W&T Offshore (WTI) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		76,634,957

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 171,824	$ 85,414
Receivables:
Oil and natural gas sales	34,841	35,005
Joint interest and other	20,145	22,012
Income taxes	5,599
Total receivables	60,585	57,017
Prepaid expenses and other assets	18,258	26,879
Total current assets	250,667	169,310
Property and equipment - at cost:
Oil and natural gas properties and equipment (full cost method, of which $5,267 at June 30, 2016 and $18,595 at December 31, 2015 were excluded from amortization)	7,901,252	7,902,494
Furniture, fixtures and other	20,873	20,802
Total property and equipment	7,922,125	7,923,296
Less accumulated depreciation, depletion and amortization	7,266,289	6,933,247
Net property and equipment	655,836	990,049
Deferred income taxes	8,463	27,595
Restricted deposits for asset retirement obligations	26,409	15,606
Income tax receivables	52,097
Other assets	4,882	5,462
Total assets	998,354	1,208,022
Current liabilities:
Accounts payable	92,852	109,797
Undistributed oil and natural gas proceeds	20,659	21,439
Asset retirement obligations	91,296	84,335
Accrued liabilities	12,011	11,922
Total current liabilities	216,818	227,493
Long-term debt	1,345,051	1,196,855
Asset retirement obligations, less current portion	252,826	293,987
Other liabilities	16,462	16,178
Commitments and contingencies
Shareholders’ deficit:
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at June 30, 2016 and December 31, 2015
Common stock, $0.00001 par value; 118,330,000 shares authorized; 79,504,130 issued and 76,634,957 outstanding at June 30, 2016; 79,375,662 issued and 76,506,489 outstanding at December 31, 2015	1	1
Additional paid-in capital	428,618	423,499
Retained earnings (deficit)	(1,237,255)	(925,824)
Treasury stock, at cost; 2,869,173 shares at June 30, 2016 and December 31, 2015	(24,167)	(24,167)
Total shareholders’ deficit	(832,803)	(526,491)
Total liabilities and shareholders’ deficit	$ 998,354	$ 1,208,022

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Oil and natural gas properties and equipment - full cost method, amount excluded from amortization	$ 5,267	$ 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	79,504,130	79,375,662
Common stock, outstanding	76,634,957	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		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Statement [Abstract]
Revenues	$ 99,655	$ 149,066	$ 177,370	$ 276,973
Operating costs and expenses:
Lease operating expenses	36,622	45,130	81,091	98,461
Production taxes	370	1,000	896	1,637
Gathering and transportation	6,398	4,793	11,490	9,617
Depreciation, depletion, amortization and accretion	57,493	103,342	121,226	228,809
Ceiling test write-down of oil and natural gas properties	104,592	252,772	221,151	513,162	$ 987,200
General and administrative expenses	16,235	19,757	32,678	40,523
Derivative loss	4,942	1,078	2,449	1,078
Total costs and expenses	226,652	427,872	470,981	893,287
Operating income (loss)	(126,997)	(278,806)	(293,611)	(616,314)
Interest expense:
Incurred	29,773	26,116	57,587	49,062
Capitalized	(102)	(2,024)	(445)	(3,807)
Other (income) expense, net	(24)	1,685	1,282	1,683
Income (loss) before income tax expense (benefit)	(156,644)	(304,583)	(352,035)	(663,252)
Income tax benefit	(35,722)	(44,134)	(40,604)	(147,708)
Net income (loss)	$ (120,922)	$ (260,449)	$ (311,431)	$ (515,544)
Basic and diluted loss per common share	$ (1.58)	$ (3.43)	$ (4.07)	$ (6.79)

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes In Shareholders' Deficit - 6 months ended Jun. 30, 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	5,121		5,121
Stock Issued, shares		129
Other	(2)		(2)
Net loss	(311,431)			(311,431)
Ending Balances at Jun. 30, 2016	$ (832,803)	$ 1	$ 428,618	$ (1,237,255)	$ (24,167)
Ending Balances (in shares) at Jun. 30, 2016		76,635			2,869

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Operating activities:
Net loss	$ (120,922)	$ (260,449)	$ (311,431)	$ (515,544)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	57,493	103,342	121,226	228,809
Ceiling test write-down of oil and natural gas properties	104,592	252,772	221,151	513,162	$ 987,200
Debt issuance costs write-off/amortization of debt items			1,880	2,432
Share-based compensation	2,585	2,892	5,121	5,708
Derivative loss	4,942	1,078	2,449	1,078
Cash receipts on derivative settlements			4,746
Deferred income taxes			19,285	(147,708)
Changes in operating assets and liabilities:
Oil and natural gas receivables			1,226	15,285
Joint interest and other receivables			1,763	11,036
Income taxes			(57,931)	(325)
Prepaid expenses and other assets			(10,365)	8,929
Asset retirement obligation settlements			(25,156)	(21,939)
Accounts payable, accrued liabilities and other			14,767	(20,013)
Net cash provided by (used in) operating activities			(11,269)	80,910
Investing activities:
Investment in oil and natural gas properties and equipment			(17,712)	(150,994)
Changes in operating assets and liabilities associated with investing activities			(34,122)	(50,849)
Proceeds from sales of assets			1,500
Purchases of furniture, fixtures and other			(70)	(709)
Net cash used in investing activities			(50,404)	(202,552)
Financing activities:
Borrowings of long-term debt - revolving bank credit facility			340,000	194,000
Repayments of long-term debt - revolving bank credit facility			(192,000)	(381,000)
Issuance of 9.00% Term Loan				297,000
Debt issuance costs				(6,407)
Other			83	54
Net cash provided by financing activities			148,083	103,647
Increase (decrease) in cash and cash equivalents			86,410	(17,995)
Cash and cash equivalents, beginning of period			85,414	23,666	23,666
Cash and cash equivalents, end of period	$ 171,824	$ 5,671	$ 171,824	$ 5,671	$ 85,414

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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, proved reserves 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 half of 2016 on an average basis. Steps taken during 2015 and the first half of 2016 to mitigate the effects of these lower prices include: (i) significantly reducing the budgeted capital spending for 2015 and 2016 from historical levels; (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 and the Notes herein for additional information. In February and March 2016, we received several orders from the Bureau of Ocean Energy Management (“BOEM”) requiring that we provide additional security in the aggregate of $260.8 million, with amounts specified with respect to certain designated leases, rights of use and easement (“RUE”) and rights of way (“ROW”). We have filed appeals with the Interior Board of Land Appeals (“IBLA”), and the IBLA, acknowledging the on-going settlement discussions with the BOEM, stayed the effectiveness of the BOEM orders to August 31, 2016. 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 June 30, 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. On July 25, 2016, we announced commencement of an exchange offer and consent solicitation to eligible holders for certain notes and, in conjunction with the exchange offer, obtaining $75.0 million of additional capital through borrowings on a term loan (the “1.5 Lien Term Loan”), which will be junior only to the revolving bank credit facility and certain other customary permitted liens and will be secured by a 1.5 priority lien on all assets granted to secure indebtedness under our revolving bank credit facility. The net proceeds from the 1.5 Lien Term Loan will be used to reduce borrowings under our revolving bank credit facility. The exchange offer, consents and 1.5 Lien Term Loan will be subject to additional approvals and agreements with certain stakeholders. Such transactions, if successful, will enhance our liquidity and help our ability to continue as a going-concern entity. See Notes 11 and 12 for additional information. 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 two quarters of 2016 and in every quarter of 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 (in thousands): June 30, December 31, 2016 2015 Derivative assets – current (1) $ 671 $ 10,036 Prepaid insurance and surety bonds 9,172 7,475 Prepaid deposits related to royalties 5,373 5,943 Other 3,042 3,425 Prepaid expenses and other $ 18,258 $ 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 In June 2016, the FASB issued Accounting Standards Update No. 2016-13, (“ASU 2016-13”), Financial Instruments – Credit Losses Subtopic 326

