W&T Offshore (WTI) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
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		137,821,744

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 72,320	$ 70,236
Receivables:
Oil and natural gas sales	39,397	43,073
Joint interest	19,920	21,885
Insurance reimbursement		30,100
Income taxes	12,027	11,943
Total receivables	71,344	107,001
Prepaid expenses and other assets (Note 1)	21,944	14,504
Total current assets	165,608	191,741
Oil and natural gas properties and other, net - at cost: (Note 1)	550,681	547,053
Restricted deposits for asset retirement obligations	28,712	27,371
Income tax receivables	68,974	52,097
Other assets (Note 1)	60,996	11,464
Total assets	874,971	829,726
Current liabilities:
Accounts payable	58,283	81,039
Undistributed oil and natural gas proceeds	21,270	26,254
Asset retirement obligations	52,432	78,264
Long-term debt	11,147	8,272
Accrued liabilities (Note 1)	13,122	9,200
Total current liabilities	156,254	203,029
Long-term debt: (Note 2)
Principal	873,733	873,733
Carrying value adjustments	110,604	138,722
Long term debt, less current portion - carrying value	984,337	1,012,455
Asset retirement obligations, less current portion	265,428	256,174
Other liabilities (Note 1)	66,909	17,105
Commitments and contingencies (Note 9)
Shareholders’ deficit:
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at June 30, 2017 and December 31, 2016
Common stock, $0.00001 par value; 200,000,000 shares authorized; 140,690,917 issued and 137,821,744 outstanding at June 30, 2017 and 140,543,545 issued and 137,674,372 outstanding at December 31, 2016	1	1
Additional paid-in capital	543,439	539,973
Retained earnings (deficit)	(1,117,230)	(1,174,844)
Treasury stock, at cost; 2,869,173 shares at June 30, 2017 and December 31, 2016	(24,167)	(24,167)
Total shareholders’ equity (deficit)	(597,957)	(659,037)
Total liabilities and shareholders’ equity (deficit)	$ 874,971	$ 829,726

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
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	200,000,000	200,000,000
Common stock, issued	140,690,917	140,543,545
Common stock, outstanding	137,821,744	137,674,372
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
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenues	$ 123,323	$ 99,655	$ 247,716	$ 177,370
Operating costs and expenses:
Lease operating expenses	31,519	36,622	71,683	81,091
Production taxes	449	370	964	896
Gathering and transportation	5,318	6,398	11,527	11,490
Depreciation, depletion, amortization and accretion	40,364	57,493	80,354	121,226
Ceiling test write-down of oil and natural gas properties		104,592		221,151
General and administrative expenses	16,474	16,235	29,748	32,678
Derivative (gain) loss	(3,689)	4,942	(7,644)	2,449
Total costs and expenses	90,435	226,652	186,632	470,981
Operating income (loss)	32,888	(126,997)	61,084	(293,611)
Interest expense:
Incurred	11,436	29,773	22,730	57,587
Capitalized		(102)		(445)
Gain on exchange of debt	8,056		7,811
Other (income) expense, net	5,168	(24)	5,114	1,282
Income (loss) before income tax benefit	24,340	(156,644)	41,051	(352,035)
Income tax benefit	(8,975)	(35,722)	(16,563)	(40,604)
Net income (loss)	$ 33,315	$ (120,922)	$ 57,614	$ (311,431)
Basic and diluted earnings (loss) per common share	$ 0.23	$ (1.58)	$ 0.40	$ (4.07)

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Shareholders' Deficit - 6 months ended Jun. 30, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Outstanding	Additional Paid-In Capital	Retained Earnings (Deficit)	Treasury Stock
Beginning Balances at Dec. 31, 2016	$ (659,037)	$ 1	$ 539,973	$ (1,174,844)	$ (24,167)
Beginning Balances (in shares) at Dec. 31, 2016		137,674			2,869
Share-based compensation	3,466		3,466
Share-based compensation (in shares)		148
Net income	57,614			57,614
Ending Balances at Jun. 30, 2017	$ (597,957)	$ 1	$ 543,439	$ (1,117,230)	$ (24,167)
Ending Balances (in shares) at Jun. 30, 2017		137,822			2,869

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Operating activities:
Net income (loss)	$ 57,614
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	80,354
Gain on exchange of debt	(7,811)
Debt issuance costs write-down/amortization of debt items	836
Share-based compensation	3,466
Derivative (gain) loss	(7,644)
Cash receipts on derivative settlements	2,208
Deferred income taxes	212
Changes in operating assets and liabilities:
Oil and natural gas receivables	3,675
Joint interest receivables	1,965
Insurance reimbursements	30,100
Income taxes	(16,960)
Prepaid expenses and other assets	(3,575)
Escrow deposit - Apache lawsuit	(49,500)
Asset retirement obligation settlements	(36,021)
Accounts payable, accrued liabilities and other	6,666
Net cash provided by (used in) operating activities	65,585
Investing activities:
Investment in oil and natural gas properties and equipment	(43,800)
Changes in operating assets and liabilities associated with investing activities	(827)
Purchases of furniture, fixtures and other	(853)
