W&T Offshore (WTI) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-32414
Entity Registrant Name	W&T OFFSHORE, INC.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	72-1121985
Entity Address, Address Line One	5718 Westheimer Road, Suite 700
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77057-5745
City Area Code	713
Local Phone Number	626-8525
Title of 12(b) Security	Common Stock, par value $0.00001
Trading Symbol	WTI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		146,480,637
Entity Central Index Key	0001288403
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2023

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 171,627	$ 461,357
Restricted cash	4,417	4,417
Receivables:
Oil and natural gas sales	41,342	66,146
Joint interest, net	13,875	14,000
Income taxes	1,941
Total receivables	57,158	80,146
Prepaid expenses and other assets (Note 1)	21,365	24,343
Total current assets	254,567	570,263
Oil and natural gas properties and other, net (Note 1)	737,740	735,215
Restricted deposits for asset retirement obligations	22,092	21,483
Deferred income taxes	45,700	57,280
Other assets (Note 1)	42,118	47,549
Total assets	1,102,217	1,431,790
Current liabilities:
Accounts payable	67,293	65,158
Undistributed oil and natural gas proceeds	31,178	41,934
Advances from joint interest partners	3,110	3,181
Asset retirement obligations (Note 7)	37,763	25,359
Accrued liabilities (Note 1)	39,323	74,041
Current portion of long-term debt, net	30,550	582,249
Income tax payable	10	412
Total current liabilities	209,227	792,334
Long-term debt (Note 2)
Principal	382,697	114,158
Unamortized debt issuance costs	(9,676)	(2,970)
Long-term debt, net (Note 2)	373,021	111,188
Asset retirement obligations, less current portion (Note 7)	443,069	441,071
Other liabilities (Note 1)	35,041	59,134
Deferred income taxes	72	72
Commitments and contingencies (Note 11)	16,996	20,357
Shareholders' equity:
Preferred stock, $0.00001 par value; 20,000 shares authorized; none issued at June 30, 2023 and December 31, 2022
Common stock, $0.00001 par value; 200,000 shares authorized; 149,350 issued and 146,481 outstanding at June 30, 2023; 149,002 issued and 146,133 outstanding at December 31, 2022	1	1
Additional paid-in capital	579,849	576,588
Retained deficit	(530,892)	(544,788)
Treasury stock, at cost; 2,869 shares at June 30, 2023 and December 31, 2022	(24,167)	(24,167)
Total shareholders' equity	24,791	7,634
Total liabilities and shareholders' equity	$ 1,102,217	$ 1,431,790

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
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)	149,350	149,002
Common stock, shares outstanding (in shares)	146,481	146,133
Treasury stock, shares (in shares)	2,869	2,869

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 126,181	$ 273,808	$ 257,906	$ 464,812
Operating expenses:
Lease operating expenses	66,021	52,976	131,207	96,387
Gathering, transportation and production taxes	6,802	9,181	12,938	14,448
Depreciation, depletion, and amortization	28,177	27,679	50,801	52,354
Asset retirement obligations accretion	7,717	6,681	15,227	12,917
General and administrative expenses	17,393	14,967	37,312	28,743
Total operating expenses	126,110	111,484	247,485	204,849
Operating income	71	162,324	10,421	259,963
Interest expense, net	10,323	18,183	25,036	38,066
Derivative (gain) loss, net	(829)	(8,854)	(40,069)	71,143
Other (income) expense, net	(311)	(1,534)	(78)	(629)
Income (loss) before income taxes	(9,112)	154,529	25,532	151,383
Income tax expense	2,997	31,093	11,636	30,404
Net (loss) income	$ (12,109)	$ 123,436	$ 13,896	$ 120,979
Net income per common share:
Basic	$ (0.08)	$ 0.86	$ 0.09	$ 0.85
Diluted	$ (0.08)	$ 0.85	$ 0.09	$ 0.84
Weighted average common shares outstanding:
Basic	146,452	143,020	146,435	142,981
Diluted	146,452	144,525	149,045	144,094
Oil and Condensate [Member]
Revenues:
Total revenues	$ 89,982	$ 159,264	$ 186,982	$ 281,966
Natural Gas Liquids [Member]
Revenues:
Total revenues	10,385	16,735	18,180	30,555
Natural Gas, Production [Member]
Revenues:
Total revenues	23,438	92,413	48,242	143,779
Product and Service, Other [Member]
Revenues:
Total revenues	$ 2,376	$ 5,396	$ 4,502	$ 8,512

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Deficit [Member]	Treasury Stock [Member]	Total
Balances beginning (in shares) at Dec. 31, 2021	142,863
Balances beginning (in shares) at Dec. 31, 2021				2,869
Balances beginning at Dec. 31, 2021	$ 1	$ 552,923	$ (775,937)	$ (24,167)	$ (247,180)
Share-based compensation		2,534			2,534
Stock issued (in shares)	292
RSUs surrendered for payroll taxes		(702)			(702)
Net (loss) income			120,979		120,979
Balances Ending (in shares) at Jun. 30, 2022	143,155
Balances Ending (in shares) at Jun. 30, 2022				2,869
Balances Ending at Jun. 30, 2022	$ 1	554,755	(654,958)	$ (24,167)	(124,369)
Balances beginning (in shares) at Dec. 31, 2021	142,863
Balances beginning (in shares) at Dec. 31, 2021				2,869
Balances beginning at Dec. 31, 2021	$ 1	552,923	(775,937)	$ (24,167)	$ (247,180)
Balances Ending (in shares) at Dec. 31, 2022	146,133
Balances Ending (in shares) at Dec. 31, 2022				2,869	2,869
Balances Ending at Dec. 31, 2022	$ 1	576,588	(544,788)	$ (24,167)	$ 7,634
Balances beginning (in shares) at Mar. 31, 2022	143,012
Balances beginning (in shares) at Mar. 31, 2022				2,869
Balances beginning at Mar. 31, 2022	$ 1	553,175	(778,394)	$ (24,167)	(249,385)
Share-based compensation		2,014			2,014
Stock issued (in shares)	143
RSUs surrendered for payroll taxes		(434)			(434)
Net (loss) income			123,436		123,436
Balances Ending (in shares) at Jun. 30, 2022	143,155
Balances Ending (in shares) at Jun. 30, 2022				2,869
Balances Ending at Jun. 30, 2022	$ 1	554,755	(654,958)	$ (24,167)	$ (124,369)
Balances beginning (in shares) at Dec. 31, 2022	146,133
Balances beginning (in shares) at Dec. 31, 2022				2,869	2,869
Balances beginning at Dec. 31, 2022	$ 1	576,588	(544,788)	$ (24,167)	$ 7,634
Share-based compensation		4,009			4,009
Stock issued (in shares)	348
RSUs surrendered for payroll taxes		(748)			(748)
Net (loss) income			13,896		$ 13,896
Balances Ending (in shares) at Jun. 30, 2023	146,481
Balances Ending (in shares) at Jun. 30, 2023				2,869	2,869
Balances Ending at Jun. 30, 2023	$ 1	579,849	(530,892)	$ (24,167)	$ 24,791
Balances beginning (in shares) at Mar. 31, 2023	146,461
Balances beginning (in shares) at Mar. 31, 2023				2,869
Balances beginning at Mar. 31, 2023	$ 1	577,787	(518,783)	$ (24,167)	34,838
Share-based compensation		2,087			2,087
Stock issued (in shares)	20
RSUs surrendered for payroll taxes		(25)			(25)
Net (loss) income			(12,109)		$ (12,109)
Balances Ending (in shares) at Jun. 30, 2023	146,481
Balances Ending (in shares) at Jun. 30, 2023				2,869	2,869
Balances Ending at Jun. 30, 2023	$ 1	$ 579,849	$ (530,892)	$ (24,167)	$ 24,791

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 13,896	$ 120,979
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	66,028	65,271
Amortization and write off of debt issuance costs	4,363	4,365
Share-based compensation	4,009	2,534
Derivative (gain) loss	(40,069)	71,143
Derivative cash (payments) receipts, net	(4,427)	70,227
Derivative cash premium payments		(46,111)
Deferred income taxes	11,580	27,031
Changes in operating assets and liabilities:
Oil and natural gas receivables	24,804	(44,236)
Joint interest receivables	125	(3,625)
Prepaid expenses and other assets	26,992	(30,092)
Income tax	(2,345)	3,223
Asset retirement obligation settlements	(11,841)	(39,775)
Cash advances from JV partners	(71)	(9,813)
Accounts payable, accrued liabilities and other	(43,412)	46,638
Net cash provided by operating activities	49,632	237,759
Investing activities:
Investment in oil and natural gas properties and equipment	(22,999)	(25,489)
Changes in operating assets and liabilities associated with investing activities	(2,338)	(5,786)
Acquisition of property interests		(47,625)
Purchase of corporate aircraft (Note 12)	(8,983)
Purchases of furniture, fixtures and other	(218)
Net cash used in investing activities	(34,538)	(78,900)
Financing activities:
Repayment of Note Payable	(183)
Issuance of 11.75% Senior Second Lien Notes	275,000
Repayments on 9.75% Second Senior Lien Notes	(552,460)
Repayments on Term Loan	(19,181)	(24,941)
Debt issuance costs	(7,252)	(1,290)
Other	(748)	(703)
Net cash used in financing activities	(304,824)	(26,934)
(Decrease) increase in cash and cash equivalents	(289,730)	131,925
Cash and cash equivalents and restricted cash, beginning of period	465,774	250,216
Cash and cash equivalents and restricted cash, end of period	$ 176,044	$ 382,141

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals)	Jun. 30, 2023	Feb. 08, 2023	Jan. 27, 2023	Dec. 31, 2022	Jun. 30, 2022	Oct. 18, 2018
11.75% Senior Second Lien Notes
Debt instrument, interest rate, stated percentage	11.75%	11.75%	11.75%	11.75%	11.75%
9.75% Second Senior Lien Notes
Debt instrument, interest rate, stated percentage	9.75%	9.75%		9.75%	9.75%	9.75%