Divestitures

Divestitures	6 Months Ended
	Jun. 30, 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 $370.9 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 $0.9 million for final customary effective date adjustments was recorded during the six months ended June 30, 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”) equal to a variable percentage 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	6 Months Ended
	Jun. 30, 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 (25,156 ) Accretion of discount 9,335 Revisions of estimated liabilities (1) (18,379 ) Balance, June 30, 2016 344,122 Less current portion 91,296 Long-term $ 252,826 (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	6 Months Ended
	Jun. 30, 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 June 30, 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 collars” consisting 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. As of June 30, 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: 3rd Quarter 5,000 460,000 $ 40.00 $ 81.47 4th Quarter 5,000 460,000 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: 3rd Quarter (2) 40,000 2,440,000 $ 2.25 $ 3.50 $ 3.77 4th Quarter 40,000 3,680,000 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 July 2016 production were priced and closed in June 2016 and are not included in the above table as these were not open derivative contracts as of June 30, 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): June 30, December 31, 2016 2015 Prepaid and other assets $ 594 $ 7,672 Accrued liabilities 117 — Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Derivative loss $ 4,942 $ 1,078 $ 2,449 $ 1,078 Cash receipts, net, on commodity derivative contract settlements are included within Net cash provided by operating activities Six Months Ended June 30, 2016 2015 Cash receipts on derivative settlements, net $ 4,746 $ — 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.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	5. Long-Term Debt Our long-term debt was as follows (in thousands): June 30, December 31, 2016 2015 8.50% Senior Notes: Principal $ 900,000 $ 900,000 Debt premiums, net of amortization 9,151 10,503 Debt issuance costs, net of amortization (5,417 ) (6,274 ) 9.00% Term Loan: Principal 300,000 300,000 Debt discounts, net of amortization (2,437 ) (2,689 ) Debt issuance costs, net of amortization (4,246 ) (4,685 ) Revolving bank credit facility 148,000 — Total long-term debt 1,345,051 1,196,855 Current maturities of long-term debt — — Long term debt, less current maturities $ 1,345,051 $ 1,196,855 8.50% Senior Notes At June 30, 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 June 30, 2016. 9.00% Term Loan At June 30, 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 June 30, 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 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 June 30, 2016, our the First Lien Ratio was 0.95 to 1.00, the Current Ratio was 2.01 to 1.00 and the Secured Debt Leverage Ratio was 2.86 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 June 30, 2016. On March 23, 2016, the banks reduced our borrowing base from $350.0 million to $150.0 million in connection with the spring borrowing base redetermination. Pursuant to the terms of the Credit Agreement, we repaid the borrowing base deficiencies to be in conformity with the limitation of the new borrowing base as of June 30, 2016. The reduction in the borrowing base resulted in a proportional reduction in the unamortized costs related to the Credit Agreement of $1.4 million for the six months ended June 30, 2016, which is included in the line Other expense, net The estimated annual effective interest rate was 5.5% for the six months ended June 30, 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. As of both June 30, 2016 and December 31, 2015, we had $0.9 million of letters of credit outstanding under the revolving bank credit facility 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. See Note 12 for information on events occurring subsequent to June 30, 2016 concerning the 8.50% Senior Notes.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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): June 30, 2016 December 31, 2015 Hierarchy Assets Liabilities Assets Liabilities Derivatives Level 2 $ 594 $ 117 $ 7,672 $ — 8.50% Senior Notes (1) Level 2 — 222,750 — 324,000 9.00% Term Loan (1) Level 2 — 183,000 — 217,500 Revolving bank credit facility (1) Level 2 — 148,000 — — (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	6 Months Ended
	Jun. 30, 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 Awards to Employees. 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 and in May 2016. The May 2016 amendment increased the number of shares available in the Plan by 3,300,000 shares. As allowed by the Plan, during 2015 and 2014, the Company granted restricted stock units (“RSUs”) to certain of its employees. During the six months ended June 30, 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 adjustments at the end of the applicable performance period based on the results 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. As of June 30, 2016, there were 7,537,208 shares of common stock available for issuance in satisfaction of awards under the Plan. The shares available for issuance are reduced when RSUs are settled in shares of common stock, net of withholding tax. Although the Company has the option at vesting to settle RSUs in stock or cash, or a combination of stock and cash, only common stock has been used to settle vested RSUs to date. RSUs currently outstanding have been adjusted for performance achieved against predetermined criteria for the applicable performance year. The RSUs outstanding continue to be subject to employment-based criteria and vesting occurs in December of the second year after the grant. See the second table below for potential vesting by year. We recognize compensation cost for share-based payments to employees over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the RSUs granted during 2015 and 2014 were determined using the Company’s closing price on the grant date. We are also required to estimate forfeitures, resulting in the recognition of compensation cost only for those awards that are expected to actually vest. All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. Dividend equivalents are earned at the same rate as dividends are paid on our common stock, if any, after achieving the specified performance requirements for 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 Vested (3,400 ) 18.45 Forfeited (86,838 ) 7.01 Nonvested, June 30, 2016 3,383,841 7.42 For the outstanding RSUs issued to the eligible employees as of June 30, 2016, vesting is expected to occur as follows: Restricted Stock Units 2016 977,423 2017 2,406,418 Total 3,383,841 Awards to Non-Employee Directors . 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 2016, 2015 and 2014. As of June 30, 2016, there were 317,896 shares of common stock available for issuance in satisfaction of awards under the Director Compensation Plan. The shares available are reduced when Restricted Shares are granted. We recognize compensation cost for share-based payments to non-employee directors over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the Restricted Shares granted were determined using the Company’s closing price on the grant date. No forfeitures were estimated for the non-employee directors’ awards. The Restricted Shares are subject to service conditions and vesting occurs at the end of specified service periods unless approved by the Board. Restricted Shares cannot be sold, transferred or disposed of during the restricted period. The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares. A summary of activity in 2016 related to Restricted Shares is as follows: Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2015 78,230 $ 8.95 Granted 126,128 2.22 Vested (43,062 ) 9.75 Nonvested, June 30, 2016 161,296 3.47 Restricted Shares fair value at grant date and vested date: For the outstanding Restricted Shares issued to the non-employee directors as of June 30, 2016, vesting is expected to occur as follows: Restricted Shares 2017 62,136 2018 57,120 2019 42,040 Total 161,296 Share-Based Compensation. General and administrative expense Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Share-based compensation expense from: Restricted stock units $ 2,439 $ 2,802 $ 4,888 $ 5,619 Restricted Shares 146 90 233 183 Common shares — — — (94 ) Total $ 2,585 $ 2,892 $ 5,121 $ 5,708 Share-based compensation tax benefit: Tax benefit computed at the statutory rate $ 904 $ 1,012 $ 1,792 $ 1,998 Unrecognized Share-Based Compensation. As of June 30, 2016, unrecognized share-based compensation expense related to our awards of RSUs and Restricted Shares was $7.9 million and $0.5 million, respectively. Unrecognized share-based compensation expense will be recognized through November 2017 for RSUs and April 2019 for Restricted Shares. 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 June 30, 2016, no amounts have been recognized to date related to the 2015 cash-based incentive awards. During the six months ended June 30, 2016, no cash-based awards have been issued.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes Our income tax benefit for the three and six months ended June 30, 2016 was $35.7 million and $40.6 million, respectively. The annualized effective tax rate for the three and six months ended June 30, 2016 was 22.8% and 11.5%, respectively. Our income tax benefit for the three and six months ended June 30, 2015 was $44.1 million and $147.7 million, respectively. The annualized effective tax rate for the three and six months ended June 30, 2015 was 14.5% and 22.3%, respectively. Our annualized effective tax rates differ from the federal statutory rate of 35.0% for all periods presented primarily due to recording and adjusting a valuation allowance for our deferred tax assets. During the three months and six ended June 30, 2016, we recorded a valuation allowance of $22.3 million and $82.2 million, respectively, related to federal and state deferred tax assets. During the three and six months ended June 30, 2015, we recorded a valuation allowance of $62.9 million and $85.4 million, respectively. 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. As of June 30, 2016, we recorded a current income tax receivable of $5.6 million and non-current income tax receivables of $52.1 million. For the current income tax receivable, the amount is comprised principally of a net operating loss (“NOL”) claim for 2015 carried back to 2005 filed on Form 1139, Corporation Application for Tentative Refund . For the net amount classified as non-current income tax receivables, our NOL claims for the years 2012, 2013 and 2014 were carried back to the years 2003, 2004, 2007, 2010 and 2011 filed on Form 1120X, U.S. Corporation Income Tax Return . These carryback claims are made pursuant to Internal Revenue Code (“IRC”) Section 172(f) which permits certain platform dismantlement, well abandonment and site clearance costs to be carried back 10 years. The refund claims filed on Form 1120X will require a review by the Congressional Joint Committee on Taxation and are accordingly classified as non-current. We recognize interest and penalties related to unrecognized tax benefits in income tax expense. During the 2016 and 2015 periods reported, we recorded immaterial amounts of accrued interest expense related to our unrecognized tax benefit.

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Loss Per Share	9. Loss 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net loss $ (120,922 ) $ (260,449 ) $ (311,431 ) $ (515,544 ) Weighted average common shares outstanding 76,457 75,910 76,443 75,884 Basic and diluted loss per common share $ (1.58 ) $ (3.43 ) $ (4.07 ) $ (6.79 ) Shares excluded due to being anti-dilutive (weighted-average) 3,531 1,931 3,529 1,962

