W&T Offshore (WTI) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		146,574,193
Entity Central Index Key	0001288403
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2023

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 148,993	$ 461,357
Restricted cash	4,417	4,417
Accounts receivable:
Oil and natural gas sales	48,522	66,146
Joint interest, net	16,049	14,000
Income taxes	275
Total receivables	64,846	80,146
Prepaid expenses and other current assets (Note 1)	30,476	24,343
Total current assets	248,732	570,263
Oil and natural gas properties and other, net (Note 1)	771,454	735,215
Restricted deposits for asset retirement obligations	22,168	21,483
Deferred income taxes	42,633	57,280
Other assets (Note 1)	40,386	47,549
Total assets	1,125,373	1,431,790
Current liabilities:
Accounts payable	80,412	65,158
Undistributed oil and natural gas proceeds	34,649	41,934
Advances from joint interest partners	3,106	3,181
Current portion of asset retirement obligation (Note 8)	33,169	25,359
Accrued liabilities (Note 1)	34,264	74,041
Current portion of long-term debt, net (Note 2)	30,015	582,249
Income taxes	53	412
Total current liabilities	215,668	792,334
Long-term debt, net (Note 2)	367,144	111,188
Asset retirement obligations (Note 8)	465,245	441,071
Other liabilities (Note 1)	29,448	59,134
Deferred income taxes	72	72
Commitments and contingencies (Note 12)	17,809	20,357
Shareholders' equity:
Preferred stock, $0.00001 par value; 20,000 shares authorized; none issued at September 30, 2023 and December 31, 2022
Common stock, $0.00001 par value; 200,000 shares authorized; 149,443 issued and 146,574 outstanding at September 30, 2023; 149,002 issued and 146,133 outstanding at December 31, 2022	1	1
Additional paid-in capital	582,900	576,588
Retained deficit	(528,747)	(544,788)
Treasury stock, at cost; 2,869 shares at September 30, 2023 and December 31, 2022	(24,167)	(24,167)
Total shareholders' equity	29,987	7,634
Total liabilities and shareholders' equity	$ 1,125,373	$ 1,431,790

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Sep. 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)	149,443	149,002
Common stock, shares outstanding (in shares)	146,574	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 142,411	$ 266,485	$ 400,316	$ 731,297
Operating expenses:
Lease operating expenses	61,826	59,010	193,033	155,397
Gathering, transportation and production taxes	6,692	12,199	19,630	26,647
Depreciation, depletion, and amortization	30,218	27,493	81,019	79,848
Asset retirement obligations accretion	6,414	6,620	21,641	19,536
General and administrative expenses	19,978	23,047	57,290	51,790
Total operating expenses	125,128	128,369	372,613	333,218
Operating income	17,283	138,116	27,703	398,079
Interest expense, net	9,925	16,849	34,960	54,915
Derivative (gain) loss, net	(1,491)	38,749	(41,560)	109,892
Other expense (income), net	1,927	(600)	1,849	(1,229)
Income before income taxes	6,922	83,118	32,454	234,501
Income tax expense	4,777	16,397	16,413	46,801
Net income	$ 2,145	$ 66,721	$ 16,041	$ 187,700
Net income per common share:
Basic	$ 0.01	$ 0.46	$ 0.11	$ 1.30
Diluted	$ 0.01	$ 0.46	$ 0.11	$ 1.30
Weighted average common shares outstanding:
Basic	146,483	143,116	146,451	143,026
Diluted	151,459	145,882	149,856	144,696
Oil and Condensate [Member]
Revenues:
Total revenues	$ 100,331	$ 130,560	$ 287,313	$ 412,526
Natural Gas Liquids [Member]
Revenues:
Total revenues	7,415	16,875	25,595	47,430
Natural Gas, Production [Member]
Revenues:
Total revenues	32,515	113,673	80,757	257,452
Product and Service, Other [Member]
Revenues:
Total revenues	$ 2,150	$ 5,377	$ 6,651	$ 13,889

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		5,179			5,179
Stock issued (in shares)	299
Shares withheld related to net settlement of equity awards		(716)			(716)
Net income			187,700		187,700
Balances Ending (in shares) at Sep. 30, 2022	143,162
Balances Ending (in shares) at Sep. 30, 2022				2,869
Balances Ending at Sep. 30, 2022	$ 1	557,386	(588,237)	$ (24,167)	(55,017)
Balances beginning (in shares) at Jun. 30, 2022	143,155
Balances beginning (in shares) at Jun. 30, 2022				2,869
Balances beginning at Jun. 30, 2022	$ 1	554,755	(654,958)	$ (24,167)	(124,369)
Share-based compensation		2,645			2,645
Stock issued (in shares)	7
Shares withheld related to net settlement of equity awards		(14)			(14)
Net income			66,721		66,721
Balances Ending (in shares) at Sep. 30, 2022	143,162
Balances Ending (in shares) at Sep. 30, 2022				2,869
Balances Ending at Sep. 30, 2022	$ 1	557,386	(588,237)	$ (24,167)	$ (55,017)
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		7,259			7,259
Stock issued (in shares)	442
Shares withheld related to net settlement of equity awards		(947)			(947)
Net income			16,041		$ 16,041
Balances Ending (in shares) at Sep. 30, 2023	146,575
Balances Ending (in shares) at Sep. 30, 2023				2,869	2,869
Balances Ending at Sep. 30, 2023	$ 1	582,900	(528,747)	$ (24,167)	$ 29,987
Balances beginning (in shares) at Jun. 30, 2023	146,481
Balances beginning (in shares) at Jun. 30, 2023				2,869
Balances beginning at Jun. 30, 2023	$ 1	579,849	(530,892)	$ (24,167)	24,791
Share-based compensation		3,250			3,250
Stock issued (in shares)	94
Shares withheld related to net settlement of equity awards		(199)			(199)
Net income			2,145		$ 2,145
Balances Ending (in shares) at Sep. 30, 2023	146,575
Balances Ending (in shares) at Sep. 30, 2023				2,869	2,869
Balances Ending at Sep. 30, 2023	$ 1	$ 582,900	$ (528,747)	$ (24,167)	$ 29,987

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net income	$ 16,041	$ 187,700
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	102,660	99,384
Share-based compensation	7,259	5,179
Amortization and write off of debt issuance costs	5,714	6,114
Derivative (gain) loss	(41,560)	109,892
Derivative cash payments, net	(6,123)	(1,022)
Derivative cash premium payments		(46,111)
Deferred income taxes	14,647	40,171
Changes in operating assets and liabilities:
Oil and natural gas receivables	17,624	(34,276)
Joint interest receivables	(2,049)	(7,070)
Prepaid expenses and other current assets	25,550	(26,816)
Accounts payable, accrued liabilities and other	(34,475)	65,566
Asset retirement obligation settlements	(24,918)	(61,285)
Cash advances from JV partners	(74)	(12,055)
Income taxes payable	(634)	1,480
Net cash provided by operating activities	79,662	326,851
Investing activities:
Investment in oil and natural gas properties and equipment	(30,959)	(29,966)
Changes in operating assets and liabilities associated with investing activities	1,285	(8,237)
Acquisition of property interests	(28,863)	(51,474)
Deposit related to acquisition of property interests	(8,850)
Purchase of corporate aircraft (Note 13)	(8,983)
Purchases of furniture, fixtures and other	(3,081)
Net cash used in investing activities	(79,451)	(89,677)
Financing activities:
Repayment of 9.75% Senior Second Lien Notes due 2023	(552,460)
Repayment of Term Loan	(26,329)	(33,837)
Repayment of TVPX Loan	(458)
Proceeds from issuance of 11.75% Senior Second Lien Notes due 2026	275,000
Debt issuance costs	(7,380)	(1,290)
Other	(948)	(716)
Net cash used in financing activities	(312,575)	(35,843)
Change in cash, cash equivalents and restricted cash	(312,364)	201,331
Cash and cash equivalents and restricted cash, beginning of period	465,774	250,216
Cash and cash equivalents and restricted cash, end of period	$ 153,410	$ 451,547

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals)	Sep. 30, 2023	Feb. 08, 2023	Jan. 27, 2023	Dec. 31, 2022	Sep. 30, 2022
9.75% Senior Second Lien Notes due 2023
Debt instrument, interest rate, stated percentage	9.75%	9.75%		9.75%	9.75%
11.75% Senior Second Lien Notes due 2026
Debt instrument, interest rate, stated percentage	11.75%	11.75%	11.75%	11.75%	11.75%