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	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”). 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 2022 Annual Report on Form 10-K (the “2022 Annual Report”). 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 Sheets are presented net of allowance for credit losses of $11.3 million and $12.1 million as of June 30, 2023 and December 31, 2022, respectively. Employee Retention Credit – General and administrative expenses Prepaid Expenses and Other Assets – ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Derivatives (1) ​ $ 1,778 ​ $ 4,954 Unamortized insurance/bond premiums ​ 8,303 ​ 6,046 Prepaid deposits related to royalties ​ 6,822 ​ 9,139 Prepayments to vendors ​ 1,628 ​ 1,767 Prepayments to joint interest partners ​ ​ 2,319 ​ ​ 1,717 Debt issue costs ​ ​ 427 ​ ​ 687 Other ​ 88 ​ 33 Prepaid expenses and other assets ​ $ 21,365 ​ $ 24,343 ​ ​ ​ ​ ​ (1) Includes closed contracts which have not yet settled. Oil and Natural Gas Properties and Other, Net – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Oil and natural gas properties and equipment ​ $ 8,847,421 ​ $ 8,813,404 Furniture, fixtures and other ​ 40,224 ​ 20,915 Total property and equipment ​ 8,887,645 ​ 8,834,319 Less: Accumulated depreciation, depletion, amortization and impairment ​ (8,149,905) ​ (8,099,104) Oil and natural gas properties and other, net ​ $ 737,740 ​ $ 735,215 ​ ​ ​ ​ ​ ​ Other Assets (long-term) – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Right-of-Use assets ​ $ 10,728 ​ $ 10,364 Investment in White Cap, LLC ​ 2,721 ​ 2,453 Proportional consolidation of Monza (Note 6) ​ 9,909 ​ 9,321 Derivatives (1) ​ 17,184 ​ 23,236 Other ​ 1,576 ​ 2,175 Total other assets (long-term) ​ $ 42,118 ​ $ 47,549 ​ ​ ​ ​ ​ (1) Includes open contracts. Accrued Liabilities – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Accrued interest ​ $ 13,848 ​ $ 8,967 Accrued salaries/payroll taxes/benefits ​ 4,808 ​ 15,097 Litigation accruals ​ 56 ​ 396 Lease liability ​ 1,045 ​ 1,628 Derivatives (1) ​ 18,518 ​ 46,595 Other ​ 1,048 ​ 1,358 Total accrued liabilities ​ $ 39,323 ​ $ 74,041 ​ ​ ​ ​ ​ (1) Includes closed contracts which have not yet settled. ​ Other Liabilities (long-term) – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Dispute related to royalty deductions ​ $ 5,250 ​ $ 4,937 Derivatives (Note 4) ​ 17,417 ​ 43,061 Lease liability ​ 11,709 ​ 10,527 Other ​ 665 ​ 609 Total other liabilities (long-term) ​ $ 35,041 ​ $ 59,134 ​ ​ ​ ​ At-the-Market Equity Offering – under the Company’s “at-the-market” equity offering program (the “ATM Program”).

DEBT

DEBT	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Debt [Text Block]	NOTE 2 — The components comprising the Company’s debt are presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 TVPX Loan: ​ ​ ​ ​ ​ ​ Principal ​ $ 11,575 ​ $ — Discount ​ ​ (1,651) ​ ​ ​ Unamortized debt issuance costs ​ (267) ​ ​ — Total TVPX Loan ​ 9,657 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Term Loan: ​ ​ ​ ​ ​ ​ Principal ​ ​ 128,719 ​ ​ 147,899 Unamortized debt issuance costs ​ ​ (3,727) ​ ​ (4,592) Total Term Loan ​ 124,992 ​ 143,307 ​ ​ ​ ​ ​ ​ ​ Credit Agreement borrowings: ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ 11.75% Senior Second Lien Notes due 2026: ​ ​ ​ Principal ​ 275,000 ​ — Unamortized debt issuance costs ​ (6,078) ​ — Total 11.75% Senior Second Lien Notes due 2026 ​ 268,922 ​ — ​ ​ ​ ​ ​ ​ ​ 9.75% Senior Second Lien Notes due 2023: ​ ​ ​ Principal ​ — ​ 552,460 Unamortized debt issuance costs ​ — ​ (2,330) Total 9.75% Senior Second Lien Notes due 2023 ​ — ​ 550,130 ​ ​ ​ ​ ​ ​ ​ Less current portion, net ​ ​ (30,550) ​ ​ (582,249) Total long-term debt, net ​ $ 373,021 ​ $ 111,188 ​ ​ ​ ​ ​ ​ Current Portion of Long-Term Debt, Net TVPX Loan a company affiliated with and controlled by Chairman, Chief Executive Officer (“CEO”) and President Note 12 – Related Party Transactions Term Loan (Subsidiary Credit Agreement) Note 4 – Derivative Financial Instruments Note 5 – Subsidiary Borrowers Credit Agreement The Company has entered into a Credit Agreement with Calculus Lending, LLC (“Calculus”), a company affiliated with and controlled by W&T’s Chairman, Chief Executive Officer and President, Tracy W. Krohn, as sole lender under the Credit Agreement (as amended from time to time, the “Credit Agreement”). The Credit Agreement currently has a maturity date of ● $100 million first priority lien secured revolving credit facility, with borrowings limited to a borrowing base of $50.0 million; ● Outstanding borrowings accrue interest at SOFR plus 6.0% per annum; ● The Company’s ratio of First Lien Debt (as such term is defined in the Credit Agreement) outstanding under the Credit Agreement on the last day of the most recent quarter to EBITDAX (as such term is defined in the Credit Agreement) for the trailing four quarters must not be greater than 2.50 to 1.00 on the last day of any fiscal quarter commencing with the fiscal quarter ended March 31, 2022; ● The Company’s ratio of Total Proved PV-10 to First Lien Debt (as such terms are defined in the Credit Agreement) as of the last day of any fiscal quarter commencing with the fiscal quarter ended March 31, 2022, must be equal to or greater than 2.00 to 1.00; ● The ratio of the Company and its restricted subsidiaries’ consolidated current assets to consolidated current liabilities (subject in each case to certain exceptions and adjustments as set forth in the Credit Agreement) at the last day of any fiscal quarter must be greater than or equal to 1.00 to 1.00; ● As of the last day of any fiscal quarter commencing with the fiscal quarter ended March 31, 2022, the Company and its restricted subsidiaries on a consolidated basis must pass a “Stress Test” to determine whether certain future net revenues from the Company’s and its restricted subsidiaries’ and certain joint ventures’ oil and gas properties included in the collateral are sufficient to satisfy the aggregate first lien indebtedness under the Credit Agreement assuming the Borrowing Base is 100% funded or fully utilized; and ● Certain related party transactions are required to meet certain arm’s length criteria; except in each case as specifically permitted or excluded from the covenant under the Credit Agreement. Availability under the Credit Agreement is subject to redetermination of the borrowing base that may be requested at the discretion of either the lender or the Company in accordance with the Credit Agreement. Note 5 – Subsidiary Borrowers As of June 30, 2023, there were no borrowings outstanding under the Credit Agreement and no borrowings had been incurred under the Credit Agreement during the six months ended June 30, 2023. As of June 30, 2023 and December 31, 2022, the Company had $4.4 million outstanding in letters of credit which have been cash collateralized. 11.75% Senior Second Lien Notes due 2026 On January 27, 2023, the Company issued and sold $275 million in aggregate principal amount of its 11.75% Senior Second Lien Notes at par with an interest rate of 11.75% per annum that matures on February 1, 2026 (the “11.75% Senior Second Lien Notes”), which are governed under the terms of an indenture (the “Indenture”). Interest on the 11.75% Senior Second Lien Notes is payable in arrears on February 1 and August 1, commencing August 1, 2023. The 11.75% Senior Second Lien Notes will be recorded at their carrying value consisting of principal and unamortized debt issuance costs. The 11.75% Senior Second Lien Notes are secured by second-priority liens on the same collateral that is secured under the Credit Agreement, which does not include the Mobile Bay Properties and the related Midstream Assets. The estimated annual effective interest rate on the 11.75% Senior Second Lien Notes is 12.6%, which includes amortization of deferred interest costs. Prior to August 1, 2024, the Company may redeem all or any portion of the 11.75% Senior Second Lien Notes at a redemption price equal to 100% of the principal amount of the notes outstanding plus accrued and unpaid interest, if any, to the redemption date, plus the “Applicable Premium” (as defined in the Indenture). In addition, prior to August 1, 2024, the Company may, at its option, on one or more occasions redeem up to 35% of the aggregate original principal amount of the 11.75% Senior Second Lien Notes in an amount not greater than the net cash proceeds from certain equity offerings at a redemption price of 111.750% of the principal amount of the outstanding plus accrued and unpaid interest, if any, to the redemption date. On and after August 1, 2024, the Company may redeem the 11.75% Senior Second Lien Notes, in whole or in part, at redemption prices (expressed as percentages of the principal amount thereof) equal to 105.875% for the 12-month period beginning August 1, 2024, and 100.000% on August 1, 2025 and thereafter, plus accrued and unpaid interest, if any, to the redemption date. The 11.75% Senior Second Lien Notes are guaranteed by the Guarantors. The 11.75% Senior Second Lien Notes contain covenants that limit or prohibit the Company’s ability and the ability of certain of its 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 important 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 11.75% Senior Second Lien Notes an investment grade rating and no default exists with respect to the 11.75% Senior Second Lien Notes. Redemption of 9.75% Senior Second Lien Notes due 2023 On October 18, 2018, the Company issued $625.0 million of 9.75% Senior Second Lien Notes due 2023 (the “9.75% Senior Second Lien Notes”), which were issued at par with an interest rate of 9.75% per annum and would have matured on November 1, 2023. On February 8, 2023, the Company redeemed all of the $552.5 million of aggregate principle outstanding of the 9.75% Senior Second Lien Notes at a redemption price of 100.0%, plus accrued and unpaid interest to the redemption date. The Company used the net proceeds of $270.8 million from the issuance of the 11.75% Senior Second Lien Notes and cash on hand of $296.1 million to fund the redemption. Covenants As of June 30, 2023 and for all prior measurement periods presented, the Company was in compliance with all applicable covenants of the Credit Agreement and the Indenture.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 3 – FAIR VALUE MEASUREMENTS Derivative Financial Instruments Derivative financial instruments are reported in the Condensed Consolidated Balance Sheets using fair value. See Note 4 – Derivative Financial Instruments The following table presents the fair value of the Company’s derivative financial instruments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Assets: ​ ​ Derivative instruments - current ​ $ 1,778 ​ $ 4,954 Derivative instruments - long-term ​ 17,184 ​ 23,236 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ Derivative instruments - current ​ 18,518 ​ 46,595 Derivative instruments - long-term ​ 17,417 ​ 43,061 ​ ​ ​ ​ ​ Debt Instruments The following table presents the net value and fair value of the Company’s debt (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ Net Value Fair Value Net Value Fair Value Liabilities: ​ ​ ​ ​ TVPX Loan ​ $ 9,657 ​ $ 9,977 ​ $ — ​ $ — Term Loan ​ ​ 124,992 ​ ​ 120,965 ​ ​ 143,307 ​ ​ 139,056 11.75% Senior Second Lien Notes due 2026 ​ ​ 268,922 ​ 275,303 ​ — ​ — 9.75% Senior Second Lien Notes due 2023 ​ — ​ — ​ 550,130 ​ 544,902 Total ​ $ 403,571 ​ $ 406,245 ​ $ 693,437 ​ $ 683,958 ​ ​ ​ ​ ​ The fair value of the TVPX Loan and the Term Loan were measured using a discounted cash flows model and current market rates. The fair value of the 11.75% Senior Second Lien Notes and 9.75% Senior Second Lien Notes were measured using quoted prices, although the market is not a highly liquid market. The fair value of debt was classified as Level 2 within the valuation hierarchy.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 4 — DERIVATIVE FINANCIAL INSTRUMENTS W&T’s market risk exposure relates primarily to commodity prices. The Company attempts to mitigate a portion of its commodity price risk and stabilize cash flows associated with sales of oil and natural gas production through the use of oil and natural gas swaps, costless collars, sold calls and purchased puts. W&T has elected not to designate commodity derivative contracts for hedge accounting. Accordingly, commodity derivatives are recorded on the Condensed Consolidated Balance Sheets at fair value with settlements of such contracts, and changes in the unrealized fair value, recorded as Derivative (gain) loss on the Condensed Consolidated Statements of Operations in each period presented. Net cash provided by operating activities The natural gas contracts are based off the Henry Hub prices, which is 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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ Daily ​ Total ​ Weighted ​ Weighted ​ Weighted Period Type Volumes Volumes Strike Price Put Price Call Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural Gas - Henry Hub (NYMEX) ​ (MMbtu) (1) ​ (MMbtu) (1) ​ ​ ($/MMbtu) (1) ​ ​ ($/MMbtu) (1) ​ ​ ($/MMbtu) (1) July 2023 - Dec 2023 ​ calls ​ 35,288 ​ 12,880,000 ​ $ — ​ $ — ​ $ 7.50 Jan 2024 - Dec 2024 ​ calls ​ 65,000 ​ 23,790,000 ​ $ — ​ $ — ​ $ 6.13 Jan 2025 - Mar 2025 ​ calls ​ 62,000 ​ 5,580,000 ​ $ — ​ $ — ​ $ 5.50 July 2023 - Dec 2023 (2) ​ swaps ​ 36,164 ​ 13,200,000 ​ $ 2.43 ​ $ — ​ $ — Jan 2024 - Dec 2024 (2) ​ swaps ​ 65,574 ​ 24,000,000 ​ $ 2.46 ​ $ — ​ $ — Jan 2025 - Mar 2025 (2) ​ swaps ​ 63,333 ​ 5,700,000 ​ $ 2.72 ​ $ — ​ $ — Apr 2025 - Dec 2025 (2) ​ puts ​ 62,182 ​ 17,100,000 ​ $ — ​ $ 2.27 ​ $ — Jan 2026 - Dec 2026 (2) ​ puts ​ 55,890 ​ 20,400,000 ​ $ — ​ $ 2.35 ​ $ — Jan 2027 - Dec 2027 (2) ​ puts ​ 52,603 ​ 19,200,000 ​ $ — ​ $ 2.37 ​ $ — Jan 2028 - Apr 2028 (2) ​ puts ​ 49,587 ​ 6,000,000 ​ $ — ​ $ 2.50 ​ $ — ​ ​ ​ ​ ​ ​ (1) MMbtu – Million British Thermal Units ​ (2) These contracts were entered into by the Company’s wholly owned subsidiary, A-I LLC, in conjunction with the Term Loan (see Note 5 – Subsidiary Borrowers). ​ ​ Financial Statement Presentation The following fair value of derivative financial instruments amounts were recorded in the Condensed Consolidated Balance Sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Prepaid expenses and other current assets ​ $ 1,778 ​ $ 4,954 Other assets (long-term) ​ 17,184 ​ 23,236 Accrued liabilities ​ 18,518 ​ 46,595 Other liabilities (long-term) ​ ​ 17,417 ​ ​ 43,061 ​ ​ Although the Company has master netting arrangements with its counterparties, t Changes in the fair value and settlements of contracts are recorded on the Condensed Consolidated Statements of Operations as Derivative (gain) loss, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Realized loss (gain) (1) ​ $ 300 ​ $ (79,667) ​ $ 530 ​ $ (35,973) Unrealized (gain) loss ​ ​ (1,129) ​ ​ 70,813 ​ ​ (40,599) ​ ​ 107,116 Derivative (gain) loss, net ​ $ (829) ​ $ (8,854) ​ $ (40,069) ​ $ 71,143 ​ ​ ​ ​ ​ ​ (1) The three and six months ended June 30, 2022 includes the effect of the $138.0 million realized gain related to the monetization of certain natural gas call contracts through restructuring of strike prices. Cash payments on commodity derivative contract settlements, net, are included within Net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2023 2022 Derivative (gain) loss, net ​ $ (40,069) ​ $ 71,143 Derivative cash (receipts) payments, net (1) ​ ​ (4,427) ​ ​ 70,227 Derivative cash premium payments, net ​ ​ — ​ ​ (46,111) ​ ​ ​ ​ ​ (1) The six months ended June 30, 2022 includes $105.3 million of net cash receipts related to the monetization of certain natural gas call contracts through restructuring of strike prices.