Net cash used in investing activities	(45,480)
Financing activities:
Other	(372)
Net cash provided by (used in) financing activities	(18,021)
Increase in cash and cash equivalents	2,084
Cash and cash equivalents, beginning of period	70,236
Cash and cash equivalents, end of period	72,320
11.00% 1.5 Lien Term Loan, Due November 2019
Financing activities:
Payment of interest	(4,113)
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Financing activities:
Payment of interest	(7,335)
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Financing activities:
Payment of interest	$ (6,201)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
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 substantially all of its operations offshore in the Gulf of Mexico. The Company is active in the exploration, development and acquisition of oil and natural gas properties. 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”). 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, 2016. 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 average prices of these commodities improved during the first half of 2017 compared to the average prices in the first half of 2016 and for the full year of 2016. Operating costs were lower in the first half of 2017 on a barrel oil equivalent (“Boe”) basis compared to the first half of 2016. In September 2016, we consummated the Exchange Transaction, as defined and described below in Note 2, which reduced our interest payments in the first half of 2017 compared to the first half of 2016. In addition, the Exchange Transaction extended the maturities on a portion of our debt, although for a portion of the New Debt, as defined and described below, the maturities of two of the new loans will accelerate if certain events do not transpire. We continued working to further reduce our operating costs, capital expenditures and costs related to asset retirement obligations (“ARO”). Our 2017 capital budget is relatively modest by historical standards and we have some flexibility for the balance of the year. The 2017 capital budget is higher than the capital expenditures incurred during 2016, but it is significantly lower than spending levels incurred during 2015 and 2014. During the first half of 2017, the Bureau of Ocean Energy Management (“BOEM”) extended the implementation timeline (without setting a revised implementation date) for Notice to Lessees #2016-N01 (“NTL #2016-N01”) regarding financial assurances to be provided by lessees in connection with Outer Continental Shelf (“OCS”) leases, rights-of-way (“ROWs”) or rights of use and easement (“RUEs”) for which there are co-lessees and/or predecessors in interest (non-sole liability properties), with certain exceptions. Also, in the first quarter of 2017, the BOEM withdrew the orders related to its so called “sole liability” properties it had issued in December 2016 to allow time for the new President’s administration to review the complex financial assurance program. Actions are underway for the BOEM to rescind the previous orders regarding financial assurances issued in the first quarter of 2016 totaling $260.8 million. See Note 9 and Note 10 for additional information. During the second quarter of 2017, a final trial court judgment was rendered in Apache Corporation’s (“Apache”) lawsuit against us. As a result, we deposited $49.5 million in an escrow account from cash on hand as a first step to allow us to appeal the decision. See Note 9 for additional information. We have assessed our financial condition, the current capital markets and options given different scenarios of commodity prices. We believe we will have adequate liquidity to fund our operations beyond September 2018, the period of assessment to qualify as a going concern. However, we cannot predict the potential changes in commodity prices or the future bonding requirements, either of which could affect our operations, liquidity levels and compliance with debt covenants. See our Annual Report on Form 10-K for the year ended December 31, 2016 concerning risks related to our business and events occurring during 2016 and other information and the Notes herein for additional information. Prepaid Expenses and Other Assets. The amounts recorded in Prepaid expenses and other assets are expected to be realized within one year. The major categories are presented in the following table (in thousands): June 30, December 31, 2017 2016 Derivative assets (1) $ 6,365 $ — Prepaid/accrued insurance 3,802 2,924 Surety bond unamortized premiums 2,855 2,462 Prepaid deposits related to royalties 6,155 6,237 Other 2,767 2,881 Prepaid expenses and other assets $ 21,944 $ 14,504 (1) Includes open and closed (and not settled) derivative commodity contracts recorded at fair value. Oil and Natural Gas Properties and Other, Net – at cost. June 30, December 31, 2017 2016 Oil and natural gas properties and equipment $ 8,007,073 $ 7,932,504 Furniture, fixtures and other 21,751 20,898 Total property and equipment 8,028,824 7,953,402 Less