Dividends

Dividends	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Dividends	10. Dividends During the six months ended June 30, 2016 and the full year of 2015, we did not pay any dividends and a suspension of dividends remains in effect.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Contingencies	11. Contingencies Supplemental Bonding Requirements by the BOEM. The BOEM requires that lessees demonstrate financial strength and reliability according to its regulations or post surety bonds or other acceptable financial assurances that such decommissioning obligations will be satisfied. Prior to 2015, we were partially exempt from providing such financial assurances. The significant and sustained decline in crude oil and natural gas prices, however, has resulted in the Company no longer meeting the relevant financial strength and reliability criteria for such exemptions set forth in the current regulations and procedures of the BOEM. As a result, we were notified by the BOEM in 2015 that the Company was no longer eligible for any exemption from providing financial assurances to the BOEM. In February and March 2016, we received several demands from the BOEM ordering that we provide additional security in the aggregate of $260.8 million, with amounts specified with respect to certain designated leases, rights of use and easement and rights of way. We have filed appeals with the IBLA regarding four of the BOEM orders - specifically the February order requiring the Company to post a total of $159.8 million in additional security and three March orders requiring $101.0 million in additional security. The IBLA, acknowledging that the BOEM and the Company were seeking to resolve the BOEM orders through settlement discussions, stayed the effectiveness of the orders until June 30, 2016. Because settlement discussions were ongoing, on June 30, 2016, the IBLA again stayed the effectiveness of the orders until August 31, 2016. We continue to have discussions with the BOEM and its sister agency, the Bureau of Safety and Environmental Enforcement (the “BSEE”), in an effort to seek an acceptable resolution of the orders. Surety Bond Collateral. Some of the sureties under our existing supplemental surety bonds have requested collateral from us, and may request additional collateral from us, 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 (subsequently reduced to approximately $1.1 million) relative to such underpayment. We believe the fine is excessive 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 August 30, 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 June 30, 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 actual damages, interest, court costs, and attorneys’ fees. In February 2015, we made a payment to Apache for our net share of the amount that we believe was reasonable to plug and abandon the three wells. Our estimate of the potential exposure ranges from zero to $43.7 million (which is the amount claimed by Apache as of June 30, 2016). Such amount excludes potential interest, court costs and attorneys’ fees. Trial on this case is set for October 17, 2016. 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 the second half of 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 has had recent success in appealing one of the BSEE’s INCs. During the second quarter of 2016, the BSEE reconsidered and remanded their proposed civil penalty (dating from June 2014) following the Company’s successful appeal to the IBLA that supported the position that there was no basis for civil penalty consideration in this matter. The decision released approximately $1.0 million of potential contingency liability. 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 six months ended June 30, 2016 and 2015. As of June 30, 2016 and December 31, 2015, we had no material amounts recorded in liabilities for claims, complaints and fines.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Commencement of Exchange Offer and Consent Solicitation. On July 25, 2016, we announced the commencement of an exchange offer and consent solicitation to certain eligible holders of our outstanding 8.50% Senior Notes due 2019 for up to (i) 62,100,000 shares of common stock, par value $0.00001 per share, (ii) $202.5 million aggregate principal amount of new secured notes due 2020 and (iii) $180.0 million aggregate principal amount of new unsecured notes due 2021. Interest for the new secured notes may be paid-in-kind at our option at a rate of 10.75% per annum for 18 months after issuance and is otherwise payable in cash at a rate of 9% per annum. Interest for the new unsecured notes may be paid-in-kind at our option at a rate of 10.00% per annum for 24 months after issuance and is otherwise payable in cash at a rate of 8.5% per annum. Concurrently with the exchange offer, the Company is soliciting consents from holders of the 8.50% Senior Notes to adopt certain proposed amendments to the current indenture. The exchange offer is conditioned on the satisfaction or waiver of certain additional conditions, including, among other things, (i) shareholder approvals related to the increase in the number of authorized shares of the Company’s common stock and the issuance of the shares in the exchange offer, which our majority stockholder, Tracy W. Krohn, has stated he intends to approve, An amendment to the Credit Agreement will become effective in the event of consummation of the current exchange offer and certain related transactions on or before October 31, 2016, including the issuance of a $75.0 million 1.5 Lien Term Loan, the net proceeds of which would be applied to reduce amounts outstanding on our revolving bank credit facility. The amendment also provides that, in the event it becomes effective, the borrowing base will be reaffirmed at $150.0 million and will not be subject to a scheduled or elective interim redetermination until April 1, 2017. The amendment will also revise various financial ratio covenants upon effectiveness as follows: (i) the Secured Debt Leverage Ratio will be eliminated, (ii) the First Lien Leverage Ratio will increased from 1.50 to 1.00 to 2.50 to 1.00 as of the end of each fiscal quarter with a stepdown to 2.00 to 1.00 beginning with the fiscal quarter ending September 30, 2017 and (iii) the Company will maintain an Asset Coverage Ratio of Total Proved PV-10 to borrowings and letters of credit outstanding under the revolving bank credit facility of 1.25 to 1.00 to be measured quarterly up to and including the quarter ending December 31, 2016. New Capital Financing . We have entered into commitment papers with certain holders of the 8.50% Senior Notes to provide $75.0 million of additional capital through borrowings on a 1.5 Lien Term Loan, which financing commitment is contingent upon the consummation of the exchange offer described above. The 1.5 Lien Term Loan will be junior only to the revolving bank credit facility and certain other customary permitted liens and will be secured by a 1.5 priority lien on all assets granted to secure indebtedness under our revolving bank credit facility.

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 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 June 30, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Assets Current assets: Cash and cash equivalents $ 171,824 $ — $ — $ 171,824 Receivables: Oil and natural gas sales 2,626 32,215 — 34,841 Joint interest and other 20,145 — — 20,145 Income taxes 104,801 — (99,202 ) 5,599 Total receivables 127,572 32,215 (99,202 ) 60,585 Prepaid expenses and other assets 15,797 2,461 — 18,258 Total current assets 315,193 34,676 (99,202 ) 250,667 Property and equipment – at cost: Oil and natural gas properties and equipment 5,672,644 2,228,608 — 7,901,252 Furniture, fixtures and other 20,873 — — 20,873 Total property and equipment 5,693,517 2,228,608 — 7,922,125 Less accum. depreciation, depletion and amortization 5,297,078 1,973,181 (3,970 ) 7,266,289 Net property and equipment 396,439 255,427 3,970 655,836 Deferred income taxes 6,305 2,158 — 8,463 Restricted deposits for asset retirement obligations 26,409 — — 26,409 Income tax receivables 52,097 — — 52,097 Other assets 384,408 283,212 (662,738 ) 4,882 Total assets $ 1,180,851 $ 575,473 $ (757,970 ) $ 998,354 Liabilities and Shareholders’ Deficit Current liabilities: Accounts payable $ 85,708 $ 7,144 $ — $ 92,852 Undistributed oil and natural gas proceeds 18,751 1,908 — 20,659 Asset retirement obligations 72,906 18,390 — 91,296 Accrued liabilities 12,035 99,178 (99,202 ) 12,011 Total current liabilities 189,400 126,620 (99,202 ) 216,818 Long-term debt 1,345,051 — — 1,345,051 Asset retirement obligations, less current portion 137,295 115,531 — 252,826 Other liabilities 345,879 — (329,417 ) 16,462 Shareholders’ deficit: Common stock 1 — — 1 Additional paid-in capital 428,618 704,885 (704,885 ) 428,618 Retained earnings (deficit) (1,241,226 ) (371,563 ) 375,534 (1,237,255 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ deficit (836,774 ) 333,322 (329,351 ) (832,803 ) Total liabilities and shareholders’ deficit $ 1,180,851 $ 575,473 $ (757,970 ) $ 998,354 Condensed Consolidating Balance Sheet as of December 31, 2015 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) 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 accum. 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’ Deficit 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 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’ 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’ deficit (674,080 ) 447,117 (299,528 ) (526,491 ) Total liabilities and shareholders’ deficit $ 1,221,392 $ 698,287 $ (711,657 ) $ 1,208,022 Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 43,914 $ 55,741 $ — $ 99,655 Operating costs and expenses: Lease operating expenses 19,254 17,368 — 36,622 Production taxes 370 — — 370 Gathering and transportation 2,469 3,929 — 6,398 Depreciation, depletion, amortization and accretion 22,648 31,934 2,911 57,493 Ceiling test write-down of oil and natural gas properties — 35,008 69,584 104,592 General and administrative expenses 7,360 8,875 — 16,235 Derivative loss 4,942 — — 4,942 Total costs and expenses 57,043 97,114 72,495 226,652 Operating loss (13,129 ) (41,373 ) (72,495 ) (126,997 ) Loss of affiliates (40,765 ) — 40,765 — Interest expense: Incurred 29,735 38 — 29,773 Capitalized (64 ) (38 ) — (102 ) Other expense, net (24 ) — — (24 ) Loss before income tax benefit (83,541 ) (41,373 ) (31,730 ) (156,644 ) Income tax benefit (35,114 ) (608 ) — (35,722 ) Net loss $ (48,427 ) $ (40,765 ) $ (31,730 ) $ (120,922 ) Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 74,426 $ 102,944 $ — $ 177,370 Operating costs and expenses: Lease operating expenses 44,199 36,892 — 81,091 Production taxes 896 — — 896 Gathering and transportation 4,022 7,468 — 11,490 Depreciation, depletion and amortization 43,271 70,095 7,860 121,226 Ceiling test write-down of oil and natural gas properties — 85,392 135,759 221,151 General and administrative expenses 13,973 18,705 — 32,678 Derivative loss 2,449 — — 2,449 Total costs and expenses 108,810 218,552 143,619 470,981 Operating loss (34,384 ) (115,608 ) (143,619 ) (293,611 ) Loss of affiliates (113,794 ) — 113,794 — Interest expense: Incurred 57,430 157 — 57,587 Capitalized (288 ) (157 ) — (445 ) Other expense, net 1,282 — — 1,282 Loss before income tax benefit (206,602 ) (115,608 ) (29,825 ) (352,035 ) Income tax benefit (38,790 ) (1,814 ) — (40,604 ) Net loss $ (167,812 ) $ (113,794 ) $ (29,825 ) $ (311,431 ) Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2015 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 90,465 $ 58,601 $ — $ 149,066 Operating costs and expenses: Lease operating expenses 30,104 15,026 — 45,130 Production taxes 1,000 — — 1,000 Gathering and transportation 2,769 2,024 — 4,793 Depreciation, depletion, amortization and accretion 58,023 45,319 — 103,342 Ceiling test write-down of oil and natural gas properties 181,300 71,472 252,772 General and administrative expenses 10,856 8,901 — 19,757 Derivative loss 1,078 — — 1,078 Total costs and expenses 285,130 142,742 — 427,872 Operating loss (194,665 ) (84,141 ) — (278,806 ) Loss of affiliates (54,548 ) — 54,548 — Interest expense: Incurred 25,322 794 — 26,116 Capitalized (1,230 ) (794 ) — (2,024 ) Other expense, net 1,685 — — 1,685 Loss before income tax benefit (274,990 ) (84,141 ) 54,548 (304,583 ) Income tax benefit (14,541 ) (29,593 ) — (44,134 ) Net loss $ (260,449 ) $ (54,548 ) $ 54,548 $ (260,449 ) Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2015 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 167,808 $ 109,165 $ — $ 276,973 Operating costs and expenses: Lease operating expenses 67,742 30,719 — 98,461 Production taxes 1,637 — — 1,637 Gathering and transportation 5,334 4,283 — 9,617 Depreciation, depletion, amortization and accretion 129,374 99,435 — 228,809 Ceiling test write-down of oil and natural gas properties 371,995 141,167 513,162 General and administrative expenses 22,615 17,908 — 40,523 Derivative loss 1,078 — — 1,078 Total costs and expenses 599,775 293,512 — 893,287 Operating loss (431,967 ) (184,347 ) — (616,314 ) Loss of affiliates (119,552 ) — 119,552 — Interest expense: Incurred 47,554 1,508 — 49,062 Capitalized (2,299 ) (1,508 ) — (3,807 ) Other expense, net 1,683 — — 1,683 Loss before income tax benefit (598,457 ) (184,347 ) 119,552 (663,252 ) Income tax benefit (82,913 ) (64,795 ) — (147,708 ) Net loss $ (515,544 ) $ (119,552 ) $ 119,552 $ (515,544 ) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2016 Consolidated W&T Parent Guarantor Offshore, Company Subsidiaries Eliminations Inc. (In thousands) Operating activities: Net loss $ (167,812 ) $ (113,794 ) $ (29,825 ) $ (311,431 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, depletion, amortization and accretion 43,271 70,095 7,860 121,226 Ceiling test write-down of oil and natural gas properties — 85,392 135,759 221,151 Debt issuance costs write-off/amortization of debt items 1,880 — — 1,880 Share-based compensation 5,121 — — 5,121 Derivative loss 2,449 — — 2,449 Cash receipts on derivative settlements, net 4,746 — — 4,746 Deferred income taxes 21,099 (1,814 ) — 19,285 Loss of affiliates 113,794 — (113,794 ) — Changes in operating assets and liabilities: Oil and natural gas receivables 1,177 49 — 1,226 Joint interest and other receivables 1,763 — — 1,763 Income taxes (57,931 ) — — (57,931 ) Prepaid expenses and other assets (9,405 ) (17,424 ) 16,464 (10,365 ) Asset retirement obligation settlements (12,702 ) (12,454 ) — (25,156 ) Accounts payable, accrued liabilities and other (783 ) 32,014 (16,464 ) 14,767 Net cash provided by (used in) operating activities (53,333 ) 42,064 — (11,269 ) Investing activities: Investment in oil and natural gas properties and equipment (8,600 ) (9,112 ) — (17,712 ) Changes in operating assets and liabilities associated with investing activities (670 ) (33,452 ) — (34,122 ) Proceeds from sales of assets 1,000 500 — 1,500 Purchases of furniture, fixtures and other (70 ) — — (70 ) Net cash used in investing activities (8,340 ) (42,064 ) — (50,404 ) Financing activities: Borrowings of long-term debt – revolving bank credit facility 340,000 — — 340,000 Repayments of long-term debt – revolving bank credit facility (192,000 ) — — (192,000 ) Other 83 — — 83 Net cash provided by financing activities 148,083 — — 148,083 Increase in cash and cash equivalents 86,410 — — 86,410 Cash and cash equivalents, beginning of period 85,414 — — 85,414 Cash and cash equivalents, end of period $ 171,824 $ — $ — $ 171,824 Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2015 Consolidated W&T Parent Guarantor Offshore, Company Subsidiaries Eliminations Inc. (In thousands) Operating activities: Net loss $ (515,544 ) $ (119,552 ) $ 119,552 $ (515,544 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, depletion, amortization and accretion 129,374 99,435 — 228,809 Ceiling test write-down of oil and natural gas properties 371,995 141,167 — 513,162 Debt issuance costs write-off/ amortization of debt items 2,432 — — 2,432 Share-based compensation 5,708 — — 5,708 Derivative loss 1,078 — — 1,078 Deferred income taxes (105,818 ) (41,890 ) — (147,708 ) Loss of affiliates 119,552 — (119,552 ) — Changes in operating assets and liabilities: Oil and natural gas receivables 18,710 (3,425 ) — 15,285 Joint interest and other receivables 11,036 — — 11,036 Income taxes 22,580 (22,905 ) — (325 ) Prepaid expenses and other assets (31,091 ) 94,890 (54,870 ) 8,929 Asset retirement obligations (21,146 ) (793 ) — (21,939 ) Accounts payable, accrued liabilities and other (74,370 ) (513 ) 54,870 (20,013 ) Net cash provided by (used in) operating activities (65,504 ) 146,414 — 80,910 Investing activities: Investment in oil and natural gas properties and equipment (25,313 ) (125,681 ) — (150,994 ) Changes in operating assets and liabilities associated with investing activities (28,671 ) (22,178 ) — (50,849 ) Investment in subsidiary (1,445 ) — 1,445 — Purchases of furniture, fixtures and other (709 ) — — (709 ) Net cash used in investing activities (56,138 ) (147,859 ) 1,445 (202,552 ) Financing activities: Borrowings of long-term debt – revolving bank credit facility 194,000 — — 194,000 Repayments of long-term debt – revolving bank credit facility (381,000 ) — — (381,000 ) Issuance of 9.00% Term Loan 297,000 — — 297,000 Debt issuance costs (6,407 ) — — (6,407 ) Other 54 — — 54 Investment from parent — 1,445 (1,445 ) — Net cash provided by financing activities 103,647 1,445 (1,445 ) 103,647 Decrease in cash and cash equivalents (17,995 ) — — (17,995 ) Cash and cash equivalents, beginning of period 23,666 — — 23,666 Cash and cash equivalents, end of period $ 5,671 $ — $ — $ 5,671