SUBSIDIARY BORROWERS

SUBSIDIARY BORROWERS	6 Months Ended
	Jun. 30, 2023
SUBSIDIARY BORROWERS
SUBSIDIARY BORROWERS	NOTE 5 — SUBSIDIARY BORROWERS On May 19, 2021, the Subsidiary 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 Subsidiary 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 4 – Derivative Financial Instruments The Subsidiary Borrowers are wholly-owned subsidiaries of the Company; however, the assets of the Subsidiary Borrowers are not available to satisfy the debt or contractual obligations of any other entities, including debt securities or other contractual obligations of the Company, and the Subsidiary Borrowers do not bear any liability for the indebtedness or other contractual obligations of any other entities, and vice versa. During the year ended December 31, 2022, the Subsidiary Borrowers paid cash distributions to W&T of $30.2 million. During the six months ended June 30, 2023, no such distributions were paid. Consolidation and Carrying Amounts The following table presents the amounts recorded by W&T on the Condensed Consolidated Balance Sheets related to the consolidation of the Subsidiary Borrowers and the subsidiary that owns the equity of the Subsidiary Borrowers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 Assets: ​ ​ Cash and cash equivalents ​ $ 5,899 ​ $ 21,764 Receivables: ​ ​ Oil and natural gas sales ​ 18,411 ​ 37,344 Joint interest, net ​ (27,400) ​ (5,760) Prepaid expenses and other assets ​ 125 ​ 417 Oil and natural gas properties and other, net ​ 289,959 ​ 280,649 Other assets ​ 11,486 ​ 8,473 Liabilities: ​ ​ Accounts payable ​ ​ 8,996 ​ ​ 27,387 Undistributed oil and natural gas proceeds ​ 3,625 ​ 7,930 Accrued liabilities ​ 19,036 ​ 45,102 Current portion of long-term debt ​ ​ 30,074 ​ ​ 32,119 Long-term debt, net ​ 94,918 ​ 111,188 Asset retirement obligations ​ 66,136 ​ 61,138 Other liabilities ​ 22,020 ​ 47,398 ​ ​ ​ ​ ​ ​ The following table presents the amounts recorded by W&T in the Condensed (i ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Total revenues ​ $ 25,437 ​ $ 76,846 ​ $ 46,560 ​ $ 124,361 Total operating expenses ​ 30,443 ​ 18,385 ​ 50,490 ​ 33,185 Interest expense, net ​ 3,229 ​ 3,658 ​ 5,411 ​ 8,436 Derivative (gain) loss, net ​ (6,012) ​ 35,888 ​ (52,389) ​ 132,046 ​

JOINT VENTURE DRILLING PROGRAM

JOINT VENTURE DRILLING PROGRAM	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Joint Venture Drilling Program [Text Block]	NOTE 6 — JOINT VENTURE DRILLING PROGRAM In March 2018, W&T and two other initial members formed and initially funded Monza, which jointly participates with the Company 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, was $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 W&T initially receives an aggregate of 30.0% of the revenues less expenses, through the direct ownership from the retained working interest in the Monza projects and the Company’s indirect interest through its 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 of directors. The members of Monza are third-party investors, W&T and an entity owned and controlled by Tracy W. Krohn, the Company’s Chairman, Chief Executive Officer and President. The entity affiliated with the Company’s CEO 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, and 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, 2023, ten wells have been completed since the inception of the Joint Venture Drilling Program. W&T is the operator for eight of the ten wells completed through June 30, 2023. Since inception through June 30, 2023, members of Monza made partner capital contributions, including W&T’s contributions of working interest in the drilling projects, to Monza totaling $302.4 million and received cash distributions totaling $204.7 million. Since inception through June 30, 2023, W&T made total capital contributions, including the contributions of working interest in the drilling projects, to Monza totaling $68.2 million and received cash distributions totaling $48.3 million. Consolidation and Carrying Amounts W&T’s interest in Monza is considered to be a variable interest that is proportionally consolidated. Through June 30, 2023, there have been no events or changes that would cause a redetermination of the variable interest status. W&T does not fully consolidate Monza because the Company is not considered the primary beneficiary of Monza. The following table presents the amounts recorded by W&T on the Condensed Consolidated Balance Sheets related to the consolidation of the proportional interest in Monza’s operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 Working capital ​ $ 1,191 ​ $ 2,515 Oil and natural gas properties and other, net ​ 34,516 ​ 37,260 Asset retirement obligations ​ ​ 518 ​ ​ 467 Other assets ​ 9,909 ​ 11,571 ​ As required, W&T may call on Monza to provide cash to fund its portion of certain Joint Venture Drilling Program projects in advance of capital expenditure spending, and the unused balances as of June 30, 2023 and December 31, 2022 were $2.8 million and $2.9 million, respectively, which are included in the Condensed Consolidated Balance Sheets in Advances from joint interest partners. The following table presents the amounts recorded by W&T in the Condensed (i ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 Total revenues ​ $ 6,018 ​ $ 16,615 Total operating expenses ​ 4,623 ​ 7,368 Interest income ​ 104 ​ — ​

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
ASSET RETIREMENT OBLIGATIONS	NOTE 7 — AROs represent the estimated present value of the amount incurred to plug, abandon and remediate the Company’s properties at the end of their productive lives. A summary of the changes to ARO is as follows (in thousands): ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2023 Asset retirement obligations, beginning of period ​ $ 466,430 Liabilities settled ​ (11,841) Accretion expense ​ 15,227 Liabilities incurred ​ ​ 113 Revisions of estimated liabilities ​ 10,903 Asset retirement obligations, end of period ​ ​ 480,832 Less: Current portion ​ (37,763) Long-term ​ $ 443,069 ​

