W&T Offshore (WTI) 10-Q4 Aug 212021 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2021	Jul. 31, 2021
Document Information [Line Items]
Entity Central Index Key	0001288403
Entity Registrant Name	W&T OFFSHORE INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-32414
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	72-1121985
Entity Address, Address Line One	5718 Westheimer Road, 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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.00001
Trading Symbol	WTI
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		142,367,242

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 209,148	$ 43,726
Receivables:
Oil and natural gas sales	50,220	38,830
Joint interest, net	11,750	10,840
Total receivables	61,970	49,670
Prepaid expenses and other assets (Note 1)	30,705	13,832
Total current assets	301,823	107,228
Oil and natural gas properties and other, net (Note 1)	657,657	686,878
Restricted deposits for asset retirement obligations	29,820	29,675
Deferred income taxes	107,337	94,331
Other assets (Note 1)	42,395	22,470
Total assets	1,139,032	940,582
Current liabilities:
Accounts payable	54,624	48,612
Undistributed oil and natural gas proceeds	28,688	19,167
Asset retirement obligations	23,888	17,188
Accrued liabilities (Note 1)	100,363	29,880
Current portion of long-term debt	36,771
Income tax payable	63	153
Total current liabilities	244,397	115,000
Long-term debt: (Note 2)
Principal	730,689	632,460
Unamortized debt issuance costs	(12,773)	(7,174)
Long-term debt, net	717,916	625,286
Asset retirement obligations, less current portion	380,115	375,516
Other liabilities (Note 1)	56,259	32,938
Deferred income taxes	128	128
Commitments and contingencies (Note 11)
Shareholders' deficit:
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued at June 30, 2021 and December 31, 2020
Common stock, $0.00001 par value; 200,000 shares authorized; 145,236 issued and 142,367 outstanding at June 30, 2021; 145,174 issued and 142,305 outstanding at December 31, 2020	1	1
Additional paid-in capital	551,260	550,339
Retained deficit	(786,877)	(734,459)
Treasury stock, at cost; 2,869 shares at June 30, 2021 and December 31, 2020	(24,167)	(24,167)
Total shareholders' deficit	(259,783)	(208,286)
Total liabilities and shareholders' deficit	$ 1,139,032	$ 940,582

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	200,000	200,000
Common stock, shares issued (in shares)	145,236	145,174
Common stock, shares outstanding (in shares)	142,367	142,305
Treasury stock, shares (in shares)	2,869	2,869

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 132,828	$ 55,241	$ 258,476	$ 179,369
Operating costs and expenses:
Lease operating expenses	47,552	28,313	89,909	83,088
Production taxes	1,956	1,143	3,952	2,059
Gathering and transportation	4,824	3,301	9,143	8,750
Depreciation, depletion, amortization and accretion	30,952	29,483	57,589	68,609
General and administrative expenses	13,986	5,628	24,698	19,591
Derivative loss (gain)	81,440	15,414	106,020	(46,498)
Total costs and expenses	180,710	83,282	291,311	135,599
Operating (loss) income	(47,882)	(28,041)	(32,835)	43,770
Interest expense, net	16,530	14,816	31,564	31,926
Gain on debt transactions	0	(28,968)	0	(47,469)
Other expense, net		751	963	1,474
(Loss) income before income taxes	(64,412)	(14,640)	(65,362)	57,839
Income tax benefit	(12,740)	(8,736)	(12,944)	(2,237)
Net (loss) income	$ (51,672)	$ (5,904)	$ (52,418)	$ 60,076
Basic and diluted (loss) earnings per common share (in dollars per share)	$ (0.36)	$ (0.04)	$ (0.37)	$ 0.42
Oil and Condensate [Member]
Revenues:
Total revenues	$ 88,013	$ 30,645	$ 166,153	$ 115,295
Natural Gas Liquids [Member]
Revenues:
Total revenues	8,833	1,917	18,193	8,369
Natural Gas, Production [Member]
Revenues:
Total revenues	32,470	21,364	68,679	50,664
Product and Service, Other [Member]
Revenues:
Total revenues	$ 3,512	$ 1,315	$ 5,451	$ 5,041

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Common Stock Outstanding [Member]	Total
Balances (in shares) at Dec. 31, 2019			2,869	141,669
Balances at Dec. 31, 2019	$ 547,050	$ (772,249)	$ (24,167)	$ 1	$ (249,365)
Share-based compensation	2,067				2,067
Net (loss) income		60,076			60,076
Balances (in shares) at Jun. 30, 2020			2,869	141,669
Balances at Jun. 30, 2020	549,117	(712,173)	$ (24,167)	$ 1	(187,222)
Balances (in shares) at Mar. 31, 2020			2,869	141,669
Balances at Mar. 31, 2020	548,098	(706,269)	$ (24,167)	$ 1	(182,337)
Share-based compensation	1,019	0	0	0	1,019
Stock Issued	0	0	$ 0	$ 0	0
Net (loss) income		(5,904)			(5,904)
Balances (in shares) at Jun. 30, 2020			2,869	141,669
Balances at Jun. 30, 2020	549,117	(712,173)	$ (24,167)	$ 1	(187,222)
Balances (in shares) at Dec. 31, 2020			2,869	142,305
Balances at Dec. 31, 2020	550,339	(734,459)	$ (24,167)	$ 1	(208,286)
Share-based compensation	921				921
Stock Issued (in shares)				62
Net (loss) income		(52,418)			(52,418)
Balances (in shares) at Jun. 30, 2021			2,869	142,367
Balances at Jun. 30, 2021	551,260	(786,877)	$ (24,167)	$ 1	(259,783)
Balances (in shares) at Mar. 31, 2021			2,869	142,305
Balances at Mar. 31, 2021	550,793	(735,205)	$ (24,167)	$ 1	(208,578)
Share-based compensation	467	0	$ 0	$ 0	467
Stock Issued (in shares)			0	62
Stock Issued	0	0	$ 0	$ 0	0
Net (loss) income	0	(51,672)	$ 0	$ 0	(51,672)
Balances (in shares) at Jun. 30, 2021			2,869	142,367
Balances at Jun. 30, 2021	$ 551,260	$ (786,877)	$ (24,167)	$ 1	$ (259,783)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Operating activities:
Net (loss) income	$ (51,672)	$ (5,904)	$ (52,418)	$ 60,076
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion			57,589	68,609
Amortization of debt items and other items			2,967	3,682
Share-based compensation			921	2,067
Derivative loss (gain)	81,440	15,414	106,020	(46,498)
Derivative cash (payments) receipts, net			(41,130)	37,566
Gain on debt transactions	0	(28,968)	0	(47,469)
Deferred income taxes			(13,006)	(2,207)
Changes in operating assets and liabilities:
Oil and natural gas receivables			(11,390)	34,984
Joint interest receivables			(910)	4,743
Prepaid expenses and other assets			(17,605)	3,505
Income tax			(92)	2,008
Asset retirement obligation settlements			(11,213)	(2,164)
Cash advances from JV partners			(3,925)	5,850
Accounts payable, accrued liabilities and other			30,386	(31,274)
Net cash provided by operating activities			46,194	93,478
Investing activities:
Investment in oil and natural gas properties and equipment			(5,856)	(14,138)
Changes in operating assets and liabilities associated with investing activities			(3,078)	(25,811)
Acquisition of property interests			0	(456)
Purchases of furniture, fixtures and other			2	(70)
Net cash used in investing activities			(8,932)	(40,475)
Financing activities:
Borrowings on credit facility				25,000
Repayments on credit facility			(80,000)	(50,000)
Purchase of Senior Second Lien Notes			0	(23,930)
Proceeds from Term Loan			215,000
Debt issuance costs and other			(6,840)
Net cash provided by (used in) financing activities			128,160	(48,930)
Increase in cash and cash equivalents			165,422	4,073
Cash and cash equivalents, beginning of period			43,726	32,433	$ 32,433
Cash and cash equivalents, end of period	$ 209,148	$ 36,506	$ 209,148	$ 36,506	$ 43,726

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2021
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Basis of Presentation Operations. Interim Financial Statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates. Accounting Standards Updates effective January 1, 2021 Simplifying the Accounting for Income Taxes. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Revenue Recognition . Employee Retention Credit. General and administrative expenses Credit Risk and Allowance for Credit Losses. Prepaid Expenses and Other Assets. June 30, 2021 December 31, 2020 Derivatives – current (1) $ 14,021 $ 2,752 Unamortized insurance/bond premiums 6,195 4,717 Prepaid deposits related to royalties 4,544 4,473 Prepayment to vendors 4,775 1,429 Other 1,170 461 Prepaid expenses and other assets $ 30,705 $ 13,832 (1) Includes closed contracts which have not yet settled. Oil and Natural Gas Properties and Other, Net. June 30, 2021 December 31, 2020 Oil and natural gas properties and equipment, at cost $ 8,583,983 $ 8,567,509 Furniture, fixtures and other 20,845 20,847 Total property and equipment 8,604,828 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment 7,947,171 7,901,478 Oil and natural gas properties and other, net $ 657,657 $ 686,878 Other Assets (long-term). June 30, 2021 December 31, 2020 Right-of-Use assets $ 10,783 $ 11,509 Unamortized debt issuance costs 1,333 2,094 Investment in White Cap, LLC 2,995 2,699 Unamortized brokerage fee for Monza — 626 Proportional consolidation of Monza's other assets (Note 5) 4,209 1,782 Derivatives 21,005 2,762 Other 2,070 998 Total other assets (long-term) $ 42,395 $ 22,470 Accrued Liabilities. June 30, 2021 December 31, 2020 Accrued interest $ 10,185 $ 10,389 Accrued salaries/payroll taxes/benefits 4,218 4,009 Litigation accruals 570 436 Lease liability 673 394 Derivatives 82,832 13,620 Other 1,885 1,032 Total accrued liabilities $ 100,363 $ 29,880 Paycheck Protection Program ("PPP") , . Other Liabilities (long-term). June 30, 2021 December 31, 2020 Dispute related to royalty deductions $ 5,247 $ 5,467 Derivatives 28,122 4,384 Lease liability 11,062 11,360 Black Elk escrow 11,102 11,103 Other 726 624 Total other liabilities (long-term) $ 56,259 $ 32,938