accumulated depreciation, depletion and amortization 7,478,143 7,406,349 Oil and natural gas properties and other, net $ 550,681 $ 547,053 Accrued Liabilities. The major categories recorded in Accrued liabilities are presented in the following table (in thousands): June 30, December 31, 2017 2016 Accrued interest $ 4,196 $ 4,189 Accrued salaries/payroll taxes/benefits 4,627 2,777 Other 4,299 2,234 Total accrued liabilities $ 13,122 $ 9,200 Other Assets (long-term). The major categories recorded in Other assets are presented in the following table (in thousands): June 30, December 31, 2017 2016 Escrow deposit - Apache lawsuit $ 49,500 $ — Appeal bond deposits 6,925 6,925 Other 4,571 4,539 Total other assets $ 60,996 $ 11,464 Other Liabilities (long-term). The major categories recorded in Other liabilities are presented in the following table (in thousands): June 30, December 31, 2017 2016 Apache lawsuit $ 49,500 $ — Uncertain tax positions including interest/penalties 10,796 10,584 Other 6,613 6,521 Total other liabilities (long-term) $ 66,909 $ 17,105 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 (modified retrospective approach). Our current intention is to adopt the standard utilizing the modified retrospective approach. Our evaluation to date is that the adoption of ASU 2014-09 is not expected to have a material impact on our consolidated financial statements. We have not fully completed our analysis and subsequent guidance may change this assessment. Our disclosures related to revenue will be modified when the new guidance is effective. ASU 2014-09 will be effective for us in the first quarter of 2018. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases Subtopic 842 In June 2016, the FASB issued Accounting Standards Update No. 2016-13, (“ASU 2016-13”), Financial Instruments – Credit Losses Subtopic 326 In August 2016, the FASB issued Accounting Standards Update No. 2016-15, (“ASU 2016-15”), Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued Accounting Standards Update No. 2016-18, (“ASU 2016-18”), Statement of Cash Flows (Topic 230) – Restricted Cash

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	2. Long-Term Debt The components of our long-term debt are presented in the following table (in thousands): June 30, 2017 December 31, 2016 Adjustments to Adjustments to Carrying Carrying Carrying Carrying Principal Value (1) Value Principal Value (1) Value 11.00% 1.5 Lien Term Loan, due November 2019: Principal $ 75,000 $ — $ 75,000 $ 75,000 $ — $ 75,000 Future interest payments — 19,709 19,709 — 23,823 23,823 Subtotal 75,000 19,709 94,709 75,000 23,823 98,823 9.00 % Second Lien Term Loan, due May 2020: 300,000 — 300,000 300,000 — 300,000 9.00%/10.75% Second Lien PIK Toggle Notes, due May 2020: Principal 163,007 — 163,007 163,007 — 163,007 Future payments-in-kind — 14,506 14,506 — 24,048 24,048 Future interest payments — 34,873 34,873 — 36,850 36,850 Subtotal 163,007 49,379 212,386 163,007 60,898 223,905 8.50%/10.00% Third Lien PIK Toggle Notes, due June 2021: Principal 145,897 — 145,897 145,897 — 145,897 Future payments-in-kind — 18,618 18,618 — 26,844 26,844 Future interest payments — 38,682 38,682 — 40,705 40,705 Subtotal 145,897 57,300 203,197 145,897 67,549 213,446 8.50% Unsecured Senior Notes, due June 2019 189,829 — 189,829 189,829 — 189,829 Debt premium, discount, issuance costs, net of amortization — (4,637 ) (4,637 ) — (5,276 ) (5,276 ) Total long-term debt 873,733 121,751 995,484 873,733 146,994 1,020,727 Current maturities of long-term debt (2) — 11,147 11,147 — 8,272 8,272 Long term debt, less current maturities $ 873,733 $ 110,604 $ 984,337 $ 873,733 $ 138,722 $ 1,012,455 (1) Future interest payments and future payments-in-kind (“PIK”) are recorded on an undiscounted basis. (2) Future interest payments on the 1.5 Lien Term Loan and Second Lien PIK Toggle Notes due within twelve months. Exchange Transaction On September 7, 2016, we consummated a transaction whereby we exchanged approximately $710.2 million in aggregate principal amount, or 79%, of our 8.500% Senior Notes, due June 15, 2019 (the “Unsecured Senior Notes”) for: (i) $159.8 million in aggregate principal amount of 9.00%/10.75% Senior Second Lien PIK Toggle Notes, due May 15, 2020, (the “Second Lien PIK Toggle Notes”); (ii) $142.0 million in aggregate principal amount of 8.50%/10.00% Senior Third Lien PIK Toggle Notes, due June 15, 2021, (the “Third Lien PIK Toggle Notes”); and (iii) 60.4 million shares of our common stock (collectively, the “Debt Exchange”). At the same time on closing on the Debt Exchange, we closed on a $75.0 million, 11.00% 1.5 Lien Term Loan, due November 15, 2019, (the “1.5 Lien Term Loan”) with the largest holder of our Unsecured Senior Notes (collectively with the Debt Exchange, the “Exchange Transaction”). We accounted for the Exchange Transaction as a Troubled Debt Restructuring pursuant to the guidance under Accounting Standard Codification 470-60, Troubled Debt Restructuring The funds received from