SHARE-BASED AWARDS AND CASH BAS

SHARE-BASED AWARDS AND CASH BASED AWARDS	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE 8 — SHARE-BASED AWARDS AND CASH BASED AWARDS On June 16, 2023, the 2023 Incentive Compensation Plan (the “2023 Plan”) was approved by the Company’s shareholders. The 2023 Plan is effective June 16, 2023, and the Company will no longer grant awards pursuant to the W&T Offshore, Inc. Amended and Restated Incentive Compensation Plan, as amended from time to time, (the “Prior Plan”) or the 2004 Directors Compensation Plan, as amended from time to time . stock appreciation rights, restricted stock, restricted stock units, performance awards, stock awards, dividend equivalents, other stock-based awards, performance units or shares, cash awards, substitute awards or any combination of the foregoing to eligible employees, non-employee directors, and consultants. Any awards granted prior to the effective date of the 2023 Plan are considered to have been granted under the Prior Plan. Share-Based Awards to Employees Restricted Stock Units (“RSUs”) one-third A summary of activity related to RSUs during the six months ended June 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Average ​ ​ Restricted ​ Grant Date Fair ​ ​ Stock Units ​ Value Per Unit Nonvested, beginning of period ​ 1,221,461 ​ $ 5.76 Granted 1,527,221 ​ 4.09 Vested (486,134) ​ 5.62 Forfeited (80,911) ​ 5.97 Nonvested, end of period 2,181,637 ​ ​ 4.61 ​ ​ ​ ​ ​ Performance Share Units (“PSUs”) On June 5, 2023, the Company granted PSUs under the Prior Plan ranking against peer companies’ TSR , which ends on December 31, 2025. A summary of activity related to PSUs during the six months ended June 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Average ​ ​ Performance ​ Grant Date Fair ​ ​ Share Units ​ Value Per Unit Nonvested, beginning of period ​ 1,502,239 ​ $ 9.78 Granted 1,187,638 ​ 4.87 Vested (10,705) ​ 7.80 Forfeited (188,307) ​ 10.05 Nonvested, end of period 2,490,865 ​ ​ 7.43 ​ ​ ​ ​ ​ The following table summarizes the assumptions used in the Monte Carlo simulations to calculate the fair value of the absolute TSR PSUs granted at the date indicated: ​ ​ ​ ​ ​ ​ ​ ​ 2023 Grant Date ​ ​ June 5, 2023 Expected term for performance period (in years) ​ ​ 2.6 ​ Expected volatility ​ ​ 76.1 % Risk-free interest rate ​ ​ 4.2 % Fair value (in thousands) ​ $ 5,694 ​ ​ ​ ​ ​ ​ Share-Based Awards to Non-Employee Directors The Company may from time-to-time issue awards to non-employee directors pursuant to the 2023 Plan. There were no awards granted to non-employee directors during the six months ended June 30, 2023. Restricted shares vested during the six months ended June 30, 2023 relate to 2022 restricted shares issued to the non-employee directors. A summary of activity related to restricted shares during the six months ended June 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ Restricted Fair Value ​ ​ Shares ​ Per Share Nonvested, beginning of period ​ 42,426 ​ $ 4.95 Vested (42,426) ​ 4.95 Nonvested, end of period — ​ $ — ​ ​ ​ ​ ​ Share-Based Compensation Expense Compensation costs for share-based payments are recognized over the requisite service period. A summary of compensation expense under share-based payment arrangements is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Restricted stock units ​ $ 945 ​ $ 1,360 ​ $ 1,443 ​ $ 1,610 Performance share units ​ ​ 1,124 ​ ​ 598 ​ ​ 2,496 ​ ​ 803 Restricted Shares ​ 18 ​ 56 ​ 70 ​ 121 Total ​ $ 2,087 ​ $ 2,014 ​ $ 4,009 ​ $ 2,534 ​ ​ ​ ​ ​ ​ Cash-Based Incentive Compensation In addition to share-based compensation, short-term cash-based incentive awards were granted under the Plan to all eligible employees during the six months ended June 30, 2023. The short-term cash-based incentive awards granted in 2022 were paid in March 2023. Share-Based Awards and Cash-Based Awards Compensation Expense A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Share-based compensation included in: ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ $ 2,087 ​ $ 2,014 ​ $ 4,009 ​ $ 2,534 Cash-based incentive compensation included in: ​ ​ ​ ​ Lease operating expense (1) ​ 321 ​ 206 ​ 1,568 ​ 462 General and administrative expenses (1) ​ 899 ​ 646 ​ 6,869 ​ 2,603 Total charged to operating income (loss) ​ $ 3,307 ​ $ 2,866 ​ $ 12,446 ​ $ 5,599 ​ ​ ​ (1) Includes adjustments of accruals to actual payments.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
INCOME TAXES	NOTE 9 — Tax Expense (Benefit) and Tax Rate For the three months ended June 30, 2023, the Company recognized income tax expense of $3.0 million. Primarily as a result of changes in our valuation allowance on our deferred tax assets, our effective tax rate for the three months ended June 30, 2023 is not meaningful. For the three months ended June 30, 2022, the Company recognized income tax expense of $31.1 million for an effective tax rate of 20.1%. For the six months ended June 30, 2023, the Company recognized income tax expense of $11.6 million for an effective tax rate of 45.6%. For the six months ended June 30, 2022, the Company recognized income tax expense of $30.4 million for an effective tax rate of 20.1%. For the three and six months ended June 30, 2023, the Company’s effective tax rate differed from the statutory Federal tax rate primarily by the impact of state income taxes, nondeductible compensation, and adjustments to the valuation allowance. For the three and six months ended June 30, 2022, the Company’s effective tax rate differed from the statutory Federal tax rate primarily by the impact of state income taxes and adjustments to the valuation allowance. Calculation of Interim Provision for Income Tax. Historically, the Company has calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year to income (loss) for the interim period. In the second quarter of 2023, the Company concluded that it could not calculate a reliable estimate of the annual effective tax rate. Accordingly, the Company computed the effective tax rate for the six-month period ending June 30, 2023 using actual results. Valuation Allowance Deferred tax assets are recorded related to net operating losses and temporary differences between the book and tax basis of assets and liabilities expected to produce tax deductions in future periods. The realization of these assets depends on recognition of sufficient future taxable income in specific tax jurisdictions in which those temporary differences or net operating losses are deductible. In assessing the need for a valuation allowance on deferred tax assets, the Company considers whether it is more likely than not that some portion or all of them will not be realized. As of June 30, 2023 and December 31, 2022, the valuation allowance was $19.8 million and $15.3 million, respectively, and relates primarily to state net operating losses and the disallowed interest expense limitation carryover. Income Taxes Receivable, Refunds and Payments As of June 30, 2023, the Company has a federal income tax receivable of $1.7 million and state income tax receivable of $0.2 million. As of December 31, 2022, the Company did not have any outstanding current income taxes receivable. During the three and six months ended June 30, 2023, the Company did not receive any income tax refunds and made federal income tax payments of $2.2 million and state income tax payments of $0.3 million. During the three and six months ended June 30, 2022, the Company did not receive any income tax refunds or make any income tax payments of significance. The tax years 2019 through 2022 remain open to examination by the tax jurisdictions to which the Company is subject.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
EARNINGS PER SHARE	NOTE 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, ​ 2023 2022 2023 2022 Net (loss) income ​ $ (12,109) ​ $ 123,436 ​ $ 13,896 ​ $ 120,979 Less portion allocated to nonvested shares ​ — ​ — ​ 243 ​ — Net (loss) income allocated to common shares ​ $ (12,109) ​ $ 123,436 ​ $ 13,653 ​ $ 120,979 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding - basic ​ 146,452 ​ 143,020 ​ 146,435 ​ 142,981 Dilutive effect of securities ​ ​ — ​ ​ 1,505 ​ ​ 2,610 ​ ​ 1,113 Weighted average common shares outstanding - diluted ​ ​ 146,452 ​ ​ 144,525 ​ ​ 149,045 ​ ​ 144,094 Earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (0.08) ​ $ 0.86 ​ $ 0.09 ​ $ 0.85 Diluted ​ ​ (0.08) ​ ​ 0.85 ​ ​ 0.09 ​ ​ 0.84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares excluded due to being anti-dilutive (weighted average) ​ ​ 2,909 ​ ​ — ​ ​ — ​ ​ — ​

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
CONTINGENCIES	NOTE 11 — Appeal with the Office of Natural Resources Revenue (“ONRR”) – , , . Civil Penalties – Bureau of Safety and Environmental Enforcement (“ The first, second and final installments were paid in March 2021, March 2022 and February 2023, respectively . Contingent Decommissioning Obligations – During 2021, as a result of the declaration of bankruptcy by a third party that is the indirect successor in title to certain offshore interests that were previously divested by the Company, W&T recorded an initial contingent loss accrual of $4.5 million related to anticipated decommissioning obligations, which was reflected in Other (income) expense, net Other (income) expense, net Although it is reasonably possible that the Company could receive additional state or federal decommissioning orders in the future or be notified of defaulting third parties in existing leases, the Company cannot predict with certainty, if, how or when such orders or notices will be resolved or estimate a possible loss or range of loss that may result from such orders. However, the Company could incur judgments, enter into settlements or revise the Company’s opinion regarding the outcome of certain notices or matters, and such developments could have a material adverse effect on the Company’s results of operations in the period in which the amounts are accrued and the Company’s cash flows in the period in which the amounts are paid. To the extent that the Company does incur costs associated with these properties in future periods, W&T intends to seek contribution from other parties that owned an interest in the facilities. Other Claims – W&T is a party to various pending or threatened claims and complaints seeking damages or other remedies concerning commercial operations and other matters in the ordinary course of its business. In addition, claims or contingencies may arise related to matters occurring prior to the Company’s acquisition of properties or related to matters occurring subsequent to the Company’s sale of properties. In certain cases, W&T has indemnified the sellers of properties acquired, and in other cases, W&T has indemnified the buyers of properties sold. The Company is also subject to federal and state administrative proceedings conducted in the ordinary course of business including matters related to alleged royalty underpayments on certain federal-owned properties. Although W&T can give no assurance about the outcome of pending legal and federal or state administrative proceedings and the effect such an outcome may have, the Company believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company. ​ ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	NOTE 12 — RELATED PARTY TRANSACTIONS Note 2 – Debt ​