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 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. The Company operates in one reportable segment. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and an interest in Monza Energy LLC (“Monza”), which is accounted for under the proportional consolidation method. All intercompany accounts and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. 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 Item 8 “Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (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. Allowance for Credit Losses The Company has receivables related to joint interest arrangements primarily with mid-size oil and natural 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 $11.2 million and $12.1 million as of September 30, 2023 and December 31, 2022, respectively. Employee Retention Credit Under the Consolidated Appropriations Act of 2021, the Company recognized a $2.2 million employee retention credit during the nine months ended September 30, 2023, which is included as a credit to General and administrative expenses Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Derivatives (1) ​ $ 1,294 ​ $ 4,954 Insurance/bond premiums ​ 8,955 ​ 6,046 Deposit related to acquisition (Note 14) ​ ​ 8,850 ​ ​ — Prepaid deposits related to royalties ​ 7,322 ​ 9,139 Prepayments to vendors ​ 1,520 ​ 1,767 Prepayments to joint interest partners ​ ​ 2,242 ​ ​ 1,717 Current portion of debt issuance costs ​ ​ 213 ​ ​ 687 Other ​ 80 ​ 33 Prepaid expenses and other current assets ​ $ 30,476 ​ $ 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 consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Oil and natural gas properties and equipment ​ $ 8,908,490 ​ $ 8,813,404 Furniture, fixtures and other ​ 43,087 ​ 20,915 Total property and equipment ​ 8,951,577 ​ 8,834,319 Less: Accumulated depreciation, depletion, amortization and impairment ​ (8,180,123) ​ (8,099,104) Oil and natural gas properties and other, net ​ $ 771,454 ​ $ 735,215 ​ ​ Other Assets Other assets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Operating lease right-of-use assets ​ $ 10,623 ​ $ 10,364 Investment in White Cap, LLC ​ 2,924 ​ 2,453 Proportional consolidation of Monza ​ 10,805 ​ 9,321 Derivatives (1) ​ 14,372 ​ 23,236 Other ​ 1,662 ​ 2,175 Total other assets ​ $ 40,386 ​ $ 47,549 ​ ​ (1) Includes open contracts. Accrued Liabilities Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Accrued interest ​ $ 5,430 ​ $ 8,967 Accrued salaries/payroll taxes/benefits ​ 9,065 ​ 15,097 Litigation accruals ​ 56 ​ 396 Operating lease liabilities ​ 871 ​ 1,628 Derivatives (1) ​ 17,659 ​ 46,595 Other ​ 1,183 ​ 1,358 Total accrued liabilities ​ $ 34,264 ​ $ 74,041 ​ ​ (1) Includes closed contracts which have not yet settled . Other Liabilities Other liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Dispute related to royalty deductions ​ $ 5,250 ​ $ 4,937 Derivatives ​ 11,790 ​ 43,061 Operating lease liabilities ​ 11,700 ​ 10,527 Other ​ 708 ​ 609 Total other liabilities ​ $ 29,448 ​ $ 59,134 ​

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
DEBT	NOTE 2 — The components comprising the Company’s debt are presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 TVPX Loan: ​ ​ ​ ​ ​ ​ Principal ​ $ 11,300 ​ $ — Unamortized discount ​ ​ (1,434) ​ ​ — Unamortized debt issuance costs ​ (246) ​ ​ — Total ​ 9,620 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Term Loan: ​ ​ ​ ​ ​ ​ Principal ​ ​ 121,571 ​ ​ 147,899 Unamortized debt issuance costs ​ ​ (3,337) ​ ​ (4,592) Total ​ 118,234 ​ 143,307 ​ ​ ​ ​ ​ ​ ​ Credit Agreement ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ 11.75% Senior Second Lien Notes due 2026: ​ ​ ​ Principal ​ 275,000 ​ — Unamortized debt issuance costs ​ (5,695) ​ — Total ​ 269,305 ​ — ​ ​ ​ ​ ​ ​ ​ 9.75% Senior Second Lien Notes due 2023: ​ ​ ​ Principal ​ — ​ 552,460 Unamortized debt issuance costs ​ — ​ (2,330) Total ​ — ​ 550,130 ​ ​ ​ ​ ​ ​ ​ Total debt, net ​ ​ 397,159 ​ ​ 693,437 Less current portion, net ​ ​ (30,015) ​ ​ (582,249) Long-term debt, net ​ $ 367,144 ​ $ 111,188 ​ ​ ​ ​ ​ Current Portion of Long-Term Debt, Net As of September 30, 2023, the current portion of long-term debt of $30.0 million represented principal payments due within one year on the TVPX Loan and Term Loan (defined below), net of current unamortized debt issuance costs. TVPX Loan On May 15, 2023, the Company acquired a corporate aircraft from a company affiliated with and controlled by Chairman, Chief Executive Officer (“CEO”) and President Note 13 Related Party Transactions The purchase price of the aircraft was $19.1 million, which was paid using $9.0 million of the Company’s cash on hand and through the assumption of an approximately $11.8 million amortizing loan by TVPX Aircraft Solutions Inc. (the “TVPX Loan”), not in its individual capacity but as owner trustee of the trust which holds title to the aircraft, a wholly owned indirect subsidiary of the Company, as the borrower. The TVPX Loan bears a fixed interest rate of 2.49% per annum for a term of 41 months and requires monthly amortization payments of $91.7 thousand plus accrued interest, and a balloon payment of $8.0 million at the end of the loan term. The TVPX Loan is guaranteed by the Company on an unsecured basis. At the date of assumption, the Company determined that the fair market value of the TVPX Loan was $10.1 million using current market rates. The aircraft was purchased as part of a series of transactions pursuant to which the Company restructured the compensation for its Named Executive Officers. Prior to the Company’s purchase of the aircraft, the Company used the aircraft for business purposes, and the CEO also used the aircraft for personal purposes. Both the Company’s use for business purposes and the CEO’s unlimited use for personal purposes were paid for by the Company pursuant to the CEO’s prior employment agreement. In connection with the Company’s efforts to significantly reduce overall executive compensation, including perquisite compensation Mr. Krohn was receiving for personal use of the aircraft, on April 20, 2023, the Company entered into an amendment to the employment agreement with the CEO which requires that the Company be reimbursed for personal use of the aircraft in accordance with the Company’s aircraft use policy. Term Loan The Term Loan requires quarterly amortization payments and bears interest at a fixed rate of 7.0% per annum. The Subsidiary Credit Agreement required the Company to enter into certain natural gas swaps and put derivative contracts (see Note 4 – Derivative Financial Instruments) Note 6 Subsidiary Borrowers Credit Agreement The Company entered into a Credit Agreement with Calculus Lending, LLC (“Calculus”), a company affiliated with and controlled by the Company’s CEO, 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; ● 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 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, 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 6 – Subsidiary Borrowers As of September 30, 2023, there were no borrowings outstanding under the Credit Agreement and no borrowings had been incurred under the Credit Agreement during the nine months ended September 30, 2023. As of September 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 at par $275 million in aggregate principal amount of its 11.75% Senior Second Lien Notes (the “11.75% Notes”) under an indenture dated January 27, 2023 (the “Indenture”). The 11.75% Notes mature on February 1, 2026, and interest is payable in arrears on February 1 and August 1. The 11.75% Notes are secured by second-priority liens on the same collateral that is secured under the Credit Agreement, which does not include the assets of the Subsidiary Borrowers (as described in Note 6 – Subsidiary Borrowers Prior to August 1, 2024, the Company may redeem all or any portion of the 11.75% 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% 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% 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% Notes are guaranteed by the Guarantors. The 11.75% 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% Notes an investment grade rating and no default exists with respect to the 11.75% Notes. Redemption of 9.75% Senior Second Lien Notes due 2023 On February 8, 2023, the Company redeemed all of the $552.5 million of aggregate principal outstanding of its 9.75% Senior Second Lien Notes (the 9.75% 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% Notes and cash on hand of $296.1 million to fund the redemption. Covenants As of September 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	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
FAIR VALUE MEASUREMENTS	NOTE 3 — Derivative Financial Instruments Derivative financial instruments are reported in the Condensed Consolidated Balance Sheets using fair value. See Note 4 – Derivative Financial Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Assets: ​ ​ Derivative instruments - current ​ $ 1,294 ​ $ 4,954 Derivative instruments - long-term ​ 14,372 ​ 23,236 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ Derivative instruments - current ​ 17,659 ​ 46,595 Derivative instruments - long-term ​ 11,790 ​ 43,061 ​ ​ ​ The Company measures the fair value of derivative financial instruments by applying the income approach, using models with inputs that are classified within Level 2 of the valuation hierarchy. The income approach converts expected future cash flows to a present value amount based on market expectations. The inputs used for the fair value measurement of derivative financial instruments are the exercise price, the expiration date, the settlement date, notional quantities, the implied volatility, the discount curve with spreads and published commodity future prices. Debt Instruments The following table presents the net value and fair value of the Company’s debt (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ Net Value Fair Value Net Value Fair Value TVPX Loan ​ $ 9,620 ​ $ 9,783 ​ $ — ​ $ — Term Loan ​ ​ 118,234 ​ ​ 113,478 ​ ​ 143,307 ​ ​ 139,056 11.75% Notes ​ ​ 269,305 ​ 283,580 ​ — ​ — 9.75% Notes ​ — ​ — ​ 550,130 ​ 544,902 Total ​ $ 397,159 ​ $ 406,841 ​ $ 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% Notes and 9.75% 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	9 Months Ended
	Sep. 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, net on the Condensed Consolidated Statements of Operations in each period presented. 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 September 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) Oct 2023 - Dec 2023 ​ calls ​ 70,000 ​ 6,440,000 ​ $ — ​ $ — ​ $ 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 Oct 2023 - Dec 2023 (2) ​ swaps ​ 71,739 ​ 6,600,000 ​ $ 2.50 ​ $ — ​ $ — Jan 2024 - Dec 2024 (2) ​ swaps ​ 65,573 ​ 24,000,000 ​ $ 2.46 ​ $ — ​ $ — Jan 2025 - Mar 2025 (2) ​ swaps ​ 63,333 ​ 5,700,000 ​ $ 2.72 ​ $ — ​ $ — Apr 2025 - Dec 2025 (2) ​ puts ​ 62,183 ​ 17,100,000 ​ $ — ​ $ 2.27 ​ $ — Jan 2026 - Dec 2026 (2) ​ puts ​ 55,895 ​ 20,400,000 ​ $ — ​ $ 2.35 ​ $ — Jan 2027 - Dec 2027 (2) ​ puts ​ 52,607 ​ 19,200,000 ​ $ — ​ $ 2.37 ​ $ — Jan 2028 - Apr 2028 (2) ​ puts ​ 49,725 ​ 6,000,000 ​ $ — ​ $ 2.42 ​ $ — ​ ​ ​ ​ ​ ​ (1) MMbtu – Million British Thermal Units (2) These contracts were entered into by Aquasition LLC in conjunction with the Term Loan (see Note 6 – Subsidiary Borrowers ) . ​ Financial Statement Presentation The fair value of the Company’s derivative financial instruments was recorded in the Condensed Consolidated Balance Sheets as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Prepaid expenses and other current assets ​ $ 1,294 ​ $ 4,954 Other assets ​ 14,372 ​ 23,236 Accrued liabilities ​ 17,659 ​ 46,595 Other liabilities ​ ​ 11,790 ​ ​ 43,061 ​ ​ Although the Company has master netting arrangements with its counterparties, t The impact of commodity derivative contracts on the Condensed Consolidated Statements of Operations were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 2022 2023 2022 Realized loss (1) ​ $ 1,971 ​ $ 132,289 ​ $ 2,501 ​ $ 96,315 ​ Unrealized (gain) loss ​ ​ (3,462) ​ ​ (93,540) ​ ​ (44,061) ​ ​ 13,577 ​ Derivative (gain) loss, net ​ $ (1,491) ​ $ 38,749 ​ $ (41,560) ​ $ 109,892 ​ ​ ​ ​ ​ ​ ​ (1) The nine months ended September 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2023 2022 Derivative (gain) loss ​ $ (41,560) ​ $ 109,892 Derivative cash payments, net (1) ​ ​ (6,123) ​ ​ (1,022) Derivative cash premium payments, net ​ ​ — ​ ​ (46,111) ​ ​ ​ ​ ​ (1) The nine months ended September 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.