the 1.5 Lien Term Loan were used to pay transaction costs related to the Exchange Transaction and to pay down borrowings on the revolving bank credit facility. The balance of the borrowings on the revolving bank credit facility was paid down from available cash. During the second quarter of 2017, interest on the Second Lien PIK Toggle Notes and the Third Lien PIK Toggle Notes was paid in cash rather than in kind. As a result of the cash interest payment, an $8.2 million net reduction was recorded to long-term debt on the Condensed Consolidated Balance Sheet and the offset to Gain on exchange of debt Gain on exchange of debt The primary terms of our long-term debt following the Exchange Transaction are described below. Credit Agreement The Fifth Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), provides a revolving bank credit facility. The primary items of the Credit Agreement are as follows, with certain terms defined under the Credit Agreement: • The borrowing base is $150.0 million. • Letters of credit may be issued in amounts up to $150.0 million, provided availability under the revolving bank credit facility exists. • The First Lien Leverage Ratio limits are 2.50 to 1.00 through June 30, 2017, and 2.00 to 1.00 thereafter. • The Current Ratio must be greater than 1.00 to 1.00. • We are required to have deposit accounts only with banks under the Credit Agreement with certain exceptions. • We may not have unrestricted cash balances above $35 million if outstanding balances on the revolving bank credit agreement (including letters of credit) are greater than $5 million. • Borrowings primarily are executed as Eurodollar Loans, and the applicable margins range from 3.00% to 4.00%. • The commitment fee is 50 basis points for all levels of utilization. • The Credit Agreement terminates on November 8, 2018. Availability under our revolving bank credit facility is subject to a semi-annual redetermination of our borrowing base that occurs in the spring and fall of each year and is calculated by our lenders based on their evaluation of our proved reserves and their own internal criteria. The 2017 spring redetermination reaffirmed the borrowing base amount of $150.0 million. Any redetermination by our lenders to change our borrowing base will result in a similar change in the availability under our revolving bank credit facility. The revolving bank credit facility is secured and is collateralized by a first priority lien on substantially all of our oil and natural gas properties. 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. 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 other long-term debt agreements, and such 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, 2017. As of June 30, 2017 and December 31, 2016, we did not have any borrowings outstanding and had $0.3 million and $0.5 million, respectively, of letters of credit outstanding under the revolving bank credit facility. Availability as of June 30, 2017 was $149.7 million. 1.5 Lien Term Loan As part of the Exchange Transaction, we entered into the 1.5 Lien Term Loan on September 7, 2016 with a maturity date of November 15, 2019. The maturity date will accelerate to February 28, 2019 if the remaining Unsecured Senior Notes have not been extended, renewed, refunded, defeased, discharged, replaced or refinanced by February 28, 2019. Interest accrues at 11.00% per annum and is payable quarterly in cash. The holder of the 1.5 Lien Term Loan was the largest holder of our Unsecured Senior Notes prior to the Exchange Transaction. The 1.5 Lien Term Loan is secured by a 1.5 priority lien on all of our assets pledged under the Credit Agreement. The lien securing the 1.5 Lien Term Loan is subordinate to the liens securing the Credit Agreement and has priority above the liens securing the Second Lien Term Loan (defined below), the Second Lien PIK Toggle Notes and the Third Lien PIK Toggle Notes. All future undiscounted cash flows have been included in the carrying value under ASC 470-60. Current maturities of long-term debt include the cash interest payable for the 1.5 Lien Term Loan payable in the next 12 months. The 1.5 Lien Term Loan contains various covenants that limit, among other things, our ability to: (i) pay cash dividends; (ii) repurchase our common stock; (iii) sell our assets; (iv) make certain loans or investments; (v) merge or consolidate; (vi) enter into certain liens; (vii) create liens that secure debt; and (viii) enter into transactions with affiliates. We were in compliance with all applicable covenants as of June 30, 2017. Second Lien Term Loan In May 2015, we entered into the 9.00% Term Loan (the “Second Lien Term Loan”), which bears an annual interest rate of 9.00%. The Second Lien Term Loan was issued at a 1.0% discount to par, matures on May 15, 2020 and is recorded at its carrying value consisting of principal, unamortized discount and unamortized debt issuance costs. Interest on the Second Lien Term Loan is payable in arrears semi-annually