| Business Description and Basis of Presentation [Text Block] | NOTE 1 — Nature of Operations W&T Offshore, Inc. (with subsidiaries referred to herein as “W&T” or the “Company”) is an independent oil and natural gas producer with substantially all of its operations offshore in the Gulf of Mexico. The Company is active in the exploration, development and acquisition of oil and natural gas properties. Interests in fields, leases, structures and equipment are primarily owned by the Company and its 100% owned subsidiaries, W & T Energy VI, LLC, Aquasition LLC (“A-I, LLC”), and Aquasition II, LLC (“A-II LLC), and through a proportionately consolidated interest in Monza Energy LLC (“Monza”), as described in more detail in Note 6 – Joint Venture Drilling Program Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim periods and the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the condensed consolidated financial statements do not include all of the information and footnote disclosures required by GAAP for complete financial statements for annual periods. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. 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 2021 Annual Report on Form 10-K (the “2021 Annual Report”). Reclassification – For presentation purposes, as of June 30, 2021, Derivative (gain) loss has been reclassified from “Operating income” on the Condensed Consolidated Statement of Operations in order to conform to the current period presentation. Such reclassification had no effect on the Company’s results of operations, financial position or cash flows. For presentation purposes, as of June 30, 2021, Gathering and transportation and Production taxes have been combined into one line item within “Operating income” on the Condensed Consolidated Statement of Operations in order to conform to the current period presentation. Such reclassification had no effect on the Company’s results of operations, financial position or cash flows. 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. Summary of Significant Accounting Policies Revenue and Accounts Receivable – The Company also has receivables related to joint interest arrangements primarily with mid-size oil and gas companies with a substantial majority of the net receivable balance concentrated in less than ten companies. 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 Company’s maximum exposure at any time would be the receivable balance. Joint interest receivables on the Condensed Consolidated Balance Sheet are presented net of allowance for credit losses of $11.6 million and $10.0 million as of June 30, 2022 and December 31, 2021, respectively. Employee Retention Credit – General and administrative expenses Prepaid Expenses and Other Assets – June 30, 2022 December 31, 2021 Derivatives (1) $ 25,820 $ 21,086 Unamortized insurance/bond premiums 6,404 5,400 Prepaid deposits related to royalties 11,476 8,441 Prepayment to vendors 5,344 4,522 Prepayments to joint interest partners 2,768 2,808 Debt issue costs 1,207 1,065 Other 54 57 Prepaid expenses and other assets $ 53,073 $ 43,379 (1) Includes closed contracts which have not yet settled. Oil and Natural Gas Properties and Other, Net – June 30, 2022 December 31, 2021 Oil and natural gas properties and equipment $ 8,764,899 $ 8,636,408 Furniture, fixtures and other 20,845 20,844 Total property and equipment 8,785,744 8,657,252 Less: Accumulated depreciation, depletion, amortization and impairment (8,044,354) (7,992,000) Oil and natural gas properties and other, net $ 741,390 $ 665,252 Other Assets (long-term) – June 30, 2022 December 31, 2021 Right-of-Use assets $ 10,523 $ 10,602 Investment in White Cap, LLC 2,989 2,533 Proportional consolidation of Monza (Note 6) 12,504 2,511 Derivatives (1) 26,509 34,435 Other 1,013 1,091 Total other assets (long-term) $ 53,538 $ 51,172 (1) Includes open contracts and prepaid premiums paid for purchased put and call options. Accrued Liabilities – June 30, 2022 December 31, 2021 Accrued interest $ 10,165 $ 10,154 Accrued salaries/payroll taxes/benefits 5,052 9,617 Litigation accruals 500 646 Lease liability 1,417 1,115 Derivatives (1) 135,963 81,456 Other 870 3,152 Total accrued liabilities $ 153,967 $ 106,140 (1) Includes closed contracts which have not yet settled. Other Liabilities (long-term) – June 30, 2022 December 31, 2021 Dispute related to royalty deductions $ 6,534 $ 5,177 Derivatives (Note 8) 75,550 37,989 Lease liability 10,971 11,227 Other 1,202 996 Total other liabilities (long-term) $ 94,257 $ 55,389 At-the-Market Equity Offering – under the Company’s "at-the-market" equity offering program (the "ATM Program"). |