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2021
Notes to Financial Statements
Debt [Text Block]	2. Debt The components of our debt are presented in the following table (in thousands): June 30, 2021 December 31, 2020 Term Loan: Principal $ 215,000 $ — Unamortized debt issuance costs (6,718) — Total Term Loan 208,282 — Company Credit Agreement borrowings: — 80,000 Senior Second Lien Notes: Principal 552,460 552,460 Unamortized debt issuance costs (6,055) (7,174) Total Senior Second Lien Notes 546,405 545,286 Less current portion (36,771) — Total long-term debt, net $ 717,916 $ 625,286 Current Portion of Long-Term Debt Term Loan (Subsidiary Credit Agreement) On May 19, 2021, Aquasition LLC (“A-I LLC”) and Aquasition II LLC (“A-II LLC”) (collectively, the “Borrowers”), both Delaware limited liability companies and indirect, wholly-owned subsidiaries of W&T Offshore, Inc., entered into a credit agreement (the “Subsidiary Credit Agreement”) providing for a term loan in an aggregate principal amount equal to $215.0 million (the “Term Loan”). The Term Loan requires quarterly amortization payments commencing September 30, 2021. The Term Loan bears interest at a fixed rate of 7% per annum and will mature on May 19, 2028. The Term Loan is non-recourse to the Company and any subsidiaries other than the Borrowers and the subsidiary that owns the equity in the Borrowers, and is secured by the first lien security interests in the equity of the Borrowers and a first lien mortgage security interest and mortgages on certain assets of the Borrowers (the Mobile Bay Properties, defined below). In exchange for the net cash proceeds received by the Borrowers from the Term Loan, the Company assigned to (a) A-I LLC all of its interests in certain oil and gas leasehold interests and associated wells and units located in State of Alabama waters and U.S. federal waters in the offshore Gulf of Mexico, Mobile Bay region (such assets, the “Mobile Bay Properties”) and (b) A-II LLC its interest in certain gathering and processing assets located (i) in State of Alabama waters and U.S. federal waters in the offshore Gulf of Mexico, Mobile Bay region and (ii) onshore near Mobile, Alabama, including offshore gathering pipelines, an onshore crude oil treating and sweetening facility, an onshore gathering pipeline, and associated assets (such assets, the “Midstream Assets”). A portion of the proceeds to the Company was used to repay the $48.0 million outstanding balance on its reserve-based lending facility under the Company Credit Agreement (defined below), with the majority of the proceeds to W&T expected to be used for general corporate purposes, including oil and gas acquisitions, development activities, and other opportunities to grow the Company’s broader asset base. We refer to the transactions contemplated by the Subsidiary Credit Agreement, including the assignment of the Mobile Bay Properties to A-I LLC and the assignment of the Midstream Assets to A-II LLC as the “Mobile Bay Transaction”. For information about Mobile Bay Transaction refer to Note 4, Mobile Bay Transaction Company Credit Agreement On October 18, 2018, we entered into the Sixth Amended and Restated Credit Agreement (as amended, the “Company Credit Agreement”), which matures on October 18, 2022. On May 19, 2021 , The Sixth Amendment, among other things, (i) amended the Company Credit Agreement to effectuate the Mobile Bay Transaction (as discussed under Term Loan above and Note 4, Mobile Bay Transaction below) by specifically permitting the Mobile Bay Transaction and related transactions under certain covenants and (ii) consented to and waived certain technical defaults arising from the formation of certain company subsidiaries that were formed in advance of, and in order to effectuate, the consummation of the Mobile Bay Transaction and related transactions. On July 15, 2021, the Company entered into a Waiver and Seventh Amendment to Sixth Amended and Restated Credit Agreement (the “Seventh Amendment”) dated effective June 30, 2021, which further amended the Company Credit Agreement. The primary terms and covenants associated with the Company Credit Agreement as of June 30, 2021, as amended by the Sixth and Seventh Amendments, are as follows, with capitalized terms defined under the Company Credit Agreement: · The borrowing base was $190.0 million, subject to the next redetermination on or about October 1, 2021. · Letters of credit may be issued in amounts up to $30.0 million, provided availability under the Company Credit Agreement exists. · From the period ended June 30, 2020 through the period ended December 31, 2021 ( · During the Waiver Period, the Company will be required to maintain a 2.00 to 1.00 ratio limit of first lien debt outstanding under the Company Credit Agreement on the last day of the most recent quarter to EBITDAX for the trailing four quarters. · Availability under the Company Credit Agreement is subject to semi-annual redeterminations of our borrowing base and, the next scheduled redetermination is to occur on or about October 1, 2021. Subsequent to the October 2021 redetermination, additional redeterminations may be requested at the discretion of either the lenders or the Company. The borrowing base is calculated by our lenders based on their evaluation of our proved reserves and their own internal criteria. Any redetermination by our lenders to change our borrowing base will result in a similar change in the availability under the Company Credit Agreement. The Company currently has no borrowings outstanding under the Company Credit Agreement and has agreed to not to make borrowings under the Company Credit Agreement unless and until the next semi-annual redetermination of our borrowing base occurs and the Company complies with certain revised hedging requirements. The Company used a portion of the proceeds from Mobile Bay Transaction to repay the $48.0 million outstanding balance on its reserve-based lending facility under the Company Credit Agreement. All liens on the Mobile Bay Properties granted to secure obligations under the Company Credit Agreement were released in connection with the transfer of such assets to Borrowers. As of June 30, 2021 and December 31, 2020, we had $4.4 million of letters of credit issued and outstanding under the Company Credit Agreement. No borrowings under the Company Credit Agreement were outstanding as of June 30, 2021 and $80.0 million in borrowings were outstanding under the Company Credit Agreement as of December 31, 2020. The annualized interest rate on borrowings outstanding for the six months ended June 30, 2021 was 3.2%, which excludes debt issuance costs, commitment fees and other fees. 9.75% Senior Second Lien Notes Due 2023 On October 18, 2018, we issued $625.0 million of 9.75% Senior Second Lien Notes due 2023 (the “Senior Second Lien Notes”), which were issued at par with an interest rate of 9.75% per annum and mature on November 1, 2023, and are governed under the terms of the Indenture of the Senior Second Lien Notes (the “Indenture”). The estimated annual effective interest rate on the Senior Second Lien Notes is 10.3%, which includes amortization of debt issuance costs. Interest on the Senior Second Lien Notes is payable in arrears on May 1 and November 1 of each year. During the year ended December 31, 2020, we acquired $72.5 million in principal of our outstanding Senior Second Lien Notes for $23.9 million and recorded a non-cash gain on purchase of debt of $47.5 million, which included a reduction of $1.1 million related to the write-off of unamortized debt issuance costs. No such transactions were completed during the three and six months ended June 30, 2021. As a result of these purchases, $552.5 million in principal amount of Senior Second Lien Notes remains issued and outstanding as of June 30, 2021 and December 31, 2020. The Senior Second Lien Notes are secured by a second-priority lien on all of our assets that are secured under the Company Credit Agreement, which does not include the Mobile Bay Properties and the related Midstream Assets. The Senior Second Lien Notes contain covenants that limit or prohibit our ability and the ability of certain of our subsidiaries to: (i) make investments; (ii) incur additional indebtedness or issue certain types of preferred stock; (iii) create certain liens; (iv) sell assets; (v) enter into agreements that restrict dividends or other payments from the Company’s subsidiaries to the Company; (vi) consolidate, merge or transfer all or substantially all of the assets of the Company; (vii) engage in transactions with affiliates; (viii) pay dividends or make other distributions on capital stock or subordinated indebtedness; and (ix) create subsidiaries that would not be restricted by the covenants of the Indenture. These covenants are subject to exceptions and qualifications set forth in the Indenture. In addition, most of the above described covenants will terminate if both S&P Global Ratings, a division of S&P Global Inc., and Moody’s Investors Service, Inc. assign the Senior Second Lien Notes an investment grade rating and no default exists with respect to the Senior Second Lien Notes. Covenants As of June 30, 2021 and for all prior measurement periods, we were in compliance with all applicable covenants of the Company Credit Agreement and the Indenture. The Seventh Amendment revised certain covenants under the Company Credit Agreement related to hedging our future production and waived compliance with such requirements, including the requirement that certain existing hedge transactions be unwound or terminated, until our next semi-annual borrowing base redetermination occurs. Fair Value Measurements For information about fair value measurements of our long-term debt, refer to Note 3.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	3. Fair Value Measurements Derivative Financial Instruments We measure the fair value of our open derivative financial instruments by applying the income approach, using models with inputs that are classified within Level 2 of the valuation hierarchy. The inputs used for the fair value measurement of our open derivative financial instruments are the exercise price, the expiration date, the settlement date, notional quantities, the implied volatility, the discount curve with spreads and published commodity future prices. Our open derivative financial instruments are reported in the Condensed Consolidated Balance Sheets using fair value. See Note 7 Derivative Financial Instruments The following table presents the fair value of our open derivative financial instruments (in thousands): June 30, 2021 December 31, 2020 Assets: Derivatives instruments - open contracts, current $ 13,111 $ 2,705 Derivatives instruments - open contracts, long-term 21,005 2,762 Liabilities: Derivatives instruments - open contracts, current 74,632 13,291 Derivatives instruments - open contracts, long-term 28,122 4,384 Debt The fair value of the Term Loan was measured using a discounted cash flows model and current market rates. The net value of our debt under the Company Credit Agreement approximates fair value because the interest rates are variable and reflective of current market rates. The fair value of our Senior Second Lien Notes was measured using quoted prices, although the market is not a very active market. The fair value of our debt was classified as Level 2 within the valuation hierarchy. See Note 2 – Debt The following table presents the net value and fair value of our long-term debt (in thousands): June 30, 2021 December 31, 2020 Net Value Fair Value Net Value Fair Value Liabilities: Term Loan $ 208,282 $ 214,607 $ — $ — Company Credit Agreement — — 80,000 80,000 Senior Second Lien Notes 546,405 536,660 545,286 393,352 Total 754,687 751,267 625,286 473,352