ACQUISITION

ACQUISITION	9 Months Ended
	Sep. 30, 2023
ACQUISITION
ACQUISITION	NOTE 5 — On September 20, 2023, the Company entered into a purchase and sale agreement to acquire working interests in certain oil and natural gas producing properties in eight shallow water oil and natural gas producing assets in the central and eastern shelf region of Gulf of Mexico for $32.0 million. The transaction closed on September 20, 2023, and after normal and customary post-effective date adjustments (including net operating cash flow attributable to the properties from the effective date of June 1, 2023 to the close date), cash consideration of $28.9 million was paid to the sellers. The transaction was funded using cash on hand. The Company also assumed the related asset retirement obligations (“AROs”) associated with these assets. The acquisition was accounted for as an asset acquisition, which requires that the total purchase price, including transaction costs, be allocated to the assets acquired and the liabilities assumed based on their relative fair values. The fair value measurements of the oil and natural gas properties acquired and ARO assumed were derived utilizing an income approach and based, in part, on significant inputs not observable in the market. These inputs represent Level 3 measurements in the fair value hierarchy and include, but are not limited to, estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows and appropriate discount rates. These inputs required significant judgments and estimates by the Company’s management at the time of the valuation. The following table represents the Company’s preliminary allocation of total purchase consideration to the identifiable assets acquired and liabilities assumed based on the fair values on the date of acquisition (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and natural gas properties and other, net ​ ​ ​ ​ ​ ​ ​ $ 45,215 Asset retirement obligations ​ ​ ​ ​ ​ ​ ​ (16,352) Allocated purchase price ​ ​ ​ ​ ​ ​ ​ $ 28,863 ​

SUBSIDIARY BORROWERS

SUBSIDIARY BORROWERS	9 Months Ended
	Sep. 30, 2023
SUBSIDIARY BORROWERS
SUBSIDIARY BORROWERS	NOTE 6 — SUBSIDIARY BORROWERS The Subsidiary Borrowers used the net proceeds from the Term Loan (see Note 2 – Debt 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 nine months ended September 30, 2023, no such distributions were paid. Consolidation and Carrying Amounts The following table presents the amounts recorded by the Company on the Condensed Consolidated Balance Sheets related to the consolidation of the Subsidiary Borrowers and the Subsidiary Parent (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 Assets: ​ ​ Cash and cash equivalents ​ $ 1,408 ​ $ 21,764 Receivables: ​ ​ Oil and natural gas sales ​ 22,988 ​ 37,344 Joint interest, net ​ (25,446) ​ (5,760) Prepaid expenses and other assets ​ (55) ​ 417 Oil and natural gas properties and other, net ​ 290,686 ​ 280,649 Other assets ​ 9,328 ​ 8,473 Liabilities: ​ ​ Accounts payable ​ ​ 10,432 ​ ​ 27,387 Undistributed oil and natural gas proceeds ​ 4,480 ​ 7,930 Accrued liabilities ​ 17,982 ​ 45,102 Current portion of long-term debt, net ​ ​ 29,451 ​ ​ 32,119 Long-term debt, net ​ 88,783 ​ 111,188 Asset retirement obligations ​ 67,402 ​ 61,138 Other liabilities ​ 16,531 ​ 47,398 ​ The following table presents the amounts recorded by the Company in the Condensed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Total revenues ​ $ 28,865 ​ $ 94,264 ​ $ 75,425 ​ $ 218,625 Total operating expenses ​ 18,807 ​ 19,776 ​ 69,297 ​ 52,961 Interest expense, net ​ 2,536 ​ 3,405 ​ 7,947 ​ 11,841 Derivative (gain) loss ​ (2,652) ​ 55,850 ​ (55,041) ​ 187,896 ​

JOINT VENTURE DRILLING PROGRAM

JOINT VENTURE DRILLING PROGRAM	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
JOINT VENTURE DRILLING PROGRAM	NOTE 7 — JOINT VENTURE DRILLING PROGRAM In March 2018, W&T and other members formed and 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. The 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 W&T’s CEO. The entity affiliated with the Company’s CEO invested as a minority investor on the same terms and conditions as the third-party investors. Its investment is limited to 4.5% of total invested capital within Monza, and it 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 September 30, 2023, ten wells have been completed since the inception of the Joint Venture Drilling Program, and W&T is the operator for eight of these wells. Since inception through September 30, 2023, members of Monza have 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 $206.4 million. Since inception through September 30, 2023, W&T has made capital contributions, including the contributions of working interest in the drilling projects, to Monza totaling $68.2 million and received cash distributions totaling $44.5 million. Consolidation and Carrying Amounts W&T’s interest in Monza is considered to be a variable interest that is proportionally consolidated. Through September 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 Working capital ​ $ 1,471 ​ $ 2,515 Oil and natural gas properties and other, net ​ 33,104 ​ 37,260 Asset retirement obligations ​ ​ 572 ​ ​ 467 Other assets ​ 10,805 ​ 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. As of September 30, 2023 and December 31, 2022, the unused advances were $2.8 million and $2.9 million, respectively, which are included in Advances from joint interest partners . The following table presents the amounts recorded by W&T in the Condensed (i ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 Total revenues ​ $ 9,635 ​ $ 23,681 Total operating expenses ​ 7,046 ​ 10,805 Interest income ​ 147 ​ — ​

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
ASSET RETIREMENT OBLIGATIONS	NOTE 8 — 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2023 2022 Asset retirement obligations, beginning of period ​ $ 466,429 ​ $ 424,495 Liabilities settled ​ (24,918) ​ (61,285) Accretion expense ​ 21,641 ​ 19,536 Liabilities acquired ​ 16,352 ​ 33,202 Liabilities incurred ​ ​ 113 ​ ​ 138 Revisions of estimated liabilities ​ 18,797 ​ 37,524 Asset retirement obligations, end of period ​ ​ 498,414 ​ ​ 453,610 Less: Current portion ​ (33,169) ​ (54,886) Long-term ​ $ 465,245 ​ $ 398,724 ​