on May 15 and November 15. The estimated annual effective interest rate on the Second Lien Term Loan is 9.6%, which includes amortization of debt issuance costs and discounts. The Second Lien Term Loan is secured by a second-priority lien on all of our assets that are secured under the Credit Agreement. The Second Lien Term Loan is effectively subordinate to the Credit Agreement and the 1.5 Lien Term Loan (discussed above) and is effectively pari passu Second Lien PIK Toggle Notes As part of the Exchange Transaction, we issued Second Lien PIK Toggle Notes on September 7, 2016 with a maturity date of May 15, 2020. Cash interest accrues at 9.00% per annum and is payable on May 15 and November 15 of each year. The Second Lien PIK Toggle Notes contain provisions whereby certain semi-annual interest is added to the principal amount through payment-in-kind instead of being paid in cash in the then current semi-annual period. For the initial interest period ending November 15, 2016, interest could only be paid-in-kind at the annual rate of 10.75%. For interest periods through March 7, 2018, if we so elect, we have the option to pay all or a portion of interest in kind at a rate of 10.75% per annum. For the six month interest period ending May 15, 2017, we paid the interest payment in cash rather than using the payment-in-kind provision. The Second Lien PIK Toggle Notes are secured by a second-priority lien on all of our assets that are pledged under the Credit Agreement. The Second Lien PIK Toggle Notes are effectively subordinate to the Credit Agreement and the 1.5 Lien Term Loan (discussed above) and are effectively pari passu Third Lien PIK Toggle Notes As part of the Exchange Transaction, we issued Third Lien PIK Toggle Notes on September 7, 2016 with a maturity date of June 15, 2021. The maturity date will accelerate to February 28, 2019 if the remaining Unsecured Senior Notes have not been extended, renewed, refunded, defeased, discharged, replaced or refinanced by February 28, 2019. Cash interest accrues at 8.50% per annum and is payable on June 15 and December 15 of each year. The Third Lien PIK Toggle Notes contain interest provisions whereby certain semi-annual interest is added to the principal amount through payment-in-kind instead of being paid in cash in the then current semi-annual period. For the initial interest period ending December 15, 2016, interest could only be paid in kind at the annual rate of 10.00%. For interest periods through September 7, 2018, if we so elect, we have the option to pay all or a portion of interest in kind at a rate of 10.00% per annum. For the six month interest period ending June 15, 2017, we paid the interest payment in cash rather than using the payment-in-kind provision. The Third Lien PIK Toggle Notes are secured by a third-priority lien on all of our assets that are secured under the Credit Agreement. The Third Lien PIK Toggle Notes are effectively subordinate to the Second Lien Term Loan and the Second Lien PIK Toggle Notes. For purposes of determining the carrying amount under ASC 470-60, we anticipate the remaining eligible interest payments will be paid in kind versus paid in cash. When the PIK option is utilized, the principal amount of the notes increases. The Third Lien PIK Toggle Notes contain covenants that restrict our ability and the ability of certain of our subsidiaries to: (i) incur additional debt; (ii) make payments or distributions on account of our or our restricted subsidiaries’ capital stock; (iii) sell assets; (iv) restrict dividends or other payments of our restricted subsidiaries; (v) create liens that secure debt; (vi) enter into transactions with affiliates and (vii) merge or consolidate with another company. We were in compliance with all applicable covenants as of June 30, 2017. Unsecured Senior Notes Our outstanding Unsecured Senior Notes, which bear an annual interest rate of 8.50% and mature on June 15, 2019, were recorded at their carrying value, which includes unamortized debt premium and unamortized debt issuance costs. Interest on the Unsecured Senior Notes is payable semi-annually in arrears on June 15 and December 15. The estimated annual effective interest rate on the Unsecured Senior Notes is 8.3%, which includes amortization of premiums and debt issuance costs. The Unsecured Senior Notes contain covenants that restrict our ability and the ability of certain of our subsidiaries to: (i) incur additional debt; (ii) make payments or distributions on account of our or our restricted subsidiaries’ capital stock; (iii) sell assets; (iv) restrict dividends or other payments of our restricted subsidiaries; (v) create liens that secure debt; (vi) enter into transactions with affiliates and (vii) merge or consolidate with another company. We were in compliance with all applicable covenants as of June 30, 2017. For information about fair value measurements for our long-term debt, refer to Note 3.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. 