W&T Offshore (WTI) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	WTI
Entity Registrant Name	W&T OFFSHORE INC
Entity Central Index Key	1,288,403
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		76,508,829

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 370,623	$ 85,414
Receivables:
Oil and natural gas sales	27,903	35,005
Joint interest and other	17,006	22,012
Total receivables	44,909	57,017
Prepaid expenses and other assets	23,035	26,879
Total current assets	438,567	169,310
Property and equipment - at cost:
Oil and natural gas properties and equipment (full cost method, of which $5,165 at March 31, 2016 and $18,595 at December 31, 2015 were excluded from amortization)	7,895,402	7,902,494
Furniture, fixtures and other	20,802	20,802
Total property and equipment	7,916,204	7,923,296
Less accumulated depreciation, depletion and amortization	7,108,925	6,933,247
Net property and equipment	807,279	990,049
Deferred income taxes	32,553	27,595
Restricted deposits for asset retirement obligations	16,171	15,606
Other assets	4,225	5,462
Total assets	1,298,795	1,208,022
Current liabilities:
Accounts payable	92,045	109,797
Undistributed oil and natural gas proceeds	20,654	21,439
Asset retirement obligations	83,778	84,335
Accrued liabilities	39,486	11,922
Current portion of long-term debt	138,999
Total current liabilities	374,962	227,493
Long-term debt, less current maturities	1,345,954	1,196,855
Asset retirement obligations, less current portion	275,986	293,987
Other liabilities	$ 16,357	$ 16,178
Commitments and contingencies
Shareholders’ equity (deficit):
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at March 31, 2016 and December 31, 2015
Common stock, $0.00001 par value; 118,330,000 shares authorized; 79,375,662 issued and 76,506,489 outstanding at March 31, 2016 and December 31, 2015	$ 1	$ 1
Additional paid-in capital	426,035	423,499
Retained earnings (deficit)	(1,116,333)	(925,824)
Treasury stock, at cost; 2,869,173 shares at March 31, 2016 and December 31, 2015	(24,167)	(24,167)
Total shareholders’ equity (deficit)	(714,464)	(526,491)
Total liabilities and shareholders’ equity (deficit)	$ 1,298,795	$ 1,208,022

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Oil and natural gas properties and equipment - full cost method, amount excluded from amortization	$ 5,165	$ 18,595
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, issued	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	118,330,000	118,330,000
Common stock, issued	79,375,662	79,375,662
Common stock, outstanding	76,506,489	76,506,489
Treasury stock, shares	2,869,173	2,869,173

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Statement [Abstract]
Revenues	$ 77,715	$ 127,907
Operating costs and expenses:
Lease operating expenses	44,469	53,331
Production taxes	526	637
Gathering and transportation	5,092	4,824
Depreciation, depletion, amortization and accretion	63,733	125,467
Ceiling test write-down of oil and natural gas properties	116,559	260,390	$ 987,200
General and administrative expenses	16,443	20,766
Derivative gain	(2,493)
Total costs and expenses	244,329	465,415
Operating income (loss)	(166,614)	(337,508)
Interest expense:
Incurred	27,814	22,946
Capitalized	(343)	(1,783)
Other (income) expense, net	1,306	(2)
Income (loss) before income tax expense (benefit)	(195,391)	(358,669)
Income tax benefit	(4,882)	(103,574)
Net income (loss)	$ (190,509)	$ (255,095)
Basic and diluted loss per common share	$ (2.49)	$ (3.36)

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes In Shareholders' Equity (Deficit) - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Outstanding	Additional Paid-In Capital	Retained Earnings (Deficit)	Treasury Stock
Beginning Balances at Dec. 31, 2015	$ (526,491)	$ 1	$ 423,499	$ (925,824)	$ (24,167)
Beginning Balances (in shares) at Dec. 31, 2015		76,506			2,869
Share-based compensation	2,536		2,536
Net loss	(190,509)			(190,509)
Ending Balances at Mar. 31, 2016	$ (714,464)	$ 1	$ 426,035	$ (1,116,333)	$ (24,167)
Ending Balances (in shares) at Mar. 31, 2016		76,506			2,869

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Operating activities:
Net loss	$ (190,509)	$ (255,095)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	63,733	125,467
Ceiling test write-down of oil and natural gas properties	116,559	260,390	$ 987,200
Debt issuance costs write-off/amortization of debt items	1,684	156
Share-based compensation	2,536	2,816
Derivative gain	(2,493)
Cash receipts on derivative settlements	4,105
Deferred income taxes	(4,882)	(103,574)
Changes in operating assets and liabilities:
Oil and natural gas receivables	8,165	21,121
Joint interest and other receivables	4,979	14,533
Income taxes	(310)	(325)
Prepaid expenses and other assets	1,317	17,246
Asset retirement obligation settlements	(3,180)	(19,554)
Accounts payable, accrued liabilities and other	28,005	(10,263)
Net cash provided by operating activities	29,709	52,918
Investing activities:
Investment in oil and natural gas properties and equipment	(12,903)	(82,765)
Changes in operating assets and liabilities associated with investing activities	(20,680)	(52,176)
Proceeds from sales of assets	1,000
Purchases of furniture, fixtures and other		(226)
Net cash used in investing activities	(32,583)	(135,167)
Financing activities:
Borrowings of long-term debt - revolving bank credit facility	340,000	82,000
Repayments of long-term debt - revolving bank credit facility	(52,000)	(15,000)
Other	83	(50)
Net cash provided by financing activities	288,083	66,950
Increase (decrease) in cash and cash equivalents	285,209	(15,299)
Cash and cash equivalents, beginning of period	85,414	23,666	23,666
Cash and cash equivalents, end of period	$ 370,623	$ 8,367	$ 85,414

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	1. Basis of Presentation Operations. W&T Offshore, Inc. (with subsidiaries referred to herein as “W&T,” “we,” “us,” “our,” or the “Company”) is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico. The Company is active in the exploration, development and acquisition of oil and natural gas properties. Our interest in fields, leases, structures and equipment are primarily owned by W&T Offshore, Inc. (on a stand-alone basis, the “Parent Company”) and its 100%-owned subsidiary, W & T Energy VI, LLC (“Energy VI”). On October 15, 2015, a substantial amount of our interest in onshore acreage was sold, which is described in Note 2. Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim periods and the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the condensed consolidated financial statements do not include all of the information and footnote disclosures required by GAAP for complete financial statements for annual periods. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. 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 and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Recent Events. The price we receive for our crude oil, natural gas liquids (“NGLs”) and natural gas production directly affects our revenues, profitability, cash flows, liquidity, access to capital and future rate of growth. The prices of these commodities began falling in the second half of 2014, continued to generally decline in 2015 and declined further in the first quarter of 2016. Steps taken during 2015 and 2016 to mitigate the effects of these lower prices include: (i) significantly reducing the budgeted capital spending for 2016; (ii) continuing the suspension of our drilling and completion activities at several locations; (iii) continued suspension of the regular quarterly common stock dividend; (iv) selling our interests in the Yellow Rose field in the fourth quarter of 2015; (v) reducing our headcount of employees and contractors; and (vi) continuing the implementation of numerous projects to reduce our operating costs. See our Annual Report on Form 10-K for the year ended December 31, 2015 concerning risks related to our business and events occurring during 2015 and other information. In February 2016, we borrowed $340.0 million under the Fifth Amended and Restated Credit Agreement (as amended, the “Credit Agreement”). On March 23, 2016, the banks reduced our borrowing base to In February and March 2016, we received several orders from the Bureau of Ocean Energy Management (“BOEM”) demanding that we provide additional supplemental bonding on certain Federal offshore oil and gas leases, rights of way and rights of use and easement owned and/or operated by the Company. One order was rescinded and re-issued and another one was rescinded. The outstanding orders total approximately $260.8 million. We have filed appeals with the Interior Board of Land Appeals (“IBLA”) regarding three of the BOEM orders - specifically the February order that required W&T to post a total of $159.8 million in supplemental bonding and two March orders requiring $68.0 million in supplemental bonding. We have had discussions with the BOEM and its sister agency, the Bureau of Safety and Environmental Enforcement (“BSEE”), since receiving the orders. The objective of the Company remains to reach a mutual agreement on the financial assurance requirements of the demands. The issuance of any additional surety bonds to satisfy the BOEM orders or any future BOEM orders may require the posting of cash collateral, which may be significant, and the creation of escrow accounts. We continue to have discussions with the BOEM regarding these matters. See Notes 11 and 12 for additional information We have assessed our financial condition, the current capital markets and options given different scenarios of commodity prices and believe we will have adequate liquidity to fund our operations through March 31, 2017; however, we cannot predict how an extended period of low commodity prices or the impact of future bonding requirements will affect our operations, liquidity levels and compliance with debt covenants. Ceiling Test Write-Down. Due primarily to declines in the unweighted rolling 12-month average of first-day-of-the-month commodity prices for oil and natural gas, we recorded ceiling test write-downs in the first quarter of 2016 and 2015, which are reported as a separate line in the Statements of Operations Prepaid Expenses and Other. Amounts recorded in Prepaid expenses and other on the Condensed Consolidated Balance Sheets are expected to be realized within one year. Major categories are disclosed in the following table: March 31, December 31, 2016 2015 Derivative assets - current (1) $ 6,955 $ 10,036 Prepaid insurance and surety bonds 5,890 7,475 Prepaid deposits related to royalties 6,473 5,943 Other 3,717 3,425 Prepaid expenses and other $ 23,035 $ 26,879 (1) Includes open and closed (and not yet collected) derivative commodity contracts recorded at fair value. Recent Accounting Developments. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Summary and Amendments That Create Revenue from Contracts and Customers (Subtopic 606) . ASU 2014-09 amends and replaces current revenue recognition requirements, including most industry-specific guidance. The revised guidance establishes a five step approach to be utilized in determining when, and if, revenue should be recognized. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017. Upon application, an entity may elect one of two methods, either restatement of prior periods presented or recording a cumulative adjustment in the initial period of application. We have not determined the effect ASU 2014-09 will have on the recognition of our revenue, if any, nor have we determined the method we will utilize upon adoption, which would be in the first quarter of 2018. In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases Subtopic 842 In March 2016, the FASB issued Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Compensation – Stock Compensation Subtopic 718