Mobile Bay Transaction

Mobile Bay Transaction	6 Months Ended
Mobile Bay Transaction	Jun. 30, 2021
Notes To Financial Statements [Abstract]
Mobile Bay Transaction	4. Mobile Bay Transaction On May 19, 2021, the Company’s wholly-owned special purpose vehicles (the “SPVs”), A-I LLC and A-II LLC or the Borrowers, entered into the Subsidiary Credit Agreement providing for the Term Loan in an aggregate principal amount equal to $215.0 million. Proceeds of the Term Loan were used by the Borrowers to (i) fund the acquisition of the Mobile Bay Properties and the Midstream Assets from the Company and (ii) pay fees, commissions and expenses in connection with the transactions contemplated by the Subsidiary Credit Agreement and the other related loan documents, including to enter into certain swap and put derivative contracts described in more detail under Note 7 – Derivative Financial Instruments As part of the Mobile Bay Transaction, the SPVs entered into a management services agreement (the “Services Agreement”) with the Company, pursuant to which the Company will provide (a) certain operational and management services for (I) the Mobile Bay Properties and (II) the Midstream Assets and (b) certain corporate, general and administrative services for A-I LLC and A-II LLC (collectively in this capacity, the “Services Recipient”). Under the Services Agreement, the Company will indemnify the Services Recipient with respect to claims, losses or liabilities incurred by the Services Agreement Parties that relate to personal injury or death or property damage of the Company, in each case, arising out of performance of the Services Agreement, except to the extent of the gross negligence or willful misconduct of the Services Recipient. The Services Recipient will indemnify the Company with respect to claims, losses or liabilities incurred by the Company that relate to personal injury or death of the Services Recipient or property damage of the Services Recipient, in each case, arising out of performance of the Services Agreement, except to the extent of the gross negligence or willful misconduct of the Company. The Services Agreement will terminate upon the earlier of (a) termination of the Subsidiary Credit Agreement and payment and satisfaction of all obligations thereunder or (b) the exercise of certain remedies by the secured parties under the Subsidiary Credit Agreement and the realization by such secured parties upon any of the collateral under the Subsidiary Credit Agreement. The SPVs are wholly-owned subsidiaries of the Company; however, the assets of the SPVs will not be available to satisfy the debt or contractual obligations of any non-SPV entities, including debt securities or other contractual obligations of W&T Offshore, Inc., and the SPVs do not bear any liability for the indebtedness or other contractual obligations of any non-SPVs, and vice versa. As of June 30, 2021, the book value of the assets of the SPVs were $292.4 million.

Joint Venture Drilling Program

Joint Venture Drilling Program	6 Months Ended
Joint Venture Drilling Program	Jun. 30, 2021
Notes to Financial Statements
Joint Venture Drilling Program [Text Block]	5. Joint Venture Drilling Program In March 2018, W&T and two other initial members formed and initially funded Monza, which jointly participates with us in the exploration, drilling and development of certain drilling projects (the “Joint Venture Drilling Program”) in the Gulf of Mexico. Subsequent to the initial closing, additional investors joined as members of Monza during 2018 and total commitments by all members, including W&T’s commitment to fund its retained interest in Monza projects held outside of Monza, are $361.4 million. W&T contributed 88.94% of its working interest in certain identified undeveloped drilling projects to Monza and retained 11.06% of its working interest. The Joint Venture Drilling Program is structured so that we initially receive an aggregate of 30.0% of the revenues less expenses, through both our direct ownership of our retained working interest in the Monza projects and our indirect interest through our interest in Monza, for contributing 20.0% of the estimated total well costs plus associated leases and providing access to available infrastructure at agreed-upon rates. Any exceptions to this structure are approved by the Monza board. The members of Monza are made up of third-party investors, W&T and an entity owned and controlled by Mr. Tracy W. Krohn, our Chairman and Chief Executive Officer. The Krohn entity invested as a minority investor on the same terms and conditions as the third-party investors, and its investment is limited to 4.5% of total invested capital within Monza. The entity affiliated with Mr. Krohn has made a capital commitment to Monza of $14.5 million. Monza is an entity separate from any other entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Monza’s assets prior to any value in Monza becoming available to holders of its equity. The assets of Monza are not available to pay creditors of the Company and its affiliates. Through June 30, 2021, nine wells have been completed. In 2020, one well was drilled to target depth, which we expect to be completed in the fourth quarter of 2021. W&T is the operator for seven of the nine wells completed through June 30, 2021. Through June 30, 2021, members of Monza made partner capital contributions, including our contributions of working interest in the drilling projects, to Monza totaling $302.4 million and received cash distributions totaling $77.9 million. Our net contribution to Monza, reduced by distributions received, as of June 30, 2021 was $51.6 million. W&T is obligated to fund certain cost overruns to the extent they occur, subject to certain exceptions, for the Joint Venture Drilling Program wells above budgeted and contingency amounts, of which the total exposure cannot be estimated at this time. Consolidation and Carrying Amounts Our interest in Monza is considered to be a variable interest that we account for using proportional consolidation. Through June 30, 2021, there have been no events or changes that would cause a redetermination of the variable interest status. We do not fully consolidate Monza because we are not considered the primary beneficiary of Monza. As of June 30, 2021, in the Condensed Consolidated Balance Sheet, we recorded $6.6 million, net, in Oil and natural gas properties and other, net Other assets Oil and natural gas properties and other, net Other assets Advances from joint interest partners Total revenues Operating costs and expenses Total revenues Operating costs and expenses

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
Asset Retirement Obligations	Jun. 30, 2021
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	6. Asset Retirement Obligations Our ARO represent the estimated present value of the amount incurred to plug, abandon and remediate our properties at the end of their productive lives. A summary of the changes to our ARO is as follows (in thousands): Balances, December 31, 2020 $ 392,704 Liabilities settled (11,213) Accretion of discount 11,895 Liabilities incurred and assumed through acquisition 417 Revisions of estimated liabilities 10,200 Balances, June 30, 2021 404,003 Less current portion (23,888) Long-term $ 380,115

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2021
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	7. Derivative Financial Instruments Our market risk exposure relates primarily to commodity prices and, from time to time, we use various derivative instruments to manage our exposure to this commodity price risk from sales of our crude oil and natural gas. All of the present derivative counterparties are also lenders or affiliates of lenders participating in our Company Credit Agreement or Term Loan. We are exposed to credit loss in the event of nonperformance by the derivative counterparties; however, we currently anticipate that each of our derivative counterparties will be able to fulfill their contractual obligations. We are not required to provide additional collateral to the derivative counterparties and we do not require collateral from our derivative counterparties. We have elected not to designate our commodity derivative contracts as hedging instruments; therefore, all current period changes in the fair value of derivative contracts are recognized in earnings during the periods presented. The cash flows of all of our commodity derivative contracts are included in Net cash provided by operating activities We entered into commodity contracts for crude oil and natural gas which related to a portion of our expected future production. The crude oil contracts are based on West Texas Intermediate (“WTI”) crude oil prices and the natural gas contracts are based off the Henry Hub prices, both of which are quoted off the New York Mercantile Exchange (“NYMEX”). The following table reflects the contracted volumes and weighted average prices under the terms of the Company’s open derivative contracts as of June 30, 2021: Average Instrument Daily Total Weighted Weighted Weighted Period Type Volumes Volumes Strike Price Put Price Call Price Crude Oil - WTI (NYMEX) (Bbls)(1) (Bbls)(1) ($/Bbl)(1) ($/Bbl)(1) ($/Bbl)(1) Jul 2021 - Dec 2021 swap 4,000 736,000 $ 42.06 $ — $ — Jul 2021 - Dec 2021 collar 200 36,800 $ — $ 40.00 $ 54.90 Jul 2021 - Feb 2022 collar 2,024 491,733 $ — $ 38.81 $ 57.24 Jan 2022 - Feb 2022 swap 3,000 177,000 $ 42.98 $ — $ — Mar 2022 - May 2022 swap 2,044 188,006 $ 42.33 $ — $ — Mar 2022 - May 2022 collar 2,000 184,000 $ — $ 35.00 $ 48.50 Mar 2022 - Sept 2022 swap 1,615 345,638 $ 54.53 $ — $ — Mar 2022 - Sept 2022 collar 1,615 345,638 $ — $ 45.00 $ 62.50 Oct 2022 swap 2,172 67,332 $ 58.50 $ — — Oct 2022 collar 2,172 67,332 $ — $ 46.00 66.50 Nov 2022 swap 2,176 65,280 $ 58.25 $ — — Nov 2022 collar 2,176 65,280 $ — $ 46.00 66.30 Natural Gas - Henry Hub (NYMEX) (MMbtu)(2) (MMbtu)(2) ($/MMbtu)(2) ($/MMbtu)(2) ($/MMbtu)(2) Jul 2021 - Dec 2021 collar 30,000 5,520,000 $ — $ 2.18 $ 3.00 Jul 2021 - Dec 2021 swap 10,000 1,840,000 $ 2.62 $ — $ — Jul 2021 - Dec 2021 call 40,000 7,360,000 $ — $ — $ 3.50 Jul 2021 - Dec 2022 collar 40,000 21,960,000 $ — $ 1.83 $ 3.00 Jul 2021 - Dec 2022 call 40,000 21,960,000 $ — $ — $ 3.00 Jan 2022 - Feb 2022 collar 30,000 1,830,000 $ — $ 2.20 $ 4.50 Jan 2022 - Dec 2022 call 37,000 13,505,000 $ — $ — $ 3.50 Jan 2022 swap 20,000 620,000 $ 2.79 $ — $ — Feb 2022 swap 30,000 840,000 $ 2.79 $ — $ — Mar 2022 - May 2022 collar 10,000 920,000 $ — $ 2.25 $ 3.40 Mar 2022 - May 2022 swap 10,544 970,075 $ 2.69 $ — $ — Apr 2022 - Sept 2022 swap 12,428 2,274,311 $ 2.44 $ — $ — Oct 2022 swap 16,129 499,999 $ 2.56 $ — $ — Nov 2022 swap 17,570 527,100 $ 2.63 $ — $ — Jan 2023 - Dec 2023 call 70,000 25,550,000 $ — $ — $ 3.50 Jul 2021 - Mar 2025 (3) swap 72,920 99,900,000 $ 2.63 $ — $ — Apr 2025 - Apr 2028 (3) put 55,684 62,700,000 $ — $ 2.35 $ — (1) Bbls = Barrels (2) MMbtu = Million British Thermal Units (3) These contracts were entered into by the Company’s wholly owned subsidiary, A-I LLC, in conjunction with the Mobile Bay Transaction (see Note 4 Mobile Bay Transaction). The following amounts were recorded in the Condensed Consolidated Balance Sheets in the categories presented and include the fair value of open contracts, and closed contracts which had not yet settled (in thousands): June 30, December 31, 2021 2020 Prepaid expenses and other current assets $ 14,021 $ 2,752 Other assets (long-term) 21,005 2,762 Accrued liabilities 82,832 13,620 Other liabilities (long-term) 28,122 4,384 The amounts recorded on the Condensed Consolidated Balance Sheets are on a gross basis. Changes in the fair value and settlements of contracts are recorded on the Condensed Consolidated Statements of Operations as Derivative loss (gain) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Realized loss (gain) $ 15,357 $ (22,578) $ 23,602 $ (31,970) Unrealized loss (gain) 66,083 37,992 82,418 (14,528) Derivative loss (gain) $ 81,440 $ 15,414 $ 106,020 $ (46,498) Cash receipts on commodity derivative contract settlements, net, are included within Net cash provided by operating activities Six Months Ended June 30, 2021 2020 Derivative loss (gain) $ 106,020 $ (46,498) Derivative cash (payments) receipts, net (41,130) 37,566