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 value of the 1.5 Lien Term Loan was estimated using the carrying value of the principal as no market has developed and the holder of the 1.5 Lien Term Loan was the largest holder of our Unsecured Senior Notes prior to the Exchange Transaction. The fair values of our Second Lien Term Loan, Second Lien PIK Toggle Notes, Third Lien PIK Toggle Notes and Unsecured Senior Notes were based on quoted prices, although the market is not an active market; therefore, the fair value is classified within Level 2. The following table presents the fair value of our open derivatives and long-term debt, all of which are classified as Level 2 within the valuation hierarchy (in thousands): June 30, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Derivatives - open contracts $ 5,436 $ — $ — $ — 11.00% 1.5 Term Loan, due November 2019 (1) — 75,000 — 75,000 9.00% Second Lien Term Loan, due May 2020 (1) — 249,000 — 255,000 9.00%/10.75% Second Lien PIK Toggle Notes, due May 2020 (1) — 133,666 — 122,255 8.50%/10.00% Third Lien PIK Toggle Notes, due June 2021 (1) — 99,210 — 80,243 8.50% Unsecured Senior Notes, due June 2019 (1) — 131,931 — 123,389 (1) The long-term debt items are reported on the Condensed Consolidated Balance Sheets at their carrying value as described in Note 2.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2017
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	4. 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. A summary of the changes to our ARO is as follows (in thousands): Balance, December 31, 2016 $ 334,438 Liabilities settled (36,021 ) Accretion of discount 8,560 Revisions of estimated liabilities (1) 10,883 Balance, June 30, 2017 317,860 Less current portion 52,432 Long-term $ 265,428 (1) Revisions were primarily related to changes from sustained casing pressure at four fields. Wells that experience sustained casing pressure require more days and greater work scope to complete the abandonment project.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	5. 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 3. Commodity Derivatives As of June 30, 2017, we had open crude oil and natural gas derivative contracts for a portion of our anticipated future production for the remainder of 2017. These contracts were entered into during the first quarter of 2017. For crude oil, we entered into two types of contracts. The first type is a swap contract, where we either receive or pay depending on whether the crude oil price is below or above the contract price. The second type is known as “two-way collar” consisting of a purchased put option and a sold call option. These two-way collars provide price risk protection if commodity prices fall below certain levels, but may limit incremental income from favorable price movements above certain limits. The crude oil contracts are based on West Texas Intermediate (“WTI”) crude oil prices as quoted off the New York Mercantile Exchange (“NYMEX”). For natural gas, we entered into “two-way collar” contracts. 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 two-way collar contracts were set so that the contracts were premium neutral (“costless”), which means no net premiums were paid to or received from a counterparty. Settlement occurs monthly using the per day notional quantity. As of December 31, 2016, we did not have any open derivative contracts. As of June 30, 2017, our open commodity derivative contracts were as follows: Crude Oil: Swap, Priced off WTI (NYMEX) Notional (1) Notional (1) Quantity Quantity Strike Termination Period (Bbls/day) (Bbls) Price 2017 4th Quarter 1,000 184,000 $ 55.25 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) 2017 4th Quarter 4,000 736,000 $ 50.00 $ 60.15 Natural Gas: Two-way collars, Priced off Henry Hub (NYMEX) Notional (1) Notional (1) Weighted Average Contract Price Quantity Quantity Put Option Call Option Termination Period (MMBtu's/day) (MMBtu's) (Bought) (Sold) 2017 4th Quarter (2) 30,000 4,590,000 $ 3.07 $ 3.96 (1) Volume Measurements: Bbls – barrelsMMBtu’s – 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 2017 production were priced and closed in June 2017 and are not included in the above table as these were not open derivative contracts as of June 30, 2017 . Our open and closed (not settled) commodity derivative contracts were recorded within the line Prepaid expenses and other assets June 30, December 31, 2017 2016 Open contracts $ 5,436 $ — Closed contracts - not settled 929 — Total contracts $ 6,365 $ — 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, 2017 2016 2017 2016 Derivative (gain) loss $ (3,689 ) $ 4,942 $ (7,644 ) $ 2,449 Cash receipts, net, on commodity derivative contract settlements are included within Net cash provided by (used in) operating activities Six Months Ended June 30, 2017 2016 Cash receipts on derivative settlements, net $ 2,208 $ 4,746 Offsetting Commodity Derivatives 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.