Divestitures

Divestitures	3 Months Ended
	Mar. 31, 2016
Discontinued Operations And Disposal Groups [Abstract]
Divestitures	2. Divestitures 2015 Divestiture On October 15, 2015, we sold certain onshore oil and natural gas property interests to Ajax Resources, LLC (“Ajax”) for approximately $370.8 million in cash, which includes certain customary post effective date price adjustments, and Ajax assumed responsibility for the related ARO and other associated liabilities. The effective date of the sale was January 1, 2015. A net purchase price adjustment of $1.0 million was recorded during the three months ended March 31, 2016. Ajax acquired all of our interest in the Yellow Rose field in the Permian Basin, covering approximately 25,800 net acres in Andrews, Martin, Gaines and Dawson counties in West Texas. We retained a non-expense bearing overriding royalty interest (“ORRI”) in production from the working interests assigned to Ajax, which percentage varies on a sliding scale from one percent for each month that the New York Mercantile Exchange (“NYMEX”) prompt month contract trading price for light sweet crude oil is at or below $70.00 per barrel to a maximum of four percent for each month that such NYMEX trading price is greater than $90.00 per barrel. Under the full cost method, sales or abandonments of oil and natural gas properties, whether or not being amortized, are accounted for as adjustments of capitalized costs, with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil and natural gas attributable to the cost center. The sale to Ajax did not represent greater than 25% of the Company’s proved reserves of oil and natural gas attributable to the full cost pool. As a result, alteration in the relationship between capitalized costs and proved reserves of oil and natural gas attributable to the full cost pool was not deemed significant and no gain or loss was recognized from the sale.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	3. Asset Retirement Obligations Our ARO primarily represents the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws. A summary of the changes to our ARO is as follows (in thousands): Balance, December 31, 2015 $ 378,322 Liabilities settled (3,180 ) Accretion of discount 4,615 Revisions of estimated liabilities (1) (19,993 ) Balance, March 31, 2016 359,764 Less current portion 83,778 Long-term $ 275,986 (1) Revisions were primarily related to reduced cost estimates from service providers for plug and abandonment work at certain locations.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	4. Derivative Financial Instruments Our market risk exposure relates primarily to commodity prices and, from time to time, we use various derivative instruments to manage our exposure to this commodity price risk from sales of our oil and natural gas. All of the derivative counterparties are also lenders or affiliates of lenders participating in our revolving bank credit facility. We are exposed to credit loss in the event of nonperformance by the derivative counterparties; however, we currently anticipate that each of our derivative counterparties will be able to fulfill their contractual obligations. Additional collateral is not required by us due to the derivative counterparties’ collateral rights as lenders, and we do not require collateral from our derivative counterparties. We have elected not to designate our commodity derivative contracts as hedging instruments; therefore, all changes in the fair value of derivative contracts were recognized currently in earnings during the periods presented. The cash flows of all of our commodity derivative contracts are included in Net cash provided by operating activities For information about fair value measurements, refer to Note 6. Commodity Derivatives As of March 31, 2016, we have open crude oil and natural gas derivative contracts for a portion of our anticipated future production for the remainder of 2016. These contracts were entered into during the second quarter of 2015. The open oil derivative contracts are known as “two-way”, “costless” collars, which consist of a purchased put option and a sold call option. These two-way collars provide price risk protection if crude oil prices fall below certain levels, but may limit incremental income from favorable price movements above certain limits. The oil contracts are based on WTI crude oil prices as quoted off the NYMEX. The open natural gas derivative contracts are known as “three-way collars” consisting of a purchased put option, a sold call option and a purchased call option, each at varying strike prices. The three-way collar contracts are structured to provide price risk protection if the commodity price falls below the strike price of the put option and provides us the opportunity to benefit if the commodity price rises above the strike price of the purchased call option. These contracts may have the effect of reducing some of our incremental income from favorable price movements if the commodity price is above certain levels, but have unlimited upside potential if prices rise above those levels. The natural gas contracts are based on Henry Hub natural gas prices as quoted off the NYMEX. The strike prices of both the oil and natural gas contracts were set so that the contracts were premium neutral (“costless”), which means no net premium was paid to or received from a counterparty. During the three months ended March 31, 2015, we did not have any open derivative contracts or any contracts that closed during the period. As of March 31, 2016, our open commodity derivative contracts were as follows: Crude Oil: Two-way collars, Priced off WTI (NYMEX) Notional (1) Notional (1) Weighted Average Contract Price Quantity Quantity Put Option Call Option Termination Period (Bbls/day) (Bbls) (Bought) (Sold) 2016: 2nd Quarter 5,000 455,000 $ 40.00 $ 81.47 3rd Quarter 5,000 460,000 40.00 81.47 4th Quarter 5,000 460,000 40.00 81.47 1,375,000 40.00 81.47 Natural Gas: Three-way collars, Priced off Henry Hub (NYMEX) Notional (1) Notional (1) Weighted Average Contract Price Quantity Quantity Put Option Call Option Call Option Termination Period (MMBTUs/day) (MMBTUs) (Bought) (Sold) (Bought) 2016: 2nd Quarter (2) 40,000 2,440,000 $ 2.25 $ 3.50 $ 3.77 3rd Quarter 40,000 3,680,000 2.25 3.50 3.77 4th Quarter 40,000 3,680,000 2.25 3.50 3.77 9,800,000 2.25 3.50 3.77 (1) Volume Measurements: Bbls – barrelsMMBTUs – million British Thermal Units. (2) The natural gas derivative contracts are priced and closed in the last week prior to the related production month. Natural gas derivative contracts related to April 2016 production were priced and closed in March 2016 and are not included in the above table as these were not open derivative contracts as of March 31, 2016 . The following balance sheet line items included amounts related to the estimated fair value of our open commodity derivative contracts as indicated in the following table (in thousands): March 31, December 31, 2016 2015 Prepaid and other assets $ 6,060 $ 7,672 Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands): Three Months Ended March 31, 2016 2015 Derivative gain $ (2,493 ) $ — Cash receipts, net, on commodity derivative contract settlements are included within Net cash provided by operating activities Three Months Ended March 31, 2016 2015 Cash receipts on derivative settlements, net $ 4,105 $ — Offsetting Commodity Derivatives During 2016 and 2015, all our commodity derivative contracts permit netting of derivative gains and losses upon settlement. In general, the terms of the contracts provide for offsetting of amounts payable or receivable between us and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same commodity. If an event of default were to occur causing an acceleration of payment under our revolving bank credit facility, that event may also trigger an acceleration of settlement of our derivative instruments. If we were required to settle all of our open derivative contracts, we would be able to net payments and receipts per counterparty pursuant to the derivative contracts. Although our derivative contracts allow for netting, which would allow for recording assets and liabilities per counterparty on a net basis, we have historically accounted for our derivative contracts on a gross basis per contract as either an asset or liability. For the open derivative contracts as of March 31, 2016 and December 31, 2015, there would have been no difference if the contracts were presented on net basis.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	5. Long-Term Debt Our long-term debt was as follows (in thousands): March 31, December 31, 2016 2015 8.50% Senior Notes: Principal $ 900,000 $ 900,000 Debt premiums, net of amortization 9,834 10,503 Debt issuance costs, net of amortization (5,848 ) (6,274 ) 9.00% Term Loan: Principal 300,000 300,000 Debt discounts, net of amortization (2,565 ) (2,689 ) Debt issuance costs, net of amortization (4,468 ) (4,685 ) Revolving bank credit facility 288,000 — Total long-term debt 1,484,953 1,196,855 Current maturities of long-term debt 138,999 — Long term debt, less current maturities $ 1,345,954 $ 1,196,855 8.5% Senior Notes At March 31, 2016 and December 31, 2015, our outstanding senior notes, which bear an annual interest rate of 8.50% and mature on June 15, 2019 (the “8.50% Senior Notes”), were classified as long-term at their carrying value. Interest on the 8.50% Senior Notes is payable semi-annually in arrears on June 15 and December 15. The estimated annual effective interest rate on the 8.50% Senior Notes is 8.4%, which includes amortization of debt issuance costs and premiums. We are subject to various financial and other covenants under the indenture governing the 8.50% Senior Notes, and we were in compliance with those covenants as of March 31, 2016. 9.00% Term Loan At March 31, 2016 and December 31, 2015, our outstanding term loan, which bears an annual interest rate of 9.00% and matures on May 15, 2020 (the “9.00% Term Loan”), was classified as long-term at its carrying value. Interest on the 9.00% Term Loan is payable in arrears semi-annually on May 15 and November 15. The estimated annual effective interest rate on the 9.00% Term Loan is 9.7%, which includes amortization of debt issuance costs and discounts. The 9.00% Term Loan is secured by a second priority lien covering our oil and gas properties to the extent such properties secure first priority liens granted to secure indebtedness under our Credit Agreement. We are subject to various covenants under the terms governing the 9.00% Term Loan including, without limitation, covenants that limit our ability to incur other debt, pay dividends or distributions on our equity, merge or consolidate with other entities and make certain investments in other entities. We were in compliance with those covenants as of March 31, 2016. Credit Agreement The Credit Agreement provides a revolving bank credit facility. Availability under the Credit Agreement is subject to a semi-annual borrowing base determination set at the discretion of our lenders, and the Company and the lenders may each request one additional determination per year. The amount of the borrowing base is calculated by our lenders based on their evaluation of our proved reserves and their own internal criteria. Any determination by our lenders to change our borrowing base will result in a similar change in the availability under our revolving bank credit facility. To the extent borrowings and letters of credit outstanding exceed the redetermined borrowing base, such excess or deficiency is required to be repaid within 90 days in three equal monthly payments. Letters of credit may be issued in amounts up to $150.0 million, provided availability under the revolving bank credit facility exists. The revolving bank credit facility is secured and is collateralized by our oil and natural gas properties. The Credit Agreement terminates on November 8, 2018. The Credit Agreement contains various customary covenants for certain financial tests, as defined in the Credit Agreement and measured as of the end of each quarter, and for customary events of default. These financial test ratios and limits as of March 31, 2016 and thereafter are: (i) the First Lien leverage Ratio must be less than 1.50 to 1.00; (ii) the Current Ratio must be greater than 1.00 to 1.00; and (iii) the Secured Debt Leverage Ratio must be less than 3.50 to 1.00. As of March 31, 2016, our the First Lien Ratio was 1.48 to 1.00, the Current Ratio was 2.84 to 1.00 and the Secured Debt Leverage Ratio was 3.02 to 1.00. The customary events of default include: (i) nonpayment of principal when due or nonpayment of interest or other amounts within three business days of when due; (ii) bankruptcy or insolvency with respect to the Company or any of its subsidiaries guaranteeing borrowings under the revolving bank credit facility; or (iii) a change of control. The Credit Agreement contains cross-default clauses with the 8.50% Senior Notes and the 9.00% Term Loan, and these agreements contain similar cross-default clauses with the Credit Agreement. We were in compliance with all applicable covenants of the Credit Agreement as of March 31, 2016. In February 2016, we borrowed $340.0 million under the Credit Agreement. On March 23, 2016, the banks reduced our borrowing base to $150.0 million from $350.0 million in connection with the spring borrowing base redetermination. We are required to repay borrowings outstanding in excess of the redetermined borrowing base pursuant to the terms of the Credit Agreement. On March 31, 2016, we repaid $52.0 million leaving an outstanding balance under the Credit Agreement of $288.0 million as of March 31, 2016. On May 2, 2016, we repaid an additional $12.0 million. Additional payments are required of $64.0 million on May 31, 2016 and $64.0 million on June 30, 2016, in addition to interest payments on our long-term debt, which will bring total borrowings outstanding under the Credit Agreement in conformity with the borrowing base limitation. The Company has sufficient available cash to make these payments. The reduction in the borrowing base resulted in a proportional reduction in the unamortized costs related to the Credit Agreement of $1.4 million, which is included in the line Other (income) expense, net As of March 31, 2016 and December 31, 2015, we had $1.0 million and $0.9 million, respectively, of letters of credit outstanding under the revolving bank credit facility. The estimated annual effective interest rate was 4.7% for the three months ended March 31, 2016 for average daily borrowings outstanding under the revolving bank credit facility. The estimated annual effective interest rate includes amortization of debt issuance costs and excludes commitment fees and other costs. The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the agreement. For information about fair value measurements for our 8.50% Senior Notes, 9.00% Term Loan and revolving bank credit facility, refer to Note 6.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements We measure the fair value of our open derivative financial instruments by applying the income approach, using models with inputs that are classified within Level 2 of the valuation hierarchy. The inputs used for the fair value measurement of our derivative financial instruments are the exercise price, the expiration date, the settlement date, notional quantities, the implied volatility, the discount curve with spreads, credit risk and published commodity futures prices. The fair values of our 8.50% Senior Notes and 9.00% Term Loan were based on quoted prices, although the market is not an active market; therefore, the fair value is classified within Level 2. The carrying amount of debt under our revolving bank credit facility approximates fair value because the interest rates are variable and reflective of market rates. The following table presents the fair value of our open derivatives and long-term debt, as reported in the Condensed Consolidated Balance Sheets (in thousands): March 31, 2016 December 31, 2015 Hierarchy Assets Liabilities Assets Liabilities Derivatives Level 2 $ 6,060 $ — $ 7,672 $ — 8.50% Senior Notes (1) Level 2 — 108,000 — 324,000 9.00% Term Loan (1) Level 2 — 144,000 — 217,500 Revolving bank credit facility (1) Level 2 — 288,000 — — (1) The long-term debt items are reported on the Condensed Consolidated Balance Sheets at their carrying value as described in Note 5.