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	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 2022 Annual Report on Form 10-K (the “2022 Annual Report”).
Use of Estimates	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.
Revenue and Accounts Receivable	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 Sheets are presented net of allowance for credit losses of $11.3 million and $12.1 million as of June 30, 2023 and December 31, 2022, respectively.
Employee Retention Credit	Employee Retention Credit – General and administrative expenses
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets – ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Derivatives (1) ​ $ 1,778 ​ $ 4,954 Unamortized insurance/bond premiums ​ 8,303 ​ 6,046 Prepaid deposits related to royalties ​ 6,822 ​ 9,139 Prepayments to vendors ​ 1,628 ​ 1,767 Prepayments to joint interest partners ​ ​ 2,319 ​ ​ 1,717 Debt issue costs ​ ​ 427 ​ ​ 687 Other ​ 88 ​ 33 Prepaid expenses and other assets ​ $ 21,365 ​ $ 24,343 ​ ​ ​ ​ ​ (1) Includes closed contracts which have not yet settled.
Oil and Natural Gas Properties and Other, Net	Oil and Natural Gas Properties and Other, Net – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Oil and natural gas properties and equipment ​ $ 8,847,421 ​ $ 8,813,404 Furniture, fixtures and other ​ 40,224 ​ 20,915 Total property and equipment ​ 8,887,645 ​ 8,834,319 Less: Accumulated depreciation, depletion, amortization and impairment ​ (8,149,905) ​ (8,099,104) Oil and natural gas properties and other, net ​ $ 737,740 ​ $ 735,215
Other Assets (long-term)	Other Assets (long-term) – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Right-of-Use assets ​ $ 10,728 ​ $ 10,364 Investment in White Cap, LLC ​ 2,721 ​ 2,453 Proportional consolidation of Monza (Note 6) ​ 9,909 ​ 9,321 Derivatives (1) ​ 17,184 ​ 23,236 Other ​ 1,576 ​ 2,175 Total other assets (long-term) ​ $ 42,118 ​ $ 47,549 ​ ​ ​ ​ ​ (1) Includes open contracts.
Accrued Liabilities	Accrued Liabilities – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Accrued interest ​ $ 13,848 ​ $ 8,967 Accrued salaries/payroll taxes/benefits ​ 4,808 ​ 15,097 Litigation accruals ​ 56 ​ 396 Lease liability ​ 1,045 ​ 1,628 Derivatives (1) ​ 18,518 ​ 46,595 Other ​ 1,048 ​ 1,358 Total accrued liabilities ​ $ 39,323 ​ $ 74,041 ​ ​ ​ ​ ​ (1) Includes closed contracts which have not yet settled. ​
Other Liabilities (long-term)	Other Liabilities (long-term) – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Dispute related to royalty deductions ​ $ 5,250 ​ $ 4,937 Derivatives (Note 4) ​ 17,417 ​ 43,061 Lease liability ​ 11,709 ​ 10,527 Other ​ 665 ​ 609 Total other liabilities (long-term) ​ $ 35,041 ​ $ 59,134
At-the-Market Equity Offering	At-the-Market Equity Offering – under the Company’s “at-the-market” equity offering program (the “ATM Program”).

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Derivatives (1) ​ $ 1,778 ​ $ 4,954 Unamortized insurance/bond premiums ​ 8,303 ​ 6,046 Prepaid deposits related to royalties ​ 6,822 ​ 9,139 Prepayments to vendors ​ 1,628 ​ 1,767 Prepayments to joint interest partners ​ ​ 2,319 ​ ​ 1,717 Debt issue costs ​ ​ 427 ​ ​ 687 Other ​ 88 ​ 33 Prepaid expenses and other assets ​ $ 21,365 ​ $ 24,343 ​ ​ ​ ​ ​ (1) Includes closed contracts which have not yet settled.
Property, Plant and Equipment [Table Text Block]	There were no amounts excluded from amortization as of the dates presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Oil and natural gas properties and equipment ​ $ 8,847,421 ​ $ 8,813,404 Furniture, fixtures and other ​ 40,224 ​ 20,915 Total property and equipment ​ 8,887,645 ​ 8,834,319 Less: Accumulated depreciation, depletion, amortization and impairment ​ (8,149,905) ​ (8,099,104) Oil and natural gas properties and other, net ​ $ 737,740 ​ $ 735,215
Schedule of Other Assets, Noncurrent [Table Text Block]	The major categories are presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Right-of-Use assets ​ $ 10,728 ​ $ 10,364 Investment in White Cap, LLC ​ 2,721 ​ 2,453 Proportional consolidation of Monza (Note 6) ​ 9,909 ​ 9,321 Derivatives (1) ​ 17,184 ​ 23,236 Other ​ 1,576 ​ 2,175 Total other assets (long-term) ​ $ 42,118 ​ $ 47,549 ​ ​ ​ ​ ​ (1) Includes open contracts.
Schedule of Accrued Liabilities [Table Text Block]	The major categories are presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Accrued interest ​ $ 13,848 ​ $ 8,967 Accrued salaries/payroll taxes/benefits ​ 4,808 ​ 15,097 Litigation accruals ​ 56 ​ 396 Lease liability ​ 1,045 ​ 1,628 Derivatives (1) ​ 18,518 ​ 46,595 Other ​ 1,048 ​ 1,358 Total accrued liabilities ​ $ 39,323 ​ $ 74,041 ​ ​ ​ ​ ​ (1) Includes closed contracts which have not yet settled. ​
Other Noncurrent Liabilities [Table Text Block]	The major categories are presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Dispute related to royalty deductions ​ $ 5,250 ​ $ 4,937 Derivatives (Note 4) ​ 17,417 ​ 43,061 Lease liability ​ 11,709 ​ 10,527 Other ​ 665 ​ 609 Total other liabilities (long-term) ​ $ 35,041 ​ $ 59,134

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Debt Instruments [Table Text Block]	The components comprising the Company’s debt are presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 TVPX Loan: ​ ​ ​ ​ ​ ​ Principal ​ $ 11,575 ​ $ — Discount ​ ​ (1,651) ​ ​ ​ Unamortized debt issuance costs ​ (267) ​ ​ — Total TVPX Loan ​ 9,657 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Term Loan: ​ ​ ​ ​ ​ ​ Principal ​ ​ 128,719 ​ ​ 147,899 Unamortized debt issuance costs ​ ​ (3,727) ​ ​ (4,592) Total Term Loan ​ 124,992 ​ 143,307 ​ ​ ​ ​ ​ ​ ​ Credit Agreement borrowings: ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ 11.75% Senior Second Lien Notes due 2026: ​ ​ ​ Principal ​ 275,000 ​ — Unamortized debt issuance costs ​ (6,078) ​ — Total 11.75% Senior Second Lien Notes due 2026 ​ 268,922 ​ — ​ ​ ​ ​ ​ ​ ​ 9.75% Senior Second Lien Notes due 2023: ​ ​ ​ Principal ​ — ​ 552,460 Unamortized debt issuance costs ​ — ​ (2,330) Total 9.75% Senior Second Lien Notes due 2023 ​ — ​ 550,130 ​ ​ ​ ​ ​ ​ ​ Less current portion, net ​ ​ (30,550) ​ ​ (582,249) Total long-term debt, net ​ $ 373,021 ​ $ 111,188

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Derivative Assets at Fair Value [Table Text Block]	The following table presents the fair value of the Company’s derivative financial instruments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Assets: ​ ​ Derivative instruments - current ​ $ 1,778 ​ $ 4,954 Derivative instruments - long-term ​ 17,184 ​ 23,236 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ Derivative instruments - current ​ 18,518 ​ 46,595 Derivative instruments - long-term ​ 17,417 ​ 43,061
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The following table presents the net value and fair value of the Company’s debt (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ Net Value Fair Value Net Value Fair Value Liabilities: ​ ​ ​ ​ TVPX Loan ​ $ 9,657 ​ $ 9,977 ​ $ — ​ $ — Term Loan ​ ​ 124,992 ​ ​ 120,965 ​ ​ 143,307 ​ ​ 139,056 11.75% Senior Second Lien Notes due 2026 ​ ​ 268,922 ​ 275,303 ​ — ​ — 9.75% Senior Second Lien Notes due 2023 ​ — ​ — ​ 550,130 ​ 544,902 Total ​ $ 403,571 ​ $ 406,245 ​ $ 693,437 ​ $ 683,958

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ Daily ​ Total ​ Weighted ​ Weighted ​ Weighted Period Type Volumes Volumes Strike Price Put Price Call Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural Gas - Henry Hub (NYMEX) ​ (MMbtu) (1) ​ (MMbtu) (1) ​ ​ ($/MMbtu) (1) ​ ​ ($/MMbtu) (1) ​ ​ ($/MMbtu) (1) July 2023 - Dec 2023 ​ calls ​ 35,288 ​ 12,880,000 ​ $ — ​ $ — ​ $ 7.50 Jan 2024 - Dec 2024 ​ calls ​ 65,000 ​ 23,790,000 ​ $ — ​ $ — ​ $ 6.13 Jan 2025 - Mar 2025 ​ calls ​ 62,000 ​ 5,580,000 ​ $ — ​ $ — ​ $ 5.50 July 2023 - Dec 2023 (2) ​ swaps ​ 36,164 ​ 13,200,000 ​ $ 2.43 ​ $ — ​ $ — Jan 2024 - Dec 2024 (2) ​ swaps ​ 65,574 ​ 24,000,000 ​ $ 2.46 ​ $ — ​ $ — Jan 2025 - Mar 2025 (2) ​ swaps ​ 63,333 ​ 5,700,000 ​ $ 2.72 ​ $ — ​ $ — Apr 2025 - Dec 2025 (2) ​ puts ​ 62,182 ​ 17,100,000 ​ $ — ​ $ 2.27 ​ $ — Jan 2026 - Dec 2026 (2) ​ puts ​ 55,890 ​ 20,400,000 ​ $ — ​ $ 2.35 ​ $ — Jan 2027 - Dec 2027 (2) ​ puts ​ 52,603 ​ 19,200,000 ​ $ — ​ $ 2.37 ​ $ — Jan 2028 - Apr 2028 (2) ​ puts ​ 49,587 ​ 6,000,000 ​ $ — ​ $ 2.50 ​ $ — ​ ​ ​ ​ ​ ​ (1) MMbtu – Million British Thermal Units ​ (2) These contracts were entered into by the Company’s wholly owned subsidiary, A-I LLC, in conjunction with the Term Loan (see Note 5 – Subsidiary Borrowers). ​
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	The following fair value of derivative financial instruments amounts were recorded in the Condensed Consolidated Balance Sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Prepaid expenses and other current assets ​ $ 1,778 ​ $ 4,954 Other assets (long-term) ​ 17,184 ​ 23,236 Accrued liabilities ​ 18,518 ​ 46,595 Other liabilities (long-term) ​ ​ 17,417 ​ ​ 43,061 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Realized loss (gain) (1) ​ $ 300 ​ $ (79,667) ​ $ 530 ​ $ (35,973) Unrealized (gain) loss ​ ​ (1,129) ​ ​ 70,813 ​ ​ (40,599) ​ ​ 107,116 Derivative (gain) loss, net ​ $ (829) ​ $ (8,854) ​ $ (40,069) ​ $ 71,143 ​ ​ ​ ​ ​ ​ (1) The three and six months ended June 30, 2022 includes the effect of the $138.0 million realized gain related to the monetization of certain natural gas call contracts through restructuring of strike prices.
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block]	Cash payments on commodity derivative contract settlements, net, are included within Net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2023 2022 Derivative (gain) loss, net ​ $ (40,069) ​ $ 71,143 Derivative cash (receipts) payments, net (1) ​ ​ (4,427) ​ ​ 70,227 Derivative cash premium payments, net ​ ​ — ​ ​ (46,111) ​ ​ ​ ​ ​ (1) The six months ended June 30, 2022 includes $105.3 million of net cash receipts related to the monetization of certain natural gas call contracts through restructuring of strike prices.