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
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, proved reserves 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 half of 2016 on an average basis. Steps taken during 2015 and the first half of 2016 to mitigate the effects of these lower prices include: (i) significantly reducing the budgeted capital spending for 2015 and 2016 from historical levels; (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 and the Notes herein for additional information. In February and March 2016, we received several orders from the Bureau of Ocean Energy Management (“BOEM”) requiring that we provide additional security in the aggregate of $260.8 million, with amounts specified with respect to certain designated leases, rights of use and easement (“RUE”) and rights of way (“ROW”). We have filed appeals with the Interior Board of Land Appeals (“IBLA”), and the IBLA, acknowledging the on-going settlement discussions with the BOEM, stayed the effectiveness of the BOEM orders to August 31, 2016. 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 June 30, 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. On July 25, 2016, we announced commencement of an exchange offer and consent solicitation to eligible holders for certain notes and, in conjunction with the exchange offer, obtaining $75.0 million of additional capital through borrowings on a term loan (the “1.5 Lien Term Loan”), which will be junior only to the revolving bank credit facility and certain other customary permitted liens and will be secured by a 1.5 priority lien on all assets granted to secure indebtedness under our revolving bank credit facility. The net proceeds from the 1.5 Lien Term Loan will be used to reduce borrowings under our revolving bank credit facility. The exchange offer, consents and 1.5 Lien Term Loan will be subject to additional approvals and agreements with certain stakeholders. Such transactions, if successful, will enhance our liquidity and help our ability to continue as a going-concern entity. See Notes 11 and 12 for additional information.
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 two quarters of 2016 and in every quarter of 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 (in thousands): June 30, December 31, 2016 2015 Derivative assets – current (1) $ 671 $ 10,036 Prepaid insurance and surety bonds 9,172 7,475 Prepaid deposits related to royalties 5,373 5,943 Other 3,042 3,425 Prepaid expenses and other $ 18,258 $ 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 In June 2016, the FASB issued Accounting Standards Update No. 2016-13, (“ASU 2016-13”), Financial Instruments – Credit Losses Subtopic 326

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of Amounts Recorded in Prepaid Expenses and Other	Amounts recorded in Prepaid expenses and other June 30, December 31, 2016 2015 Derivative assets – current (1) $ 671 $ 10,036 Prepaid insurance and surety bonds 9,172 7,475 Prepaid deposits related to royalties 5,373 5,943 Other 3,042 3,425 Prepaid expenses and other $ 18,258 $ 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)	6 Months Ended
	Jun. 30, 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 (25,156 ) Accretion of discount 9,335 Revisions of estimated liabilities (1) (18,379 ) Balance, June 30, 2016 344,122 Less current portion 91,296 Long-term $ 252,826 (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)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Open Commodity Derivatives	As of June 30, 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: 3rd Quarter 5,000 460,000 $ 40.00 $ 81.47 4th Quarter 5,000 460,000 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: 3rd Quarter (2) 40,000 2,440,000 $ 2.25 $ 3.50 $ 3.77 4th Quarter 40,000 3,680,000 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 July 2016 production were priced and closed in June 2016 and are not included in the above table as these were not open derivative contracts as of June 30, 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): June 30, December 31, 2016 2015 Prepaid and other assets $ 594 $ 7,672 Accrued liabilities 117 —
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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Derivative loss $ 4,942 $ 1,078 $ 2,449 $ 1,078
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 Six Months Ended June 30, 2016 2015 Cash receipts on derivative settlements, net $ 4,746 $ —

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Our long-term debt was as follows (in thousands): June 30, December 31, 2016 2015 8.50% Senior Notes: Principal $ 900,000 $ 900,000 Debt premiums, net of amortization 9,151 10,503 Debt issuance costs, net of amortization (5,417 ) (6,274 ) 9.00% Term Loan: Principal 300,000 300,000 Debt discounts, net of amortization (2,437 ) (2,689 ) Debt issuance costs, net of amortization (4,246 ) (4,685 ) Revolving bank credit facility 148,000 — Total long-term debt 1,345,051 1,196,855 Current maturities of long-term debt — — Long term debt, less current maturities $ 1,345,051 $ 1,196,855

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2016 December 31, 2015 Hierarchy Assets Liabilities Assets Liabilities Derivatives Level 2 $ 594 $ 117 $ 7,672 $ — 8.50% Senior Notes (1) Level 2 — 222,750 — 324,000 9.00% Term Loan (1) Level 2 — 183,000 — 217,500 Revolving bank credit facility (1) Level 2 — 148,000 — — (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)	6 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
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 Vested (3,400 ) 18.45 Forfeited (86,838 ) 7.01 Nonvested, June 30, 2016 3,383,841 7.42
Schedule of Outstanding Restricted Stock Units Issued to Eligible Employees	For the outstanding RSUs issued to the eligible employees as of June 30, 2016, vesting is expected to occur as follows: Restricted Stock Units 2016 977,423 2017 2,406,418 Total 3,383,841
Schedule of Restricted Stock Activity	A summary of activity in 2016 related to Restricted Shares is as follows: Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2015 78,230 $ 8.95 Granted 126,128 2.22 Vested (43,062 ) 9.75 Nonvested, June 30, 2016 161,296 3.47
Schedule of Outstanding Restricted Stock Shares Issued to Non-employee Directors	For the outstanding Restricted Shares issued to the non-employee directors as of June 30, 2016, vesting is expected to occur as follows: Restricted Shares 2017 62,136 2018 57,120 2019 42,040 Total 161,296
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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Share-based compensation expense from: Restricted stock units $ 2,439 $ 2,802 $ 4,888 $ 5,619 Restricted Shares 146 90 233 183 Common shares — — — (94 ) Total $ 2,585 $ 2,892 $ 5,121 $ 5,708 Share-based compensation tax benefit: Tax benefit computed at the statutory rate $ 904 $ 1,012 $ 1,792 $ 1,998