Share-Based Compensation and Ca

Share-Based Compensation and Cash-Based Incentive Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation and Cash-Based Incentive Compensation	6. 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, May 2016 and May 2017. The May 2017 amendment increased the number of shares available in the Plan by 7,700,000 shares. As allowed by the Plan, during the six months ended June 30, 2017 and the years 2016 and 2015, the Company granted restricted stock units (“RSUs”) to certain of its employees. 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, 2017, there were 14,633,337 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. The Company has the option at vesting to settle RSUs in stock or cash, or a combination of stock and cash. Prior to 2017, only shares of common stock were used to settle vested RSUs. For the six months ended June 30, 2017, cash was used to settle vested RSUs related to the retirement of an executive officer. The Company plans to settle RSUs that vest in the future using shares of common stock. RSUs currently outstanding related to the 2016 and 2015 grants have been adjusted for performance achieved against predetermined criteria for the applicable performance year. These RSUs continue to be subject to employment-based criteria and vesting occurs in December of the second year after the grant. The RSUs related to the 2017 grants are subject to performance-based criteria and employment-based criteria. 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 2017, 2016 and 2015 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. A summary of activity related to RSUs during the six months ended June 30, 2017 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2016 6,107,248 $ 2.73 Granted 2,080,181 2.77 Vested (323,870 ) 2.73 Forfeited (268,173 ) 2.77 Nonvested, June 30, 2017 7,595,386 2.74 For the outstanding RSUs issued to the eligible employees as of June 30, 2017, vesting is expected to occur as follows: Restricted Stock Units 2017 2,108,397 2018 3,477,267 2019 2,009,722 Total 7,595,386 The fair value of RSUs granted during the six months ended June 30, 2017 was $5.8 million based on the closing price of the Company’s common stock on the date of grant. 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 the six months ended June 30, 2017, and the years 2016 and 2015. As of June 30, 2017, there were 170,524 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 of Directors. Restricted Shares cannot be sold, transferred or disposed of during the restricted period. The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares. A summary of activity related to Restricted Shares during the six months ended June 30, 2017 is as follows: Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2016 161,296 $ 3.47 Granted 147,372 1.90 Vested (62,140 ) 4.51 Nonvested, June 30, 2017 246,528 2.27 For the outstanding Restricted Shares issued to the non-employee directors as of June 30, 2017, vesting is expected to occur as follows: Restricted Shares 2018 106,240 2019 91,164 2020 49,124 Total 246,528 The fair value of Restricted Shares granted during the six months ended June 30, 2017 was $0.3 million based on the closing price of the Company’s common stock on the date of grant. Share-Based Compensation. General and administrative expense Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Share-based compensation expense from: Restricted stock units $ 2,342 $ 2,439 $ 4,200 $ 4,888 Restricted Shares 70 146 140 233 Total $ 2,412 $ 2,585 $ 4,340 $ 5,121 Share-based compensation tax benefit: Tax benefit computed at the statutory rate $ 844 $ 904 $ 1,519 $ 1,792 Unrecognized Share-Based Compensation. As of June 30, 2017, unrecognized share-based compensation expense related to our awards of RSUs and Restricted Shares was $9.7 million and $0.5 million, respectively. Unrecognized share-based compensation expense will be recognized through November 2019 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 the six months ended June 30, 2017, and the years 2016 and 2015, the Company issued cash-based incentive awards. In addition to being performance-based awards related to respective 2017, 2016 and 2015 criteria, the payment of such awards is contingent on the Company achieving the following financial condition on or before December 31, 2019, December 31, 2018 and December 31, 2017, respectively: 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 $200.0 million for the 2017 awards and exceeds $300.0 million for the 2016 and 2015 awards. As the Company did not achieve the financial condition for the 2016 and 2015 awards up through June 30, 2017, and we do not estimate the Company will achieve the financial condition within the respective measurement period, no amounts have been recognized to date related to the 2015 and 2016 awards. For the 2017 awards, amounts were recognized as reported in the table below as it is anticipated the Company will achieve some of the performance-based criteria and will achieve the financial condition within the respective measurement period. A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Share-based compensation included in: General and administrative expenses $ 2,412 $ 2,585 $ 4,340 $ 5,121 Cash-based incentive compensation included in: Lease operating expense 394 — 394 364 General and administrative expenses 1,004 — 1,004 (233 ) Total charged to operating income $ 3,810 $ 2,585 $ 5,738 $ 5,252