Share-based Awards and Cash-bas

Share-based Awards and Cash-based Awards	6 Months Ended
Share-based Awards and Cash-based Awards	Jun. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	8. Share-Based Awards and Cash-Based Awards Share-Based Awards to Employees The W&T Offshore, Inc. Amended and Restated Incentive Compensation Plan (as amended from time to time, the “Plan”) was approved by our shareholders in 2010. Under the Plan, the Company may issue, subject to the approval of the Board of Directors, stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, performance units or shares, cash awards, substitute awards or any combination of the foregoing to employees, directors and consultants. As of June 30, 2021, there were 10,347,591 shares of common stock available for issuance in satisfaction of awards under the Plan. The shares available for issuance are reduced on a one-for-one basis when awards are settled in shares of common stock, which shares of common stock are issued net of withholding tax through the withholding of shares. The Company has the option following vesting to settle awards in stock or cash, or a combination of stock and cash. The Company expects to settle outstanding awards, discussed below, that vest in the future using shares of common stock. Restricted Stock Units (“RSUs”). one The 2019 grants were subject to predetermined performance criteria applied against the applicable performance period. All of the 2019 RSUs currently outstanding are also subject to employment-based criteria and, subject to the satisfaction of the service conditions, vesting of the outstanding 2019 RSUs will occur in December 2021. A summary of activity related to RSUs during the three months ended June 30, 2021 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2020 763,688 $ 4.51 Granted 698,301 4.72 Vested — — Forfeited (19,880) 4.51 Nonvested, June 30, 2021 1,442,109 4.61 For the outstanding RSUs issued to the eligible employees as of June 30, 2021, vesting is expected to occur as follows (subject to forfeitures): Restricted Shares 2021 743,808 2022 232,767 2023 232,767 2024 232,767 Total 1,442,109 We recognize compensation cost for share-based payments to employees over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the RSUs granted were determined using the Company’s closing price on the grant date. We also estimate forfeitures, resulting in the recognition of compensation cost only for those awards that are expected to actually vest. All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. Performance Share Units (“PSUs”). A summary of activity related to PSUs during the three months ended June 30, 2021 is as follows: Performance Share Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2020 — $ — Granted 388,908 5.57 Vested — — Forfeited — — Nonvested, June 30, 2021 388,908 5.57 We recognize compensation cost for share-based payments to employees over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. All PSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. The grant date fair value of the PSUs was determined through the use of the Monte Carlo simulation method. This method requires the use of highly subjective assumptions. Our key assumptions in the method include the price and the expected volatility of our stock and our self-determined Peer Group companies’ stock, risk free rate of return and cross-correlations between the Company and our Peer Group companies. The valuation model assumes dividends, if any, are immediately reinvested. The grant date fair value of the PSUs granted during the six months ended June 30 2021, is $2.2 million. The following table summarizes the assumptions used to calculate the grant date fair value of the PSUs granted: 2021 Grant Date June 28 Expected term for performance period (in years) 0.5 Expected volatility 67.9 % Risk-free interest rate 0.1 % Share-Based Awards to Non-Employee Directors Under the W&T Offshore, Inc. 2004 Directors Compensation Plan (as amended from time to time, the “Director Compensation Plan”), shares of restricted stock (“Restricted Shares”) have been granted to the Company’s non-employee directors. Grants to non-employee directors were made during the six months ended June 30, 2021, and during the year ended December 31, 2020. During the second quarter of 2020, our shareholders approved increasing the shares available under the Director Compensation Plan by 500,000 shares. As of June 30, 2021, there were 410,742 shares of common stock available for issuance in satisfaction of awards under the Director Compensation Plan. The shares available are reduced on a one-to-one basis when Restricted Shares are granted. We recognize compensation cost for share-based payments to non-employee directors over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the Restricted Shares granted were determined using the Company’s closing price on the grant date. No forfeitures were estimated for the non-employee directors’ awards. The Restricted Shares are subject to service conditions and vesting occurs at the end of specified service periods unless otherwise approved by the Board of Directors. Restricted Shares cannot be sold, transferred or disposed of during the restricted period. The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares. A summary of activity related to Restricted Shares during the six months ended June 30, 2021 is as follows: Restricted Shares Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2020 154,128 $ 3.64 Granted 62,502 3.36 Vested (146,404) 3.51 Nonvested, June 30, 2021 70,226 3.67 Subject to the satisfaction of the service conditions, the outstanding are eligible to vest in 2022. Share-Based Compensation Expense Share-based compensation expense is recorded in the line General and administrative expense Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Share-based compensation expense from: Restricted stock units $ 339 $ 949 $ 676 $ 1,927 Restricted Shares 128 70 245 140 Total $ 467 $ 1,019 $ 921 $ 2,067 Unrecognized Share-Based Compensation Expense As of June 30, 2021, unrecognized share-based compensation expense related to our awards of RSUs, PSUs, and Restricted Shares was $3.9 million, $2.2 million, and $0.2 million, respectively. Unrecognized share-based compensation expense will be recognized through December 2023 for RSUs, September 2023 for PSUs, and April 2022 for Restricted Shares. Cash-Based Incentive Compensation In addition to share-based compensation, both short-term and long-term cash-based incentive awards were granted under the Plan to all eligible employees in 2021. Short-term Cash-Based Incentive Compensation. ● The first short-term, cash-based award granted in February 2021 was discretionary and subject only to continued employment on the payment dates. The 2021 discretionary bonus award was paid in equal installments on March 15, 2021 and April 15, 2021, to substantially all employees subject to employment on those dates. Incentive compensation expense of $3.8 million and $7.6 million was recognized during the three and six months ended June 30, 2021, respectively, related to these awards. ● The second short-term, cash-based award granted in June 2021 is subject to Company performance-based criteria and individual performance criteria. Incentive compensation expense is based on estimates of Company metrics for full-year 2021 and is being recognized during the 2021 service period. Incentive compensation expense for this award was not material during the six months ended June 30, 2021. No cash-based incentive awards were granted in 2020, and therefore, no cash-based incentive compensation expense for 2020 was recorded. Long-term Cash-Based Incentive Compensation. The 2021 long-term, cash-based awards (“Cash Awards”) were granted in June 2021 and are subject to the same performance-based criteria as the PSU’s noted above. The Company’s TSR ranking against peer companies will be evaluated for the performance period of 2021. Subsequent to the performance period, the Cash Awards will continue to be subject to service-based criteria with vesting occurring on October 1, 2023. These Cash Awards are accounted for as liability awards and are measured at fair value each reporting date. We recognize compensation cost for share-based payments to employees over the service period from June 28, 2021 through October 1, 2023. The reporting date fair value of the awards was determined through the use of the Monte Carlo simulation method. This method requires the use of highly subjective assumptions. Our key assumptions in the method include the price and the expected volatility of our stock and our self-determined peer group companies’ stock, risk-free rate of return, cross-correlations between the Company and our peer group companies, and an appropriate discount rate. The valuation model assumes dividends are immediately reinvested. The fair value of the awards as of June 30, 2021, is million. As of June 30, 2021, unrecognized compensation expense related to these awards was million. The following table summarizes the assumptions used to calculate the fair value of the outstanding long-term Cash Awards as of June 30, 2021: 2021 Grant Date June 28 Expected term for performance period (in years) 0.5 Expected volatility 67.9 % Risk-free interest rate 0.1 % Expected term for cash payment (in years) 2.3 Discount rate used to discount expected cash payment 12.1 % Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Share-based compensation included in: General and administrative expenses $ 467 $ 1,019 $ 921 $ 2,067 Cash-based incentive compensation included in: Lease operating expense (1) 816 — 1,655 849 General and administrative expenses (1) 2,676 159 5,359 3,790 Total charged to operating (loss) income $ 3,959 $ 1,178 $ 7,935 $ 6,706 (1) Includes adjustments of accruals to actual payments.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. Income Taxes Tax Benefit and Tax Rate. million, respectively. For the six months ended June 30, 2021 and 2020, income tax benefit was Calculation of Interim Provision for Income Tax. Valuation Allowance. As of June 30, 2021 and December 31, 2020, our valuation allowance was $22.8 million and $22.4 million, respectively, and relates primarily to state net operating losses and the disallowed interest expense limitation carryover. Income Taxes Receivable, Refunds and Payments. . The tax years 2017

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	10. Earnings Per Share The following table presents the calculation of basic and diluted (loss) earnings per common share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (loss) income $ (51,672) $ (5,904) $ (52,418) $ 60,076 Less portion allocated to nonvested shares — — — 707 Net (loss) income allocated to common shares $ (51,672) $ (5,904) $ (52,418) $ 59,369 Weighted average common shares outstanding 142,244 141,597 142,197 141,571 Basic and diluted (loss) earnings per common share $ (0.36) $ (0.04) $ (0.37) $ 0.42 Shares excluded due to being anti-dilutive (weighted-average) 880 1,665 899 —