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net loss $ (120,922 ) $ (260,449 ) $ (311,431 ) $ (515,544 ) Weighted average common shares outstanding 76,457 75,910 76,443 75,884 Basic and diluted loss per common share $ (1.58 ) $ (3.43 ) $ (4.07 ) $ (6.79 ) Shares excluded due to being anti-dilutive (weighted-average) 3,531 1,931 3,529 1,962

Supplemental Guarantor Inform28

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Assets Current assets: Cash and cash equivalents $ 171,824 $ — $ — $ 171,824 Receivables: Oil and natural gas sales 2,626 32,215 — 34,841 Joint interest and other 20,145 — — 20,145 Income taxes 104,801 — (99,202 ) 5,599 Total receivables 127,572 32,215 (99,202 ) 60,585 Prepaid expenses and other assets 15,797 2,461 — 18,258 Total current assets 315,193 34,676 (99,202 ) 250,667 Property and equipment – at cost: Oil and natural gas properties and equipment 5,672,644 2,228,608 — 7,901,252 Furniture, fixtures and other 20,873 — — 20,873 Total property and equipment 5,693,517 2,228,608 — 7,922,125 Less accum. depreciation, depletion and amortization 5,297,078 1,973,181 (3,970 ) 7,266,289 Net property and equipment 396,439 255,427 3,970 655,836 Deferred income taxes 6,305 2,158 — 8,463 Restricted deposits for asset retirement obligations 26,409 — — 26,409 Income tax receivables 52,097 — — 52,097 Other assets 384,408 283,212 (662,738 ) 4,882 Total assets $ 1,180,851 $ 575,473 $ (757,970 ) $ 998,354 Liabilities and Shareholders’ Deficit Current liabilities: Accounts payable $ 85,708 $ 7,144 $ — $ 92,852 Undistributed oil and natural gas proceeds 18,751 1,908 — 20,659 Asset retirement obligations 72,906 18,390 — 91,296 Accrued liabilities 12,035 99,178 (99,202 ) 12,011 Total current liabilities 189,400 126,620 (99,202 ) 216,818 Long-term debt 1,345,051 — — 1,345,051 Asset retirement obligations, less current portion 137,295 115,531 — 252,826 Other liabilities 345,879 — (329,417 ) 16,462 Shareholders’ deficit: Common stock 1 — — 1 Additional paid-in capital 428,618 704,885 (704,885 ) 428,618 Retained earnings (deficit) (1,241,226 ) (371,563 ) 375,534 (1,237,255 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ deficit (836,774 ) 333,322 (329,351 ) (832,803 ) Total liabilities and shareholders’ deficit $ 1,180,851 $ 575,473 $ (757,970 ) $ 998,354 Condensed Consolidating Balance Sheet as of December 31, 2015 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) 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 accum. 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’ Deficit 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 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’ 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’ deficit (674,080 ) 447,117 (299,528 ) (526,491 ) Total liabilities and shareholders’ deficit $ 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 June 30, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 43,914 $ 55,741 $ — $ 99,655 Operating costs and expenses: Lease operating expenses 19,254 17,368 — 36,622 Production taxes 370 — — 370 Gathering and transportation 2,469 3,929 — 6,398 Depreciation, depletion, amortization and accretion 22,648 31,934 2,911 57,493 Ceiling test write-down of oil and natural gas properties — 35,008 69,584 104,592 General and administrative expenses 7,360 8,875 — 16,235 Derivative loss 4,942 — — 4,942 Total costs and expenses 57,043 97,114 72,495 226,652 Operating loss (13,129 ) (41,373 ) (72,495 ) (126,997 ) Loss of affiliates (40,765 ) — 40,765 — Interest expense: Incurred 29,735 38 — 29,773 Capitalized (64 ) (38 ) — (102 ) Other expense, net (24 ) — — (24 ) Loss before income tax benefit (83,541 ) (41,373 ) (31,730 ) (156,644 ) Income tax benefit (35,114 ) (608 ) — (35,722 ) Net loss $ (48,427 ) $ (40,765 ) $ (31,730 ) $ (120,922 ) Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 74,426 $ 102,944 $ — $ 177,370 Operating costs and expenses: Lease operating expenses 44,199 36,892 — 81,091 Production taxes 896 — — 896 Gathering and transportation 4,022 7,468 — 11,490 Depreciation, depletion and amortization 43,271 70,095 7,860 121,226 Ceiling test write-down of oil and natural gas properties — 85,392 135,759 221,151 General and administrative expenses 13,973 18,705 — 32,678 Derivative loss 2,449 — — 2,449 Total costs and expenses 108,810 218,552 143,619 470,981 Operating loss (34,384 ) (115,608 ) (143,619 ) (293,611 ) Loss of affiliates (113,794 ) — 113,794 — Interest expense: Incurred 57,430 157 — 57,587 Capitalized (288 ) (157 ) — (445 ) Other expense, net 1,282 — — 1,282 Loss before income tax benefit (206,602 ) (115,608 ) (29,825 ) (352,035 ) Income tax benefit (38,790 ) (1,814 ) — (40,604 ) Net loss $ (167,812 ) $ (113,794 ) $ (29,825 ) $ (311,431 ) Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2015 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 90,465 $ 58,601 $ — $ 149,066 Operating costs and expenses: Lease operating expenses 30,104 15,026 — 45,130 Production taxes 1,000 — — 1,000 Gathering and transportation 2,769 2,024 — 4,793 Depreciation, depletion, amortization and accretion 58,023 45,319 — 103,342 Ceiling test write-down of oil and natural gas properties 181,300 71,472 252,772 General and administrative expenses 10,856 8,901 — 19,757 Derivative loss 1,078 — — 1,078 Total costs and expenses 285,130 142,742 — 427,872 Operating loss (194,665 ) (84,141 ) — (278,806 ) Loss of affiliates (54,548 ) — 54,548 — Interest expense: Incurred 25,322 794 — 26,116 Capitalized (1,230 ) (794 ) — (2,024 ) Other expense, net 1,685 — — 1,685 Loss before income tax benefit (274,990 ) (84,141 ) 54,548 (304,583 ) Income tax benefit (14,541 ) (29,593 ) — (44,134 ) Net loss $ (260,449 ) $ (54,548 ) $ 54,548 $ (260,449 ) Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2015 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 167,808 $ 109,165 $ — $ 276,973 Operating costs and expenses: Lease operating expenses 67,742 30,719 — 98,461 Production taxes 1,637 — — 1,637 Gathering and transportation 5,334 4,283 — 9,617 Depreciation, depletion, amortization and accretion 129,374 99,435 — 228,809 Ceiling test write-down of oil and natural gas properties 371,995 141,167 513,162 General and administrative expenses 22,615 17,908 — 40,523 Derivative loss 1,078 — — 1,078 Total costs and expenses 599,775 293,512 — 893,287 Operating loss (431,967 ) (184,347 ) — (616,314 ) Loss of affiliates (119,552 ) — 119,552 — Interest expense: Incurred 47,554 1,508 — 49,062 Capitalized (2,299 ) (1,508 ) — (3,807 ) Other expense, net 1,683 — — 1,683 Loss before income tax benefit (598,457 ) (184,347 ) 119,552 (663,252 ) Income tax benefit (82,913 ) (64,795 ) — (147,708 ) Net loss $ (515,544 ) $ (119,552 ) $ 119,552 $ (515,544 )
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2016 Consolidated W&T Parent Guarantor Offshore, Company Subsidiaries Eliminations Inc. (In thousands) Operating activities: Net loss $ (167,812 ) $ (113,794 ) $ (29,825 ) $ (311,431 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, depletion, amortization and accretion 43,271 70,095 7,860 121,226 Ceiling test write-down of oil and natural gas properties — 85,392 135,759 221,151 Debt issuance costs write-off/amortization of debt items 1,880 — — 1,880 Share-based compensation 5,121 — — 5,121 Derivative loss 2,449 — — 2,449 Cash receipts on derivative settlements, net 4,746 — — 4,746 Deferred income taxes 21,099 (1,814 ) — 19,285 Loss of affiliates 113,794 — (113,794 ) — Changes in operating assets and liabilities: Oil and natural gas receivables 1,177 49 — 1,226 Joint interest and other receivables 1,763 — — 1,763 Income taxes (57,931 ) — — (57,931 ) Prepaid expenses and other assets (9,405 ) (17,424 ) 16,464 (10,365 ) Asset retirement obligation settlements (12,702 ) (12,454 ) — (25,156 ) Accounts payable, accrued liabilities and other (783 ) 32,014 (16,464 ) 14,767 Net cash provided by (used in) operating activities (53,333 ) 42,064 — (11,269 ) Investing activities: Investment in oil and natural gas properties and equipment (8,600 ) (9,112 ) — (17,712 ) Changes in operating assets and liabilities associated with investing activities (670 ) (33,452 ) — (34,122 ) Proceeds from sales of assets 1,000 500 — 1,500 Purchases of furniture, fixtures and other (70 ) — — (70 ) Net cash used in investing activities (8,340 ) (42,064 ) — (50,404 ) Financing activities: Borrowings of long-term debt – revolving bank credit facility 340,000 — — 340,000 Repayments of long-term debt – revolving bank credit facility (192,000 ) — — (192,000 ) Other 83 — — 83 Net cash provided by financing activities 148,083 — — 148,083 Increase in cash and cash equivalents 86,410 — — 86,410 Cash and cash equivalents, beginning of period 85,414 — — 85,414 Cash and cash equivalents, end of period $ 171,824 $ — $ — $ 171,824 Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2015 Consolidated W&T Parent Guarantor Offshore, Company Subsidiaries Eliminations Inc. (In thousands) Operating activities: Net loss $ (515,544 ) $ (119,552 ) $ 119,552 $ (515,544 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, depletion, amortization and accretion 129,374 99,435 — 228,809 Ceiling test write-down of oil and natural gas properties 371,995 141,167 — 513,162 Debt issuance costs write-off/ amortization of debt items 2,432 — — 2,432 Share-based compensation 5,708 — — 5,708 Derivative loss 1,078 — — 1,078 Deferred income taxes (105,818 ) (41,890 ) — (147,708 ) Loss of affiliates 119,552 — (119,552 ) — Changes in operating assets and liabilities: Oil and natural gas receivables 18,710 (3,425 ) — 15,285 Joint interest and other receivables 11,036 — — 11,036 Income taxes 22,580 (22,905 ) — (325 ) Prepaid expenses and other assets (31,091 ) 94,890 (54,870 ) 8,929 Asset retirement obligations (21,146 ) (793 ) — (21,939 ) Accounts payable, accrued liabilities and other (74,370 ) (513 ) 54,870 (20,013 ) Net cash provided by (used in) operating activities (65,504 ) 146,414 — 80,910 Investing activities: Investment in oil and natural gas properties and equipment (25,313 ) (125,681 ) — (150,994 ) Changes in operating assets and liabilities associated with investing activities (28,671 ) (22,178 ) — (50,849 ) Investment in subsidiary (1,445 ) — 1,445 — Purchases of furniture, fixtures and other (709 ) — — (709 ) Net cash used in investing activities (56,138 ) (147,859 ) 1,445 (202,552 ) Financing activities: Borrowings of long-term debt – revolving bank credit facility 194,000 — — 194,000 Repayments of long-term debt – revolving bank credit facility (381,000 ) — — (381,000 ) Issuance of 9.00% Term Loan 297,000 — — 297,000 Debt issuance costs (6,407 ) — — (6,407 ) Other 54 — — 54 Investment from parent — 1,445 (1,445 ) — Net cash provided by financing activities 103,647 1,445 (1,445 ) 103,647 Decrease in cash and cash equivalents (17,995 ) — — (17,995 ) Cash and cash equivalents, beginning of period 23,666 — — 23,666 Cash and cash equivalents, end of period $ 5,671 $ — $ — $ 5,671