SHARE-BASED AWARDS AND CASH-BAS

SHARE-BASED AWARDS AND CASH-BASED INCENTIVE COMPENSATION	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
SHARE-BASED AWARDS AND CASH-BASED INCENTIVE COMPENSATION	NOTE 9 — SHARE-BASED AWARDS AND CASH-BASED INCENTIVE COMPENSATION 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, or the 2004 Directors Compensation Plan of W&T Offshore, Inc., as amended from time to time stock appreciation rights, restricted stock (“RSAs”), restricted stock units (“RSUs”), performance awards (“PSUs”), 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 applicable Prior Plan. Share-Based Awards Restricted Stock Units During 2023, the Company granted RSUs to certain employees and non-employee directors under both the 2023 Plan and the Prior Plan. The RSUs granted to employees are a long-term compensation component, subject to service conditions, and generally vest in three equal annual installments. The fair value of the RSUs granted to employees on the date of grant was $6.6 million. The RSUs granted to non-employee directors generally vest one year from the date of the grant or on the date of W&T’s next annual shareholder meeting, subject to certain conditions. The fair value of the RSUs granted to non-employee directors on the date of grant was $0.6 million. A summary of activity related to RSUs during the nine months ended September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Average ​ ​ ​ ​ ​ Grant Date ​ ​ Restricted ​ Fair Value ​ ​ Stock Units ​ per Unit Nonvested, beginning of period ​ 1,221,461 ​ $ 5.76 Granted 1,785,960 ​ 4.06 Vested (486,134) ​ 5.62 Forfeited (111,717) ​ 5.72 Nonvested, end of period 2,409,570 ​ ​ 4.53 ​ ​ Performance Share Units In June 2023, the Company granted PSUs to certain employees under both the 2023 Plan and the Prior Plan. These PSUs vest subject to ranking against peer companies’ TSR , which ends on December 31, 2025. As these PSUs had both service and market conditions, the Company estimated the fair value of these PSUs using the Monte Carlo simulation model. The fair value of the PSUs on the date of grant was $6.3 million. A summary of activity related to PSUs during the nine months ended September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Average ​ ​ ​ ​ ​ Grant Date ​ ​ Performance ​ Fair Value ​ ​ Share Units ​ per Unit Nonvested, beginning of period ​ 1,502,239 ​ $ 9.78 Granted 1,289,720 ​ 4.85 Vested (9,308) ​ 8.13 Forfeited (231,175) ​ 9.69 Nonvested, end of period 2,551,476 ​ ​ 7.30 ​ ​ The following table summarizes the assumptions used in the Monte Carlo simulation model to calculate the fair value of the PSUs granted: ​ ​ ​ ​ ​ ​ Expected term for performance period (in years) ​ ​ 2.6 ​ Expected volatility ​ ​ 76.1 % Risk-free interest rate ​ ​ 4.2 % ​ ​ Share-Based Awards to Non-Employee Directors Under the Prior Plan, the Company issued RSAs to non-employee directors. These RSAs vested over a one-year period. There were no RSAs granted to non-employee directors during the nine months ended September 30, 2023. The non-employee directors were granted RSUs in July 2023 under the 2023 Plan. A summary of activity related to restricted shares during the nine months ended September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ Restricted Fair Value ​ ​ Shares ​ per Share Nonvested, beginning of period ​ 42,426 ​ $ 4.95 Granted ​ — ​ ​ — Vested (42,426) ​ 4.95 Nonvested, end of period — ​ ​ — ​ ​ Share-Based Compensation Expense The following table presents the compensation costs General and administrative expenses in the Condensed Consolidated Statements of Operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Restricted stock units ​ $ 1,506 ​ $ 1,240 ​ $ 2,949 ​ $ 2,852 Performance share units ​ ​ 1,744 ​ ​ 1,352 ​ ​ 4,240 ​ ​ 2,154 Restricted shares ​ — ​ 53 ​ 70 ​ 173 Total ​ $ 3,250 ​ $ 2,645 ​ $ 7,259 ​ $ 5,179 ​ ​ Cash-Based Incentive Compensation In addition to share-based awards, the Company also grants short-term cash-based incentive awards to all eligible employees. These awards provide for an annual cash payment equal to an established target cash incentive amount multiplied by a target performance score for the Company (as determined by a set of pre-defined performance metrics) and multiplied by an individual performance multiplier for all eligible employees except Named Executive Officers. The following table presents the cash-based incentive compensation costs in the Condensed Consolidated Statements of Operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Lease operating expenses ​ $ 1,142 ​ $ 1,532 ​ $ 2,710 ​ $ 1,994 General and administrative expenses ​ 2,609 ​ 3,559 ​ 9,478 ​ 6,164 Total ​ $ 3,751 ​ $ 5,091 ​ $ 12,188 ​ $ 8,158 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
INCOME TAXES	NOTE 10 — Tax Expense and Effective Tax Rate For the three months ended September 30, 2023 and 2022, the Company recognized income tax expense of $4.8 million and $16.4 million, respectively. The effective tax rate for the three months ended September 30, 2023 is not meaningful primarily as a result of changes in the valuation allowance on the Company’s deferred tax assets. For the three months ended September 30, 2022, the effective tax rate was 19.7%. For the nine months ended September 30, 2023 and 2022, the Company recognized income tax expense of $16.4 million and $46.8 million, respectively, for an effective tax rate of 50.6% and 20.0%, respectively. For both the three and nine months ended September 30, 2023, the Company’s effective tax rate differed from the statutory federal tax rate primarily due to the impact of state income taxes, nondeductible compensation, and adjustments to the valuation allowance. For both the three and nine months ended September 30, 2022, the Company’s effective tax rate differed from the statutory federal tax rate primarily due to the impact of state income taxes and adjustments to the valuation allowance. 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 the Company’s deferred tax 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 September 30, 2023 and December 31, 2022, the valuation allowance was $21.7 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 September 30, 2023, the Company has a federal income tax receivable of $0.2 million and state income tax receivable of $0.1 million. As of December 31, 2022, the Company did not have any outstanding current income taxes receivable. During the nine months ended September 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. 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	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
EARNINGS PER SHARE	NOTE 11 — 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 September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Net income ​ $ 2,145 ​ $ 66,721 ​ $ 16,041 ​ $ 187,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding - basic ​ 146,483 ​ 143,116 ​ 146,451 ​ 143,026 Dilutive effect of securities ​ ​ 4,976 ​ ​ 2,766 ​ ​ 3,405 ​ ​ 1,670 Weighted average common shares outstanding - diluted ​ ​ 151,459 ​ ​ 145,882 ​ ​ 149,856 ​ ​ 144,696 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.01 ​ $ 0.46 ​ $ 0.11 ​ $ 1.30 Diluted ​ ​ 0.01 ​ ​ 0.46 ​ ​ 0.11 ​ ​ 1.30 ​

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
CONTINGENCIES	NOTE 12 — Appeal with the Office of Natural Resources Revenue , , The Company has continued to pursue its legal rights and, at present, the case is in front of the U.S. District Court for the Eastern District of Louisiana where both parties have filed cross-motions for summary judgment and opposition briefs. W&T has filed a Reply in support of its Motion for Summary Judgment and the government has in turn filed its Reply brief. With briefing now completed, the Company is waiting for the district court’s ruling on the merits. ONRR Audit of Historical Refund Claims O Civil Penalties In January 2021, W&T entered into a Settlement Agreement with the Bureau of Safety and Environmental Enforcement (the “ The final installment was paid in February 2023 . Contingent Decommissioning Obligations The Company may be subject to retained liabilities with respect to certain divested property interests by operation of law. Certain counterparties in past divestiture transactions or third parties in existing leases that have filed for bankruptcy protection or undergone associated reorganizations may not be able to perform required abandonment obligations. Due to operation of law, W&T may be required to assume decommissioning obligations for those interests. The Company may be held jointly and severally liable for the decommissioning of various facilities and related wells. W&T no longer owns these assets nor are they related to current operations. During 2021 and 2022, 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 a total contingent loss accrual of $20.4 million related to anticipated decommissioning obligations, which was reflected in Other (income) expense, net on the Condensed Consolidated Statements of Operations in the period recorded. 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 In the ordinary course of business, the Company is a party to various pending or threatened claims and complaints seeking damages or other remedies concerning commercial operations and other matters. 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	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	NOTE 13 — RELATED PARTY TRANSACTIONS On May 15, 2023, the Company acquired a corporate aircraft from a company affiliated with and controlled by the Company’s CEO. The purchase price of the aircraft was $19.1 million, which was paid using $9.0 million of cash on hand and through the assumption of the TVPX Loan (see Note 2 – Debt The aircraft was purchased as part of a series of transactions pursuant to which the Company restructured the compensation for its Named Executive Officers. Prior to the Company’s purchase of the aircraft, the Company used the aircraft for business purposes, and the CEO also used the aircraft for personal purposes. Both the Company’s use for business purposes and the CEO’s unlimited use for personal purposes were paid for by the Company pursuant to the CEO’s prior employment agreement. In connection with the Company’s efforts to significantly reduce overall executive compensation, including perquisite compensation the CEO was receiving for personal use of the aircraft, on April 20, 2023, the Company entered into an amendment to the employment agreement with the CEO which requires that the Company be reimbursed for personal use of the aircraft in accordance with the Company’s aircraft use policy.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2023
SUBSEQUENT EVENT
SUBSEQUENT EVENT	NOTE 14 — SUBSEQUENT EVENT On September 26, 2023, the Company entered into a purchase and sale agreement to acquire rights, titles and interests in and to certain leases, wells and personal property in the central shelf region of the Gulf of Mexico, among other assets, for a gross purchase price of $88.5 million, subject to customary purchase price adjustments. On October 20, 2023, the Company terminated the purchase and sale agreement pursuant to and in accordance with section 14.1(f) thereof, which provided that either the Company or the seller could terminate the agreement at any time following 5:00 p.m. Central Time on October 20, 2023. In conjunction with the termination of the purchase and sale agreement, the $8.9 million deposit was returned to the Company.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and an interest in Monza Energy LLC (“Monza”), which is accounted for under the proportional consolidation method. All intercompany accounts and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. 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 Item 8 “Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (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.
Allowance for Credit Losses	Allowance for Credit Losses The Company has receivables related to joint interest arrangements primarily with mid-size oil and natural 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 $11.2 million and $12.1 million as of September 30, 2023 and December 31, 2022, respectively.
Employee Retention Credit	Employee Retention Credit Under the Consolidated Appropriations Act of 2021, the Company recognized a $2.2 million employee retention credit during the nine months ended September 30, 2023, which is included as a credit to General and administrative expenses
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Derivatives (1) ​ $ 1,294 ​ $ 4,954 Insurance/bond premiums ​ 8,955 ​ 6,046 Deposit related to acquisition (Note 14) ​ ​ 8,850 ​ ​ — Prepaid deposits related to royalties ​ 7,322 ​ 9,139 Prepayments to vendors ​ 1,520 ​ 1,767 Prepayments to joint interest partners ​ ​ 2,242 ​ ​ 1,717 Current portion of debt issuance costs ​ ​ 213 ​ ​ 687 Other ​ 80 ​ 33 Prepaid expenses and other current assets ​ $ 30,476 ​ $ 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 Oil and natural gas properties and other, net consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Oil and natural gas properties and equipment ​ $ 8,908,490 ​ $ 8,813,404 Furniture, fixtures and other ​ 43,087 ​ 20,915 Total property and equipment ​ 8,951,577 ​ 8,834,319 Less: Accumulated depreciation, depletion, amortization and impairment ​ (8,180,123) ​ (8,099,104) Oil and natural gas properties and other, net ​ $ 771,454 ​ $ 735,215
Other Assets	Other Assets Other assets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Operating lease right-of-use assets ​ $ 10,623 ​ $ 10,364 Investment in White Cap, LLC ​ 2,924 ​ 2,453 Proportional consolidation of Monza ​ 10,805 ​ 9,321 Derivatives (1) ​ 14,372 ​ 23,236 Other ​ 1,662 ​ 2,175 Total other assets ​ $ 40,386 ​ $ 47,549 ​ ​ (1) Includes open contracts.
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Accrued interest ​ $ 5,430 ​ $ 8,967 Accrued salaries/payroll taxes/benefits ​ 9,065 ​ 15,097 Litigation accruals ​ 56 ​ 396 Operating lease liabilities ​ 871 ​ 1,628 Derivatives (1) ​ 17,659 ​ 46,595 Other ​ 1,183 ​ 1,358 Total accrued liabilities ​ $ 34,264 ​ $ 74,041 ​ ​ (1) Includes closed contracts which have not yet settled .
Other Liabilities	Other Liabilities Other liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Dispute related to royalty deductions ​ $ 5,250 ​ $ 4,937 Derivatives ​ 11,790 ​ 43,061 Operating lease liabilities ​ 11,700 ​ 10,527 Other ​ 708 ​ 609 Total other liabilities ​ $ 29,448 ​ $ 59,134 ​