SUBSIDIARY BORROWERS (Tables)

SUBSIDIARY BORROWERS (Tables)	6 Months Ended
	Jun. 30, 2023
SUBSIDIARY BORROWERS
Schedule of Consolidation of Subsidiary Borrowers [Table Text Block]	The following table presents the amounts recorded by W&T on the Condensed Consolidated Balance Sheets related to the consolidation of the Subsidiary Borrowers and the subsidiary that owns the equity of the Subsidiary Borrowers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 Assets: ​ ​ Cash and cash equivalents ​ $ 5,899 ​ $ 21,764 Receivables: ​ ​ Oil and natural gas sales ​ 18,411 ​ 37,344 Joint interest, net ​ (27,400) ​ (5,760) Prepaid expenses and other assets ​ 125 ​ 417 Oil and natural gas properties and other, net ​ 289,959 ​ 280,649 Other assets ​ 11,486 ​ 8,473 Liabilities: ​ ​ Accounts payable ​ ​ 8,996 ​ ​ 27,387 Undistributed oil and natural gas proceeds ​ 3,625 ​ 7,930 Accrued liabilities ​ 19,036 ​ 45,102 Current portion of long-term debt ​ ​ 30,074 ​ ​ 32,119 Long-term debt, net ​ 94,918 ​ 111,188 Asset retirement obligations ​ 66,136 ​ 61,138 Other liabilities ​ 22,020 ​ 47,398
Schedule of Subsidiary Borrowers and the subsidiary that owns the equity [Table Text Block]	The following table presents the amounts recorded by W&T in the Condensed (i ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Total revenues ​ $ 25,437 ​ $ 76,846 ​ $ 46,560 ​ $ 124,361 Total operating expenses ​ 30,443 ​ 18,385 ​ 50,490 ​ 33,185 Interest expense, net ​ 3,229 ​ 3,658 ​ 5,411 ​ 8,436 Derivative (gain) loss, net ​ (6,012) ​ 35,888 ​ (52,389) ​ 132,046

JOINT VENTURE DRILLING PROGRAM

JOINT VENTURE DRILLING PROGRAM (Tables)	6 Months Ended
	Jun. 30, 2023
Note 6 - Joint Venture Drilling Program
Schedule of Condensed Consolidated Balance Sheet related to the consolidation of the proportional interest in Monza's operations	The following table presents the amounts recorded by W&T on the Condensed Consolidated Balance Sheets related to the consolidation of the proportional interest in Monza’s operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 Working capital ​ $ 1,191 ​ $ 2,515 Oil and natural gas properties and other, net ​ 34,516 ​ 37,260 Asset retirement obligations ​ ​ 518 ​ ​ 467 Other assets ​ 9,909 ​ 11,571
Schedule of Condensed Consolidated Statement of Operations related to the consolidation of the proportional interest in Monza's operations	The following table presents the amounts recorded by W&T in the Condensed (i ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 Total revenues ​ $ 6,018 ​ $ 16,615 Total operating expenses ​ 4,623 ​ 7,368 Interest income ​ 104 ​ —

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2023 Asset retirement obligations, beginning of period ​ $ 466,430 Liabilities settled ​ (11,841) Accretion expense ​ 15,227 Liabilities incurred ​ ​ 113 Revisions of estimated liabilities ​ 10,903 Asset retirement obligations, end of period ​ ​ 480,832 Less: Current portion ​ (37,763) Long-term ​ $ 443,069

SHARE-BASED AWARDS AND CASH B_2

SHARE-BASED AWARDS AND CASH BASED AWARDS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]	A summary of activity related to RSUs during the six months ended June 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Average ​ ​ Restricted ​ Grant Date Fair ​ ​ Stock Units ​ Value Per Unit Nonvested, beginning of period ​ 1,221,461 ​ $ 5.76 Granted 1,527,221 ​ 4.09 Vested (486,134) ​ 5.62 Forfeited (80,911) ​ 5.97 Nonvested, end of period 2,181,637 ​ ​ 4.61
Schedule of Nonvested Performance-based Units Activity [Table Text Block]	A summary of activity related to PSUs during the six months ended June 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Average ​ ​ Performance ​ Grant Date Fair ​ ​ Share Units ​ Value Per Unit Nonvested, beginning of period ​ 1,502,239 ​ $ 9.78 Granted 1,187,638 ​ 4.87 Vested (10,705) ​ 7.80 Forfeited (188,307) ​ 10.05 Nonvested, end of period 2,490,865 ​ ​ 7.43
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block]	A summary of activity related to restricted shares during the six months ended June 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ Restricted Fair Value ​ ​ Shares ​ Per Share Nonvested, beginning of period ​ 42,426 ​ $ 4.95 Vested (42,426) ​ 4.95 Nonvested, end of period — ​ $ —
Share-based Payment Arrangement, Cost by Plan [Table Text Block]	Compensation costs for share-based payments are recognized over the requisite service period. A summary of compensation expense under share-based payment arrangements is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Restricted stock units ​ $ 945 ​ $ 1,360 ​ $ 1,443 ​ $ 1,610 Performance share units ​ ​ 1,124 ​ ​ 598 ​ ​ 2,496 ​ ​ 803 Restricted Shares ​ 18 ​ 56 ​ 70 ​ 121 Total ​ $ 2,087 ​ $ 2,014 ​ $ 4,009 ​ $ 2,534
Schedule of Incentive Compensation Expense [Table Text Block]	A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Share-based compensation included in: ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ $ 2,087 ​ $ 2,014 ​ $ 4,009 ​ $ 2,534 Cash-based incentive compensation included in: ​ ​ ​ ​ Lease operating expense (1) ​ 321 ​ 206 ​ 1,568 ​ 462 General and administrative expenses (1) ​ 899 ​ 646 ​ 6,869 ​ 2,603 Total charged to operating income (loss) ​ $ 3,307 ​ $ 2,866 ​ $ 12,446 ​ $ 5,599 ​ ​ ​ (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]	​ ​ ​ ​ ​ ​ ​ ​ 2023 Grant Date ​ ​ June 5, 2023 Expected term for performance period (in years) ​ ​ 2.6 ​ Expected volatility ​ ​ 76.1 % Risk-free interest rate ​ ​ 4.2 % Fair value (in thousands) ​ $ 5,694 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	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, ​ 2023 2022 2023 2022 Net (loss) income ​ $ (12,109) ​ $ 123,436 ​ $ 13,896 ​ $ 120,979 Less portion allocated to nonvested shares ​ — ​ — ​ 243 ​ — Net (loss) income allocated to common shares ​ $ (12,109) ​ $ 123,436 ​ $ 13,653 ​ $ 120,979 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding - basic ​ 146,452 ​ 143,020 ​ 146,435 ​ 142,981 Dilutive effect of securities ​ ​ — ​ ​ 1,505 ​ ​ 2,610 ​ ​ 1,113 Weighted average common shares outstanding - diluted ​ ​ 146,452 ​ ​ 144,525 ​ ​ 149,045 ​ ​ 144,094 Earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (0.08) ​ $ 0.86 ​ $ 0.09 ​ $ 0.85 Diluted ​ ​ (0.08) ​ ​ 0.85 ​ ​ 0.09 ​ ​ 0.84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares excluded due to being anti-dilutive (weighted average) ​ ​ 2,909 ​ ​ — ​ ​ — ​ ​ —

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)		6 Months Ended	12 Months Ended
	Mar. 18, 2022	Jun. 30, 2023	Dec. 31, 2022
Oil and Gas Joint Interest Billing Receivables, Allowance for Credit Loss, Current		$ 11,300,000	$ 12,100,000
At The Market Equity Offering [Member]
Sale of Stock, Maximum Percentage of Placement Fee	3%
Issuance and sale of common stock	$ 100,000,000
Stock issued (in shares)		0	2,971,413
Share issued price per share			$ 5.72
Proceeds from sale of equity			$ 16,500,000
General and Administrative Expense [Member]
Employee Retention Credit		$ 2,200,000
W&T Energy VI, LLC, Aquasition LLC, and Aquasition II, LLC [Member]
Owned Subsidiaries		100%

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details)
Derivatives (Note 4)	[1]	$ 1,778	$ 4,954
Unamortized insurance/bond premiums		8,303	6,046
Prepaid deposits related to royalties		6,822	9,139
Prepayments to vendors		1,628	1,767
Prepayments to joint interest partners		2,319	1,717
Debt issue costs		427	687
Other		88	33
Prepaid expenses and other assets		$ 21,365	$ 24,343
[1] Includes closed contracts which have not yet settled.

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details)
Oil and natural gas properties and equipment	$ 8,847,421	$ 8,813,404
Furniture, fixtures and other	40,224	20,915
Total property and equipment	8,887,645	8,834,319
Less: Accumulated depreciation, depletion, amortization and impairment	(8,149,905)	(8,099,104)
Oil and natural gas properties and other, net	$ 737,740	$ 735,215

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Assets (Long-term) (Details)
Right-of-Use assets		$ 10,728	$ 10,364
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Total other assets (long-term)	Total other assets (long-term)
Investment in White Cap, LLC		$ 2,721	$ 2,453
Proportional consolidation of Monza (Note 6)		9,909	9,321
Derivatives (Note 4)	[1]	17,184	23,236
Other		1,576	2,175
Total other assets (long-term)		$ 42,118	$ 47,549
[1] Includes open contracts.

BASIS OF PRESENTATION AND SIG_8

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Note 1 - Significant Accounting Policies - Schedule of Accrued Liabilities (Details)
Accrued interest		$ 13,848	$ 8,967
Accrued salaries/payroll taxes/benefits		4,808	15,097
Litigation accruals		56	396
Lease liability		$ 1,045	$ 1,628
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total accrued liabilities	Total accrued liabilities
Derivatives (Note 4)	[1]	$ 18,518	$ 46,595
Other		1,048	1,358
Total accrued liabilities		$ 39,323	$ 74,041
[1] Includes closed contracts which have not yet settled.

