12.2 MMBoe reserves classified as proved undeveloped (“PUDs”) at December 31, 2020, within five years from the date such reserves were initially recorded. The lone exceptions are at the Mississippi Canyon 243 field ("Matterhorn") and Viosca Knoll 823 ("Virgo") deepwater fields where future development drilling has been planned as sidetracks of existing wellbores due to conductor slot limitations and rig availability. Two sidetrack PUD locations, one each at Matterhorn and Virgo, will be delayed until an existing well is depleted and available to sidetrack. We also plan to recomplete and convert an existing producer at Matterhorn to water injection for improved recovery following depletion of existing well. Based on the latest reserve report, these PUD locations are expected to be developed in 2022 and 2024. | ||||||
[12] | The conversion to barrels of oil equivalent and cubic feet equivalent were determined using the energy-equivalent ratio of six Mcf of natural gas to one barrel of crude oil, condensate or NGLs (totals may not compute due to rounding). The energy-equivalent ratio does not assume price equivalency, and the energy-equivalent prices for crude oil, NGLs and natural gas may differ significantly. |
Note 19 - Supplemental Oil an_8
Note 19 - Supplemental Oil and Gas Disclosures - Schedule of Prices Weighted by Field Production Related to Proved Reserves (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Oil [Member] | ||||
Weighted price | $ 37.78 | $ 58.11 | $ 65.21 | $ 46.58 |
Natural Gas Liquids [Member] | ||||
Weighted price | 10.29 | 18.72 | 29.73 | 22.65 |
Natural Gas [Member] | ||||
Weighted price | $ 2.05 | $ 2.63 | $ 3.13 | $ 2.86 |
Note 19 - Supplemental Oil an_9
Note 19 - Supplemental Oil and Gas Disclosures - Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Standardized Measure of Discounted Future Net Cash Flows | ||||
Future cash inflows | $ 2,561.2 | $ 4,153.8 | $ 3,500.9 | |
Production | (1,257.4) | (1,901.1) | (958.5) | |
Development and abandonment | (707.4) | (794.7) | (628.3) | |
Income taxes | (60.5) | (170.5) | (293.9) | |
Future net cash inflows before 10% discount | 535.9 | 1,287.5 | 1,620.2 | |
10% annual discount factor | (42.2) | (300.6) | (553.2) | |
Total | $ 493.7 | $ 986.9 | $ 1,067 | $ 740.6 |
Note 19 - Supplemental Oil a_10
Note 19 - Supplemental Oil and Gas Disclosures - Change in Standard Measure of Discounted Future Net Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in Standardized Measure | |||
Standardized measure, beginning of year | $ 986.9 | $ 1,067 | $ 740.6 |
Sales and transfers of oil and gas produced, net of production costs | (168.6) | (315.8) | (398.1) |
Net changes in price, net of future production costs | (503.7) | (376.4) | 571.5 |
Extensions and discoveries, net of future production and development costs | 2.8 | 27 | 53.6 |
Changes in estimated future development costs | (15.9) | (6) | (114.7) |
Previously estimated development costs incurred | 1.4 | 19.3 | 48.4 |
Revisions of quantity estimates | (65.2) | 116.4 | 307.6 |
Accretion of discount | 111.8 | 107.4 | 50.5 |
Net change in income taxes | (87.7) | (62.9) | 133.4 |
Purchases of reserves in-place | 44.6 | 298.3 | 27.8 |
Sales of reserves in-place | 0 | 0 | (54.1) |
Changes in production rates due to timing and other | 11.9 | (13.2) | (32.7) |
Net (decrease) increase | (493.2) | (80.1) | 326.4 |
Standardized measure, end of year | $ 493.7 | $ 986.9 | $ 1,067 |