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	Prepaid expenses and other current assets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Derivatives (1) ​ $ 1,294 ​ $ 4,954 Insurance/bond premiums ​ 8,955 ​ 6,046 Deposit related to acquisition (Note 14) ​ ​ 8,850 ​ ​ — Prepaid deposits related to royalties ​ 7,322 ​ 9,139 Prepayments to vendors ​ 1,520 ​ 1,767 Prepayments to joint interest partners ​ ​ 2,242 ​ ​ 1,717 Current portion of debt issuance costs ​ ​ 213 ​ ​ 687 Other ​ 80 ​ 33 Prepaid expenses and other current assets ​ $ 30,476 ​ $ 24,343 ​ ​ ​ (1) Includes closed contracts which have not yet settled.
Property, Plant and Equipment [Table Text Block]	Oil and natural gas properties and other, net consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Oil and natural gas properties and equipment ​ $ 8,908,490 ​ $ 8,813,404 Furniture, fixtures and other ​ 43,087 ​ 20,915 Total property and equipment ​ 8,951,577 ​ 8,834,319 Less: Accumulated depreciation, depletion, amortization and impairment ​ (8,180,123) ​ (8,099,104) Oil and natural gas properties and other, net ​ $ 771,454 ​ $ 735,215
Schedule of Other Assets, Noncurrent [Table Text Block]	Other assets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Operating lease right-of-use assets ​ $ 10,623 ​ $ 10,364 Investment in White Cap, LLC ​ 2,924 ​ 2,453 Proportional consolidation of Monza ​ 10,805 ​ 9,321 Derivatives (1) ​ 14,372 ​ 23,236 Other ​ 1,662 ​ 2,175 Total other assets ​ $ 40,386 ​ $ 47,549 ​ ​ (1) Includes open contracts.
Schedule of Accrued Liabilities [Table Text Block]	Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Accrued interest ​ $ 5,430 ​ $ 8,967 Accrued salaries/payroll taxes/benefits ​ 9,065 ​ 15,097 Litigation accruals ​ 56 ​ 396 Operating lease liabilities ​ 871 ​ 1,628 Derivatives (1) ​ 17,659 ​ 46,595 Other ​ 1,183 ​ 1,358 Total accrued liabilities ​ $ 34,264 ​ $ 74,041 ​ ​ (1) Includes closed contracts which have not yet settled .
Other Noncurrent Liabilities [Table Text Block]	Other liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Dispute related to royalty deductions ​ $ 5,250 ​ $ 4,937 Derivatives ​ 11,790 ​ 43,061 Operating lease liabilities ​ 11,700 ​ 10,527 Other ​ 708 ​ 609 Total other liabilities ​ $ 29,448 ​ $ 59,134 ​

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 TVPX Loan: ​ ​ ​ ​ ​ ​ Principal ​ $ 11,300 ​ $ — Unamortized discount ​ ​ (1,434) ​ ​ — Unamortized debt issuance costs ​ (246) ​ ​ — Total ​ 9,620 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Term Loan: ​ ​ ​ ​ ​ ​ Principal ​ ​ 121,571 ​ ​ 147,899 Unamortized debt issuance costs ​ ​ (3,337) ​ ​ (4,592) Total ​ 118,234 ​ 143,307 ​ ​ ​ ​ ​ ​ ​ Credit Agreement ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ 11.75% Senior Second Lien Notes due 2026: ​ ​ ​ Principal ​ 275,000 ​ — Unamortized debt issuance costs ​ (5,695) ​ — Total ​ 269,305 ​ — ​ ​ ​ ​ ​ ​ ​ 9.75% Senior Second Lien Notes due 2023: ​ ​ ​ Principal ​ — ​ 552,460 Unamortized debt issuance costs ​ — ​ (2,330) Total ​ — ​ 550,130 ​ ​ ​ ​ ​ ​ ​ Total debt, net ​ ​ 397,159 ​ ​ 693,437 Less current portion, net ​ ​ (30,015) ​ ​ (582,249) Long-term debt, net ​ $ 367,144 ​ $ 111,188

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Derivative Assets at Fair Value [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Assets: ​ ​ Derivative instruments - current ​ $ 1,294 ​ $ 4,954 Derivative instruments - long-term ​ 14,372 ​ 23,236 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ Derivative instruments - current ​ 17,659 ​ 46,595 Derivative instruments - long-term ​ 11,790 ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ Net Value Fair Value Net Value Fair Value TVPX Loan ​ $ 9,620 ​ $ 9,783 ​ $ — ​ $ — Term Loan ​ ​ 118,234 ​ ​ 113,478 ​ ​ 143,307 ​ ​ 139,056 11.75% Notes ​ ​ 269,305 ​ 283,580 ​ — ​ — 9.75% Notes ​ — ​ — ​ 550,130 ​ 544,902 Total ​ $ 397,159 ​ $ 406,841 ​ $ 693,437 ​ $ 683,958

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 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 September 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) Oct 2023 - Dec 2023 ​ calls ​ 70,000 ​ 6,440,000 ​ $ — ​ $ — ​ $ 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 Oct 2023 - Dec 2023 (2) ​ swaps ​ 71,739 ​ 6,600,000 ​ $ 2.50 ​ $ — ​ $ — Jan 2024 - Dec 2024 (2) ​ swaps ​ 65,573 ​ 24,000,000 ​ $ 2.46 ​ $ — ​ $ — Jan 2025 - Mar 2025 (2) ​ swaps ​ 63,333 ​ 5,700,000 ​ $ 2.72 ​ $ — ​ $ — Apr 2025 - Dec 2025 (2) ​ puts ​ 62,183 ​ 17,100,000 ​ $ — ​ $ 2.27 ​ $ — Jan 2026 - Dec 2026 (2) ​ puts ​ 55,895 ​ 20,400,000 ​ $ — ​ $ 2.35 ​ $ — Jan 2027 - Dec 2027 (2) ​ puts ​ 52,607 ​ 19,200,000 ​ $ — ​ $ 2.37 ​ $ — Jan 2028 - Apr 2028 (2) ​ puts ​ 49,725 ​ 6,000,000 ​ $ — ​ $ 2.42 ​ $ — ​ ​ ​ ​ ​ ​ (1) MMbtu – Million British Thermal Units (2) These contracts were entered into by Aquasition LLC in conjunction with the Term Loan (see Note 6 – Subsidiary Borrowers ) .
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	The fair value of the Company’s derivative financial instruments was recorded in the Condensed Consolidated Balance Sheets as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Prepaid expenses and other current assets ​ $ 1,294 ​ $ 4,954 Other assets ​ 14,372 ​ 23,236 Accrued liabilities ​ 17,659 ​ 46,595 Other liabilities ​ ​ 11,790 ​ ​ 43,061 The impact of commodity derivative contracts on the Condensed Consolidated Statements of Operations were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 2022 2023 2022 Realized loss (1) ​ $ 1,971 ​ $ 132,289 ​ $ 2,501 ​ $ 96,315 ​ Unrealized (gain) loss ​ ​ (3,462) ​ ​ (93,540) ​ ​ (44,061) ​ ​ 13,577 ​ Derivative (gain) loss, net ​ $ (1,491) ​ $ 38,749 ​ $ (41,560) ​ $ 109,892 ​ ​ ​ ​ ​ ​ ​ (1) The nine months ended September 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2023 2022 Derivative (gain) loss ​ $ (41,560) ​ $ 109,892 Derivative cash payments, net (1) ​ ​ (6,123) ​ ​ (1,022) Derivative cash premium payments, net ​ ​ — ​ ​ (46,111) ​ ​ ​ ​ ​ (1) The nine months ended September 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.