Share-Based Compensation and Ca

Share-Based Compensation and Cash-Based Incentive Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation and Cash-Based Incentive Compensation	7. Share-Based Compensation and Cash-Based Incentive Compensation In 2010, the W&T Offshore, Inc. Amended and Restated Incentive Compensation Plan (the “Plan”) was approved by our shareholders, and amendments to the Plan were approved by our shareholders in May 2013. As allowed by the Plan, during 2015 and in 2014, the Company granted restricted stock units (“RSUs”) to certain of its employees. During the three months ended March 31, 2016, no RSUs were granted. RSUs are a long-term compensation component of the Plan, which are granted to only certain employees, and are subject to typical adjustments at the end of the applicable performance period based on the achievement of certain predetermined criteria. In addition to share-based compensation, the Company may grant to its employees cash-based incentive awards, which are a short-term component of the Plan and are typically based on the Company and the employee achieving certain pre-defined performance criteria. During 2015, RSUs granted were subject to adjustments based on achievement of multiple performance criteria, which was comprised of: (i) net income before income tax expense, net interest expense, depreciation, depletion, amortization, accretion and certain other items (“Adjusted EBITDA”) for 2015 and (ii) Adjusted EBITDA as a percent of total revenues (“Adjusted EBITDA Margin”) for 2015. For 2015, the Company was below target for Adjusted EBITDA and achieved the target for Adjusted EBITDA Margin. During 2014, RSUs granted were subject to adjustments based on achievement of a combination of performance criteria, which was comprised of: (i) Adjusted EBITDA for 2014 and (ii) Adjusted EBITDA Margin for 2014. For 2014, the Company achieved the target for Adjusted EBITDA and was slightly below target for Adjusted EBITDA Margin. All RSUs that are currently outstanding under the Plan are subject to employment-based criteria and vesting occurs in December of the second year after the grant. For example, the RSUs granted during 2014, adjusted for 2014 performance described above, will vest in December 2016 to eligible employees assuming employment-based criteria are also satisfied. Under the Director Compensation Plan, shares of restricted stock (“Restricted Shares”) have been granted to the Company’s non-employee directors. Grants to non-employee directors were made during 2015, 2014 and 2013. The Restricted Shares are subject to service conditions and vesting occurs at the end of specified service periods unless approved by the Board. At March 31, 2016, there were 4,239,548 shares of common stock available for issuance in satisfaction of awards under the Plan and 444,024 shares of common stock available for issuance in satisfaction of awards under the Director Compensation Plan. The shares available for both plans are reduced when Restricted Shares or shares of common stock are granted. RSUs reduce the shares available in the Plan when the RSUs are settled in shares of common stock, net of withholding tax. Although the Company has the option to settle RSUs in stock or cash at vesting, only common stock has been used to settle vested RSUs to date. We recognize compensation cost for share-based payments to employees and non-employee directors over the period during which the recipient is required to provide service in exchange for the award, based on the fair value of the equity instrument on the date of grant. We are also required to estimate forfeitures, resulting in the recognition of compensation cost only for those awards that are expected to actually vest. Awards Based on Restricted Stock to Non-Employee Directors . As of March 31, 2016, all of the unvested shares of Restricted Shares outstanding were issued to the non-employee directors. Restricted Shares cannot be sold, transferred or disposed of during the restricted period. The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares. The fair value of Restricted Shares was estimated by using the Company’s closing price on the grant date. For the outstanding Restricted Shares issued to the non-employee directors as of March 31, 2016, vesting is expected to occur as follows: Restricted Shares 2016 43,058 2017 20,092 2018 15,080 Total 78,230 There were no grants, forfeitures or vesting of Restricted Shares during the first quarter of 2016 or the first quarter of 2015. Awards Based on Restricted Stock Units. As of March 31, 2016, the Company had outstanding RSUs issued to certain employees. As described above, the RSUs granted during 2015 and 2014 were 100% performance based and were subject to pre-defined performance measures and employment-based criteria. The fair values for the RSUs granted during 2015 and 2014 were determined using the Company’s closing price on the grant date. All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. Dividend equivalents are earned at the same rate as dividends are paid on our common stock after achieving the specified performance requirement for that component of the RSUs. A summary of activity in 2016 related to RSUs is as follows: Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2015 3,474,079 $ 7.42 Forfeited (46,293 ) 6.71 Nonvested, March 31, 2016 3,427,786 7.43 For the outstanding RSUs issued to the eligible employees as of March 31, 2016, vesting is expected to occur as follows: Restricted Stock Units 2016 992,344 2017 2,435,442 Total 3,427,786 Share-Based Compensation. Three Months Ended March 31, 2016 2015 Share-based compensation expense from: Restricted stock $ 87 $ 93 Restricted stock units 2,449 2,817 Common shares — (94 ) Total $ 2,536 $ 2,816 Share-based compensation tax benefit: Tax benefit computed at the statutory rate $ 888 $ 986 Unrecognized Share-Based Compensation. As of March 31, 2016, unrecognized share-based compensation expense related to our awards of Restricted Shares and RSUs was $0.4 million and $10.3 million, respectively. Unrecognized share-based compensation expense will be recognized through April 2018 for Restricted Shares and November 2017 for RSUs. Cash-Based Incentive Compensation. As defined by the Plan, annual incentive awards may be granted to eligible employees and are typically payable in cash. These awards are performance-based awards consisting of one or more business or individual performance criteria and a targeted level or levels of performance with respect to each such criterion. Generally, the performance period is the calendar year and determination and payment is made in cash in the first quarter of the following year. During 2015, the Company issued cash-based incentive awards for 2015 that, in addition to being performance-based awards related to 2015 criteria, the payment of such awards is contingent on the Company achieving the following financial condition on or before December 31, 2017: Adjusted EBITDA less Interest Expense, as reported by the Company in its announced Earnings Release with respect to the end of any fiscal quarter plus three preceding quarters, exceeds $300.0 million. As the Company did not achieve this financial condition up through March 31, 2016, no amounts have been recognized to date related to the 2015 cash-based incentive awards. Amounts recorded during the three months ended March 31, 2015 relate to the 2014 cash-based awards, for which costs were recognized from the award date through February 2015 (the service period), and adjustments were recorded to true up previous estimates to actual payments. Share-Based Compensation and Cash-Based Incentive Compensation Expense. A summary of incentive compensation expense is as follows (in thousands): Three Months Ended March 31, 2016 2015 Share-based compensation included in: General and administrative expenses $ 2,536 $ 2,816 Cash-based incentive compensation included in: Lease operating expense — 361 General and administrative expenses (1) — (233 ) Total charged to operating income $ 2,536 $ 2,944 (1) Adjustments to true up estimates to actual payments resulted in net credit balances to expense for the three months ended March 31, 2015.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes Our income tax benefit for the three months ended March 31, 2016 and 2015 was $4.9 million and $103.6 million, respectively. Our annualized effective tax rate for the three months ended March 31, 2016 and 2015 was 2.5% and 28.9%, respectively. Both of these percentages differ from the federal statutory rate of 35.0% primarily due to recording and adjusting a valuation allowance for our deferred tax assets. During the three months ended March 31, 2016 and 2015, we recorded a valuation allowance of $60.0 million and $22.5 million, respectively, related to federal and state deferred tax assets. Deferred tax assets are recorded related to net operating losses and temporary differences between the book and tax basis of assets and liabilities expected to produce tax deductions in future periods. The realization of these assets depends on recognition of sufficient future taxable income in specific tax jurisdictions in which those temporary differences or net operating losses are deductible. In addition, the realization depends on the ability to carryback certain items to prior years for refunds of taxes previously paid. We recognize interest and penalties related to unrecognized tax benefits in income tax expense. During the three months ended March 31, 2016 and 2015, we recorded immaterial amounts of accrued interest expense related to our unrecognized tax benefit.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings Per Share The following table presents the calculation of basic and diluted loss per common share (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Net loss $ (190,509 ) $ (255,095 ) Weighted average common shares outstanding 76,428 75,857 Basic and diluted loss per common share $ (2.49 ) $ (3.36 ) Shares excluded due to being anti-dilutive (weighted-average) 3,528 1,993

Dividends

Dividends	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Dividends	10. Dividends During the three months ended March 31, 2016 and the full year of 2015, we did not pay any dividends and a suspension of dividends remains in effect.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Contingencies	11. Contingencies Supplemental Bonding Requirements by the BOEM. The significant reductions in crude oil and natural gas pricing since the middle of 2014 have adversely impacted our financial strength and have resulted in our inability to meet the relevant financial strength and reliability criteria set forth in the BOEM Notice To Lessee #2008-N07, Supplemental Bond Procedures, (“NTL #2008-N07”). Both W&T Offshore, Inc. and its subsidiary are now subject to supplemental bonding. In February and March 2016, we received several orders from the BOEM demanding that we provide additional supplemental bonding on certain Federal offshore oil and gas leases, rights of way and rights of use and easement owned and/or operated by the Company. One order was rescinded and re-issued and another one was rescinded. The outstanding orders total approximately $260.8 million. We have had discussions with the BOEM and its sister agency, the BSEE, since receiving the orders. See Note 12 for information on events occurring subsequent to March 31, 2016 for this item. The issuers of such surety bonds may request, and in some cases, have requested, collateral, which could be significant and could impact our liquidity. In addition, pursuant to the terms of our agreements with various sureties under our existing bonds or under any additional bonds we may obtain, we are required to post collateral at any time, on demand, at the surety’s discretion. Notification by ONRR of Fine for Non-compliance. In December 2013 and January 2014, we were notified by the Office of Natural Resources Revenue (“ONRR”) of an underpayment of royalties on certain Federal offshore oil and gas leases that cumulatively approximated $30,000 over several years, which represents 0.0045% of royalty payments paid by us during the same period of the underpayment. In March 2014, we received notice from the ONRR of a statutory fine of $2.3 million relative to such underpayment. We believe the fine is excessive and extreme considering the circumstances and in relation to the amount of underpayment. On April 23, 2014, we filed a request for a hearing on the record and a general denial of the ONRR’s allegations contained in the notice. We intend to contest the fine to the fullest extent possible. A hearing on this matter is scheduled with an Administrative Law Judge on June 21, 2016 in Houston, Texas. The ultimate resolution may result in a waiver of the fine, a reduction of the fine, or payment of the full amount plus interest covering several years. As no amount has been determined as more likely than any other within the range of possible resolutions, no amount has been accrued as of March 31, 2016 or December 31, 2015. Apache Lawsuit. On December 15, 2014, Apache Corporation (“Apache”) filed a lawsuit against W&T Offshore, Inc., alleging that W&T breached the joint operating agreement (“JOA”) related to deepwater wells in the Mississippi Canyon area of the Gulf of Mexico. That lawsuit, styled Apache Corporation v. W&T Offshore, Inc. , is currently pending in the United States District Court for the Southern District of Texas. Apache contends that W&T has failed to pay its proportional share of the costs associated with plugging and abandoning three wells that are subject to the JOA. We contend that the costs incurred by Apache are excessive and unreasonable. Apache seeks an award of unspecified actual damages, interest, court costs, and attorneys’ fees. In February 2015, we made a payment to Apache for our net share of the amounts that we believe are reasonable to plug and abandon the three wells. Our estimate of the potential exposure ranges from zero to $32 million related to this matter, which excludes potential interest, court costs and attorneys’ fees. Insurance Claims. During the fourth quarter of 2012, underwriters of W&T’s excess liability policies (“Excess Policies”) (Indemnity Insurance Company of North America, New York Marine & General Insurance Company, Navigators Insurance Company, XL Specialty Insurance Company, National Liability & Fire Insurance Company (“Starr Marine”) and Liberty Mutual Insurance Co.) filed declaratory judgment actions in the United States District Court for the Southern District of Texas (the “District Court”) seeking a determination that our Excess Policies do not cover removal-of-wreck and debris claims arising from Hurricane Ike except to the extent we have first exhausted the limits of our Energy Package (defined as certain insurance policies relating to our oil and gas properties which includes named windstorm coverage) with only removal-of-wreck and debris claims. The court consolidated the various suits filed by the underwriters. In January 2013, we filed a motion for summary judgment seeking the court’s determination that such Excess Policies do not require us to exhaust the limits of our Energy Package policies with only removal-of-wreck and debris claims. In July 2013, the District Court ruled in favor of the underwriters, adopting their position that the Excess Policies cover removal-of-wreck and debris claims only to the extent the limits of our Energy Package policies have been exhausted with removal-of-wreck and debris claims. We appealed the decision in the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) and, in June 2014, the Fifth Circuit reversed the District Court’s ruling and ruled in our favor. The underwriters filed three separate briefs requesting a rehearing or a certification to the Texas Supreme Court, all of which the Court denied. A brief was subsequently filed by one underwriter requesting a rehearing to the District Court of the Fifth Circuit’s decision, which the District Court denied. Claims of approximately $43 million were filed, of which approximately $1 million was paid under the Energy Package and of which approximately $1 million was paid under our Comprehensive General Liability policy. One of the underwriters, Liberty Mutual Insurance Co., paid its portion of the settlement (approximately $5 million), in addition to a portion of interest owed. The other underwriters have not paid, and we filed a lawsuit in September 2014 against these underwriters for amounts owed, interest, attorney fees and damages. Subsequent to the filing of that lawsuit, Liberty Mutual Insurance Co. paid additional interest and Starr Marine has paid its portion ($5 million) of the first excess liability policy without interest. The lawsuit includes interest not paid by Starr Marine. The revised estimate of potential reimbursement is approximately $31 million, plus interest, attorney fees and damages, if any. Removal-of-wreck costs are recorded in Oil and natural gas properties and equipment on the Condensed Consolidated Balance Sheets and recoveries from claims made on these Excess Policies will be recorded as reductions in this line item, which will reduce our future depreciation, depletion, amortization and accretion (“ DD&A”) rate. Royalties. In 2009, the Company recognized allowable reductions of cash payments for royalties owed to the ONRR for transportation of their deepwater production through our subsea pipeline systems. In 2010, the ONRR audited the calculations and support related to this usage fee, and in 2010, we were notified that the ONRR had disallowed approximately $4.7 million of the reductions taken. We recorded a reduction to other revenue in 2010 to reflect this disallowance; however, we disagree with the position taken by the ONRR. We filed an appeal with the ONRR, which was denied in May 2014. On June 17, 2014, we filed an appeal with the IBLA. W&T’s brief was filed in November 2014 and we expect the briefing before the IBLA to be completed in 2016. The ONRR has publicly announced an “unbundling” initiative to review the methodology employed by producers in determining the appropriate allowances for transportation and processing costs that are permitted to be deducted in determining royalties under Federal oil and gas leases. In the second quarter of 2015, pursuant to the initiative, the Company received requests from the ONRR for additional data regarding the Company’s transportation and processing allowances on natural gas production that is processed through a specific processing plant. The Company also received a preliminary determination notice from the ONRR asserting its preliminary determination that the Company’s allocation of certain processing costs and plant fuel use at another processing plant were impermissibly allowed as deductions in the determination of royalties owed under Federal oil and gas leases. The Company intends to submit a response to the preliminary determination asserting the reasonableness of its own allocation methodology of such costs. These open ONRR unbundling reviews, and any further similar reviews, could ultimately result in an order for payment of additional royalties under the Company’s Federal oil and gas leases for current and prior periods. The Company is not able to determine the likelihood or range of any additional royalties or, if and when assessed, whether such amounts would be material. Notices of Proposed Civil Penalty Assessment. The Company currently has three open Incidents of Noncompliance (“INCs”) issued by the BSEE, which have not been settled as of the filing of this Form 10-Q. The INC’s were issued during 2015 and relate to three separate offshore locations with occurrence dates ranging from July 2012 to June 2014. The proposed civil penalties for these INCs total $7.1 million. The Company has accrued approximately $1.0 million, which is the Company’s best estimate of the final settlement once all appeals have been exhausted. The Company’s position is that the proposed civil penalties are excessive given the specific facts and circumstances related to these INCs. Iberville School Board Lawsuit. In August, 2013, a citation was issued on behalf of plaintiffs, the State of Louisiana and the Iberville Parish School Board, in their suit against the Company (among others) in the 18 th Other Claims. We are a party to various pending or threatened claims and complaints seeking damages or other remedies concerning our commercial operations and other matters in the ordinary course of our business. In addition, claims or contingencies may arise related to matters occurring prior to our acquisition of properties or related to matters occurring subsequent to our sale of properties. In certain cases, we have indemnified the sellers of properties we have acquired, and in other cases, we have indemnified the buyers of properties we have sold. In addition, the BOEM considers all owners of record title and/or operating rights interest in an Outer Continental Shelf (“OCS”) lease to be jointly and severally liable for the satisfaction of the supplemental bonding obligations and/or decommissioning obligations. Accordingly, we may be required to satisfy supplemental bonding obligations or decommissioning obligations of a defaulting owner of record title and/or operating rights interest in an OCS lease in which we are (or in some cases were) an owner of record title and/or operating rights interest in the same OCS lease. We are 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 we can give no assurance about the outcome of pending legal and federal or state administrative proceedings and the effect such an outcome may have on us, we believe 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 our consolidated financial position, results of operations or liquidity. Contingent Liability Recorded. There were no material expenses recognized related to accrued and settled claims, complaints and fines for the three months ended March 31, 2016 and 2015. As of March 31, 2016 and December 31, 2015, we had no material amounts recorded in liabilities for claims, complaints and fines.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Supplemental Bonding Requirements by the BOEM. Subsequent to March 31, 2016, we have filed appeals with the IBLA regarding three of the BOEM orders - specifically the February order that required W&T to post a total of $159.8 million in supplemental bonding and two March orders requiring $68.0 million in supplemental bonding. The objective of the Company remains to reach a mutual agreement on the financial assurance requirements of the demands. The issuance of any additional surety bonds to satisfy the BOEM orders or any future BOEM orders may require the posting of cash collateral, which may be significant, and the creation of escrow accounts. We continue to have discussions with the BOEM regarding these matters.