Contingencies

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Contingencies Appeal with the Office of Natural Resources Revenue (“ONRR”). , , , . Royalties – “Unbundling” Initiative. Notices of Proposed Civil Penalty Assessment. . . Other Claims.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events
Subsequent Events	12. Subsequent Events As described in more detail in Note 2 – Debt , on July 15, 2021, the Company entered into a Waiver and Seventh Amendment to Sixth Amended and Restated Credit Agreement dated effective June 30, 2021, which further amended the Company Credit Agreement and waived certain hedging transaction requirements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Interim Financial Statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates.
New Accounting Pronouncements, Adopted [Policy Text Block]	Accounting Standards Updates effective January 1, 2021 Simplifying the Accounting for Income Taxes. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition .
Employee Retention Credit [Policy Text Block]	Employee Retention Credit. General and administrative expenses
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block]	Credit Risk and Allowance for Credit Losses.
Prepaid Expenses and Other Assets [Policy Text Block]	Prepaid Expenses and Other Assets. June 30, 2021 December 31, 2020 Derivatives – current (1) $ 14,021 $ 2,752 Unamortized insurance/bond premiums 6,195 4,717 Prepaid deposits related to royalties 4,544 4,473 Prepayment to vendors 4,775 1,429 Other 1,170 461 Prepaid expenses and other assets $ 30,705 $ 13,832 (1) Includes closed contracts which have not yet settled.
Property, Plant and Equipment, Policy [Policy Text Block]	Oil and Natural Gas Properties and Other, Net. June 30, 2021 December 31, 2020 Oil and natural gas properties and equipment, at cost $ 8,583,983 $ 8,567,509 Furniture, fixtures and other 20,845 20,847 Total property and equipment 8,604,828 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment 7,947,171 7,901,478 Oil and natural gas properties and other, net $ 657,657 $ 686,878
Other Noncurrent Assets [Policy Text Block]	Other Assets (long-term). June 30, 2021 December 31, 2020 Right-of-Use assets $ 10,783 $ 11,509 Unamortized debt issuance costs 1,333 2,094 Investment in White Cap, LLC 2,995 2,699 Unamortized brokerage fee for Monza — 626 Proportional consolidation of Monza's other assets (Note 5) 4,209 1,782 Derivatives 21,005 2,762 Other 2,070 998 Total other assets (long-term) $ 42,395 $ 22,470
Accrued Liabilities Policy [Policy Text Block]	Accrued Liabilities. June 30, 2021 December 31, 2020 Accrued interest $ 10,185 $ 10,389 Accrued salaries/payroll taxes/benefits 4,218 4,009 Litigation accruals 570 436 Lease liability 673 394 Derivatives 82,832 13,620 Other 1,885 1,032 Total accrued liabilities $ 100,363 $ 29,880
Paycheck Protection Program, Policy [Policy Text Block]	Paycheck Protection Program ("PPP") , .
Other Noncurrent Liabilities [Policy Text Block]	Other Liabilities (long-term). June 30, 2021 December 31, 2020 Dispute related to royalty deductions $ 5,247 $ 5,467 Derivatives 28,122 4,384 Lease liability 11,062 11,360 Black Elk escrow 11,102 11,103 Other 726 624 Total other liabilities (long-term) $ 56,259 $ 32,938

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
Basis of Presentation (Tables)	Jun. 30, 2021
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	June 30, 2021 December 31, 2020 Derivatives – current (1) $ 14,021 $ 2,752 Unamortized insurance/bond premiums 6,195 4,717 Prepaid deposits related to royalties 4,544 4,473 Prepayment to vendors 4,775 1,429 Other 1,170 461 Prepaid expenses and other assets $ 30,705 $ 13,832 (1) Includes closed contracts which have not yet settled.
Property, Plant and Equipment [Table Text Block]	June 30, 2021 December 31, 2020 Oil and natural gas properties and equipment, at cost $ 8,583,983 $ 8,567,509 Furniture, fixtures and other 20,845 20,847 Total property and equipment 8,604,828 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment 7,947,171 7,901,478 Oil and natural gas properties and other, net $ 657,657 $ 686,878
Schedule of Other Assets, Noncurrent [Table Text Block]	June 30, 2021 December 31, 2020 Right-of-Use assets $ 10,783 $ 11,509 Unamortized debt issuance costs 1,333 2,094 Investment in White Cap, LLC 2,995 2,699 Unamortized brokerage fee for Monza — 626 Proportional consolidation of Monza's other assets (Note 5) 4,209 1,782 Derivatives 21,005 2,762 Other 2,070 998 Total other assets (long-term) $ 42,395 $ 22,470
Schedule of Accrued Liabilities [Table Text Block]	June 30, 2021 December 31, 2020 Accrued interest $ 10,185 $ 10,389 Accrued salaries/payroll taxes/benefits 4,218 4,009 Litigation accruals 570 436 Lease liability 673 394 Derivatives 82,832 13,620 Other 1,885 1,032 Total accrued liabilities $ 100,363 $ 29,880
Other Noncurrent Liabilities [Table Text Block]	June 30, 2021 December 31, 2020 Dispute related to royalty deductions $ 5,247 $ 5,467 Derivatives 28,122 4,384 Lease liability 11,062 11,360 Black Elk escrow 11,102 11,103 Other 726 624 Total other liabilities (long-term) $ 56,259 $ 32,938

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2021
Notes Tables
Schedule of Debt Instruments [Table Text Block]	June 30, 2021 December 31, 2020 Term Loan: Principal $ 215,000 $ — Unamortized debt issuance costs (6,718) — Total Term Loan 208,282 — Company Credit Agreement borrowings: — 80,000 Senior Second Lien Notes: Principal 552,460 552,460 Unamortized debt issuance costs (6,055) (7,174) Total Senior Second Lien Notes 546,405 545,286 Less current portion (36,771) — Total long-term debt, net $ 717,916 $ 625,286

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2021
Notes Tables
Schedule of Derivative Assets at Fair Value [Table Text Block]	June 30, 2021 December 31, 2020 Assets: Derivatives instruments - open contracts, current $ 13,111 $ 2,705 Derivatives instruments - open contracts, long-term 21,005 2,762 Liabilities: Derivatives instruments - open contracts, current 74,632 13,291 Derivatives instruments - open contracts, long-term 28,122 4,384
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	June 30, 2021 December 31, 2020 Net Value Fair Value Net Value Fair Value Liabilities: Term Loan $ 208,282 $ 214,607 $ — $ — Company Credit Agreement — — 80,000 80,000 Senior Second Lien Notes 546,405 536,660 545,286 393,352 Total 754,687 751,267 625,286 473,352

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
Asset Retirement Obligations (Tables)	Jun. 30, 2021
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	Balances, December 31, 2020 $ 392,704 Liabilities settled (11,213) Accretion of discount 11,895 Liabilities incurred and assumed through acquisition 417 Revisions of estimated liabilities 10,200 Balances, June 30, 2021 404,003 Less current portion (23,888) Long-term $ 380,115

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2021
Notes Tables
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	Average Instrument Daily Total Weighted Weighted Weighted Period Type Volumes Volumes Strike Price Put Price Call Price Crude Oil - WTI (NYMEX) (Bbls)(1) (Bbls)(1) ($/Bbl)(1) ($/Bbl)(1) ($/Bbl)(1) Jul 2021 - Dec 2021 swap 4,000 736,000 $ 42.06 $ — $ — Jul 2021 - Dec 2021 collar 200 36,800 $ — $ 40.00 $ 54.90 Jul 2021 - Feb 2022 collar 2,024 491,733 $ — $ 38.81 $ 57.24 Jan 2022 - Feb 2022 swap 3,000 177,000 $ 42.98 $ — $ — Mar 2022 - May 2022 swap 2,044 188,006 $ 42.33 $ — $ — Mar 2022 - May 2022 collar 2,000 184,000 $ — $ 35.00 $ 48.50 Mar 2022 - Sept 2022 swap 1,615 345,638 $ 54.53 $ — $ — Mar 2022 - Sept 2022 collar 1,615 345,638 $ — $ 45.00 $ 62.50 Oct 2022 swap 2,172 67,332 $ 58.50 $ — — Oct 2022 collar 2,172 67,332 $ — $ 46.00 66.50 Nov 2022 swap 2,176 65,280 $ 58.25 $ — — Nov 2022 collar 2,176 65,280 $ — $ 46.00 66.30 Natural Gas - Henry Hub (NYMEX) (MMbtu)(2) (MMbtu)(2) ($/MMbtu)(2) ($/MMbtu)(2) ($/MMbtu)(2) Jul 2021 - Dec 2021 collar 30,000 5,520,000 $ — $ 2.18 $ 3.00 Jul 2021 - Dec 2021 swap 10,000 1,840,000 $ 2.62 $ — $ — Jul 2021 - Dec 2021 call 40,000 7,360,000 $ — $ — $ 3.50 Jul 2021 - Dec 2022 collar 40,000 21,960,000 $ — $ 1.83 $ 3.00 Jul 2021 - Dec 2022 call 40,000 21,960,000 $ — $ — $ 3.00 Jan 2022 - Feb 2022 collar 30,000 1,830,000 $ — $ 2.20 $ 4.50 Jan 2022 - Dec 2022 call 37,000 13,505,000 $ — $ — $ 3.50 Jan 2022 swap 20,000 620,000 $ 2.79 $ — $ — Feb 2022 swap 30,000 840,000 $ 2.79 $ — $ — Mar 2022 - May 2022 collar 10,000 920,000 $ — $ 2.25 $ 3.40 Mar 2022 - May 2022 swap 10,544 970,075 $ 2.69 $ — $ — Apr 2022 - Sept 2022 swap 12,428 2,274,311 $ 2.44 $ — $ — Oct 2022 swap 16,129 499,999 $ 2.56 $ — $ — Nov 2022 swap 17,570 527,100 $ 2.63 $ — $ — Jan 2023 - Dec 2023 call 70,000 25,550,000 $ — $ — $ 3.50 Jul 2021 - Mar 2025 (3) swap 72,920 99,900,000 $ 2.63 $ — $ — Apr 2025 - Apr 2028 (3) put 55,684 62,700,000 $ — $ 2.35 $ — (1) Bbls = Barrels (2) MMbtu = Million British Thermal Units (3) These contracts were entered into by the Company’s wholly owned subsidiary, A-I LLC, in conjunction with the Mobile Bay Transaction (see Note 4 Mobile Bay Transaction).
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	June 30, December 31, 2021 2020 Prepaid expenses and other current assets $ 14,021 $ 2,752 Other assets (long-term) 21,005 2,762 Accrued liabilities 82,832 13,620 Other liabilities (long-term) 28,122 4,384 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Realized loss (gain) $ 15,357 $ (22,578) $ 23,602 $ (31,970) Unrealized loss (gain) 66,083 37,992 82,418 (14,528) Derivative loss (gain) $ 81,440 $ 15,414 $ 106,020 $ (46,498)
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block]	Six Months Ended June 30, 2021 2020 Derivative loss (gain) $ 106,020 $ (46,498) Derivative cash (payments) receipts, net (41,130) 37,566