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)$ / bbl$ / MMBTU	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Jul. 25, 2016USD ($)	Mar. 31, 2016USD ($)
Basis Of Presentation [Line Items]
Additional security aggregate amount							$ 260,800
Percentage of discount from proved reserves			10.00%
Ceiling test write-down of oil and natural gas properties	$ 104,592	$ 252,772	$ 221,151	$ 513,162	$ 987,200
SEC Methodology | Natural Gas
Basis Of Presentation [Line Items]
Weighted price | $ / MMBTU			2.24
SEC Methodology | Crude Oil Per Barrel
Basis Of Presentation [Line Items]
Weighted price | $ / bbl			39.63
Subsequent Event | 1.5 Lien Term Loan
Basis Of Presentation [Line Items]
Borrowings under secured term loan facility						$ 75,000

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Prepaid Expense And Other Assets Current [Abstract]
Derivative assets - current	[1]	$ 671	$ 10,036
Prepaid insurance and surety bonds		9,172	7,475
Prepaid deposits related to royalties		5,373	5,943
Other		3,042	3,425
Prepaid expenses and other		$ 18,258	$ 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	Jun. 30, 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	$ 370,900,000
Acres of oil and gas property, net | a	25,800
Agreement effective date	Jan. 1, 2015
Purchase price adjustment, net		$ 900,000
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		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period		$ 378,322
Asset retirement obligation settlements		(25,156)	$ (21,939)
Accretion of discount		9,335
Revisions of estimated liabilities	[1]	(18,379)
Asset retirement obligations, end of period		344,122
Less current portion		91,296		$ 84,335
Long-term		$ 252,826		$ 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 - Open Commodity Derivatives (Details)	6 Months Ended
	Jun. 30, 2016MMBTU$ / Derivativebbl
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	[2]
Notional Quantity (MMBTUs/day) | MMBTU	40,000	[1],[2]
Notional Quantity (MMBTUs) | MMBTU	2,440,000	[1],[2]
2016: 3rd Quarter | NYMEX Natural Gas - Three-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	2.25	[2]
2016: 3rd Quarter | NYMEX Natural Gas - Three-Way Collars | Call Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.77	[2]
2016: 3rd Quarter | NYMEX Natural Gas - Three-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.50	[2]
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 July 2016 production were priced and closed in June 2016 and are not included in the above table as these were not open derivative contracts as of June 30, 2016.

Derivative Financial Instrume34

Derivative Financial Instruments - Estimated Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Prepaid And Other Assets
Derivatives Fair Value [Line Items]
Fair value of commodity derivative contracts	$ 594	$ 7,672
Accrued Liabilities
Derivatives Fair Value [Line Items]
Fair value of commodity derivative contracts	$ 117

Derivative Financial Instrume35

Derivative Financial Instruments - Changes in Fair Value and Settlements of Commodity Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Gain Loss On Derivative Instruments Net Pretax [Abstract]
Derivative loss	$ 4,942	$ 1,078	$ 2,449	$ 1,078

Derivative Financial Instrume36

Derivative Financial Instruments - Cash Receipts on Derivative Settlements, Net Included within Net Cash Provided by Operating Activities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Cash receipts on derivative settlements, net	$ 4,746

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Revolving bank credit facility	$ 148,000
Total long-term debt	1,345,051	$ 1,196,855
Long-term debt	1,345,051	1,196,855
8.50% Senior Notes
Debt Instrument [Line Items]
Principal	900,000	900,000
Debt premiums, net of amortization	9,151	10,503
Debt issuance costs, net of amortization	(5,417)	(6,274)
9.00% Term Loan due 2020
Debt Instrument [Line Items]
Principal	300,000	300,000
Debt issuance costs, net of amortization	(4,246)	(4,685)
Debt discounts, net of amortization	$ (2,437)	$ (2,689)

Long-Term Debt - Long-Term De38

Long-Term Debt - Long-Term Debt (Parenthetical) (Details)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 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%	9.00%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Mar. 23, 2016	Feb. 29, 2016	Dec. 31, 2015	Jun. 30, 2015	May 31, 2015
Debt Instrument [Line Items]
First lien leverage ratio	95.00%
Current ratio	201.00%
Secured debt leverage ratio	286.00%
Maximum | Covenants
Debt Instrument [Line Items]
First lien leverage ratio	150.00%
Secured debt leverage ratio	350.00%
Minimum | Covenants
Debt Instrument [Line Items]
Current 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%	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	5.50%
Borrowings and letters of credit, repayment terms	To the extent borrowings and letters of credit outstanding exceed the redetermined borrowing base, such excess is required to be repaid within 90 days in three equal monthly payments.
Credit agreement expiration date	Nov. 8, 2018
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	900,000			$ 900,000
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)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 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%	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		Jun. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of commodity derivative contracts		$ 594	$ 7,672
Fair value of commodity derivative contracts		117
Revolving bank credit facility	[1]	148,000
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]	222,750	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]	$ 183,000	$ 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 - Sch42

Fair Value Measurements - Schedule of Fair Value of Derivatives Financial Instruments and Long-Term Debt (Parenthetical) (Details)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 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%	9.00%

Share-Based Compensation and 43

Share-Based Compensation and Cash-Based Incentive Compensation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2016USD ($)shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for award under plans | shares	7,537,208
Cash-based awards issued	$ 0
2010 Restated Incentive Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amendment increased the number of shares available in the Plan | shares	3,300,000
Directors Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for award under plans | shares	317,896
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted | shares	0
Unrecognized share-based compensation expense	$ 7,900,000
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 | shares	126,128
Shares granted, grant date fair value	$ 300,000
Shares vested, vested date fair value	100,000
Unrecognized share-based compensation expense	$ 500,000
Recognition period for unrecognized compensation expense	2019-04
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 44

Share-Based Compensation and Cash-Based Incentive Compensation - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, beginning of period	3,474,079
Vested	(3,400)
Forfeited	(86,838)
Nonvested, end of period	3,383,841
Weighted Average Grant Date Value	$ 7.42	$ 7.42
Weighted Average Grant Date Fair Value, Vested	18.45
Weighted Average Grant Date Fair Value, Forfeited	$ 7.01

Share-Based Compensation and 45

Share-Based Compensation and Cash-Based Incentive Compensation - Schedule of Outstanding Restricted Stock Units Issued to Eligible Employees (Details) - Restricted Stock Units (RSUs) - shares	Jun. 30, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	3,383,841	3,474,079
2,016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	977,423
2,017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	2,406,418

Share-Based Compensation and 46

Share-Based Compensation and Cash-Based Incentive Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Shares	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, beginning of period | shares	78,230
Granted | shares	126,128
Vested | shares	(43,062)
Nonvested, end of period | shares	161,296
Weighted Average Grant Date Value | $ / shares	$ 8.95
Weighted Average Grant Date Fair Value, Granted | $ / shares	2.22
Weighted Average Grant Date Fair Value, Vested | $ / shares	9.75
Weighted Average Grant Date Value | $ / shares	$ 3.47

Share-Based Compensation and 47

Share-Based Compensation and Cash-Based Incentive Compensation - Outstanding Restricted Shares Issued to Non-employee Directors (Details) - Restricted Shares - shares	Jun. 30, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	161,296	78,230
2,017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	62,136
2,018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	57,120
2,019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	42,040

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 2,585	$ 2,892	$ 5,121	$ 5,708
Tax benefit computed at the statutory rate	904	1,012	1,792	1,998
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	2,439	2,802	4,888	5,619
Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 146	$ 90	$ 233	183
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation				$ (94)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax benefit	$ (35,722)	$ (44,134)	$ (40,604)	$ (147,708)
Effective tax rate	22.80%	14.50%	11.50%	22.30%
Federal statutory income tax rate			35.00%
Valuation allowance	$ 22,300	$ 62,900	$ 82,200	$ 85,400
Current income tax receivables	5,599		5,599
Non-current income tax receivables	$ 52,097		$ 52,097
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

Loss Per Share - Schedule of Ca

Loss 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share, Basic and Diluted [Abstract]
Net loss	$ (120,922)	$ (260,449)	$ (311,431)	$ (515,544)
Weighted average common shares outstanding	76,457	75,910	76,443	75,884
Basic and diluted loss per common share	$ (1.58)	$ (3.43)	$ (4.07)	$ (6.79)
Shares excluded due to being anti-dilutive (weighted-average)	3,531	1,931	3,529	1,962