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Mar. 31, 2016
Supplemental Guarantor Information [Abstract]
Supplemental Guarantor Information	W&T OFFSHORE, INC. AND SUBSIDIARIES 13. Supplemental Guarantor Information Our payment obligations under the 8.50% Senior Notes, the 9.00% Term Loan and the Credit Agreement (see Note 5) are fully and unconditionally guaranteed by certain of our 100%-owned subsidiaries, including Energy VI and W & T Energy VII, LLC (together, the “Guarantor Subsidiaries”). W & T Energy VII, LLC does not currently have any active operations or contain any assets. Guarantees of the 8.50% Senior Notes will be released under certain circumstances, including: (1) (2) in connection with any sale or other disposition of the capital stock of such Guarantor Subsidiary to a person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate the “Asset Sales” provisions of the indenture and the Guarantor Subsidiary ceases to be a subsidiary of the Company as a result of such sales or disposition; (3) if such Guarantor Subsidiary is a Restricted Subsidiary and the Company designates such Guarantor Subsidiary as an Unrestricted Subsidiary in accordance with the applicable provisions of certain debt documents; (4) upon Legal Defeasance or Covenant Defeasance (as such terms are defined in certain debt documents) or upon satisfaction and discharge of the certain debt documents; (5) upon the liquidation or dissolution of such Guarantor Subsidiary, provided no event of default has occurred and is continuing; or (6) at such time as such Guarantor Subsidiary is no longer required to be a Guarantor Subsidiary as described in certain debt documents, provided no event of default has occurred and is continuing. The following condensed consolidating financial information presents the financial condition, results of operations and cash flows of the Parent Company and the Guarantor Subsidiaries, together with consolidating adjustments necessary to present the Company’s results on a consolidated basis. Transfers of property were made from the Parent Company to the Guarantor Subsidiaries. As these transfers were transactions between entities under common control, the prior period financial information has been retrospectively adjusted for comparability purposes, as prescribed under authoritative guidance. None of the adjustments had any effect on the consolidated results for the current or prior periods presented. Condensed Consolidating Balance Sheet as of March 31, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. Assets Current assets: Cash and cash equivalents $ 370,623 $ — $ — $ 370,623 Receivables: Oil and natural gas sales 197 27,706 — 27,903 Joint interest and other 116,184 — (99,178 ) 17,006 Total receivables 116,381 27,706 (99,178 ) 44,909 Prepaid expenses and other assets 19,776 3,259 — 23,035 Total current assets 506,780 30,965 (99,178 ) 438,567 Property and equipment – at cost: Oil and natural gas properties and equipment 5,668,440 2,226,962 — 7,895,402 Furniture, fixtures and other 20,802 — — 20,802 Total property and equipment 5,689,242 2,226,962 — 7,916,204 Less accumulated depreciation, depletion and amortization 5,276,838 1,908,552 (76,465 ) 7,108,925 Net property and equipment 412,404 318,410 76,465 807,279 Deferred income taxes 31,003 1,550 — 32,553 Restricted deposits for asset retirement obligations 16,171 — — 16,171 Other assets 424,515 272,483 (692,773 ) 4,225 Total assets $ 1,390,873 $ 623,408 $ (715,486 ) $ 1,298,795 Liabilities and Shareholders’ Equity (Deficit) Current liabilities: Accounts payable $ 82,318 $ 9,727 $ — $ 92,045 Undistributed oil and natural gas proceeds 18,915 1,739 — 20,654 Asset retirement obligations 66,816 16,962 — 83,778 Accrued liabilities 39,486 99,178 (99,178 ) 39,486 Current portion of long-term debt 138,999 — — 138,999 Total current liabilities 346,534 127,606 (99,178 ) 374,962 Long-term debt, less current maturities 1,345,954 — — 1,345,954 Asset retirement obligations, less current portion 154,272 121,714 — 275,986 Other liabilities 335,043 — (318,686 ) 16,357 Shareholders’ equity (deficit): Common stock 1 — — 1 Additional paid-in capital 426,035 704,885 (704,885 ) 426,035 Retained earnings (deficit) (1,192,799 ) (330,797 ) 407,263 (1,116,333 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ equity (deficit) (790,930 ) 374,088 (297,622 ) (714,464 ) Total liabilities and shareholders’ equity (deficit) $ 1,390,873 $ 623,408 $ (715,486 ) $ 1,298,795 Condensed Consolidating Balance Sheet as of December 31, 2015 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. Assets Current assets: Cash and cash equivalents $ 85,414 $ — $ — $ 85,414 Receivables: Oil and natural gas sales 2,742 32,263 — 35,005 Joint interest and other 121,190 — (99,178 ) 22,012 Total receivables 123,932 32,263 (99,178 ) 57,017 Prepaid expenses and other assets 25,375 1,504 — 26,879 Total current assets 234,721 33,767 (99,178 ) 169,310 Property and equipment – at cost: Oil and natural gas properties and equipment 5,682,793 2,219,701 — 7,902,494 Furniture, fixtures and other 20,802 — — 20,802 Total property and equipment 5,703,595 2,219,701 — 7,923,296 Less accumulated depreciation, depletion and amortization 5,258,563 1,822,273 (147,589 ) 6,933,247 Net property and equipment 445,032 397,428 147,589 990,049 Deferred income taxes 27,251 344 — 27,595 Restricted deposits for asset retirement obligations 15,606 — — 15,606 Other assets 498,782 266,748 (760,068 ) 5,462 Total assets $ 1,221,392 $ 698,287 $ (711,657 ) $ 1,208,022 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 100,282 $ 9,515 $ — $ 109,797 Undistributed oil and natural gas proceeds 20,463 976 — 21,439 Asset retirement obligations 63,716 20,619 — 84,335 Accrued liabilities 11,922 99,178 (99,178 ) 11,922 Total current liabilities 196,383 130,288 (99,178 ) 227,493 Long-term debt, less current maturities 1,196,855 — — 1,196,855 Asset retirement obligations, less current portion 173,105 120,882 — 293,987 Other liabilities 329,129 — (312,951 ) 16,178 Shareholders’ equity (deficit): Common stock 1 — — 1 Additional paid-in capital 423,499 704,885 (704,885 ) 423,499 Retained earnings (deficit) (1,073,413 ) (257,768 ) 405,357 (925,824 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ equity (674,080 ) 447,117 (299,528 ) (526,491 ) Total liabilities and shareholders’ equity $ 1,221,392 $ 698,287 $ (711,657 ) $ 1,208,022 Condensed Consolidating Statement of Operations for the Three Months Ended March 31, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 30,512 $ 47,203 $ — $ 77,715 Operating costs and expenses: Lease operating expenses 24,945 19,524 — 44,469 Production taxes 526 — — 526 Gathering and transportation 1,553 3,539 — 5,092 Depreciation, depletion, amortization and accretion 20,623 38,161 4,949 63,733 Ceiling test write-down of oil and natural gas properties — 50,384 66,175 116,559 General and administrative expenses 6,613 9,830 — 16,443 Derivative gain (2,493 ) — — (2,493 ) Total costs and expenses 51,767 121,438 71,124 244,329 Operating loss (21,255 ) (74,235 ) (71,124 ) (166,614 ) Loss of affiliates (73,029 ) — 73,029 — Interest expense: Incurred 27,695 119 — 27,814 Capitalized (224 ) (119 ) — (343 ) Other expense, net 1,306 — — 1,306 Loss before income tax benefit (123,061 ) (74,235 ) 1,905 (195,391 ) Income tax benefit (3,676 ) (1,206 ) — (4,882 ) Net loss $ (119,385 ) $ (73,029 ) $ 1,905 $ (190,509 ) Condensed Consolidating Statement of Operations for the Three Months Ended March 31, 2015 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 82,463 $ 45,444 $ — $ 127,907 Operating costs and expenses: Lease operating expenses 37,386 15,945 — 53,331 Production taxes 637 — — 637 Gathering and transportation 2,548 2,276 — 4,824 Depreciation, depletion, amortization and accretion 75,152 50,315 — 125,467 Ceiling test write-down of oil and natural gas properties 190,695 69,695 260,390 General and administrative expenses 12,388 8,378 — 20,766 Total costs and expenses 318,806 146,609 — 465,415 Operating loss (236,343 ) (101,165 ) — (337,508 ) Loss of affiliates (65,627 ) — 65,627 — Interest expense: Incurred 22,232 714 — 22,946 Capitalized (1,069 ) (714 ) — (1,783 ) Other expense, net (2 ) — — (2 ) Loss before income tax benefit (323,131 ) (101,165 ) 65,627 (358,669 ) Income tax benefit (68,036 ) (35,538 ) — (103,574 ) Net loss $ (255,095 ) $ (65,627 ) $ 65,627 $ (255,095 ) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2016 Consolidated W&T Parent Guarantor Offshore, Company Subsidiaries Eliminations Inc. (In thousands) Operating activities: Net loss $ (119,385 ) $ (73,029 ) $ 1,905 $ (190,509 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation, depletion, amortization and accretion 20,623 38,161 4,949 63,733 Ceiling test write-down of oil and natural gas properties — 50,384 66,175 116,559 Debt issuance costs write-off/amortization of debt items 1,684 — — 1,684 Share-based compensation 2,536 — — 2,536 Derivative gain (2,493 ) — — (2,493 ) Cash receipts on derivative settlements, net 4,105 — — 4,105 Deferred income taxes (3,676 ) (1,206 ) — (4,882 ) Loss of affiliates 73,029 — (73,029 ) — Changes in operating assets and liabilities: Oil and natural gas receivables 3,606 4,559 — 8,165 Joint interest and other receivables 4,979 — — 4,979 Income taxes (310 ) — — (310 ) Prepaid expenses and other assets 3,072 (7,492 ) 5,737 1,317 Asset retirement obligation settlements (584 ) (2,596 ) — (3,180 ) Accounts payable, accrued liabilities and other 14,773 18,969 (5,737 ) 28,005 Net cash provided by operating activities 1,959 27,750 — 29,709 Investing activities: Investment in oil and natural gas properties and equipment (3,147 ) (9,756 ) — (12,903 ) Changes in operating assets and liabilities associated with investing activities (2,686 ) (17,994 ) — (20,680 ) Proceeds from sales of assets 1,000 — — 1,000 Net cash used in investing activities (4,833 ) (27,750 ) — (32,583 ) Financing activities: Borrowings of long-term debt – revolving bank credit facility 340,000 — — 340,000 Repayments of long-term debt – revolving bank credit facility (52,000 ) — — (52,000 ) Other 83 — — 83 Net cash provided by financing activities 288,083 — — 288,083 Increase in cash and cash equivalents 285,209 — — 285,209 Cash and cash equivalents, beginning of period 85,414 — — 85,414 Cash and cash equivalents, end of period $ 370,623 $ — $ — $ 370,623 Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2015 Consolidated W&T Parent Guarantor Offshore, Company Subsidiaries Eliminations Inc. (In thousands) Operating activities: Net loss $ (255,095 ) $ (65,627 ) $ 65,627 $ (255,095 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, depletion, amortization and accretion 75,152 50,315 — 125,467 Ceiling test write-down of oil and natural gas properties 190,695 69,695 — 260,390 Amortization of debt issuance costs and premium 156 — — 156 Share-based compensation 2,816 — — 2,816 Deferred income taxes (83,649 ) (19,925 ) — (103,574 ) Earnings of affiliates 65,627 — (65,627 ) — Changes in operating assets and liabilities: Oil and natural gas receivables 14,636 6,485 — 21,121 Joint interest and other receivables 14,533 — — 14,533 Income taxes 15,287 (15,612 ) — (325 ) Prepaid expenses and other assets (21,690 ) 68,599 (29,663 ) 17,246 Asset retirement obligations (19,122 ) (432 ) — (19,554 ) Accounts payable, accrued liabilities and other (40,260 ) 334 29,663 (10,263 ) Net cash provided by (used in) operating activities (40,914 ) 93,832 — 52,918 Investing activities: Investment in oil and natural gas properties and equipment (18,750 ) (64,015 ) — (82,765 ) Changes in operating assets and liabilities associated with investing activities (22,562 ) (29,614 ) — (52,176 ) Investment in subsidiary 203 — (203 ) — Purchases of furniture, fixtures and other (226 ) — — (226 ) Net cash used in investing activities (41,335 ) (93,629 ) (203 ) (135,167 ) Financing activities: Borrowings of long-term debt – revolving bank credit facility 82,000 — — 82,000 Repayments of long-term debt – revolving bank credit facility (15,000 ) — — (15,000 ) Other (50 ) — — (50 ) Investment from parent — (203 ) 203 — Net cash provided by (used in) financing activities 66,950 (203 ) 203 66,950 Decrease in cash and cash equivalents (15,299 ) — — (15,299 ) Cash and cash equivalents, beginning of period 23,666 — — 23,666 Cash and cash equivalents, end of period $ 8,367 $ — $ — $ 8,367