ACQUISITION (Tables)

ACQUISITION (Tables)	9 Months Ended
	Sep. 30, 2023
ACQUISITION
Schedule of the preliminary allocation of total purchase consideration	The following table represents the Company’s preliminary allocation of total purchase consideration to the identifiable assets acquired and liabilities assumed based on the fair values on the date of acquisition (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and natural gas properties and other, net ​ ​ ​ ​ ​ ​ ​ $ 45,215 Asset retirement obligations ​ ​ ​ ​ ​ ​ ​ (16,352) Allocated purchase price ​ ​ ​ ​ ​ ​ ​ $ 28,863 ​

SUBSIDIARY BORROWERS (Tables)

SUBSIDIARY BORROWERS (Tables)	9 Months Ended
	Sep. 30, 2023
SUBSIDIARY BORROWERS
Schedule of Consolidation of Subsidiary Borrowers [Table Text Block]	The following table presents the amounts recorded by the Company on the Condensed Consolidated Balance Sheets related to the consolidation of the Subsidiary Borrowers and the Subsidiary Parent (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 Assets: ​ ​ Cash and cash equivalents ​ $ 1,408 ​ $ 21,764 Receivables: ​ ​ Oil and natural gas sales ​ 22,988 ​ 37,344 Joint interest, net ​ (25,446) ​ (5,760) Prepaid expenses and other assets ​ (55) ​ 417 Oil and natural gas properties and other, net ​ 290,686 ​ 280,649 Other assets ​ 9,328 ​ 8,473 Liabilities: ​ ​ Accounts payable ​ ​ 10,432 ​ ​ 27,387 Undistributed oil and natural gas proceeds ​ 4,480 ​ 7,930 Accrued liabilities ​ 17,982 ​ 45,102 Current portion of long-term debt, net ​ ​ 29,451 ​ ​ 32,119 Long-term debt, net ​ 88,783 ​ 111,188 Asset retirement obligations ​ 67,402 ​ 61,138 Other liabilities ​ 16,531 ​ 47,398
Schedule of Subsidiary Borrowers and the subsidiary that owns the equity [Table Text Block]	The following table presents the amounts recorded by the Company in the Condensed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Total revenues ​ $ 28,865 ​ $ 94,264 ​ $ 75,425 ​ $ 218,625 Total operating expenses ​ 18,807 ​ 19,776 ​ 69,297 ​ 52,961 Interest expense, net ​ 2,536 ​ 3,405 ​ 7,947 ​ 11,841 Derivative (gain) loss ​ (2,652) ​ 55,850 ​ (55,041) ​ 187,896 ​

JOINT VENTURE DRILLING PROGRAM

JOINT VENTURE DRILLING PROGRAM (Tables)	9 Months Ended
	Sep. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 Working capital ​ $ 1,471 ​ $ 2,515 Oil and natural gas properties and other, net ​ 33,104 ​ 37,260 Asset retirement obligations ​ ​ 572 ​ ​ 467 Other assets ​ 10,805 ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 Total revenues ​ $ 9,635 ​ $ 23,681 Total operating expenses ​ 7,046 ​ 10,805 Interest income ​ 147 ​ —

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2023 2022 Asset retirement obligations, beginning of period ​ $ 466,429 ​ $ 424,495 Liabilities settled ​ (24,918) ​ (61,285) Accretion expense ​ 21,641 ​ 19,536 Liabilities acquired ​ 16,352 ​ 33,202 Liabilities incurred ​ ​ 113 ​ ​ 138 Revisions of estimated liabilities ​ 18,797 ​ 37,524 Asset retirement obligations, end of period ​ ​ 498,414 ​ ​ 453,610 Less: Current portion ​ (33,169) ​ (54,886) Long-term ​ $ 465,245 ​ $ 398,724 ​

SHARE-BASED AWARDS AND CASH-B_2

SHARE-BASED AWARDS AND CASH-BASED INCENTIVE COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]	A summary of activity related to RSUs during the nine months ended September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Average ​ ​ ​ ​ ​ Grant Date ​ ​ Restricted ​ Fair Value ​ ​ Stock Units ​ per Unit Nonvested, beginning of period ​ 1,221,461 ​ $ 5.76 Granted 1,785,960 ​ 4.06 Vested (486,134) ​ 5.62 Forfeited (111,717) ​ 5.72 Nonvested, end of period 2,409,570 ​ ​ 4.53
Schedule of Nonvested Performance-based Units Activity [Table Text Block]	A summary of activity related to PSUs during the nine months ended September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Average ​ ​ ​ ​ ​ Grant Date ​ ​ Performance ​ Fair Value ​ ​ Share Units ​ per Unit Nonvested, beginning of period ​ 1,502,239 ​ $ 9.78 Granted 1,289,720 ​ 4.85 Vested (9,308) ​ 8.13 Forfeited (231,175) ​ 9.69 Nonvested, end of period 2,551,476 ​ ​ 7.30
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block]	A summary of activity related to restricted shares during the nine months ended September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ Restricted Fair Value ​ ​ Shares ​ per Share Nonvested, beginning of period ​ 42,426 ​ $ 4.95 Granted ​ — ​ ​ — Vested (42,426) ​ 4.95 Nonvested, end of period — ​ ​ —
Share-based Payment Arrangement, Cost by Plan [Table Text Block]	The following table presents the compensation costs General and administrative expenses in the Condensed Consolidated Statements of Operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Restricted stock units ​ $ 1,506 ​ $ 1,240 ​ $ 2,949 ​ $ 2,852 Performance share units ​ ​ 1,744 ​ ​ 1,352 ​ ​ 4,240 ​ ​ 2,154 Restricted shares ​ — ​ 53 ​ 70 ​ 173 Total ​ $ 3,250 ​ $ 2,645 ​ $ 7,259 ​ $ 5,179 ​ ​
Performance Share Units [Member]
Notes Tables
Schedule of Share-based Payment Award, Equity Instrument Other Than Options, Valuation Assumptions [Table Text Block]	​ ​ ​ ​ ​ ​ Expected term for performance period (in years) ​ ​ 2.6 ​ Expected volatility ​ ​ 76.1 % Risk-free interest rate ​ ​ 4.2 %
Long-term Cash-Based Incentive Compensation [Member]
Notes Tables
Schedule of Incentive Compensation Expense [Table Text Block]	The following table presents the cash-based incentive compensation costs in the Condensed Consolidated Statements of Operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Lease operating expenses ​ $ 1,142 ​ $ 1,532 ​ $ 2,710 ​ $ 1,994 General and administrative expenses ​ 2,609 ​ 3,559 ​ 9,478 ​ 6,164 Total ​ $ 3,751 ​ $ 5,091 ​ $ 12,188 ​ $ 8,158 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 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 September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Net income ​ $ 2,145 ​ $ 66,721 ​ $ 16,041 ​ $ 187,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding - basic ​ 146,483 ​ 143,116 ​ 146,451 ​ 143,026 Dilutive effect of securities ​ ​ 4,976 ​ ​ 2,766 ​ ​ 3,405 ​ ​ 1,670 Weighted average common shares outstanding - diluted ​ ​ 151,459 ​ ​ 145,882 ​ ​ 149,856 ​ ​ 144,696 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.01 ​ $ 0.46 ​ $ 0.11 ​ $ 1.30 Diluted ​ ​ 0.01 ​ ​ 0.46 ​ ​ 0.11 ​ ​ 1.30 ​

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) company segment	Dec. 31, 2022 USD ($)
Number of reportable segment | segment	1
Maximum number of companies | company	10
Oil and Gas Joint Interest Billing Receivables, Allowance for Credit Loss, Current	$ 11.2	$ 12.1
General and Administrative Expense [Member]
Employee Retention Credit	$ 2.2

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Amounts Recorded in Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Amounts Recorded in Prepaid Expenses and Other Current Assets (Details)
Derivatives	[1]	$ 1,294	$ 4,954
Insurance/bond premiums		8,955	6,046
Deposit related to acquisition (Note 14)		8,850
Prepaid deposits related to royalties		7,322	9,139
Prepayments to vendors		1,520	1,767
Prepayments to joint interest partners		2,242	1,717
Current portion of debt issuance costs		213	687
Other		80	33
Prepaid expenses and other current assets		$ 30,476	$ 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	Sep. 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	$ 8,908,490	$ 8,813,404
Furniture, fixtures and other	43,087	20,915
Total property and equipment	8,951,577	8,834,319
Less: Accumulated depreciation, depletion, amortization and impairment	(8,180,123)	(8,099,104)
Oil and natural gas properties and other, net	$ 771,454	$ 735,215