Dividends - Additional Informat

Dividends - Additional Information (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 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	6 Months Ended
	Mar. 31, 2016USD ($)Order	Feb. 29, 2016USD ($)Order	Jan. 31, 2014USD ($)	Mar. 31, 2014USD ($)	Jun. 30, 2016USD ($)claim	Dec. 31, 2015USD ($)	Dec. 15, 2014USD ($)	Dec. 31, 2010USD ($)
Loss Contingencies [Line Items]
Supplemental bonding required additional security by Bureau Of Ocean Energy Management	$ 101,000,000	$ 159,800,000			$ 260,800,000
Number of supplemental bonding order | Order	3	4
Underpayment of royalties			$ 30,000
Under payment percentage of total royalty payments			0.0045%
Statutory fine payment relative to underpayment				$ 2,300,000	1,100,000
Amount accrued					0	$ 0
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]
Loss contingency, range of possible loss					$ 1,000,000
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
Minimum
Loss Contingencies [Line Items]
Loss contingency, range of possible loss							$ 0
Maximum
Loss Contingencies [Line Items]
Loss contingency, range of possible loss							$ 43,700,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 25, 2016	Jun. 30, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Common stock, par value		$ 0.00001	$ 0.00001
First lien leverage ratio		95.00%
Maximum | Covenants
Subsequent Event [Line Items]
First lien leverage ratio		150.00%
8.50% Senior Notes
Subsequent Event [Line Items]
Debt instrument interest rate		8.50%	8.50%
Debt instrument aggregate principle amount		$ 900,000	$ 900,000
Debt instrument, exchange offer terms and conditions		The exchange offer is conditioned on the satisfaction or waiver of certain additional conditions, including, among other things, (i) shareholder approvals related to the increase in the number of authorized shares of the Company’s common stock and the issuance of the shares in the exchange offer, which our majority stockholder, Tracy W. Krohn, has stated he intends to approve, (ii) receipt of requisite lender consents to an amendment to our bank credit facility to permit the exchange offer, which consents have been obtained subject to completion of definitive documentation, and (iii) a minimum of 95%, or $855.0 million, of the 8.50% Senior Notes being tendered as of the expiration date, together with requisite consents having been obtained, which tender condition may be waived, in our discretion, provided 85%, or $765.0 million, of the 8.50% Senior Notes are tendered as of the expiration date.
Tender offer expiration date		Sep. 1, 2016
Subsequent Event
Subsequent Event [Line Items]
Borrowing base reaffirmed amount	$ 150,000
Subsequent Event | Covenants
Subsequent Event [Line Items]
First lien leverage ratio	150.00%
Asset coverage ratio	125.00%
Subsequent Event | Beginning on Execution of Exchange Offer | Covenants
Subsequent Event [Line Items]
First lien leverage ratio	250.00%
Subsequent Event | Beginning With Fiscal Quarter Ending September 30, 2017 | Covenants
Subsequent Event [Line Items]
First lien leverage ratio	200.00%
Subsequent Event | 8.50% Senior Notes due 2019
Subsequent Event [Line Items]
Debt instrument interest rate	8.50%
Senior notes maturity date	2,019
Debt conversion, common stock shares issued	62,100,000
Common stock, par value	$ 0.00001
Subsequent Event | New Secured Notes due 2020
Subsequent Event [Line Items]
Senior notes maturity date	2,020
Debt instrument aggregate principle amount	$ 202,500
Subsequent Event | New Unsecured Notes due 2021
Subsequent Event [Line Items]
Senior notes maturity date	2,021
Debt instrument aggregate principle amount	$ 180,000
Subsequent Event | 8.50% Senior Notes
Subsequent Event [Line Items]
Debt instrument aggregate principle amount	855,000
Debt instrument maybe waived amount	765,000
Borrowings under secured term loan facility	$ 75,000
Subsequent Event | 8.50% Senior Notes | Minimum
Subsequent Event [Line Items]
Percentage of debt instrument being tendered	95.00%
Percentage of debt instrument maybe waived	85.00%
Subsequent Event | 8.50% Senior Notes | Maximum
Subsequent Event [Line Items]
Percentage of debt instrument validly tendered and accepted	90.00%
Subsequent Event | 1.5 Lien Term Loan
Subsequent Event [Line Items]
Borrowings under secured term loan facility	$ 75,000
Subsequent Event | Payment In Kind | New Secured Notes due 2020
Subsequent Event [Line Items]
Debt instrument interest rate	10.75%
Subsequent Event | Payment In Kind | New Unsecured Notes due 2021
Subsequent Event [Line Items]
Debt instrument interest rate	10.00%
Subsequent Event | Payment In Cash | New Secured Notes due 2020
Subsequent Event [Line Items]
Debt instrument interest rate	9.00%
Subsequent Event | Payment In Cash | New Unsecured Notes due 2021
Subsequent Event [Line Items]
Debt instrument interest rate	8.50%

Supplemental Guarantor Inform54

Supplemental Guarantor Information - Additional Information (Details)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 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%	9.00%

Supplemental Guarantor Inform55

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 171,824	$ 85,414	$ 5,671	$ 23,666
Receivables:
Oil and natural gas sales	34,841	35,005
Joint interest and other	20,145	22,012
Income taxes	5,599
Total receivables	60,585	57,017
Prepaid expenses and other assets	18,258	26,879
Total current assets	250,667	169,310
Property and equipment - at cost:
Oil and natural gas properties and equipment	7,901,252	7,902,494
Furniture, fixtures and other	20,873	20,802
Total property and equipment	7,922,125	7,923,296
Less accumulated depreciation, depletion and amortization	7,266,289	6,933,247
Net property and equipment	655,836	990,049
Deferred income taxes	8,463	27,595
Restricted deposits for asset retirement obligations	26,409	15,606
Income tax receivables	52,097
Other assets	4,882	5,462
Total assets	998,354	1,208,022
Current liabilities:
Accounts payable	92,852	109,797
Undistributed oil and natural gas proceeds	20,659	21,439
Asset retirement obligations	91,296	84,335
Accrued liabilities	12,011	11,922
Total current liabilities	216,818	227,493
Long-term debt	1,345,051	1,196,855
Asset retirement obligations, less current portion	252,826	293,987
Other liabilities	16,462	16,178
Shareholders’ deficit:
Common stock	1	1
Additional paid-in capital	428,618	423,499
Retained earnings (deficit)	(1,237,255)	(925,824)
Treasury stock, at cost	(24,167)	(24,167)
Total shareholders’ deficit	(832,803)	(526,491)
Total liabilities and shareholders’ deficit	998,354	1,208,022
Parent Company
Current assets:
Cash and cash equivalents	171,824	85,414	$ 5,671	$ 23,666
Receivables:
Oil and natural gas sales	2,626	2,742
Joint interest and other	20,145	121,190
Income taxes	104,801
Total receivables	127,572	123,932
Prepaid expenses and other assets	15,797	25,375
Total current assets	315,193	234,721
Property and equipment - at cost:
Oil and natural gas properties and equipment	5,672,644	5,682,793
Furniture, fixtures and other	20,873	20,802
Total property and equipment	5,693,517	5,703,595
Less accumulated depreciation, depletion and amortization	5,297,078	5,258,563
Net property and equipment	396,439	445,032
Deferred income taxes	6,305	27,251
Restricted deposits for asset retirement obligations	26,409	15,606
Income tax receivables	52,097
Other assets	384,408	498,782
Total assets	1,180,851	1,221,392
Current liabilities:
Accounts payable	85,708	100,282
Undistributed oil and natural gas proceeds	18,751	20,463
Asset retirement obligations	72,906	63,716
Accrued liabilities	12,035	11,922
Total current liabilities	189,400	196,383
Long-term debt	1,345,051	1,196,855
Asset retirement obligations, less current portion	137,295	173,105
Other liabilities	345,879	329,129
Shareholders’ deficit:
Common stock	1	1
Additional paid-in capital	428,618	423,499
Retained earnings (deficit)	(1,241,226)	(1,073,413)
Treasury stock, at cost	(24,167)	(24,167)
Total shareholders’ deficit	(836,774)	(674,080)
Total liabilities and shareholders’ deficit	1,180,851	1,221,392
Guarantor Subsidiaries
Receivables:
Oil and natural gas sales	32,215	32,263
Total receivables	32,215	32,263
Prepaid expenses and other assets	2,461	1,504
Total current assets	34,676	33,767
Property and equipment - at cost:
Oil and natural gas properties and equipment	2,228,608	2,219,701
Total property and equipment	2,228,608	2,219,701
Less accumulated depreciation, depletion and amortization	1,973,181	1,822,273
Net property and equipment	255,427	397,428
Deferred income taxes	2,158	344
Other assets	283,212	266,748
Total assets	575,473	698,287
Current liabilities:
Accounts payable	7,144	9,515
Undistributed oil and natural gas proceeds	1,908	976
Asset retirement obligations	18,390	20,619
Accrued liabilities	99,178	99,178
Total current liabilities	126,620	130,288
Asset retirement obligations, less current portion	115,531	120,882
Shareholders’ deficit:
Additional paid-in capital	704,885	704,885
Retained earnings (deficit)	(371,563)	(257,768)
Total shareholders’ deficit	333,322	447,117
Total liabilities and shareholders’ deficit	575,473	698,287
Eliminations
Receivables:
Joint interest and other		(99,178)
Income taxes	(99,202)
Total receivables	(99,202)	(99,178)
Total current assets	(99,202)	(99,178)
Property and equipment - at cost:
Less accumulated depreciation, depletion and amortization	(3,970)	(147,589)
Net property and equipment	3,970	147,589
Other assets	(662,738)	(760,068)
Total assets	(757,970)	(711,657)
Current liabilities:
Accrued liabilities	(99,202)	(99,178)
Total current liabilities	(99,202)	(99,178)
Other liabilities	(329,417)	(312,951)
Shareholders’ deficit:
Additional paid-in capital	(704,885)	(704,885)
Retained earnings (deficit)	375,534	405,357
Total shareholders’ deficit	(329,351)	(299,528)
Total liabilities and shareholders’ deficit	$ (757,970)	$ (711,657)