Share-based Awards and Cash-b_2

Share-based Awards and Cash-based Awards (Tables)	6 Months Ended
Share-based Awards and Cash-based Awards (Tables)	Jun. 30, 2021
Notes Tables
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]	Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2020 763,688 $ 4.51 Granted 698,301 4.72 Vested — — Forfeited (19,880) 4.51 Nonvested, June 30, 2021 1,442,109 4.61
Summary Of Nonvested Restricted Stock Units, Vesting Schedule [Table Text Block]	Restricted Shares 2021 743,808 2022 232,767 2023 232,767 2024 232,767 Total 1,442,109
Schedule of Nonvested Performance-based Units Activity [Table Text Block]	Performance Share Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2020 — $ — Granted 388,908 5.57 Vested — — Forfeited — — Nonvested, June 30, 2021 388,908 5.57
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block]	Restricted Shares Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2020 154,128 $ 3.64 Granted 62,502 3.36 Vested (146,404) 3.51 Nonvested, June 30, 2021 70,226 3.67
Share-based Payment Arrangement, Cost by Plan [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Share-based compensation expense from: Restricted stock units $ 339 $ 949 $ 676 $ 1,927 Restricted Shares 128 70 245 140 Total $ 467 $ 1,019 $ 921 $ 2,067
Schedule of Incentive Compensation Expense [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Share-based compensation included in: General and administrative expenses $ 467 $ 1,019 $ 921 $ 2,067 Cash-based incentive compensation included in: Lease operating expense (1) 816 — 1,655 849 General and administrative expenses (1) 2,676 159 5,359 3,790 Total charged to operating (loss) income $ 3,959 $ 1,178 $ 7,935 $ 6,706 (1) Includes adjustments of accruals to actual payments.
Performance Share Units [Member]
Notes Tables
Schedule of Share-based Payment Award, Equity Instrument Other Than Options, Valuation Assumptions [Table Text Block]	2021 Grant Date June 28 Expected term for performance period (in years) 0.5 Expected volatility 67.9 % Risk-free interest rate 0.1 %
Long Term Cash Based Awards [Member]
Notes Tables
Schedule of Share-based Payment Award, Equity Instrument Other Than Options, Valuation Assumptions [Table Text Block]	2021 Grant Date June 28 Expected term for performance period (in years) 0.5 Expected volatility 67.9 % Risk-free interest rate 0.1 % Expected term for cash payment (in years) 2.3 Discount rate used to discount expected cash payment 12.1 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (loss) income $ (51,672) $ (5,904) $ (52,418) $ 60,076 Less portion allocated to nonvested shares — — — 707 Net (loss) income allocated to common shares $ (51,672) $ (5,904) $ (52,418) $ 59,369 Weighted average common shares outstanding 142,244 141,597 142,197 141,571 Basic and diluted (loss) earnings per common share $ (0.36) $ (0.04) $ (0.37) $ 0.42 Shares excluded due to being anti-dilutive (weighted-average) 880 1,665 899 —

Basis of Presentation (Details

Basis of Presentation (Details Textual) $ in Millions	Apr. 15, 2020USD ($)	Jun. 30, 2021USD ($)company	Dec. 31, 2020USD ($)
Accounts Receivable, Allowance for Credit Loss, Ending Balance		$ 9.1	$ 9.1
Proceeds from Paycheck Protection Program Under CARES Act	$ 8.4
W&T Energy VI, LLC, Aquasition LLC, and Aquasition II, LLC [Member]
Owned Subsidiaries		100.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Three Major Oil and Gas Companies [Member]
Concentration Risk, Percentage		64.00%	62.00%
Number of Major Customers		3	3
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Maximum [Member]
Number of Major Customers \| company		10
General and Administrative Expense [Member]
Employee Retention Credit		$ 2.1

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Note 1 - Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details)
Derivatives - current	[1]	$ 14,021	$ 2,752
Unamortized insurance/bond premiums		6,195	4,717
Prepaid deposits related to royalties		4,544	4,473
Prepayment to vendors		4,775	1,429
Other		1,170	461
Prepaid expenses and other assets		$ 30,705	$ 13,832

[1]	Includes closed contracts which have not yet settled.

Basis of Presentation - Sched_2

Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Note 1 - Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details)
Oil and natural gas properties and equipment, at cost	$ 8,583,983	$ 8,567,509
Furniture, fixtures and other	20,845	20,847
Total property and equipment	8,604,828	8,588,356
Less: Accumulated depreciation, depletion, amortization and impairment	7,947,171	7,901,478
Oil and natural gas properties and other, net	$ 657,657	$ 686,878

Basis of Presentation - Sched_3

Basis of Presentation - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Note 1 - Basis of Presentation - Schedule of Other Assets (Long-term) (Details)
Right-of-Use assets	$ 10,783	$ 11,509
Unamortized debt issuance costs	1,333	2,094
Investment in White Cap, LLC	2,995	2,699
Unamortized brokerage fee for Monza	0	626
Proportional consolidation of Monza's other assets (Note 5)	4,209	1,782
Derivatives	21,005	2,762
Other assets, long-term	2,070	998
Total other assets (long-term)	$ 42,395	$ 22,470

Basis of Presentation - Sched_4

Basis of Presentation - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Total accrued liabilities	$ 100,363	$ 29,880
Accrued liabilities
Accrued interest	10,185	10,389
Accrued salaries/payroll taxes/benefits	4,218	4,009
Litigation accruals	570	436
Lease liability	673	394
Derivatives	82,832	13,620
Other	$ 1,885	$ 1,032

Basis of Presentation - Sched_5

Basis of Presentation - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Total other liabilities (long-term)	$ 56,259	$ 32,938
Other liabilities (long-term)
Dispute related to royalty deductions	5,247	5,467
Derivatives	28,122	4,384
Lease liability	11,062	11,360
Black Elk escrow	11,102	11,103
Other	$ 726	$ 624

Long-term Debt - Components of

Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Principal	$ 730,689	$ 632,460
Unamortized debt issuance costs	(12,773)	(7,174)
Long-term Debt, Total	754,687	625,286
Less current portion	(36,771)
Total long-term debt, net	717,916	625,286
Term Loan [Member]
Principal	215,000
Unamortized debt issuance costs	(6,718)
Long-term Debt, Total	208,282
Less current portion	(36,800)
Credit Agreement [Member]
Long-term Debt, Total		80,000
Total long-term debt, net		80,000
Senior Second Lien Notes Due November 2023 [Member]
Principal	552,460	552,460
Unamortized debt issuance costs	(6,055)	(7,174)
Long-term Debt, Total	$ 546,405	$ 545,286

Long-term Debt (Details Textual

Long-term Debt (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
Long-term Debt (Details Textual)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	May 19, 2021USD ($)	Oct. 18, 2018USD ($)
Current portion of long-term debt	$ 36,771,000		$ 36,771,000
Repayments of outstanding balance			80,000,000	$ 50,000,000
Gain (Loss) on Extinguishment of Debt, Total	0	$ 28,968,000	0	$ 47,469,000
Term Loan [Member]
Current portion of long-term debt	36,800,000		36,800,000
Debt Instrument, Face Amount						$ 215,000,000
Debt Instrument, Interest Rate, Stated Percentage						7.00%
Credit Agreement [Member]
Repayments of outstanding balance			48,000,000
Borrowings outstanding	0		0		$ 80,000,000
Line of Credit Facility, Maximum Borrowing Capacity	190,000,000		$ 190,000,000
Credit Agreement, Maximum Leverage Ratio			3
Credit Agreement, Leverage Ratio			2
Credit Agreement, Minimum Current Ratio			1
Credit Agreement, Minimum Percentage of Total Proved Reserves			90.00%
Letters of Credit Outstanding, Amount	4,400,000		$ 4,400,000		4,400,000
Line of Credit Facility, Interest Rate During Period			3.20%
Credit Agreement [Member] \| Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	30,000,000		$ 30,000,000
Senior Second Lien Notes Due November 2023 [Member]
Debt Instrument, Face Amount	$ 552,500,000		$ 552,500,000		552,500,000		$ 625,000,000
Debt Instrument, Interest Rate, Stated Percentage							9.75%
Debt Instrument, Interest Rate, Effective Percentage							10.30%
Extinguishment of Debt, Amount					72,500,000
Repayments of Long-term Debt, Total					23,900,000
Gain (Loss) on Extinguishment of Debt, Total					47,500,000
Write off of Deferred Debt Issuance Cost					$ 1,100,000

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Open Derivative Financial Instruments (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Derivatives - current	[1]	$ 14,021	$ 2,752
Derivatives instruments - open contracts, long-term		21,005	2,762
Open Contracts [Member]
Derivatives - current		13,111	2,705
Derivatives instruments - open contracts, long-term		21,005	2,762
Derivatives instruments - open contracts, current		74,632	13,291
Derivatives		$ 28,122	$ 4,384

[1]	Includes closed contracts which have not yet settled.