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Assets (Details)
Operating lease right-of-use assets		$ 10,623	$ 10,364
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Total other assets	Total other assets
Investment in White Cap, LLC		$ 2,924	$ 2,453
Proportional consolidation of Monza		10,805	9,321
Derivatives	[1]	14,372	23,236
Other		1,662	2,175
Total other assets		$ 40,386	$ 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		Sep. 30, 2023	Dec. 31, 2022
Note 1 - Significant Accounting Policies - Schedule of Accrued Liabilities (Details)
Accrued interest		$ 5,430	$ 8,967
Accrued salaries/payroll taxes/benefits		9,065	15,097
Litigation accruals		56	396
Operating lease liabilities		$ 871	$ 1,628
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total accrued liabilities	Total accrued liabilities
Derivatives	[1]	$ 17,659	$ 46,595
Other		1,183	1,358
Total accrued liabilities		$ 34,264	$ 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 (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Note 1 - Significant Accounting Policies - Schedule of Other Liabilities (Details)
Dispute related to royalty deductions	$ 5,250	$ 4,937
Derivatives	11,790	43,061
Operating lease liabilities	$ 11,700	$ 10,527
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other liabilities	Total other liabilities
Other	$ 708	$ 609
Total other liabilities	$ 29,448	$ 59,134

DEBT - Components of Long-term

DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Feb. 08, 2023	Jan. 27, 2023	Dec. 31, 2022	Sep. 30, 2022	May 19, 2021
Total	$ 397,159			$ 693,437
Less current portion, net	(30,015)			(582,249)
Long-term debt, net	367,144			111,188
TVPX Loan [Member]
Principal	11,300
Unamortized discount	(1,434)
Unamortized debt issuance costs	(246)
Total	9,620
Term Loan [Member]
Principal	121,571			147,899
Unamortized debt issuance costs	(3,337)			(4,592)
Total	118,234			$ 143,307
Debt instrument, interest rate, stated percentage						7%
11.75% Senior Second Lien Notes due 2026 [Member]
Principal	275,000
Unamortized debt issuance costs	(5,695)
Total	$ 269,305
Debt instrument, interest rate, stated percentage	11.75%	11.75%	11.75%	11.75%	11.75%
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%

DEBT (Details)

DEBT (Details) $ in Thousands				9 Months Ended
	May 15, 2023 USD ($)	Feb. 08, 2023 USD ($)	Jan. 27, 2023 USD ($)	Sep. 30, 2023 USD ($) item	Oct. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022	May 19, 2021 USD ($)
Current portion of long-term debt, net (Note 2)				$ 30,015		$ 582,249
Fair market value				406,841		683,958
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 (Note 2)				30,000
TVPX Loan [Member]
Principal				11,300
Fair market value				9,783
TVPX Loan [Member] | Related Party [Member]
Purchase price of aircraft	$ 19,100
Purchase price paid using cash on hand	$ 9,000
Debt instrument, interest rate, stated percentage	2.49%
Principal amount	$ 11,800
Term of debt	41 months
Monthly amortization payments	$ 91,700
Balloon payment	8,000
Fair market value	$ 10,100
Term Loan [Member]
Principal				121,571		147,899
Debt instrument, interest rate, stated percentage								7%
Principal amount								$ 215,000
Fair market value				113,478		139,056
Credit Agreement [Member]
Borrowings outstanding				0
Letters of Credit Outstanding, Amount				4,400		$ 4,400
Line of Credit Facility, Maximum Borrowing Capacity				$ 50,000
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%
Credit Agreement [Member] | Subsequent Event
Line of Credit Facility, Maximum Borrowing Capacity					$ 50,000
Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate				6%
Short Term First Priority Lien Secured Revolving Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 100,000
11.75% Senior Second Lien Notes due 2026 [Member]
Principal				$ 275,000
Debt instrument, interest rate, stated percentage		11.75%	11.75%	11.75%		11.75%	11.75%
Principal amount			$ 275,000
Fair market value				$ 283,580
Debt Instrument, Interest Rate, Effective Percentage			12.70%
Repayments of Debt		$ 296,100
9.75% Senior Second Lien Notes due November 2023 [Member]
Principal		$ 552,500				$ 552,460
Debt instrument, interest rate, stated percentage		9.75%		9.75%		9.75%	9.75%
Fair market value						$ 544,902
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		100%
Proceeds from Issuance of Debt		$ 270,800

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Derivative instruments - current	[1]	$ 1,294	$ 4,954
Derivative instruments - long-term	[2]	14,372	23,236
Derivative instruments - current	[1]	17,659	46,595
Derivative instruments - long-term		11,790	43,061
Open Contracts [Member]
Derivative instruments - current		1,294	4,954
Derivative instruments - long-term		14,372	23,236
Derivative instruments - current		17,659	46,595
Derivative instruments - long-term		$ 11,790	$ 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	Sep. 30, 2023	Feb. 08, 2023	Jan. 27, 2023	Dec. 31, 2022	Sep. 30, 2022	May 19, 2021
Long-term debt, net value	$ 397,159			$ 693,437
Long-term debt, fair value	406,841			683,958
TVPX Loan [Member]
Long-term debt, net value	9,620
Long-term debt, fair value	9,783
Term Loan [Member]
Long-term debt, net value	118,234			143,307
Long-term debt, fair value	113,478			$ 139,056
Debt instrument, interest rate, stated percentage						7%
11.75% Senior Second Lien Notes due 2026 [Member]
Long-term debt, net value	269,305
Long-term debt, fair value	$ 283,580
Debt instrument, interest rate, stated percentage	11.75%	11.75%	11.75%	11.75%	11.75%
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%

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Open Commodity Derivative Contracts (Details)	9 Months Ended
	Sep. 30, 2023 MMBTU $ / MMBTU
NYMEX Natural Gas Henry Hub Call | Oct 2023 - Dec 2023
Average daily volume	70,000
Total Volumes	6,440,000
NYMEX Natural Gas Henry Hub Call | Oct 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 | Oct 2023 - Dec 2023
Average daily volume	71,739
Total Volumes	6,600,000
Weighted Price (in dollars per share) | $ / MMBTU	2.50
NYMEX Natural Gas Henry Hub Swap | Jan 2024 - Dec 2024
Average daily volume	65,573
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	62,183
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	55,895
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	52,607
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	49,725
Total Volumes	6,000,000
NYMEX Natural Gas Henry Hub Put | Jan 2028 - Apr 2028 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.42

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Financial Statement Presentation - Balance Sheets (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Derivatives asset, current	[1]	$ 1,294	$ 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]	$ 14,372	$ 23,236
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other assets (Note 1)	Other assets (Note 1)
Derivative liabilities, current	[1]	$ 17,659	$ 46,595
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accrued Liabilities, Current	Accrued Liabilities, Current
Derivative liabilities, non-current		$ 11,790	$ 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		$ 1,294	$ 4,954
Derivative assets, non-current		14,372	23,236
Derivative liabilities, current		17,659	46,595
Derivative liabilities, non-current		$ 11,790	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Financial Instruments.
Realized loss	$ 1,971	$ 132,289	$ 2,501	$ 96,315
Unrealized (gain) loss	(3,462)	(93,540)	(44,061)	13,577
Derivative (gain) loss, net	$ (1,491)	$ 38,749	$ (41,560)	109,892
Realized gain through restructuring of strike prices				$ 138,000

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Financial Statement Presentation - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Financial Instruments.
Derivative (gain) loss	$ (1,491)	$ 38,749	$ (41,560)	$ 109,892
Derivative cash payments, net			$ (6,123)	(1,022)
Derivative cash premium payments				(46,111)
Cash receipts related to natural gas call contracts through restructuring of strike prices				$ 105,300

ACQUISITION (Details)

ACQUISITION (Details) $ in Thousands	Sep. 20, 2023 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Asset Acquisition [Line Items]
Oil and natural gas properties and other, net		$ 771,454	$ 735,215
Asset retirement obligations		$ (498,414)	$ (466,429)	$ (453,610)	$ (424,495)
Interests in certain oil and natural gas producing properties
Asset Acquisition [Line Items]
Number of shallow water oil and natural gas producing assets | item	8
Total consideration	$ 32,000
Cash consideration	28,900
Oil and natural gas properties and other, net	45,215
Asset retirement obligations	(16,352)
Allocated purchase price	$ 28,863

SUBSIDIARY BORROWERS (Details)

SUBSIDIARY BORROWERS (Details) - Term Loan [Member] - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 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]
Cash Distributions Received	$ 0	$ 30.2