BASIS OF PRESENTATION AND SIG_9

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Note 1 - Significant Accounting Policies - Schedule of Other Liabilities (Long-term) (Details)
Dispute related to royalty deductions	$ 5,250	$ 4,937
Derivatives (Note 4)	17,417	43,061
Lease liability	$ 11,709	$ 10,527
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other liabilities (long-term)	Total other liabilities (long-term)
Other	$ 665	$ 609
Total other liabilities (long-term)	$ 35,041	$ 59,134

DEBT - Components of Long-term

DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Feb. 08, 2023	Jan. 27, 2023	Dec. 31, 2022	Jun. 30, 2022	May 19, 2021	Oct. 18, 2018
Total	$ 403,571			$ 693,437
Less current portion, net	(30,550)			(582,249)
Long-term debt, net	373,021			111,188
TVPX Loan [Member]
Principal	11,575
Discount	(1,651)
Unamortized debt issuance costs	(267)
Total	9,657
Term Loan [Member]
Principal	128,719			147,899
Unamortized debt issuance costs	(3,727)			(4,592)
Total	$ 124,992			143,307
Debt instrument, interest rate, stated percentage						7%
9.75% Senior Second Lien Notes due November 2023 [Member]
Principal		$ 552,500		552,460
Unamortized debt issuance costs				(2,330)
Total				$ 550,130
Debt instrument, interest rate, stated percentage	9.75%	9.75%		9.75%	9.75%		9.75%
11.75% Senior Second Lien Notes due 2026 [Member]
Principal	$ 275,000
Unamortized debt issuance costs	(6,078)
Total	$ 268,922
Debt instrument, interest rate, stated percentage	11.75%	11.75%	11.75%	11.75%	11.75%

DEBT (Details Textual)

DEBT (Details Textual)				3 Months Ended	6 Months Ended
	May 15, 2023 USD ($)	Feb. 08, 2023 USD ($)	Jan. 27, 2023 USD ($)	Mar. 31, 2022 item	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022	May 19, 2021 USD ($)	Oct. 18, 2018 USD ($)
Current portion of long-term debt, net					$ 30,550,000	$ 582,249,000
Fair market value					406,245,000	683,958,000
Redemption Prior to August 1, 2024 With Applicable Premium [Member]
Debt Instrument, Redemption Price, Percentage			100%
Redemption Prior to August 1, 2024 [Member]
Debt Instrument, Redemption Price, Percentage			111.75%
Redemption On or After August 1, 2024 [Member]
Debt Instrument, Redemption Price, Percentage			105.875%
Redemption On or After August 1, 2025 [Member]
Debt Instrument, Redemption Price, Percentage			100%
Maximum [Member] | Redemption Prior to August 1, 2024 [Member]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed			35%
TVPX Loan and Term Loan [Member]
Current portion of long-term debt, net					30,600,000
TVPX Loan [Member]
Principal					11,575,000
Fair market value					9,977,000
TVPX Loan [Member] | Related Party [Member]
Purchase price of aircraft	$ 19,100,000
Cash on hand	$ 9,000,000
Principal					11,600,000
Debt instrument, interest rate, stated percentage	2.49%
Principal amount	$ 11,800,000
Term of debt	41 months
Monthly amortization payments	$ 91,700,000
Balloon payment	8,000,000
Fair market value	$ 10,100,000
Repayments of Long-term Debt, Total					183,300
Term Loan [Member]
Principal					128,719,000	147,899,000
Debt instrument, interest rate, stated percentage								7%
Principal amount								$ 215,000,000
Fair market value					120,965,000	139,056,000
Repayments of Long-term Debt, Total					19,200,000
Credit Agreement [Member]
Borrowings outstanding					0
Letters of Credit Outstanding, Amount					$ 4,400,000	4,400,000
9.75% Senior Second Lien Notes due November 2023 [Member]
Principal		$ 552,500,000				$ 552,460,000
Debt instrument, interest rate, stated percentage		9.75%			9.75%	9.75%	9.75%		9.75%
Principal amount									$ 625,000,000
Fair market value						$ 544,902,000
Debt Instrument, Interest Rate, Effective Percentage			12.60%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		100%
Proceeds from Issuance of Debt		$ 270,800,000
11.75% Senior Second Lien Notes due 2026 [Member]
Principal					$ 275,000,000
Debt instrument, interest rate, stated percentage		11.75%	11.75%		11.75%	11.75%	11.75%
Principal amount			$ 275,000,000
Fair market value					$ 275,303,000
Repayments of Debt		$ 296,100,000
Short Term First Priority Lien Secured Revolving Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity					100,000,000
Calculus Lending Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 50,000,000
Number of trailing quarters | item				4
Total proved PV -10 to debt ratio				2
Percentage of funding or utilization of the credit facility					100%
Credit Agreement Leverage Ratio				2.50
Credit Agreement Minimum Current Ratio					1%
Calculus Lending Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate					6%

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Derivative instruments - current	[1]	$ 1,778	$ 4,954
Derivative instruments - long-term	[2]	17,184	23,236
Derivative instruments - current	[1]	18,518	46,595
Derivative instruments - long-term		17,417	43,061
Open Contracts [Member]
Derivative instruments - current		1,778	4,954
Derivative instruments - long-term		17,184	23,236
Derivative instruments - current		18,518	46,595
Derivative instruments - long-term		$ 17,417	$ 43,061
[1] Includes closed contracts which have not yet settled. Includes open contracts.

FAIR VALUE MEASUREMENTS - Net V

FAIR VALUE MEASUREMENTS - Net Value and Fair Value of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Feb. 08, 2023	Jan. 27, 2023	Dec. 31, 2022	Jun. 30, 2022	May 19, 2021	Oct. 18, 2018
Long-term debt, net value	$ 403,571			$ 693,437
Long-term debt, fair value	406,245			683,958
TVPX Loan [Member]
Long-term debt, net value	9,657
Long-term debt, fair value	9,977
Term Loan [Member]
Long-term debt, net value	124,992			143,307
Long-term debt, fair value	$ 120,965			139,056
Debt instrument, interest rate, stated percentage						7%
9.75% Senior Second Lien Notes due November 2023 [Member]
Long-term debt, net value				550,130
Long-term debt, fair value				$ 544,902
Debt instrument, interest rate, stated percentage	9.75%	9.75%		9.75%	9.75%		9.75%
11.75% Senior Second Lien Notes due 2026 [Member]
Long-term debt, net value	$ 268,922
Long-term debt, fair value	$ 275,303
Debt instrument, interest rate, stated percentage	11.75%	11.75%	11.75%	11.75%	11.75%

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Open Commodity Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2023 MMBTU $ / MMBTU
NYMEX Natural Gas Henry Hub Call | July 2023 - Dec 2023
Average daily volume	35,288
Total Volumes	12,880,000
NYMEX Natural Gas Henry Hub Call | July 2023 - Dec 2023 | Call Option
Weighted Price (in dollars per share) | $ / MMBTU	7.50
NYMEX Natural Gas Henry Hub Call | Jan 2024 - Dec 2024
Average daily volume	65,000
Total Volumes	23,790,000
NYMEX Natural Gas Henry Hub Call | Jan 2024 - Dec 2024 | Call Option
Weighted Price (in dollars per share) | $ / MMBTU	6.13
NYMEX Natural Gas Henry Hub Call | Jan 2025 - Mar 2025
Average daily volume	62,000
Total Volumes	5,580,000
NYMEX Natural Gas Henry Hub Call | Jan 2025 - Mar 2025 | Call Option
Weighted Price (in dollars per share) | $ / MMBTU	5.50
NYMEX Natural Gas Henry Hub Swap | July 2023 - Dec 2023
Average daily volume	36,164
Total Volumes	13,200,000
Weighted Price (in dollars per share) | $ / MMBTU	2.43
NYMEX Natural Gas Henry Hub Swap | Jan 2024 - Dec 2024
Average daily volume	65,574
Total Volumes	24,000,000
Weighted Price (in dollars per share) | $ / MMBTU	2.46
NYMEX Natural Gas Henry Hub Swap | Jan 2025 - Mar 2025
Average daily volume	63,333
Total Volumes	5,700,000
Weighted Price (in dollars per share) | $ / MMBTU	2.72
NYMEX Natural Gas Henry Hub Put | Apr 2025 - Dec 2025
Average daily volume	62,182
Total Volumes	17,100,000
NYMEX Natural Gas Henry Hub Put | Apr 2025 - Dec 2025 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.27
NYMEX Natural Gas Henry Hub Put | Jan 2026 - Dec 2026
Average daily volume	55,890
Total Volumes	20,400,000
NYMEX Natural Gas Henry Hub Put | Jan 2026 - Dec 2026 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.35
NYMEX Natural Gas Henry Hub Put | Jan 2027 - Dec 2027
Average daily volume	52,603
Total Volumes	19,200,000
NYMEX Natural Gas Henry Hub Put | Jan 2027 - Dec 2027 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.37
NYMEX Natural Gas Henry Hub Put | Jan 2028 - Apr 2028
Average daily volume	49,587
Total Volumes	6,000,000
NYMEX Natural Gas Henry Hub Put | Jan 2028 - Apr 2028 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.50

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Financial Statement Presentation - Balance Sheets (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Derivatives asset, current	[1]	$ 1,778	$ 4,954
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]		Prepaid expenses and other assets (Note 1)	Prepaid expenses and other assets (Note 1)
Derivative assets, non-current	[2]	$ 17,184	$ 23,236
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other assets (Note 1)	Other assets (Note 1)
Derivative liabilities, current	[1]	$ 18,518	$ 46,595
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accrued Liabilities, Current	Accrued Liabilities, Current
Derivative liabilities, non-current		$ 17,417	$ 43,061
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other liabilities (Note 1)	Other liabilities (Note 1)
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member]
Derivatives asset, current		$ 1,778	$ 4,954
Derivative assets, non-current		17,184	23,236
Derivative liabilities, current		18,518	46,595
Derivative liabilities, non-current		$ 17,417	$ 43,061
[1] Includes closed contracts which have not yet settled. Includes open contracts.