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Operations	Operations. W&T Offshore, Inc. (with subsidiaries referred to herein as “W&T,” “we,” “us,” “our,” or the “Company”) is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico. The Company is active in the exploration, development and acquisition of oil and natural gas properties. Our interest in fields, leases, structures and equipment are primarily owned by W&T Offshore, Inc. (on a stand-alone basis, the “Parent Company”) and its 100%-owned subsidiary, W & T Energy VI, LLC (“Energy VI”). On October 15, 2015, a substantial amount of our interest in onshore acreage was sold, which is described in Note 2.
Interim Financial Statements	Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim periods and the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the condensed consolidated financial statements do not include all of the information and footnote disclosures required by GAAP for complete financial statements for annual periods. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
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 and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recent Events	Recent Events. The price we receive for our crude oil, natural gas liquids (“NGLs”) and natural gas production directly affects our revenues, profitability, cash flows, liquidity, access to capital and future rate of growth. The prices of these commodities began falling in the second half of 2014, continued to generally decline in 2015 and declined further in the first quarter of 2016. Steps taken during 2015 and 2016 to mitigate the effects of these lower prices include: (i) significantly reducing the budgeted capital spending for 2016; (ii) continuing the suspension of our drilling and completion activities at several locations; (iii) continued suspension of the regular quarterly common stock dividend; (iv) selling our interests in the Yellow Rose field in the fourth quarter of 2015; (v) reducing our headcount of employees and contractors; and (vi) continuing the implementation of numerous projects to reduce our operating costs. See our Annual Report on Form 10-K for the year ended December 31, 2015 concerning risks related to our business and events occurring during 2015 and other information. In February 2016, we borrowed $340.0 million under the Fifth Amended and Restated Credit Agreement (as amended, the “Credit Agreement”). On March 23, 2016, the banks reduced our borrowing base to In February and March 2016, we received several orders from the Bureau of Ocean Energy Management (“BOEM”) demanding that we provide additional supplemental bonding on certain Federal offshore oil and gas leases, rights of way and rights of use and easement owned and/or operated by the Company. One order was rescinded and re-issued and another one was rescinded. The outstanding orders total approximately $260.8 million. We have filed appeals with the Interior Board of Land Appeals (“IBLA”) regarding three of the BOEM orders - specifically the February order that required W&T to post a total of $159.8 million in supplemental bonding and two March orders requiring $68.0 million in supplemental bonding. We have had discussions with the BOEM and its sister agency, the Bureau of Safety and Environmental Enforcement (“BSEE”), since receiving the orders. The objective of the Company remains to reach a mutual agreement on the financial assurance requirements of the demands. The issuance of any additional surety bonds to satisfy the BOEM orders or any future BOEM orders may require the posting of cash collateral, which may be significant, and the creation of escrow accounts. We continue to have discussions with the BOEM regarding these matters. See Notes 11 and 12 for additional information We have assessed our financial condition, the current capital markets and options given different scenarios of commodity prices and believe we will have adequate liquidity to fund our operations through March 31, 2017; however, we cannot predict how an extended period of low commodity prices or the impact of future bonding requirements will affect our operations, liquidity levels and compliance with debt covenants.
Ceiling Test Write-Down	Ceiling Test Write-Down. Due primarily to declines in the unweighted rolling 12-month average of first-day-of-the-month commodity prices for oil and natural gas, we recorded ceiling test write-downs in the first quarter of 2016 and 2015, which are reported as a separate line in the Statements of Operations
Prepaid Expenses and Other	Prepaid Expenses and Other. Amounts recorded in Prepaid expenses and other on the Condensed Consolidated Balance Sheets are expected to be realized within one year. Major categories are disclosed in the following table: March 31, December 31, 2016 2015 Derivative assets - current (1) $ 6,955 $ 10,036 Prepaid insurance and surety bonds 5,890 7,475 Prepaid deposits related to royalties 6,473 5,943 Other 3,717 3,425 Prepaid expenses and other $ 23,035 $ 26,879 (1) Includes open and closed (and not yet collected) derivative commodity contracts recorded at fair value.
Recent Accounting Developments	Recent Accounting Developments. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Summary and Amendments That Create Revenue from Contracts and Customers (Subtopic 606) . ASU 2014-09 amends and replaces current revenue recognition requirements, including most industry-specific guidance. The revised guidance establishes a five step approach to be utilized in determining when, and if, revenue should be recognized. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017. Upon application, an entity may elect one of two methods, either restatement of prior periods presented or recording a cumulative adjustment in the initial period of application. We have not determined the effect ASU 2014-09 will have on the recognition of our revenue, if any, nor have we determined the method we will utilize upon adoption, which would be in the first quarter of 2018. In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases Subtopic 842 In March 2016, the FASB issued Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Compensation – Stock Compensation Subtopic 718

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Amounts Recorded in Prepaid Expenses and Other	Amounts recorded in Prepaid expenses and other March 31, December 31, 2016 2015 Derivative assets - current (1) $ 6,955 $ 10,036 Prepaid insurance and surety bonds 5,890 7,475 Prepaid deposits related to royalties 6,473 5,943 Other 3,717 3,425 Prepaid expenses and other $ 23,035 $ 26,879 (1) Includes open and closed (and not yet collected) derivative commodity contracts recorded at fair value.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Summary of Changes to Asset Retirement Obligation	A summary of the changes to our ARO is as follows (in thousands): Balance, December 31, 2015 $ 378,322 Liabilities settled (3,180 ) Accretion of discount 4,615 Revisions of estimated liabilities (1) (19,993 ) Balance, March 31, 2016 359,764 Less current portion 83,778 Long-term $ 275,986 (1) Revisions were primarily related to reduced cost estimates from service providers for plug and abandonment work at certain locations.

Derivative Financial Instrume23

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Open Commodity Derivatives	As of March 31, 2016, our open commodity derivative contracts were as follows: Crude Oil: Two-way collars, Priced off WTI (NYMEX) Notional (1) Notional (1) Weighted Average Contract Price Quantity Quantity Put Option Call Option Termination Period (Bbls/day) (Bbls) (Bought) (Sold) 2016: 2nd Quarter 5,000 455,000 $ 40.00 $ 81.47 3rd Quarter 5,000 460,000 40.00 81.47 4th Quarter 5,000 460,000 40.00 81.47 1,375,000 40.00 81.47 Natural Gas: Three-way collars, Priced off Henry Hub (NYMEX) Notional (1) Notional (1) Weighted Average Contract Price Quantity Quantity Put Option Call Option Call Option Termination Period (MMBTUs/day) (MMBTUs) (Bought) (Sold) (Bought) 2016: 2nd Quarter (2) 40,000 2,440,000 $ 2.25 $ 3.50 $ 3.77 3rd Quarter 40,000 3,680,000 2.25 3.50 3.77 4th Quarter 40,000 3,680,000 2.25 3.50 3.77 9,800,000 2.25 3.50 3.77 (1) Volume Measurements: Bbls – barrelsMMBTUs – million British Thermal Units. (2) The natural gas derivative contracts are priced and closed in the last week prior to the related production month. Natural gas derivative contracts related to April 2016 production were priced and closed in March 2016 and are not included in the above table as these were not open derivative contracts as of March 31, 2016 .
Estimated Fair Value of Derivative Contracts	The following balance sheet line items included amounts related to the estimated fair value of our open commodity derivative contracts as indicated in the following table (in thousands): March 31, December 31, 2016 2015 Prepaid and other assets $ 6,060 $ 7,672
Changes in Fair Value and Settlements of Commodity Derivative Contracts	Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands): Three Months Ended March 31, 2016 2015 Derivative gain $ (2,493 ) $ —
Cash Receipts on Derivative Settlements, Net Included within Net Cash Provided by Operating Activities	Cash receipts, net, on commodity derivative contract settlements are included within Net cash provided by operating activities Three Months Ended March 31, 2016 2015 Cash receipts on derivative settlements, net $ 4,105 $ —

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Our long-term debt was as follows (in thousands): March 31, December 31, 2016 2015 8.50% Senior Notes: Principal $ 900,000 $ 900,000 Debt premiums, net of amortization 9,834 10,503 Debt issuance costs, net of amortization (5,848 ) (6,274 ) 9.00% Term Loan: Principal 300,000 300,000 Debt discounts, net of amortization (2,565 ) (2,689 ) Debt issuance costs, net of amortization (4,468 ) (4,685 ) Revolving bank credit facility 288,000 — Total long-term debt 1,484,953 1,196,855 Current maturities of long-term debt 138,999 — Long term debt, less current maturities $ 1,345,954 $ 1,196,855

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Derivatives Financial Instruments and Long-Term Debt	The following table presents the fair value of our open derivatives and long-term debt, as reported in the Condensed Consolidated Balance Sheets (in thousands): March 31, 2016 December 31, 2015 Hierarchy Assets Liabilities Assets Liabilities Derivatives Level 2 $ 6,060 $ — $ 7,672 $ — 8.50% Senior Notes (1) Level 2 — 108,000 — 324,000 9.00% Term Loan (1) Level 2 — 144,000 — 217,500 Revolving bank credit facility (1) Level 2 — 288,000 — — (1) The long-term debt items are reported on the Condensed Consolidated Balance Sheets at their carrying value as described in Note 5.

Share-Based Compensation and 26

Share-Based Compensation and Cash-Based Incentive Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Outstanding Restricted Stock Shares Issued to Non-employee Directors	For the outstanding Restricted Shares issued to the non-employee directors as of March 31, 2016, vesting is expected to occur as follows: Restricted Shares 2016 43,058 2017 20,092 2018 15,080 Total 78,230
Summary of Share Activity Related to Restricted Stock Units	A summary of activity in 2016 related to RSUs is as follows: Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2015 3,474,079 $ 7.42 Forfeited (46,293 ) 6.71 Nonvested, March 31, 2016 3,427,786 7.43
Schedule of Outstanding Restricted Stock Units Issued to Eligible Employees	For the outstanding RSUs issued to the eligible employees as of March 31, 2016, vesting is expected to occur as follows: Restricted Stock Units 2016 992,344 2017 2,435,442 Total 3,427,786
Summary of Incentive Compensation Expense under Share-Based Payment Arrangements and Related Tax Benefit	A summary of incentive compensation expense under share-based payment arrangements and the related tax benefit is as follows (in thousands): Three Months Ended March 31, 2016 2015 Share-based compensation expense from: Restricted stock $ 87 $ 93 Restricted stock units 2,449 2,817 Common shares — (94 ) Total $ 2,536 $ 2,816 Share-based compensation tax benefit: Tax benefit computed at the statutory rate $ 888 $ 986
Summary of Incentive Compensation Expense	A summary of incentive compensation expense is as follows (in thousands): Three Months Ended March 31, 2016 2015 Share-based compensation included in: General and administrative expenses $ 2,536 $ 2,816 Cash-based incentive compensation included in: Lease operating expense — 361 General and administrative expenses (1) — (233 ) Total charged to operating income $ 2,536 $ 2,944 (1) Adjustments to true up estimates to actual payments resulted in net credit balances to expense for the three months ended March 31, 2015.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Loss Per Common Share	The following table presents the calculation of basic and diluted loss per common share (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Net loss $ (190,509 ) $ (255,095 ) Weighted average common shares outstanding 76,428 75,857 Basic and diluted loss per common share $ (2.49 ) $ (3.36 ) Shares excluded due to being anti-dilutive (weighted-average) 3,528 1,993