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Long-term debt, carrying value	$ 754,687	$ 625,286
Long-term debt, fair value	751,267	473,352
Term Loan [Member]
Long-term debt, carrying value	208,282
Long-term debt, fair value	214,607
Credit Agreement [Member]
Long-term debt, carrying value		80,000
Long-term debt, fair value		80,000
Senior Second Lien Notes Due November 2023 [Member]
Long-term debt, carrying value	546,405	545,286
Long-term debt, fair value	$ 536,660	$ 393,352

Mobile Bay Transaction (Details

Mobile Bay Transaction (Details) - USD ($) $ in Thousands	Jun. 30, 2021	May 19, 2021	Dec. 31, 2020
Assets	$ 1,139,032		$ 940,582
Term Loan [Member]
Debt Instrument, Face Amount		$ 215,000
Special Purpose Vehicles, A-I LLC And A-II LLC [Member]
Assets	$ 292,400
Special Purpose Vehicles, A-I LLC And A-II LLC [Member] \| Term Loan [Member]
Debt Instrument, Face Amount		$ 215,000

Joint Venture Drilling Program

Joint Venture Drilling Program (Details Textual) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)item	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Mar. 12, 2018USD ($)
Property, Plant and Equipment, Net, Ending Balance		$ 657,657		$ 657,657		$ 686,878
Other Assets, Noncurrent, Total		42,395		42,395		22,470
Asset Retirement Obligation, Ending Balance		404,003		404,003		392,704
Revenue from Contract with Customer, Excluding Assessed Tax, Total		132,828	$ 55,241	258,476	$ 179,369
Monza Energy, LLC [Member]
Property, Plant and Equipment, Net, Ending Balance		6,600		6,600
Other Assets, Noncurrent, Total		4,200		4,200
Asset Retirement Obligation, Ending Balance		300		300		200
Increase (Decrease) in Working Capital				$ 1,700		1,300
JV Drilling Program [Member]
Number of wells completed \| item				9
Number of wells, drilling in progress \| item				1
Number of completed wells in operation \| item				7
JV Drilling Program [Member] \| Monza Energy, LLC [Member]
Capital Contribution Payments from Related Party		302,400		$ 302,400
Capital Contributions from Related Party During Period				77,900
Capital Contribution Payments to Related Party, Net		51,600		51,600
Monza Energy, LLC [Member]
Property, Plant and Equipment, Net, Ending Balance						9,900
Other Assets, Noncurrent, Total						1,800
Cash Call Balance		$ 3,400		3,400		7,300
Revenue from Contract with Customer, Excluding Assessed Tax, Total				5,500		8,400
Operating Costs and Expenses, Total				$ 6,700		$ 12,100
Monza Energy, LLC [Member] \| JV Drilling Program [Member]
Number of initial members \| item	2
Amount Committed by Investors	$ 361,400
Joint Venture Working Interest Percentage Contributed to Related Party	88.94%
Joint Venture Working Interest Percent	11.06%
Oil and Gas Revenue, Percent	30.00%
Well Cost, Percent	20.00%
Monza Energy, LLC [Member] \| JV Drilling Program [Member] \| Mr. Tracy W. Krohn [Member]
Minority Interest Ownership Percentage By Joint Venture	4.50%
Capital Commitment to Joint Venture							$ 14,500

Asset Retirement Obligations -

Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Note 6 - Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details)
Balances, December 31, 2020	$ 392,704
Liabilities settled	(11,213)
Accretion of discount	11,895
Liabilities incurred and assumed through acquisition	417
Revisions of estimated liabilities	10,200
Balances, March 31, 2021	404,003
Less current portion	(23,888)	$ (17,188)
Long-term	$ 380,115	$ 375,516

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2021MMBTU$ / sharesbbl
NYMEX Crude Oil Swap \| Jul 2021 - Dec 2021
Average daily volume \| bbl	4,000
Total volume	736,000
Weighted Price (in dollars per share)	$ 42.06
NYMEX Crude Oil Swap \| Jan 2022 - Feb 2022
Average daily volume \| bbl	3,000
Total volume	177,000
Weighted Price (in dollars per share)	$ 42.98
NYMEX Crude Oil Swap \| Mar 2022 - May 2022
Average daily volume \| bbl	2,044
Total volume	188,006
Weighted Price (in dollars per share)	$ 42.33
NYMEX Crude Oil Swap \| Mar 2022 - Sept 2022
Average daily volume \| bbl	1,615
Total volume	345,638
Weighted Price (in dollars per share)	$ 54.53
NYMEX Crude Oil Swap \| Oct 2022
Average daily volume \| bbl	2,172
Total volume	67,332
Weighted Price (in dollars per share)	$ 58.50
NYMEX Crude Oil Swap \| Nov 2022
Average daily volume \| bbl	2,176
Total volume	65,280
Weighted Price (in dollars per share)	$ 58.25
NYMEX Crude Oil Collar \| Jul 2021 - Dec 2021
Average daily volume \| bbl	200
Total volume	36,800
NYMEX Crude Oil Collar \| Jul 2021 - Dec 2021 \| Put Option
Weighted Price (in dollars per share)	$ 40
NYMEX Crude Oil Collar \| Jul 2021 - Dec 2021 \| Call Option
Weighted Price (in dollars per share)	$ 54.90
NYMEX Crude Oil Collar \| Jul 2021 - Feb 2022
Average daily volume \| bbl	2,024
Total volume	491,733
NYMEX Crude Oil Collar \| Jul 2021 - Feb 2022 \| Put Option
Weighted Price (in dollars per share)	$ 38.81
NYMEX Crude Oil Collar \| Jul 2021 - Feb 2022 \| Call Option
Weighted Price (in dollars per share)	$ 57.24
NYMEX Crude Oil Collar \| Mar 2022 - May 2022
Average daily volume \| bbl	2,000
Total volume	184,000
NYMEX Crude Oil Collar \| Mar 2022 - May 2022 \| Put Option
Weighted Price (in dollars per share)	$ 35
NYMEX Crude Oil Collar \| Mar 2022 - May 2022 \| Call Option
Weighted Price (in dollars per share)	$ 48.50
NYMEX Crude Oil Collar \| Mar 2022 - Sept 2022
Average daily volume \| bbl	1,615
Total volume	345,638
NYMEX Crude Oil Collar \| Mar 2022 - Sept 2022 \| Put Option
Weighted Price (in dollars per share)	$ 45
NYMEX Crude Oil Collar \| Mar 2022 - Sept 2022 \| Call Option
Weighted Price (in dollars per share)	$ 62.50
NYMEX Crude Oil Collar \| Oct 2022
Average daily volume \| bbl	2,172
Total volume	67,332
NYMEX Crude Oil Collar \| Oct 2022 \| Put Option
Weighted Price (in dollars per share)	$ 46
NYMEX Crude Oil Collar \| Oct 2022 \| Call Option
Weighted Price (in dollars per share)	$ 66.50
NYMEX Crude Oil Collar \| Nov 2022
Average daily volume \| bbl	2,176
Total volume	65,280
NYMEX Crude Oil Collar \| Nov 2022 \| Put Option
Weighted Price (in dollars per share)	$ 46
NYMEX Crude Oil Collar \| Nov 2022 \| Call Option
Weighted Price (in dollars per share)	$ 66.30
NYMEX Natural Gas Henry Hub Collar \| Jul 2021 - Dec 2021
Average daily volume \| MMBTU	30,000
Total volume	5,520,000
NYMEX Natural Gas Henry Hub Collar \| Jul 2021 - Dec 2021 \| Put Option
Weighted Price (in dollars per share)	$ 2.18
NYMEX Natural Gas Henry Hub Collar \| Jul 2021 - Dec 2021 \| Call Option
Weighted Price (in dollars per share)	$ 3
NYMEX Natural Gas Henry Hub Collar \| Jul 2021 - Dec 2022
Average daily volume \| MMBTU	40,000
Total volume	21,960,000
NYMEX Natural Gas Henry Hub Collar \| Jul 2021 - Dec 2022 \| Put Option
Weighted Price (in dollars per share)	$ 1.83
NYMEX Natural Gas Henry Hub Collar \| Jul 2021 - Dec 2022 \| Call Option
Weighted Price (in dollars per share)	$ 3
NYMEX Natural Gas Henry Hub Collar \| Jan 2022 - Feb 2022
Average daily volume \| MMBTU	30,000
Total volume	1,830,000
NYMEX Natural Gas Henry Hub Collar \| Jan 2022 - Feb 2022 \| Put Option
Weighted Price (in dollars per share)	$ 2.20
NYMEX Natural Gas Henry Hub Collar \| Jan 2022 - Feb 2022 \| Call Option
Weighted Price (in dollars per share)	$ 4.50
NYMEX Natural Gas Henry Hub Collar \| Mar 2022 - May 2022
Average daily volume \| MMBTU	10,000
Total volume	920,000
NYMEX Natural Gas Henry Hub Collar \| Mar 2022 - May 2022 \| Put Option
Weighted Price (in dollars per share)	$ 2.25
NYMEX Natural Gas Henry Hub Collar \| Mar 2022 - May 2022 \| Call Option
Weighted Price (in dollars per share)	$ 3.40
NYMEX Natural Gas Henry Hub Swap \| Jul 2021 - Dec 2021
Average daily volume \| MMBTU	10,000
Total volume	1,840,000
Weighted Price (in dollars per share)	$ 2.62
NYMEX Natural Gas Henry Hub Swap \| Jan 2022
Average daily volume \| MMBTU	20,000
Total volume	620,000
Weighted Price (in dollars per share)	$ 2.79
NYMEX Natural Gas Henry Hub Swap \| Feb 2022
Average daily volume \| MMBTU	30,000
Total volume	840,000
Weighted Price (in dollars per share)	$ 2.79
NYMEX Natural Gas Henry Hub Swap \| Mar 2022 - May 2022
Average daily volume \| MMBTU	10,544
Total volume	970,075
Weighted Price (in dollars per share)	$ 2.69
NYMEX Natural Gas Henry Hub Swap \| Apr 2022 - Sept 2022
Average daily volume \| MMBTU	12,428
Total volume	2,274,311
Weighted Price (in dollars per share)	$ 2.44
NYMEX Natural Gas Henry Hub Swap \| Oct 2022
Average daily volume \| MMBTU	16,129
Total volume	499,999
Weighted Price (in dollars per share)	$ 2.56
NYMEX Natural Gas Henry Hub Swap \| Nov 2022
Average daily volume \| MMBTU	17,570
Total volume	527,100
Weighted Price (in dollars per share)	$ 2.63
NYMEX Natural Gas Henry Hub Swap \| Jul 2021 - Mar 2025
Average daily volume \| MMBTU	72,920
Total volume	99,900,000
Weighted Price (in dollars per share)	$ 2.63
NYMEX Natural Gas Henry Hub Call \| Jul 2021 - Dec 2021
Average daily volume \| MMBTU	40,000
Total volume	7,360,000
NYMEX Natural Gas Henry Hub Call \| Jul 2021 - Dec 2021 \| Call Option
Weighted Price (in dollars per share)	$ 3.50
NYMEX Natural Gas Henry Hub Call \| Jul 2021 - Dec 2022
Average daily volume \| MMBTU	40,000
Total volume	21,960,000
NYMEX Natural Gas Henry Hub Call \| Jul 2021 - Dec 2022 \| Call Option
Weighted Price (in dollars per share)	$ 3
NYMEX Natural Gas Henry Hub Call \| Jan 2022 - Dec 2022
Average daily volume \| MMBTU	37,000
Total volume	13,505,000
NYMEX Natural Gas Henry Hub Call \| Jan 2022 - Dec 2022 \| Call Option
Weighted Price (in dollars per share)	$ 3.50
NYMEX Natural Gas Henry Hub Call \| Jan 2023 - Dec 2023
Average daily volume \| MMBTU	70,000
Total volume	25,550,000
NYMEX Natural Gas Henry Hub Call \| Jan 2023 - Dec 2023 \| Call Option
Weighted Price (in dollars per share)	$ 3.50
NYMEX Natural Gas Henry Hub Put \| Apr 2025 - Apr 2028
Average daily volume \| MMBTU	55,684
Total volume	62,700,000
NYMEX Natural Gas Henry Hub Put \| Apr 2025 - Apr 2028 \| Put Option
Weighted Price (in dollars per share)	$ 2.35