Supplemental Guarantor Inform56

Supplemental Guarantor Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Condensed Income Statements Captions [Line Items]
Revenues	$ 99,655	$ 149,066	$ 177,370	$ 276,973
Operating costs and expenses:
Lease operating expenses	36,622	45,130	81,091	98,461
Production taxes	370	1,000	896	1,637
Gathering and transportation	6,398	4,793	11,490	9,617
Depreciation, depletion, amortization and accretion	57,493	103,342	121,226	228,809
Ceiling test write-down of oil and natural gas properties	104,592	252,772	221,151	513,162	$ 987,200
General and administrative expenses	16,235	19,757	32,678	40,523
Derivative loss	4,942	1,078	2,449	1,078
Total costs and expenses	226,652	427,872	470,981	893,287
Operating income (loss)	(126,997)	(278,806)	(293,611)	(616,314)
Interest expense:
Incurred	29,773	26,116	57,587	49,062
Capitalized	(102)	(2,024)	(445)	(3,807)
Other expense, net	(24)	1,685	1,282	1,683
Income (loss) before income tax expense (benefit)	(156,644)	(304,583)	(352,035)	(663,252)
Income tax benefit	(35,722)	(44,134)	(40,604)	(147,708)
Net income (loss)	(120,922)	(260,449)	(311,431)	(515,544)
Parent Company
Condensed Income Statements Captions [Line Items]
Revenues	43,914	90,465	74,426	167,808
Operating costs and expenses:
Lease operating expenses	19,254	30,104	44,199	67,742
Production taxes	370	1,000	896	1,637
Gathering and transportation	2,469	2,769	4,022	5,334
Depreciation, depletion, amortization and accretion	22,648	58,023	43,271	129,374
Ceiling test write-down of oil and natural gas properties		181,300		371,995
General and administrative expenses	7,360	10,856	13,973	22,615
Derivative loss	4,942	1,078	2,449	1,078
Total costs and expenses	57,043	285,130	108,810	599,775
Operating income (loss)	(13,129)	(194,665)	(34,384)	(431,967)
Earnings (loss) of affiliates	(40,765)	(54,548)	(113,794)	(119,552)
Interest expense:
Incurred	29,735	25,322	57,430	47,554
Capitalized	(64)	(1,230)	(288)	(2,299)
Other expense, net	(24)	1,685	1,282	1,683
Income (loss) before income tax expense (benefit)	(83,541)	(274,990)	(206,602)	(598,457)
Income tax benefit	(35,114)	(14,541)	(38,790)	(82,913)
Net income (loss)	(48,427)	(260,449)	(167,812)	(515,544)
Guarantor Subsidiaries
Condensed Income Statements Captions [Line Items]
Revenues	55,741	58,601	102,944	109,165
Operating costs and expenses:
Lease operating expenses	17,368	15,026	36,892	30,719
Gathering and transportation	3,929	2,024	7,468	4,283
Depreciation, depletion, amortization and accretion	31,934	45,319	70,095	99,435
Ceiling test write-down of oil and natural gas properties	35,008	71,472	85,392	141,167
General and administrative expenses	8,875	8,901	18,705	17,908
Total costs and expenses	97,114	142,742	218,552	293,512
Operating income (loss)	(41,373)	(84,141)	(115,608)	(184,347)
Interest expense:
Incurred	38	794	157	1,508
Capitalized	(38)	(794)	(157)	(1,508)
Income (loss) before income tax expense (benefit)	(41,373)	(84,141)	(115,608)	(184,347)
Income tax benefit	(608)	(29,593)	(1,814)	(64,795)
Net income (loss)	(40,765)	(54,548)	(113,794)	(119,552)
Eliminations
Operating costs and expenses:
Depreciation, depletion, amortization and accretion	2,911		7,860
Ceiling test write-down of oil and natural gas properties	69,584		135,759
Total costs and expenses	72,495		143,619
Operating income (loss)	(72,495)		(143,619)
Earnings (loss) of affiliates	40,765	54,548	113,794	119,552
Interest expense:
Income (loss) before income tax expense (benefit)	(31,730)	54,548	(29,825)	119,552
Net income (loss)	$ (31,730)	$ 54,548	$ (29,825)	$ 119,552

Supplemental Guarantor Inform57

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Operating activities:
Net loss	$ (120,922)	$ (260,449)	$ (311,431)	$ (515,544)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	57,493	103,342	121,226	228,809
Ceiling test write-down of oil and natural gas properties	104,592	252,772	221,151	513,162	$ 987,200
Debt issuance costs write-off/amortization of debt items			1,880	2,432
Share-based compensation	2,585	2,892	5,121	5,708
Derivative loss	4,942	1,078	2,449	1,078
Cash receipts on derivative settlements			4,746
Deferred income taxes			19,285	(147,708)
Changes in operating assets and liabilities:
Oil and natural gas receivables			1,226	15,285
Joint interest and other receivables			1,763	11,036
Income taxes			(57,931)	(325)
Prepaid expenses and other assets			(10,365)	8,929
Asset retirement obligation settlements			(25,156)	(21,939)
Accounts payable, accrued liabilities and other			14,767	(20,013)
Net cash provided by (used in) operating activities			(11,269)	80,910
Investing activities:
Investment in oil and natural gas properties and equipment			(17,712)	(150,994)
Changes in operating assets and liabilities associated with investing activities			(34,122)	(50,849)
Proceeds from sales of assets			1,500
Purchases of furniture, fixtures and other			(70)	(709)
Net cash used in investing activities			(50,404)	(202,552)
Financing activities:
Borrowings of long-term debt - revolving bank credit facility			340,000	194,000
Repayments of long-term debt - revolving bank credit facility			(192,000)	(381,000)
Issuance of 9.00% Term Loan				297,000
Debt issuance costs				(6,407)
Other			83	54
Net cash provided by financing activities			148,083	103,647
Increase (decrease) in cash and cash equivalents			86,410	(17,995)
Cash and cash equivalents, beginning of period			85,414	23,666	23,666
Cash and cash equivalents, end of period	171,824	5,671	171,824	5,671	85,414
Parent Company
Operating activities:
Net loss	(48,427)	(260,449)	(167,812)	(515,544)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	22,648	58,023	43,271	129,374
Ceiling test write-down of oil and natural gas properties		181,300		371,995
Debt issuance costs write-off/amortization of debt items			1,880	2,432
Share-based compensation			5,121	5,708
Derivative loss	4,942	1,078	2,449	1,078
Cash receipts on derivative settlements			4,746
Deferred income taxes			21,099	(105,818)
Loss of affiliates	40,765	54,548	113,794	119,552
Changes in operating assets and liabilities:
Oil and natural gas receivables			1,177	18,710
Joint interest and other receivables			1,763	11,036
Income taxes			(57,931)	22,580
Prepaid expenses and other assets			(9,405)	(31,091)
Asset retirement obligation settlements			(12,702)	(21,146)
Accounts payable, accrued liabilities and other			(783)	(74,370)
Net cash provided by (used in) operating activities			(53,333)	(65,504)
Investing activities:
Investment in oil and natural gas properties and equipment			(8,600)	(25,313)
Changes in operating assets and liabilities associated with investing activities			(670)	(28,671)
Proceeds from sales of assets			1,000
Investment in subsidiary				(1,445)
Purchases of furniture, fixtures and other			(70)	(709)
Net cash used in investing activities			(8,340)	(56,138)
Financing activities:
Borrowings of long-term debt - revolving bank credit facility			340,000	194,000
Repayments of long-term debt - revolving bank credit facility			(192,000)	(381,000)
Issuance of 9.00% Term Loan				297,000
Debt issuance costs				(6,407)
Other			83	54
Net cash provided by financing activities			148,083	103,647
Increase (decrease) in cash and cash equivalents			86,410	(17,995)
Cash and cash equivalents, beginning of period			85,414	23,666	23,666
Cash and cash equivalents, end of period	171,824	5,671	171,824	5,671	$ 85,414
Guarantor Subsidiaries
Operating activities:
Net loss	(40,765)	(54,548)	(113,794)	(119,552)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	31,934	45,319	70,095	99,435
Ceiling test write-down of oil and natural gas properties	35,008	71,472	85,392	141,167
Deferred income taxes			(1,814)	(41,890)
Changes in operating assets and liabilities:
Oil and natural gas receivables			49	(3,425)
Income taxes				(22,905)
Prepaid expenses and other assets			(17,424)	94,890
Asset retirement obligation settlements			(12,454)	(793)
Accounts payable, accrued liabilities and other			32,014	(513)
Net cash provided by (used in) operating activities			42,064	146,414
Investing activities:
Investment in oil and natural gas properties and equipment			(9,112)	(125,681)
Changes in operating assets and liabilities associated with investing activities			(33,452)	(22,178)
Proceeds from sales of assets			500
Net cash used in investing activities			(42,064)	(147,859)
Financing activities:
Investment from parent				1,445
Net cash provided by financing activities				1,445
Eliminations
Operating activities:
Net loss	(31,730)	54,548	(29,825)	119,552
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	2,911		7,860
Ceiling test write-down of oil and natural gas properties	69,584		135,759
Loss of affiliates	$ (40,765)	$ (54,548)	(113,794)	(119,552)
Changes in operating assets and liabilities:
Prepaid expenses and other assets			16,464	(54,870)
Accounts payable, accrued liabilities and other			$ (16,464)	54,870
Investing activities:
Investment in subsidiary				1,445
Net cash used in investing activities				1,445
Financing activities:
Investment from parent				(1,445)
Net cash provided by financing activities				$ (1,445)

Supplemental Guarantor Inform58

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Parenthetical) (Details)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	May 31, 2015
9.00% Term Loan due 2020
Condensed Cash Flow Statements Captions [Line Items]
Debt instrument interest rate	9.00%	9.00%	9.00%	9.00%