Supplemental Guarantor Inform28

Supplemental Guarantor Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Guarantor Information [Abstract]
Condensed Consolidating Balance Sheet	W&T OFFSHORE, INC. AND SUBSIDIARIES The following condensed consolidating financial information presents the financial condition, results of operations and cash flows of the Parent Company and the Guarantor Subsidiaries, together with consolidating adjustments necessary to present the Company’s results on a consolidated basis. Transfers of property were made from the Parent Company to the Guarantor Subsidiaries. As these transfers were transactions between entities under common control, the prior period financial information has been retrospectively adjusted for comparability purposes, as prescribed under authoritative guidance. None of the adjustments had any effect on the consolidated results for the current or prior periods presented. Condensed Consolidating Balance Sheet as of March 31, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. Assets Current assets: Cash and cash equivalents $ 370,623 $ — $ — $ 370,623 Receivables: Oil and natural gas sales 197 27,706 — 27,903 Joint interest and other 116,184 — (99,178 ) 17,006 Total receivables 116,381 27,706 (99,178 ) 44,909 Prepaid expenses and other assets 19,776 3,259 — 23,035 Total current assets 506,780 30,965 (99,178 ) 438,567 Property and equipment – at cost: Oil and natural gas properties and equipment 5,668,440 2,226,962 — 7,895,402 Furniture, fixtures and other 20,802 — — 20,802 Total property and equipment 5,689,242 2,226,962 — 7,916,204 Less accumulated depreciation, depletion and amortization 5,276,838 1,908,552 (76,465 ) 7,108,925 Net property and equipment 412,404 318,410 76,465 807,279 Deferred income taxes 31,003 1,550 — 32,553 Restricted deposits for asset retirement obligations 16,171 — — 16,171 Other assets 424,515 272,483 (692,773 ) 4,225 Total assets $ 1,390,873 $ 623,408 $ (715,486 ) $ 1,298,795 Liabilities and Shareholders’ Equity (Deficit) Current liabilities: Accounts payable $ 82,318 $ 9,727 $ — $ 92,045 Undistributed oil and natural gas proceeds 18,915 1,739 — 20,654 Asset retirement obligations 66,816 16,962 — 83,778 Accrued liabilities 39,486 99,178 (99,178 ) 39,486 Current portion of long-term debt 138,999 — — 138,999 Total current liabilities 346,534 127,606 (99,178 ) 374,962 Long-term debt, less current maturities 1,345,954 — — 1,345,954 Asset retirement obligations, less current portion 154,272 121,714 — 275,986 Other liabilities 335,043 — (318,686 ) 16,357 Shareholders’ equity (deficit): Common stock 1 — — 1 Additional paid-in capital 426,035 704,885 (704,885 ) 426,035 Retained earnings (deficit) (1,192,799 ) (330,797 ) 407,263 (1,116,333 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ equity (deficit) (790,930 ) 374,088 (297,622 ) (714,464 ) Total liabilities and shareholders’ equity (deficit) $ 1,390,873 $ 623,408 $ (715,486 ) $ 1,298,795 Condensed Consolidating Balance Sheet as of December 31, 2015 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. Assets Current assets: Cash and cash equivalents $ 85,414 $ — $ — $ 85,414 Receivables: Oil and natural gas sales 2,742 32,263 — 35,005 Joint interest and other 121,190 — (99,178 ) 22,012 Total receivables 123,932 32,263 (99,178 ) 57,017 Prepaid expenses and other assets 25,375 1,504 — 26,879 Total current assets 234,721 33,767 (99,178 ) 169,310 Property and equipment – at cost: Oil and natural gas properties and equipment 5,682,793 2,219,701 — 7,902,494 Furniture, fixtures and other 20,802 — — 20,802 Total property and equipment 5,703,595 2,219,701 — 7,923,296 Less accumulated depreciation, depletion and amortization 5,258,563 1,822,273 (147,589 ) 6,933,247 Net property and equipment 445,032 397,428 147,589 990,049 Deferred income taxes 27,251 344 — 27,595 Restricted deposits for asset retirement obligations 15,606 — — 15,606 Other assets 498,782 266,748 (760,068 ) 5,462 Total assets $ 1,221,392 $ 698,287 $ (711,657 ) $ 1,208,022 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 100,282 $ 9,515 $ — $ 109,797 Undistributed oil and natural gas proceeds 20,463 976 — 21,439 Asset retirement obligations 63,716 20,619 — 84,335 Accrued liabilities 11,922 99,178 (99,178 ) 11,922 Total current liabilities 196,383 130,288 (99,178 ) 227,493 Long-term debt, less current maturities 1,196,855 — — 1,196,855 Asset retirement obligations, less current portion 173,105 120,882 — 293,987 Other liabilities 329,129 — (312,951 ) 16,178 Shareholders’ equity (deficit): Common stock 1 — — 1 Additional paid-in capital 423,499 704,885 (704,885 ) 423,499 Retained earnings (deficit) (1,073,413 ) (257,768 ) 405,357 (925,824 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ equity (674,080 ) 447,117 (299,528 ) (526,491 ) Total liabilities and shareholders’ equity $ 1,221,392 $ 698,287 $ (711,657 ) $ 1,208,022
Condensed Consolidating Statement of Operations	Condensed Consolidating Statement of Operations for the Three Months Ended March 31, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 30,512 $ 47,203 $ — $ 77,715 Operating costs and expenses: Lease operating expenses 24,945 19,524 — 44,469 Production taxes 526 — — 526 Gathering and transportation 1,553 3,539 — 5,092 Depreciation, depletion, amortization and accretion 20,623 38,161 4,949 63,733 Ceiling test write-down of oil and natural gas properties — 50,384 66,175 116,559 General and administrative expenses 6,613 9,830 — 16,443 Derivative gain (2,493 ) — — (2,493 ) Total costs and expenses 51,767 121,438 71,124 244,329 Operating loss (21,255 ) (74,235 ) (71,124 ) (166,614 ) Loss of affiliates (73,029 ) — 73,029 — Interest expense: Incurred 27,695 119 — 27,814 Capitalized (224 ) (119 ) — (343 ) Other expense, net 1,306 — — 1,306 Loss before income tax benefit (123,061 ) (74,235 ) 1,905 (195,391 ) Income tax benefit (3,676 ) (1,206 ) — (4,882 ) Net loss $ (119,385 ) $ (73,029 ) $ 1,905 $ (190,509 ) Condensed Consolidating Statement of Operations for the Three Months Ended March 31, 2015 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 82,463 $ 45,444 $ — $ 127,907 Operating costs and expenses: Lease operating expenses 37,386 15,945 — 53,331 Production taxes 637 — — 637 Gathering and transportation 2,548 2,276 — 4,824 Depreciation, depletion, amortization and accretion 75,152 50,315 — 125,467 Ceiling test write-down of oil and natural gas properties 190,695 69,695 260,390 General and administrative expenses 12,388 8,378 — 20,766 Total costs and expenses 318,806 146,609 — 465,415 Operating loss (236,343 ) (101,165 ) — (337,508 ) Loss of affiliates (65,627 ) — 65,627 — Interest expense: Incurred 22,232 714 — 22,946 Capitalized (1,069 ) (714 ) — (1,783 ) Other expense, net (2 ) — — (2 ) Loss before income tax benefit (323,131 ) (101,165 ) 65,627 (358,669 ) Income tax benefit (68,036 ) (35,538 ) — (103,574 ) Net loss $ (255,095 ) $ (65,627 ) $ 65,627 $ (255,095 )
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2016 Consolidated W&T Parent Guarantor Offshore, Company Subsidiaries Eliminations Inc. (In thousands) Operating activities: Net loss $ (119,385 ) $ (73,029 ) $ 1,905 $ (190,509 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation, depletion, amortization and accretion 20,623 38,161 4,949 63,733 Ceiling test write-down of oil and natural gas properties — 50,384 66,175 116,559 Debt issuance costs write-off/amortization of debt items 1,684 — — 1,684 Share-based compensation 2,536 — — 2,536 Derivative gain (2,493 ) — — (2,493 ) Cash receipts on derivative settlements, net 4,105 — — 4,105 Deferred income taxes (3,676 ) (1,206 ) — (4,882 ) Loss of affiliates 73,029 — (73,029 ) — Changes in operating assets and liabilities: Oil and natural gas receivables 3,606 4,559 — 8,165 Joint interest and other receivables 4,979 — — 4,979 Income taxes (310 ) — — (310 ) Prepaid expenses and other assets 3,072 (7,492 ) 5,737 1,317 Asset retirement obligation settlements (584 ) (2,596 ) — (3,180 ) Accounts payable, accrued liabilities and other 14,773 18,969 (5,737 ) 28,005 Net cash provided by operating activities 1,959 27,750 — 29,709 Investing activities: Investment in oil and natural gas properties and equipment (3,147 ) (9,756 ) — (12,903 ) Changes in operating assets and liabilities associated with investing activities (2,686 ) (17,994 ) — (20,680 ) Proceeds from sales of assets 1,000 — — 1,000 Net cash used in investing activities (4,833 ) (27,750 ) — (32,583 ) Financing activities: Borrowings of long-term debt – revolving bank credit facility 340,000 — — 340,000 Repayments of long-term debt – revolving bank credit facility (52,000 ) — — (52,000 ) Other 83 — — 83 Net cash provided by financing activities 288,083 — — 288,083 Increase in cash and cash equivalents 285,209 — — 285,209 Cash and cash equivalents, beginning of period 85,414 — — 85,414 Cash and cash equivalents, end of period $ 370,623 $ — $ — $ 370,623 Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2015 Consolidated W&T Parent Guarantor Offshore, Company Subsidiaries Eliminations Inc. (In thousands) Operating activities: Net loss $ (255,095 ) $ (65,627 ) $ 65,627 $ (255,095 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, depletion, amortization and accretion 75,152 50,315 — 125,467 Ceiling test write-down of oil and natural gas properties 190,695 69,695 — 260,390 Amortization of debt issuance costs and premium 156 — — 156 Share-based compensation 2,816 — — 2,816 Deferred income taxes (83,649 ) (19,925 ) — (103,574 ) Earnings of affiliates 65,627 — (65,627 ) — Changes in operating assets and liabilities: Oil and natural gas receivables 14,636 6,485 — 21,121 Joint interest and other receivables 14,533 — — 14,533 Income taxes 15,287 (15,612 ) — (325 ) Prepaid expenses and other assets (21,690 ) 68,599 (29,663 ) 17,246 Asset retirement obligations (19,122 ) (432 ) — (19,554 ) Accounts payable, accrued liabilities and other (40,260 ) 334 29,663 (10,263 ) Net cash provided by (used in) operating activities (40,914 ) 93,832 — 52,918 Investing activities: Investment in oil and natural gas properties and equipment (18,750 ) (64,015 ) — (82,765 ) Changes in operating assets and liabilities associated with investing activities (22,562 ) (29,614 ) — (52,176 ) Investment in subsidiary 203 — (203 ) — Purchases of furniture, fixtures and other (226 ) — — (226 ) Net cash used in investing activities (41,335 ) (93,629 ) (203 ) (135,167 ) Financing activities: Borrowings of long-term debt – revolving bank credit facility 82,000 — — 82,000 Repayments of long-term debt – revolving bank credit facility (15,000 ) — — (15,000 ) Other (50 ) — — (50 ) Investment from parent — (203 ) 203 — Net cash provided by (used in) financing activities 66,950 (203 ) 203 66,950 Decrease in cash and cash equivalents (15,299 ) — — (15,299 ) Cash and cash equivalents, beginning of period 23,666 — — 23,666 Cash and cash equivalents, end of period $ 8,367 $ — $ — $ 8,367

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) $ in Thousands	Jun. 30, 2016USD ($)	May. 30, 2016USD ($)	May. 02, 2016USD ($)	Mar. 31, 2016USD ($)Order	Feb. 29, 2016USD ($)Order	Mar. 31, 2016USD ($)$ / bbl$ / MMBTU	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Mar. 23, 2016USD ($)
Basis Of Presentation [Line Items]
Revolving bank credit facility				$ 288,000	$ 340,000	$ 288,000
Repayments of revolving bank credit facility						52,000	$ 15,000
Total outstanding orders amount				260,800		$ 260,800
Supplemental bonding required by Bureau of Ocean Energy Management				$ 68,000	$ 159,800
Number of supplemental bonding order | Order				2	3
Percentage of discount from proved reserves						10.00%
Ceiling test write-down of oil and natural gas properties						$ 116,559	$ 260,390	$ 987,200
SEC Methodology | Natural Gas
Basis Of Presentation [Line Items]
Weighted price | $ / MMBTU						2.40
SEC Methodology | Crude Oil Per Barrel
Basis Of Presentation [Line Items]
Weighted price | $ / bbl						42.77
Credit Agreement
Basis Of Presentation [Line Items]
Revolving bank credit facility				$ 288,000		$ 288,000
Repayments of revolving bank credit facility						52,000
Letters of credit outstanding				$ 1,000		$ 1,000
Revolving bank credit facility borrowing base					$ 350,000				$ 150,000
Credit Agreement | Subsequent Event
Basis Of Presentation [Line Items]
Repayments of revolving bank credit facility			$ 12,000
Credit Agreement | Scenario, Forecast
Basis Of Presentation [Line Items]
Repayments of revolving bank credit facility	$ 64,000	$ 64,000

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Prepaid Expense And Other Assets Current [Abstract]
Derivative assets - current	[1]	$ 6,955	$ 10,036
Prepaid insurance and surety bonds		5,890	7,475
Prepaid deposits related to royalties		6,473	5,943
Other		3,717	3,425
Prepaid expenses and other		$ 23,035	$ 26,879
[1]	Includes open and closed (and not yet collected) derivative commodity contracts recorded at fair value.

Divestitures - Additional Infor

Divestitures - Additional Information (Details)	Oct. 15, 2015USD ($)a$ / bbl	Mar. 31, 2016USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain (loss) on disposition of proved property	$ 0
Limit on percentage of reserves related to recognition of gain or loss	25.00%
Crude Oil | Minimum
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Trading price per barrel | $ / bbl	70
Crude Oil | Maximum
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Trading price per barrel | $ / bbl	90
Ajax Resources, LLC
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Proceeds from sale of properties	$ 370,800,000
Acres of oil and gas property, net | a	25,800
Agreement effective date	Jan. 1, 2015
Purchase price adjustment, net		$ 1,000,000
Ajax Resources, LLC | Minimum
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Overriding royalty interest	1.00%
Ajax Resources, LLC | Maximum
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Overriding royalty interest	4.00%

Asset Retirement Obligations -

Asset Retirement Obligations - Summary of Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period		$ 378,322
Asset retirement obligation settlements		(3,180)	$ (19,554)
Accretion of discount		4,615
Revisions of estimated liabilities	[1]	(19,993)
Asset retirement obligations, end of period		359,764
Less current portion		83,778		$ 84,335
Long-term		$ 275,986		$ 293,987
[1]	Revisions were primarily related to reduced cost estimates from service providers for plug and abandonment work at certain locations.