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Value of Open and Closed Contracts Which Had Not Yet Settled (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Prepaid expenses and other assets	[1]	$ 14,021	$ 2,752
Other assets (long-term)		21,005	2,762
Accrued liabilities
Derivatives		82,832	13,620
Other liabilities (long-term)
Other liabilities (long-term)		28,122	4,384
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] \| Prepaid expenses and other current assets
Prepaid expenses and other assets		14,021	2,752
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] \| Other assets (long-term)
Other assets (long-term)		21,005	2,762
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] \| Accrued liabilities
Derivatives		82,832	13,620
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] \| Other liabilities (long-term)
Other liabilities (long-term)		$ 28,122	$ 4,384

[1]	Includes closed contracts which have not yet settled.

Derivative Financial Instrume_5

Derivative Financial Instruments - Change in fair value and settlement contract (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Financial Instruments
Realized loss (gain)	$ 15,357	$ (22,578)	$ 23,602	$ (31,970)
Unrealized loss (gain)	66,083	37,992	82,418	(14,528)
Derivative loss (gain)	$ 81,440	$ 15,414	$ 106,020	$ (46,498)

Derivative Financial Instrume_6

Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Note 9 - Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details)
Derivative loss (gain)	$ 81,440	$ 15,414	$ 106,020	$ (46,498)
Derivative cash (payments) receipts, net			$ (41,130)	$ 37,566

Share-based Awards and Cash-b_3

Share-based Awards and Cash-based Awards (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	10,347,591		10,347,591
Conversion ratio			1
Cash Based Discretionary Incentive Compensation	$ 3,800		$ 7,600
Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	410,742		410,742
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)		500,000
Amended and Restated Incentive Plan [Member]
Cash-Based Awards, Granted in Period (in shares)				0
Cash-based Incentive Compensation				$ 0
Restricted Stock Units (RSUs) [Member]
Granted, units (in shares)			698,301	0
Vesting percentage each year on January 1, 2022, 2023, and 2024			0.33%
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 3,900		$ 3,900
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)			19,880
Performance Share Units [Member]
Granted, units (in shares)			388,908
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Grant Date Fair Value			$ 2,200
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	2,200		$ 2,200
Restricted Stock [Member]
Conversion ratio			1
Granted, units (in shares)			62,502
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	200		$ 200
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)			0
Long Term Cash Based Awards [Member]
Fair value of awards	2,200		$ 2,200
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 2,200		$ 2,200

Share-based Awards and Cash-b_4

Share-based Awards and Cash-based Awards - Summary of Share Activity Related to Restricted Stock Units (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Nonvested, units (in shares)	1,442,109
Restricted Stock Units (RSUs) [Member]
Nonvested, units (in shares)	763,688
Nonvested, weighted average grant date fair value per unit (in dollars per share)	$ 4.51
Granted, units (in shares)	698,301	0
Granted, weighted average grant date fair value per unit (in dollars per share)	$ 4.72
Forfeited, units (in shares)	(19,880)
Forfeited, weighted average grant date fair value per unit (in dollars per share)	$ 4.51
Nonvested, units (in shares)	1,442,109	763,688
Nonvested, weighted average grant date fair value per unit (in dollars per share)	$ 4.61	$ 4.51

Share-based Awards and Cash-b_5

Share-based Awards and Cash-based Awards - Schedule of Outstanding Restricted Shares Issued to Non-employee Directors (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Awards expected to vest by period (in shares)	1,442,109
Vesting in 2021 [Member]
Awards expected to vest by period (in shares)	743,808
Vesting in 2022 [Member]
Awards expected to vest by period (in shares)	232,767
Vesting in 2023 [Member]
Awards expected to vest by period (in shares)	232,767
Vesting in 2024 [Member]
Awards expected to vest by period (in shares)	232,767
Restricted Stock Units (RSUs) [Member]
Awards expected to vest by period (in shares)	1,442,109	763,688

Share-based Awards and Cash-b_6

Share-based Awards and Cash-based Awards - Summary of Share Activity Related to Performance Share Units (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, units (in shares)	1,442,109
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, units (in shares)	388,908
Granted, weighted average grant date fair value per unit (in dollars per share) \| $ / shares	$ 5.57
Nonvested, units (in shares)	388,908
Nonvested, weighted average grant date fair value per unit (in dollars per share) \| $ / shares	$ 5.57

Share-based Awards and Cash-b_7

Share-based Awards and Cash-based Awards - Summary of Assumptions Used to Calculate Fair Value of PSUss granted (Details)	6 Months Ended
	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term for performance period (in years)	6 months
Expected volatility	67.90%
Risk-free interest rate	0.10%
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term for performance period (in years)	6 months
Expected volatility	67.90%
Risk-free interest rate	0.10%

Share-based Awards and Cash-b_8

Share-based Awards and Cash-based Awards - Summary of Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Nonvested, units (in shares)	1,442,109
Restricted Stock [Member]
Nonvested, units (in shares)	154,128
Nonvested, weighted average grant date fair value per unit (in dollars per share) \| $ / shares	$ 3.64
Granted, units (in shares)	62,502
Granted, weighted average grant date fair value per unit (in dollars per share) \| $ / shares	$ 3.36
Vested, units (in shares)	(146,404)
Vested, weighted average grant date fair value per unit (in dollars per share) \| $ / shares	$ 3.51
Nonvested, units (in shares)	70,226
Nonvested, weighted average grant date fair value per unit (in dollars per share) \| $ / shares	$ 3.67

Share-based Awards and Cash-b_9

Share-based Awards and Cash-based Awards - Summary of Incentive Compensation Expense Under Share-based Payment Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based compensation expense	$ 467	$ 1,019	$ 921	$ 2,067
Restricted Stock Units (RSUs) [Member]
Share-based compensation expense	339	949	676	1,927
Restricted Stock [Member]
Share-based compensation expense	$ 128	$ 70	$ 245	$ 140

Share-based Awards and Cash-_10

Share-based Awards and Cash-based Awards - Summary of Assumptions Used to Calculate Fair Value of outstanding Long Term Cash Awards (Details)	6 Months Ended
	Jun. 30, 2021
Share-Based Awards and Cash-Based Awards
Expected term for performance period (in years)	6 months
Expected volatility	67.90%
Risk-free interest rate	0.10%
Expected term for cash payment (in years)	2 years 3 months 18 days
Discount rate used to discount expected cash payment	12.10%

Share-based Awards and Cash-_11

Share-based Awards and Cash-based Awards - Summary of Compensation Expense Related to Share-based Awards and Cash-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based compensation expense	$ 467	$ 1,019	$ 921	$ 2,067
Total charged to operating (loss) income	3,959	1,178	7,935	6,706
General and Administrative Expense [Member]
Share-based compensation expense	467	1,019	921	2,067
Cash-based incentive compensation	2,676	$ 159	5,359	3,790
Lease Operating Expense [Member]
Cash-based incentive compensation	$ 816		$ 1,655	$ 849

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Note To Financial Statement Details Textual
Income tax benefit	$ (12,740)	$ (8,736)	$ (12,944)	$ (2,237)
Effective Income Tax Rate Reconciliation, Percent, Total	19.80%	59.70%	19.80%	(3.90%)
Deferred Tax Assets, Valuation Allowance, Total	$ 22,800		$ 22,800		$ 22,400
Income taxes receivable	0		0		$ 0
Proceeds from Income Tax Refunds	$ 0	$ 1,900	$ 0	$ 1,900
Open Tax Year			2017 2018 2019 2020

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Note 13 - Earnings Per Share - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details)
Net (loss) income	$ (51,672)	$ (5,904)	$ (52,418)	$ 60,076
Less portion allocated to nonvested shares			0	707
Net (loss) income allocated to common shares	$ (51,672)	$ (5,904)	$ (52,418)	$ 59,369
Weighted average common shares outstanding (in shares)	142,244	141,597	142,197	141,571
Basic and diluted (loss) earnings per common share (in dollars per share)	$ (0.36)	$ (0.04)	$ (0.37)	$ 0.42
Shares excluded due to being anti-dilutive (weighted-average) (in shares)	880	1,665	899	0

Contingencies (Details Textual)

Contingencies (Details Textual)	3 Months Ended	6 Months Ended
Contingencies (Details Textual)	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jul. 25, 2017USD ($)	Dec. 31, 2010USD ($)
Additional Royalty Due to Disallowed Deductions				$ 4,700,000
Bonds Posted to Appeal IBLA Decision			$ 7,200,000
Collateral for Bonds Posted Related to Appeal with IBLA	$ 8,200,000	$ 8,200,000	$ 6,900,000
BSEE [Member]
Loss Contingency, Number of Claims Filed		9
Proposed Civil Penalties		$ 7,700,000
Settlement Agreement, Annual Instalments, Value	720,000	$ 720,000
Payment for Civil Penalty	$ 0