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Financial Statement Presentation - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Financial Instruments.
Realized loss (gain)	$ 300	$ (79,667)	$ 530	$ (35,973)
Unrealized (gain) loss	(1,129)	70,813	(40,599)	107,116
Derivative (gain) loss, net	$ (829)	(8,854)	$ (40,069)	71,143
Realized gain through restructuring of strike prices		$ 138,000		$ 138,000

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Financial Statement Presentation - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Financial Instruments.
Derivative (gain) loss, net	$ (829)	$ (8,854)	$ (40,069)	$ 71,143
Derivative cash (receipts) payments, net			$ (4,427)	70,227
Derivative cash premium payments				(46,111)
Cash receipts related to natural gas call contracts through restructuring of strike prices				$ 105,300

SUBSIDIARY BORROWERS (Details)

SUBSIDIARY BORROWERS (Details) - Term Loan [Member] - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	May 19, 2021
Subsidiary or Equity Method Investee [Line Items]
Principal			$ 215
Subsidiary Borrowers
Subsidiary or Equity Method Investee [Line Items]
Principal			$ 215
Cash Distributions Received	$ 0	$ 30.2

SUBSIDIARY BORROWERS - Consolid

SUBSIDIARY BORROWERS - Consolidation of Subsidiary Borrowers - Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 171,627	$ 461,357
Receivables:
Oil and natural gas sales	41,342	66,146
Joint interest, net	13,875	14,000
Prepaid expenses and other assets	21,365	24,343
Oil and natural gas properties and other, net	737,740	735,215
Other assets	42,118	47,549
Liabilities:
Accounts payable	67,293	65,158
Undistributed oil and natural gas proceeds	31,178	41,934
Accrued liabilities	39,323	74,041
Current portion of long-term debt, net	30,550	582,249
Long-term debt, net	373,021	111,188
Asset retirement obligations (Note 7)	37,763	25,359
Other liabilities	35,041	59,134
Subsidiary Borrowers
Assets:
Cash and cash equivalents	5,899	21,764
Receivables:
Oil and natural gas sales	18,411	37,344
Joint interest, net	27,400	5,760
Prepaid expenses and other assets	125	417
Oil and natural gas properties and other, net	289,959	280,649
Other assets	11,486	8,473
Liabilities:
Accounts payable	8,996	27,387
Undistributed oil and natural gas proceeds	3,625	7,930
Accrued liabilities	19,036	45,102
Current portion of long-term debt, net	30,074	32,119
Long-term debt, net	94,918	111,188
Asset retirement obligations (Note 7)	66,136	61,138
Other liabilities	$ 22,020	$ 47,398

SUBSIDIARY BORROWERS - Consol_2

SUBSIDIARY BORROWERS - Consolidation of Subsidiary Borrowers - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsidiary or Equity Method Investee [Line Items]
Total revenues	$ 126,181	$ 273,808	$ 257,906	$ 464,812
Total operating expenses	126,110	111,484	247,485	204,849
Interest expense, net	10,323	18,183	25,036	38,066
Derivative (gain) loss, net	(829)	(8,854)	(40,069)	71,143
Subsidiary Borrowers
Subsidiary or Equity Method Investee [Line Items]
Total revenues	25,437	76,846	46,560	124,361
Total operating expenses	30,443	18,385	50,490	33,185
Interest expense, net	3,229	3,658	5,411	8,436
Derivative (gain) loss, net	$ (6,012)	$ 35,888	$ (52,389)	$ 132,046

JOINT VENTURE DRILLING PROGRA_2

JOINT VENTURE DRILLING PROGRAM (Details Textual) $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2018 USD ($) item	Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($)
JV Drilling Program [Member]
Number of wells completed | item		10
Number of completed wells in operation | item		8
Capital Contribution Payments From Related Party		$ 68.2
Capital Contributions From Related Party During Period		48.3
Monza Energy, LLC [Member]
Cash Call Balance		2.8	$ 2.9
Monza Energy, LLC [Member] | JV Drilling Program [Member]
Number of initial members | item	2
Amount committed by investors	$ 361.4
Joint Venture Working Interest Percentage Contributed to Related Party	88.94%
Joint Venture Working Interest Percent	11.06
Oil And Gas Revenue Percent	30
Well Cost Percent	20
Capital Contribution Payments From Related Party		302.4
Capital Contributions From Related Party During Period		$ 204.7
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member]
Minority Interest Ownership Percentage By Joint Venture	4.5
Capital Commitment To Joint Venture	$ 14.5

JOINT VENTURE DRILLING PROGRA_3

JOINT VENTURE DRILLING PROGRAM - Consolidation - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Oil and natural gas properties and other, net	$ 737,740	$ 735,215
Asset retirement obligations (Note 7)	37,763	25,359
Other assets	42,118	47,549
Monza Energy, LLC [Member]
Working capital	1,191	2,515
Oil and natural gas properties and other, net	34,516	37,260
Asset retirement obligations (Note 7)	518	467
Other assets	$ 9,909	$ 11,571

JOINT VENTURE DRILLING PROGRA_4

JOINT VENTURE DRILLING PROGRAM - Consolidation - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total revenues	$ 126,181	$ 273,808	$ 257,906	$ 464,812
Monza Energy, LLC [Member]
Total revenues			6,018	16,615
Total operating expenses			4,623	$ 7,368
Interest income			$ 104

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details)
Asset retirement obligations, beginning of period			$ 466,430
Liabilities settled			(11,841)
Accretion expense	$ 7,717	$ 6,681	15,227	$ 12,917
Liabilities incurred			113
Revisions of estimated liabilities			10,903
Asset retirement obligations, end of period	480,832		480,832
Less: Current portion	(37,763)		(37,763)		$ (25,359)
Asset retirement obligations, less current portion	$ 443,069		$ 443,069

SHARE-BASED AWARDS AND CASH B_3

SHARE-BASED AWARDS AND CASH BASED AWARDS (Details Textual) - shares		6 Months Ended
	Jun. 05, 2023	Jun. 30, 2023
Vesting percentage each year on June 5, 2024, 2025 and 2026		33.33%
Restricted Stock [Member]
Granted, restricted stock units (in shares)		0
Performance Share Units [Member]
Granted, restricted stock units (in shares)		1,187,638
Performance period	3 years

SHARE-BASED AWARDS AND CASH B_4

SHARE-BASED AWARDS AND CASH BASED AWARDS - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Nonvested, beginning of period, restricted stock units (in shares) | shares	1,221,461
Nonvested, beginning of period, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 5.76
Granted, restricted stock units (in shares) | shares	1,527,221
Granted, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.09
Vested, restricted stock units (in shares) | shares	(486,134)
Vested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 5.62
Forfeited, restricted stock units (in shares) | shares	(80,911)
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 5.97
Nonvested, end of period, restricted stock units (in shares) | shares	2,181,637
Nonvested, end of period, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.61

SHARE-BASED AWARDS AND CASH B_5

SHARE-BASED AWARDS AND CASH BASED AWARDS - Summary of Share Activity Related to Performance Share Units (Details) - Performance Share Units [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, beginning of period, restricted stock units (in shares) | shares	1,502,239
Nonvested, beginning of period, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 9.78
Granted, restricted stock units (in shares) | shares	1,187,638
Granted, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.87
Vested, restricted stock units (in shares) | shares	(10,705)
Vested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 7.80
Forfeited, restricted stock units (in shares) | shares	(188,307)
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 10.05
Nonvested, end of period, restricted stock units (in shares) | shares	2,490,865
Nonvested, end of period, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 7.43

SHARE-BASED AWARDS AND CASH B_6

SHARE-BASED AWARDS AND CASH BASED AWARDS - Summary of Assumptions Used to Calculate Fair Value of PSUs granted (Details) $ in Thousands	Jun. 05, 2023 USD ($)
Share-Based Awards and Cash-Based Awards
Expected term for performance period (in years)	2 years 7 months 6 days
Expected volatility	76.10%
Risk-free interest rate	4.20%
Fair value	$ 5,694

SHARE-BASED AWARDS AND CASH B_7

SHARE-BASED AWARDS AND CASH BASED AWARDS - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Nonvested, beginning of period, restricted stock units (in shares) | shares	42,426
Nonvested, beginning of period, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.95
Vested, restricted stock units (in shares) | shares	(42,426)
Vested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.95

SHARE-BASED AWARDS AND CASH B_8

SHARE-BASED AWARDS AND CASH BASED AWARDS - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based compensation expense	$ 2,087	$ 2,014	$ 4,009	$ 2,534
Restricted Stock Units [Member]
Share-based compensation expense	945	1,360	1,443	1,610
Performance Share Units [Member]
Share-based compensation expense	1,124	598	2,496	803
Restricted Stock [Member]
Share-based compensation expense	$ 18	$ 56	$ 70	$ 121

SHARE-BASED AWARDS AND CASH B_9

SHARE-BASED AWARDS AND CASH BASED AWARDS - Summary of Share-Based Awards and Cash-Based Awards Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based compensation expense	$ 2,087	$ 2,014	$ 4,009	$ 2,534
Total charged to operating income (loss)	3,307	2,866	12,446	5,599
General and Administrative Expense [Member]
Share-based compensation expense	2,087	2,014	4,009	2,534
Cash-based incentive compensation	899	646	6,869	2,603
Lease Operating Expense [Member]
Cash-based incentive compensation	$ 321	$ 206	$ 1,568	$ 462

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Note To Financial Statement Details Textual
Effective Income Tax Rate Reconciliation, Percent, Total		20.10%	45.60%	20.10%
Deferred Tax Assets, Valuation Allowance, Total	$ 19,800		$ 19,800		$ 15,300
Income tax expense	2,997	$ 31,093	11,636	$ 30,404
Federal income tax receivable	1,700		1,700
State income tax receivable	200		200
Federal income tax payments	2,200		2,200
State income tax payments	$ 300		$ 300

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
EARNINGS PER SHARE - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details)
Net (loss) income	$ (12,109)	$ 123,436	$ 13,896	$ 120,979
Less portion allocated to nonvested shares			243
Net (loss) income allocated to common shares	$ (12,109)	$ 123,436	$ 13,653	$ 120,979
Weighted average common shares outstanding - basic (in shares)	146,452	143,020	146,435	142,981
Dilutive effect of securities (in shares)		1,505	2,610	1,113
Weighted average common shares outstanding - diluted (in shares)	146,452	144,525	149,045	144,094
Earnings per common share - Basic (in dollars per share)	$ (0.08)	$ 0.86	$ 0.09	$ 0.85
Earnings per common share - Diluted (in dollars per share)	$ (0.08)	$ 0.85	$ 0.09	$ 0.84
Shares excluded due to being anti-dilutive (weighted-average) (in shares)	2,909

CONTINGENCIES (Details)

CONTINGENCIES (Details)	1 Months Ended	6 Months Ended	12 Months Ended
	Jan. 31, 2021 USD ($) item	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 25, 2017 USD ($)	Dec. 31, 2010 USD ($)
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		$ 8,900,000			$ 6,900,000
Decommissioning obligations		3,400,000
Loss of decommissioning obligations		$ 17,000,000
Loss contingency in period			$ 20,400,000
Other Nonoperating Income (Expense) [Member]
Loss contingency in period			$ 15,900,000	$ 4,500,000
BSEE [Member]
Number of pending civil penalties | item	9
Proposed civil penalties	$ 7,700,000
Settlement Agreement Annual Instalments Value	$ 720,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	May 15, 2023	Dec. 31, 2022
Fair market value	$ 406,245		$ 683,958
TVPX Loan [Member]
Fair market value	$ 9,977
Related Party [Member] | TVPX Loan [Member]
Purchase price of aircraft		$ 19,100
Cash on hand		9,000
Fair market value		10,100
Principal amount		$ 11,800
Debt instrument, interest rate, stated percentage		2.49%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,109)	$ 123,436	$ 13,896	$ 120,979

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false