SUBSIDIARY BORROWERS - Consolid

SUBSIDIARY BORROWERS - Consolidation of Subsidiary Borrowers - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets:
Cash and cash equivalents	$ 148,993	$ 461,357
Accounts receivable:
Oil and natural gas sales	48,522	66,146
Joint interest, net	16,049	14,000
Prepaid expenses and other current assets (Note 1)	30,476	24,343
Oil and natural gas properties and other, net	771,454	735,215
Other assets	40,386	47,549
Liabilities:
Accounts payable	80,412	65,158
Undistributed oil and natural gas proceeds	34,649	41,934
Accrued liabilities	34,264	74,041
Current portion of long-term debt, net (Note 2)	30,015	582,249
Long-term debt, net	367,144	111,188
Current portion of asset retirement obligation (Note 8)	33,169	25,359	$ 54,886
Other liabilities (Note 1)	29,448	59,134
Subsidiary Borrowers
Assets:
Cash and cash equivalents	1,408	21,764
Accounts receivable:
Oil and natural gas sales	22,988	37,344
Joint interest, net	25,446	5,760
Prepaid expenses and other current assets (Note 1)	(55)	417
Oil and natural gas properties and other, net	290,686	280,649
Other assets	9,328	8,473
Liabilities:
Accounts payable	10,432	27,387
Undistributed oil and natural gas proceeds	4,480	7,930
Accrued liabilities	17,982	45,102
Current portion of long-term debt, net (Note 2)	29,451	32,119
Long-term debt, net	88,783	111,188
Current portion of asset retirement obligation (Note 8)	67,402	61,138
Other liabilities (Note 1)	$ 16,531	$ 47,398

SUBSIDIARY BORROWERS - Consol_2

SUBSIDIARY BORROWERS - Consolidation of Subsidiary Borrowers - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsidiary or Equity Method Investee [Line Items]
Total revenues	$ 142,411	$ 266,485	$ 400,316	$ 731,297
Total operating expenses	125,128	128,369	372,613	333,218
Interest expense, net	9,925	16,849	34,960	54,915
Derivative (gain) loss, net	(1,491)	38,749	(41,560)	109,892
Subsidiary Borrowers
Subsidiary or Equity Method Investee [Line Items]
Total revenues	28,865	94,264	75,425	218,625
Total operating expenses	18,807	19,776	69,297	52,961
Interest expense, net	2,536	3,405	7,947	11,841
Derivative (gain) loss, net	$ (2,652)	$ 55,850	$ (55,041)	$ 187,896

JOINT VENTURE DRILLING PROGRA_2

JOINT VENTURE DRILLING PROGRAM (Details) $ in Millions	1 Months Ended
	Mar. 31, 2018 USD ($)	Sep. 30, 2023 USD ($) 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		44.5
Monza Energy, LLC [Member]
Cash Call Balance		2.8	$ 2.9
Monza Energy, LLC [Member] | JV Drilling Program [Member]
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		$ 206.4
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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Oil and natural gas properties and other, net	$ 771,454	$ 735,215
Current portion of asset retirement obligation (Note 8)	33,169	25,359	$ 54,886
Other assets	40,386	47,549
Monza Energy, LLC [Member]
Working capital	1,471	2,515
Oil and natural gas properties and other, net	33,104	37,260
Current portion of asset retirement obligation (Note 8)	572	467
Other assets	$ 10,805	$ 11,571

JOINT VENTURE DRILLING PROGRA_4

JOINT VENTURE DRILLING PROGRAM - Consolidation - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total revenues	$ 142,411	$ 266,485	$ 400,316	$ 731,297
Monza Energy, LLC [Member]
Total revenues			9,635	23,681
Total operating expenses			7,046	$ 10,805
Interest income			$ 147

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details)
Asset retirement obligations, beginning of period			$ 466,429	$ 424,495
Liabilities settled			(24,918)	(61,285)
Accretion expense	$ 6,414	$ 6,620	21,641	19,536
Liabilities acquired			16,352	33,202
Liabilities incurred			113	138
Revisions of estimated liabilities			18,797	37,524
Asset retirement obligations, end of period	498,414	453,610	498,414	453,610
Less: Current portion	(33,169)	(54,886)	(33,169)	(54,886)	$ (25,359)
Asset retirement obligations, less current portion	$ 465,245	$ 398,724	$ 465,245	$ 398,724

SHARE-BASED AWARDS AND CASH-B_3

SHARE-BASED AWARDS AND CASH-BASED INCENTIVE COMPENSATION (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) installment shares	Sep. 30, 2022 USD ($)
Cash-based incentive compensation		$ 3,751,000	$ 5,091,000	$ 12,188,000	$ 8,158,000
Restricted Stock Units [Member]
Granted, restricted stock units (in shares) | shares				1,785,960
Restricted Stock Units [Member] | Employees
Number of equal annual installments for vesting of units | installment				3
Fair value of award on the date of grant				$ 6.6
Restricted Stock Units [Member] | Non-employees
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				1 year
Fair value of the RSUs granted on the date of grant		$ 600,000		$ 600,000
Restricted Stock [Member] | Non-employees | Non-employee Directors
Granted, restricted stock units (in shares) | shares				0
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				1 year
Performance Share Units [Member]
Granted, restricted stock units (in shares) | shares				1,289,720
Performance period	3 years
Fair value of award on the date of grant				$ 6,300,000

SHARE-BASED AWARDS AND CASH-B_4

SHARE-BASED AWARDS AND CASH-BASED INCENTIVE COMPENSATION - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units [Member]	9 Months Ended
	Sep. 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	1,785,960
Granted, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.06
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	(111,717)
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 5.72
Nonvested, end of period, restricted stock units (in shares) | shares	2,409,570
Nonvested, end of period, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.53

SHARE-BASED AWARDS AND CASH-B_5

SHARE-BASED AWARDS AND CASH-BASED INCENTIVE COMPENSATION - Summary of Share Activity Related to Performance Share Units (Details) - Performance Share Units [Member]	9 Months Ended
	Sep. 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	1,289,720
Granted, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.85
Vested, restricted stock units (in shares) | shares	(9,308)
Vested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 8.13
Forfeited, restricted stock units (in shares) | shares	(231,175)
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 9.69
Nonvested, end of period, restricted stock units (in shares) | shares	2,551,476
Nonvested, end of period, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 7.30

SHARE-BASED AWARDS AND CASH-B_6

SHARE-BASED AWARDS AND CASH-BASED INCENTIVE COMPENSATION - Summary of Assumptions Used to Calculate Fair Value of PSUs granted (Details) - Performance Share Units [Member]	9 Months Ended
	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term for performance period (in years)	2 years 7 months 6 days
Expected volatility	76.10%
Risk-free interest rate	4.20%

SHARE-BASED AWARDS AND CASH-B_7

SHARE-BASED AWARDS AND CASH-BASED INCENTIVE COMPENSATION - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 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 INCENTIVE COMPENSATION - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based compensation expense	$ 3,250	$ 2,645	$ 7,259	$ 5,179
Restricted Stock Units [Member]
Share-based compensation expense	1,506	1,240	2,949	2,852
Performance Share Units [Member]
Share-based compensation expense	$ 1,744	1,352	4,240	2,154
Restricted Stock [Member]
Share-based compensation expense		$ 53	$ 70	$ 173

SHARE-BASED AWARDS AND CASH-B_9

SHARE-BASED AWARDS AND CASH-BASED INCENTIVE COMPENSATION - Summary of Cash-Based Incentive Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash-based incentive compensation	$ 3,751	$ 5,091	$ 12,188	$ 8,158
Lease Operating Expense [Member]
Cash-based incentive compensation	1,142	1,532	2,710	1,994
General and Administrative Expense [Member]
Cash-based incentive compensation	$ 2,609	$ 3,559	$ 9,478	$ 6,164

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income tax expense	$ 4,777	$ 16,397	$ 16,413	$ 46,801
Effective Income Tax Rate Reconciliation, Percent, Total		19.70%	50.60%	20%
Deferred Tax Assets, Valuation Allowance, Total	21,700		$ 21,700		$ 15,300
Federal
Income tax receivable	200		200
Income tax payments			2,200
State
Income tax receivable	$ 100		100
Income tax payments			$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
EARNINGS PER SHARE - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details)
Net income	$ 2,145	$ 66,721	$ 16,041	$ 187,700
Weighted average common shares outstanding - basic (in shares)	146,483	143,116	146,451	143,026
Dilutive effect of securities (in shares)	4,976	2,766	3,405	1,670
Weighted average common shares outstanding - diluted (in shares)	151,459	145,882	149,856	144,696
Earnings per common share - Basic (in dollars per share)	$ 0.01	$ 0.46	$ 0.11	$ 1.30
Earnings per common share - Diluted (in dollars per share)	$ 0.01	$ 0.46	$ 0.11	$ 1.30

CONTINGENCIES (Details)

CONTINGENCIES (Details) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2021 USD ($) item installment	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2010 USD ($)
Additional royalty due to disallowed deductions					$ 4.7
Decommissioning obligations		$ 4.7
Additional decommissioning obligations		2.1
Loss of decommissioning obligations		17.8
Loss contingency in period			$ 20.4	$ 20.4
Surety bond
Loss contingency		8.9
Value of surety bond		$ 8.9
Resolved
Number of pending civil penalties | item	9
Annual installment	$ 0.7
Number of annual installments | installment	3

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		9 Months Ended
	May 15, 2023	Sep. 30, 2023
Repayments of Related Party Debt		$ 458
Related party | TVPX Loan
Purchase price of aircraft	$ 19,100
Purchase price paid using cash on hand	$ 9,000

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Assets in Central Shelf Region of the Gulf of Mexico [Member] - USD ($) $ in Millions	Oct. 20, 2023	Sep. 26, 2023
SUBSEQUENT EVENT
Gross purchase price		$ 88.5
Subsequent Event
SUBSEQUENT EVENT
Deposit returned	$ 8.9

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,145	$ 66,721	$ 16,041	$ 187,700

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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