Derivative Financial Instrume33

Derivative Financial Instruments - Additional Information (Details)	Mar. 31, 2015DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Number of open derivative instruments	0

Derivative Financial Instrume34

Derivative Financial Instruments - Open Commodity Derivatives (Details)	3 Months Ended
	Mar. 31, 2016MMBTU$ / Derivativebbl
NYMEX Crude Oil - Two-Way Collars
Derivatives Fair Value [Line Items]
Notional Quantity (Bbls) | bbl	1,375,000	[1]
NYMEX Crude Oil - Two-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	40
NYMEX Crude Oil - Two-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	81.47
NYMEX Natural Gas - Three-Way Collars
Derivatives Fair Value [Line Items]
Notional Quantity (MMBTUs) | MMBTU	9,800,000	[1]
NYMEX Natural Gas - Three-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	2.25
NYMEX Natural Gas - Three-Way Collars | Call Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.77
NYMEX Natural Gas - Three-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.50
2016: 2nd Quarter | NYMEX Crude Oil - Two-Way Collars
Derivatives Fair Value [Line Items]
Termination Period	2nd Quarter
Notional Quantity (Bbls/day) | bbl	5,000	[1]
Notional Quantity (Bbls) | bbl	455,000	[1]
2016: 2nd Quarter | NYMEX Crude Oil - Two-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	40
2016: 2nd Quarter | NYMEX Crude Oil - Two-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	81.47
2016: 2nd Quarter | NYMEX Natural Gas - Three-Way Collars
Derivatives Fair Value [Line Items]
Termination Period	2nd Quarter	[2]
Notional Quantity (MMBTUs/day) | MMBTU	40,000	[1],[2]
Notional Quantity (MMBTUs) | MMBTU	2,440,000	[1],[2]
2016: 2nd Quarter | NYMEX Natural Gas - Three-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	2.25	[2]
2016: 2nd Quarter | NYMEX Natural Gas - Three-Way Collars | Call Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.77	[2]
2016: 2nd Quarter | NYMEX Natural Gas - Three-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.50	[2]
2016: 3rd Quarter | NYMEX Crude Oil - Two-Way Collars
Derivatives Fair Value [Line Items]
Termination Period	3rd Quarter
Notional Quantity (Bbls/day) | bbl	5,000	[1]
Notional Quantity (Bbls) | bbl	460,000	[1]
2016: 3rd Quarter | NYMEX Crude Oil - Two-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	40
2016: 3rd Quarter | NYMEX Crude Oil - Two-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	81.47
2016: 3rd Quarter | NYMEX Natural Gas - Three-Way Collars
Derivatives Fair Value [Line Items]
Termination Period	3rd Quarter
Notional Quantity (MMBTUs/day) | MMBTU	40,000	[1]
Notional Quantity (MMBTUs) | MMBTU	3,680,000	[1]
2016: 3rd Quarter | NYMEX Natural Gas - Three-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	2.25
2016: 3rd Quarter | NYMEX Natural Gas - Three-Way Collars | Call Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.77
2016: 3rd Quarter | NYMEX Natural Gas - Three-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.50
2016: 4th Quarter | NYMEX Crude Oil - Two-Way Collars
Derivatives Fair Value [Line Items]
Termination Period	4th Quarter
Notional Quantity (Bbls/day) | bbl	5,000	[1]
Notional Quantity (Bbls) | bbl	460,000	[1]
2016: 4th Quarter | NYMEX Crude Oil - Two-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	40
2016: 4th Quarter | NYMEX Crude Oil - Two-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	81.47
2016: 4th Quarter | NYMEX Natural Gas - Three-Way Collars
Derivatives Fair Value [Line Items]
Termination Period	4th Quarter
Notional Quantity (MMBTUs/day) | MMBTU	40,000	[1]
Notional Quantity (MMBTUs) | MMBTU	3,680,000	[1]
2016: 4th Quarter | NYMEX Natural Gas - Three-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	2.25
2016: 4th Quarter | NYMEX Natural Gas - Three-Way Collars | Call Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.77
2016: 4th Quarter | NYMEX Natural Gas - Three-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.50
[1]	Volume Measurements: Bbls – barrelsMMBTUs – million British Thermal Units.
[2]	The natural gas derivative contracts are priced and closed in the last week prior to the related production month. Natural gas derivative contracts related to April 2016 production were priced and closed in March 2016 and are not included in the above table as these were not open derivative contracts as of March 31, 2016.

Derivative Financial Instrume35

Derivative Financial Instruments - Estimated Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Prepaid And Other Assets
Derivatives Fair Value [Line Items]
Fair value of commodity derivative contracts	$ 6,060	$ 7,672

Derivative Financial Instrume36

Derivative Financial Instruments - Changes in Fair Value and Settlements of Commodity Derivative Contracts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Gain Loss On Derivative Instruments Net Pretax [Abstract]
Derivative gain	$ (2,493)

Derivative Financial Instrume37

Derivative Financial Instruments - Cash Receipts on Derivative Settlements, Net Included within Net Cash Provided by Operating Activities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Cash receipts on derivative settlements, net	$ 4,105

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 29, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Revolving bank credit facility	$ 288,000	$ 340,000
Total long-term debt	1,484,953		$ 1,196,855
Current maturities of long-term debt	138,999
Long-term debt, less current maturities	1,345,954		1,196,855
8.50% Senior Notes
Debt Instrument [Line Items]
Principal	900,000		900,000
Debt premiums, net of amortization	9,834		10,503
Debt issuance costs, net of amortization	(5,848)		(6,274)
9.00% Term Loan due 2020
Debt Instrument [Line Items]
Principal	300,000		300,000
Debt issuance costs, net of amortization	(4,468)		(4,685)
Debt discounts, net of amortization	$ (2,565)		$ (2,689)

Long-Term Debt - Long-Term De39

Long-Term Debt - Long-Term Debt (Parenthetical) (Details)	Mar. 31, 2016	Dec. 31, 2015	May. 31, 2015
8.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	8.50%	8.50%
9.00% Term Loan due 2020
Debt Instrument [Line Items]
Debt instrument interest rate	9.00%	9.00%	9.00%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	Jun. 30, 2016	May. 30, 2016	May. 02, 2016	Mar. 31, 2016	Mar. 31, 2015	Mar. 23, 2016	Feb. 29, 2016	Dec. 31, 2015	May. 31, 2015
Debt Instrument [Line Items]
First lien leverage ratio				148.00%
Current ratio				284.00%
Secured debt leverage ratio				302.00%
Revolving bank credit facility				$ 288,000,000			$ 340,000,000
Repayments of revolving bank credit facility				$ 52,000,000	$ 15,000,000
Maximum
Debt Instrument [Line Items]
First lien leverage ratio				150.00%
Current ratio				100.00%
Secured debt leverage ratio				350.00%
Minimum
Debt Instrument [Line Items]
First lien leverage ratio				100.00%
Current ratio				100.00%
Secured debt leverage ratio				100.00%
8.50% Senior Notes due June 2019
Debt Instrument [Line Items]
Debt instrument interest rate				8.50%				8.50%
Debt instrument payment terms				semi-annually in arrears on June 15 and December 15
Effective interest rate				8.40%
Senior notes maturity date				Jun. 15, 2019
9.00% Term Loan due 2020
Debt Instrument [Line Items]
Debt instrument interest rate				9.00%				9.00%	9.00%
Debt instrument payment terms				Interest on the 9.00% Term Loan is payable in arrears semi-annually on May 15 and November 15
Effective interest rate									9.70%
Revolving Bank Credit Facility Due November 2018
Debt Instrument [Line Items]
Effective interest rate				4.70%
Borrowings and letters of credit, repayment terms				To the extent borrowings and letters of credit outstanding exceed the redetermined borrowing base, such excess or deficiency is required to be repaid within 90 days in three equal monthly payments.
Credit agreement expiration date				Nov. 8, 2018
Revolving bank credit facility				$ 288,000,000			340,000,000
Repayments of revolving bank credit facility				52,000,000
Revolving bank credit facility borrowing base						$ 150,000,000	$ 350,000,000
Unamortized costs related to Credit Agreement				1,400,000
Letters of credit outstanding				1,000,000				$ 900,000
Revolving Bank Credit Facility Due November 2018 | Scenario, Forecast
Debt Instrument [Line Items]
Repayments of revolving bank credit facility	$ 64,000,000	$ 64,000,000
Revolving Bank Credit Facility Due November 2018 | Subsequent Event
Debt Instrument [Line Items]
Repayments of revolving bank credit facility			$ 12,000,000
Revolving Bank Credit Facility Due November 2018 | Letter Of Credit
Debt Instrument [Line Items]
Revolving bank credit facility maximum lender commitment				$ 150,000,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2016	Dec. 31, 2015	May. 31, 2015
8.50% Senior Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	8.50%	8.50%
9.00% Term Loan due 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	9.00%	9.00%	9.00%
Fair Value, Inputs, Level 2 | 8.50% Senior Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	8.50%
Fair Value, Inputs, Level 2 | 9.00% Term Loan due 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	9.00%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Derivatives Financial Instruments and Long-Term Senior Notes (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of commodity derivative contracts		$ 6,060	$ 7,672
Revolving bank credit facility	[1]	288,000
8.50% Senior Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt, senior notes fair value	[1]	108,000	324,000
9.00% Term Loan due 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt, term loan fair value	[1]	$ 144,000	$ 217,500
[1]	The long-term debt items are reported on the Condensed Consolidated Balance Sheets at their carrying value as described in Note 5.

Fair Value Measurements - Sch43

Fair Value Measurements - Schedule of Fair Value of Derivatives Financial Instruments and Long-Term Debt (Parenthetical) (Details)	Mar. 31, 2016	Dec. 31, 2015	May. 31, 2015
8.50% Senior Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	8.50%	8.50%
9.00% Term Loan due 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	9.00%	9.00%	9.00%

Share-Based Compensation and 44

Share-Based Compensation and Cash-Based Incentive Compensation - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for award under plans	4,239,548
Directors Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for award under plans	444,024
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	0
Number of shares forfeited	46,293
Performance based awards, percentage			100.00%	100.00%
Unrecognized share-based compensation expense	$ 10,300,000
Recognition period for unrecognized compensation expense	2017-11
Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	0	0
Number of shares forfeited	0	0
Number of shares vested	0	0
Unrecognized share-based compensation expense	$ 400,000
Recognition period for unrecognized compensation expense	2018-04
Cash-Based Incentive Awards | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Adjusted EBITDA less interest expense	$ 300,000,000

Share-Based Compensation and 45

Share-Based Compensation and Cash-Based Incentive Compensation - Outstanding Restricted Shares Issued to Non-employee Directors (Details) - Restricted Shares	Mar. 31, 2016shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	78,230
2,016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	43,058
2,017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	20,092
2,018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	15,080

Share-Based Compensation and 46

Share-Based Compensation and Cash-Based Incentive Compensation - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, beginning of period	3,474,079
Forfeited	(46,293)
Nonvested, end of period	3,427,786
Weighted Average Grant Date Value	$ 7.43	$ 7.42
Weighted Average Grant Date Fair Value, Forfeited	$ 6.71

Share-Based Compensation and 47

Share-Based Compensation and Cash-Based Incentive Compensation - Schedule of Outstanding Restricted Stock Units Issued to Eligible Employees (Details) - Restricted Stock Units (RSUs) - shares	Mar. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	3,427,786	3,474,079
2,016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	992,344
2,017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	2,435,442

Share-Based Compensation and 48

Share-Based Compensation and Cash-Based Incentive Compensation - Summary of Incentive Compensation Expense under Share-Based Payment Arrangements and Related Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 2,536	$ 2,816
Tax benefit computed at the statutory rate	888	986
Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	87	93
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 2,449	2,817
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation		$ (94)

Share-Based Compensation and 49

Share-Based Compensation and Cash-Based Incentive Compensation - Summary of Incentive Compensation Expense (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation charged to operating income		$ 2,536	$ 2,816
Total charged to operating income		2,536	2,944
General And Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation charged to operating income		$ 2,536	2,816
Cash-based incentive compensation charged to operating income	[1]		(233)
Lease Operating Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Cash-based incentive compensation charged to operating income			$ 361
[1]	Adjustments to true up estimates to actual payments resulted in net credit balances to expense for the three months ended March 31, 2015.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax benefit	$ (4,882)	$ (103,574)
Effective tax rate	2.50%	28.90%
Federal statutory income tax rate	35.00%
Valuation allowance	$ 60,000	$ 22,500
Minimum
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Tax years under examination	2,012
Maximum
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Tax years under examination	2,015

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Calculation of Basic and Diluted Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share, Basic and Diluted [Abstract]
Net loss	$ (190,509)	$ (255,095)
Weighted average common shares outstanding	76,428	75,857
Basic and diluted loss per common share	$ (2.49)	$ (3.36)
Shares excluded due to being anti-dilutive (weighted-average)	3,528	1,993

Dividends - Additional Informat

Dividends - Additional Information (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Paid cash dividends, per share	$ 0	$ 0

Contingencies - Additional Info

Contingencies - Additional Information (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2014USD ($)	Mar. 31, 2016USD ($)claim	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 15, 2014USD ($)	Dec. 31, 2010USD ($)
Loss Contingencies [Line Items]
Total outstanding orders amount		$ 260,800,000
Underpayment of royalties	$ 30,000
Under payment percentage of total royalty payments	0.0045%
Statutory fine payment relative to underpayment			$ 2,300,000
Amount accrued		0		$ 0
Loss contingency, range of possible loss, minimum					$ 0
Loss contingency, range of possible loss, maximum					$ 32,000,000
Insurance claims submitted for removal-of-wreck expenses		43,000,000
Notified disallowed amount in reductions taken by ONRR						$ 4,700,000
Proposed penalties		$ 1,000,000
BSEE
Loss Contingencies [Line Items]
Number of notices | claim		3
Proposed civil penalties related to various incidents of noncompliance, total		$ 7,100,000
Liberty Mutual Insurance Co
Loss Contingencies [Line Items]
Insurance claims received		5,000,000
Revised estimate
Loss Contingencies [Line Items]
Insurance claims receivable		31,000,000
Comprehensive General Liability policy
Loss Contingencies [Line Items]
Insurance claims received		1,000,000
Energy Package
Loss Contingencies [Line Items]
Insurance claims received		1,000,000
Starr Marine
Loss Contingencies [Line Items]
Insurance claims received		$ 5,000,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	1 Months Ended
	Mar. 31, 2016USD ($)Order	Feb. 29, 2016USD ($)Order
Subsequent Events [Abstract]
Supplemental bonding required by Bureau of Ocean Energy Management | $	$ 68	$ 159.8
Number of supplemental bonding order | Order	2	3

Supplemental Guarantor Inform55

Supplemental Guarantor Information - Additional Information (Details)	Mar. 31, 2016	Dec. 31, 2015	May. 31, 2015
Debt Instrument [Line Items]
Percentage of subsidiaries owned	100.00%
8.50% Senior Notes due June 2019
Debt Instrument [Line Items]
Debt instrument interest rate	8.50%	8.50%
9.00% Term Loan due 2020
Debt Instrument [Line Items]
Debt instrument interest rate	9.00%	9.00%	9.00%

Supplemental Guarantor Inform56

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 370,623	$ 85,414	$ 8,367	$ 23,666
Receivables:
Oil and natural gas sales	27,903	35,005
Joint interest and other	17,006	22,012
Total receivables	44,909	57,017
Prepaid expenses and other assets	23,035	26,879
Total current assets	438,567	169,310
Property and equipment - at cost:
Oil and natural gas properties and equipment	7,895,402	7,902,494
Furniture, fixtures and other	20,802	20,802
Total property and equipment	7,916,204	7,923,296
Less accumulated depreciation, depletion and amortization	7,108,925	6,933,247
Net property and equipment	807,279	990,049
Deferred income taxes	32,553	27,595
Restricted deposits for asset retirement obligations	16,171	15,606
Other assets	4,225	5,462
Total assets	1,298,795	1,208,022
Current liabilities:
Accounts payable	92,045	109,797
Undistributed oil and natural gas proceeds	20,654	21,439
Asset retirement obligations	83,778	84,335
Accrued liabilities	39,486	11,922
Current portion of long-term debt	138,999
Total current liabilities	374,962	227,493
Long-term debt, less current maturities	1,345,954	1,196,855
Asset retirement obligations, less current portion	275,986	293,987
Other liabilities	16,357	16,178
Shareholders’ equity (deficit):
Common stock	1	1
Additional paid-in capital	426,035	423,499
Retained earnings (deficit)	(1,116,333)	(925,824)
Treasury stock, at cost	(24,167)	(24,167)
Total shareholders’ equity (deficit)	(714,464)	(526,491)
Total liabilities and shareholders’ equity (deficit)	1,298,795	1,208,022
Parent Company
Current assets:
Cash and cash equivalents	370,623	85,414	$ 8,367	$ 23,666
Receivables:
Oil and natural gas sales	197	2,742
Joint interest and other	116,184	121,190
Total receivables	116,381	123,932
Prepaid expenses and other assets	19,776	25,375
Total current assets	506,780	234,721
Property and equipment - at cost:
Oil and natural gas properties and equipment	5,668,440	5,682,793
Furniture, fixtures and other	20,802	20,802
Total property and equipment	5,689,242	5,703,595
Less accumulated depreciation, depletion and amortization	5,276,838	5,258,563
Net property and equipment	412,404	445,032
Deferred income taxes	31,003	27,251
Restricted deposits for asset retirement obligations	16,171	15,606
Other assets	424,515	498,782
Total assets	1,390,873	1,221,392
Current liabilities:
Accounts payable	82,318	100,282
Undistributed oil and natural gas proceeds	18,915	20,463
Asset retirement obligations	66,816	63,716
Accrued liabilities	39,486	11,922
Current portion of long-term debt	138,999
Total current liabilities	346,534	196,383
Long-term debt, less current maturities	1,345,954	1,196,855
Asset retirement obligations, less current portion	154,272	173,105
Other liabilities	335,043	329,129
Shareholders’ equity (deficit):
Common stock	1	1
Additional paid-in capital	426,035	423,499
Retained earnings (deficit)	(1,192,799)	(1,073,413)
Treasury stock, at cost	(24,167)	(24,167)
Total shareholders’ equity (deficit)	(790,930)	(674,080)
Total liabilities and shareholders’ equity (deficit)	1,390,873	1,221,392
Guarantor Subsidiaries
Receivables:
Oil and natural gas sales	27,706	32,263
Total receivables	27,706	32,263
Prepaid expenses and other assets	3,259	1,504
Total current assets	30,965	33,767
Property and equipment - at cost:
Oil and natural gas properties and equipment	2,226,962	2,219,701
Total property and equipment	2,226,962	2,219,701
Less accumulated depreciation, depletion and amortization	1,908,552	1,822,273
Net property and equipment	318,410	397,428
Deferred income taxes	1,550	344
Other assets	272,483	266,748
Total assets	623,408	698,287
Current liabilities:
Accounts payable	9,727	9,515
Undistributed oil and natural gas proceeds	1,739	976
Asset retirement obligations	16,962	20,619
Accrued liabilities	99,178	99,178
Total current liabilities	127,606	130,288
Asset retirement obligations, less current portion	121,714	120,882
Shareholders’ equity (deficit):
Additional paid-in capital	704,885	704,885
Retained earnings (deficit)	(330,797)	(257,768)
Total shareholders’ equity (deficit)	374,088	447,117
Total liabilities and shareholders’ equity (deficit)	623,408	698,287
Eliminations
Receivables:
Joint interest and other	(99,178)	(99,178)
Total receivables	(99,178)	(99,178)
Total current assets	(99,178)	(99,178)
Property and equipment - at cost:
Less accumulated depreciation, depletion and amortization	(76,465)	(147,589)
Net property and equipment	76,465	147,589
Other assets	(692,773)	(760,068)
Total assets	(715,486)	(711,657)
Current liabilities:
Accrued liabilities	(99,178)	(99,178)
Total current liabilities	(99,178)	(99,178)
Other liabilities	(318,686)	(312,951)
Shareholders’ equity (deficit):
Additional paid-in capital	(704,885)	(704,885)
Retained earnings (deficit)	407,263	405,357
Total shareholders’ equity (deficit)	(297,622)	(299,528)
Total liabilities and shareholders’ equity (deficit)	$ (715,486)	$ (711,657)

Supplemental Guarantor Inform57

Supplemental Guarantor Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Condensed Income Statements Captions [Line Items]
Revenues	$ 77,715	$ 127,907
Operating costs and expenses:
Lease operating expenses	44,469	53,331
Production taxes	526	637
Gathering and transportation	5,092	4,824
Depreciation, depletion, amortization and accretion	63,733	125,467
Ceiling test write-down of oil and natural gas properties	116,559	260,390	$ 987,200
General and administrative expenses	16,443	20,766
Derivative gain	(2,493)
Total costs and expenses	244,329	465,415
Operating income (loss)	(166,614)	(337,508)
Interest expense:
Incurred	27,814	22,946
Capitalized	(343)	(1,783)
Other (income) expense, net	1,306	(2)
Income (loss) before income tax expense (benefit)	(195,391)	(358,669)
Income tax benefit	(4,882)	(103,574)
Net income (loss)	(190,509)	(255,095)
Parent Company
Condensed Income Statements Captions [Line Items]
Revenues	30,512	82,463
Operating costs and expenses:
Lease operating expenses	24,945	37,386
Production taxes	526	637
Gathering and transportation	1,553	2,548
Depreciation, depletion, amortization and accretion	20,623	75,152
Ceiling test write-down of oil and natural gas properties		190,695
General and administrative expenses	6,613	12,388
Derivative gain	(2,493)
Total costs and expenses	51,767	318,806
Operating income (loss)	(21,255)	(236,343)
Earnings (loss) of affiliates	(73,029)	(65,627)
Interest expense:
Incurred	27,695	22,232
Capitalized	(224)	(1,069)
Other (income) expense, net	1,306	(2)
Income (loss) before income tax expense (benefit)	(123,061)	(323,131)
Income tax benefit	(3,676)	(68,036)
Net income (loss)	(119,385)	(255,095)
Guarantor Subsidiaries
Condensed Income Statements Captions [Line Items]
Revenues	47,203	45,444
Operating costs and expenses:
Lease operating expenses	19,524	15,945
Gathering and transportation	3,539	2,276
Depreciation, depletion, amortization and accretion	38,161	50,315
Ceiling test write-down of oil and natural gas properties	50,384	69,695
General and administrative expenses	9,830	8,378
Total costs and expenses	121,438	146,609
Operating income (loss)	(74,235)	(101,165)
Interest expense:
Incurred	119	714
Capitalized	(119)	(714)
Income (loss) before income tax expense (benefit)	(74,235)	(101,165)
Income tax benefit	(1,206)	(35,538)
Net income (loss)	(73,029)	(65,627)
Eliminations
Operating costs and expenses:
Depreciation, depletion, amortization and accretion	4,949
Ceiling test write-down of oil and natural gas properties	66,175
Total costs and expenses	71,124
Operating income (loss)	(71,124)
Earnings (loss) of affiliates	73,029	65,627
Interest expense:
Income (loss) before income tax expense (benefit)	1,905	65,627
Net income (loss)	$ 1,905	$ 65,627

Supplemental Guarantor Inform58

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Operating activities:
Net income (loss)	$ (190,509)	$ (255,095)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	63,733	125,467
Ceiling test write-down of oil and natural gas properties	116,559	260,390	$ 987,200
Debt issuance costs write-off/amortization of debt items	1,684	156
Share-based compensation	2,536	2,816
Derivative gain	(2,493)
Cash receipts on derivative settlements	4,105
Deferred income taxes	(4,882)	(103,574)
Changes in operating assets and liabilities:
Oil and natural gas receivables	8,165	21,121
Joint interest and other receivables	4,979	14,533
Income taxes	(310)	(325)
Prepaid expenses and other assets	1,317	17,246
Asset retirement obligation settlements	(3,180)	(19,554)
Accounts payable, accrued liabilities and other	28,005	(10,263)
Net cash provided by operating activities	29,709	52,918
Investing activities:
Investment in oil and natural gas properties and equipment	(12,903)	(82,765)
Changes in operating assets and liabilities associated with investing activities	(20,680)	(52,176)
Proceeds from sales of assets	1,000
Purchases of furniture, fixtures and other		(226)
Net cash used in investing activities	(32,583)	(135,167)
Financing activities:
Borrowings of long-term debt - revolving bank credit facility	340,000	82,000
Repayments of long-term debt - revolving bank credit facility	(52,000)	(15,000)
Other	83	(50)
Net cash provided by financing activities	288,083	66,950
Increase (decrease) in cash and cash equivalents	285,209	(15,299)
Cash and cash equivalents, beginning of period	85,414	23,666	23,666
Cash and cash equivalents, end of period	370,623	8,367	85,414
Parent Company
Operating activities:
Net income (loss)	(119,385)	(255,095)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	20,623	75,152
Ceiling test write-down of oil and natural gas properties		190,695
Debt issuance costs write-off/amortization of debt items	1,684	156
Share-based compensation	2,536	2,816
Derivative gain	(2,493)
Cash receipts on derivative settlements	4,105
Deferred income taxes	(3,676)	(83,649)
Earnings (loss) of affiliates	73,029	65,627
Changes in operating assets and liabilities:
Oil and natural gas receivables	3,606	14,636
Joint interest and other receivables	4,979	14,533
Income taxes	(310)	15,287
Prepaid expenses and other assets	3,072	(21,690)
Asset retirement obligation settlements	(584)	(19,122)
Accounts payable, accrued liabilities and other	14,773	(40,260)
Net cash provided by operating activities	1,959	(40,914)
Investing activities:
Investment in oil and natural gas properties and equipment	(3,147)	(18,750)
Changes in operating assets and liabilities associated with investing activities	(2,686)	(22,562)
Proceeds from sales of assets	1,000
Investment in subsidiary		203
Purchases of furniture, fixtures and other		(226)
Net cash used in investing activities	(4,833)	(41,335)
Financing activities:
Borrowings of long-term debt - revolving bank credit facility	340,000	82,000
Repayments of long-term debt - revolving bank credit facility	(52,000)	(15,000)
Other	83	(50)
Net cash provided by financing activities	288,083	66,950
Increase (decrease) in cash and cash equivalents	285,209	(15,299)
Cash and cash equivalents, beginning of period	85,414	23,666	23,666
Cash and cash equivalents, end of period	370,623	8,367	$ 85,414
Guarantor Subsidiaries
Operating activities:
Net income (loss)	(73,029)	(65,627)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	38,161	50,315
Ceiling test write-down of oil and natural gas properties	50,384	69,695
Deferred income taxes	(1,206)	(19,925)
Changes in operating assets and liabilities:
Oil and natural gas receivables	4,559	6,485
Income taxes		(15,612)
Prepaid expenses and other assets	(7,492)	68,599
Asset retirement obligation settlements	(2,596)	(432)
Accounts payable, accrued liabilities and other	18,969	334
Net cash provided by operating activities	27,750	93,832
Investing activities:
Investment in oil and natural gas properties and equipment	(9,756)	(64,015)
Changes in operating assets and liabilities associated with investing activities	(17,994)	(29,614)
Net cash used in investing activities	(27,750)	(93,629)
Financing activities:
Investment from parent		(203)
Net cash provided by financing activities		(203)
Eliminations
Operating activities:
Net income (loss)	1,905	65,627
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	4,949
Ceiling test write-down of oil and natural gas properties	66,175
Earnings (loss) of affiliates	(73,029)	(65,627)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	5,737	(29,663)
Accounts payable, accrued liabilities and other	$ (5,737)	29,663
Investing activities:
Investment in subsidiary		(203)
Net cash used in investing activities		(203)
Financing activities:
Investment from parent		203
Net cash provided by financing activities		$ 203