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes Our income tax benefit for the three and six months ended June 30, 2017 was $9.0 million and $16.6 million, respectively. Our income tax benefit for the three and six months ended June 30, 2016 was $35.7 million and $40.6 million, respectively. Our annualized effective tax rate was not meaningful for any period presented. The income tax benefit for all periods presented relates to net operating loss (“NOL”) carryback claims made pursuant to Internal Revenue Code (“IRC”) During the six months ended June 30, 2017, we did not pay any income tax or receive any income tax refunds of significance. During the six months ended June 30, 2016, we made payments of $0.3 million and received $2.3 million of refunds. As of June 30, 2017, we recorded current income tax receivables of $12.0 million and non-current income tax receivables of $69.0 million. As of December 31, 2016, we recorded current income tax receivables of $11.9 million and non-current income tax receivables of $52.1 million (in July 2017, we received income tax refunds of $11.9 million). The current income tax receivables primarily relates to our NOL claim for 2016 carried back to 2006. The non-current income tax receivables relates to our NOL claims for the years 2012, 2013 and 2014 that were carried back to prior years and to an estimated NOL claim for 2017 that is expected to be filed subsequent to December 31, 2017. These carryback claims are made pursuant to IRC Section 172(f) described above. The refund claims related to the years 2012, 2013 and 2014 will require a review by the Congressional Joint Committee on Taxation and are accordingly classified as non-current as these refund claims are expected to be received in the latter part of 2018. As of June 30, 2017 and December 31, 2016, our valuation allowance was $270.4 million and $290.2 million, respectively, related to Federal, Louisiana and Alabama NOLs and other deferred assets. Net deferred tax assets were recorded related to NOLs 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 NOLs are deductible. In addition, the realization depends on the ability to carryback certain items to prior years for refunds of taxes previously paid. We recognize interest and penalties related to unrecognized tax benefits in income tax expense. During the six months ended June 30, 2017 and 2016, we recorded immaterial amounts of accrued interest expense related to our unrecognized tax benefit. The tax years 2013 through 2016 remain open to examination by the tax jurisdictions to which we are subject.

Earnings_ (Loss) Per Share

Earnings/ (Loss) Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings/ (Loss) Per Share	8. Earnings/ (Loss) Per Share The following table presents the calculation of basic and diluted earnings (loss) per common share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income (loss) $ 33,315 $ (120,922 ) $ 57,614 $ (311,431 ) Less portion allocated to nonvested shares 1,374 — 2,442 — Net income (loss) allocated to common shares $ 31,941 $ (120,922 ) $ 55,172 $ (311,431 ) Weighted average common shares outstanding 137,552 76,457 137,533 76,443 Basic and diluted earnings (loss) per common share $ 0.23 $ (1.58 ) $ 0.40 $ (4.07 ) Shares excluded due to being anti-dilutive (weighted-average) — 3,531 — 3,529

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Contingencies	9. Contingencies Supplemental Bonding Requirements by the BOEM. The BOEM requires that lessees demonstrate financial strength and reliability according to its regulations or provide acceptable financial assurances to satisfy lease obligations, including decommissioning activities on the OCS. In July 2016, the BOEM issued NTL #2016-N01 to clarify the procedures and guidelines that BOEM Regional Directors use to determine if and when additional financial assurances may be required for OCS leases, ROWs or RUEs. This NTL became effective in September 2016 and supersedes and replaces NTL #2008-N07. • In the first quarter of 2016, we received several orders from the BOEM pursuant to NTL #2008-N07 demanding the Company to secure financial assurances in the aggregate of $260.8 million, with amounts specified with respect to certain designated leases, ROWs and RUEs. We filed various appeals to the Interior Board of Land Appeals (the “IBLA”) concerning these orders. The IBLA, acknowledging the BOEM and the Company were seeking to resolve the BOEM demands through settlement discussions, stayed the effectiveness of these orders several times, with the current stay effective to August 31, 2017. • On June 20, 2017, we notified the BOEM that we had satisfied our financial assurance obligations for our sole liability properties as designated by BOEM. Sole liability properties are leases, ROWs or RUEs for which the holder is the only liable party, i.e. • Based on our satisfaction of the BOEM demand for our sole liability properties, on June 28, 2017, the BOEM commenced the process necessary to rescind the prior orders issued in 2016 ordering us to provide $260.8 million in financial assurance obligations. • Since these BOEM orders are the subject of appeals by us before the IBLA, the Office of the Solicitor for the Department of the Interior, on behalf of BOEM, filed motions to remand the four IBLA appeals back to the BOEM. This will allow the BOEM to rescind the orders. • As described in Note 10, the motions to remand were granted by the IBLA on July 31, 2017. • We are currently in compliance with our financial assurance obligations to the BOEM and, upon rescission of the 2016 orders, we will be under no outstanding BOEM orders related to financial assurance obligations. W&T and other offshore Gulf of Mexico producers may in the ordinary course receive future demands for financial assurances from the BOEM as the BOEM continues to reevaluate its requirements for financial assurances. Surety Bond Collateral. The issuers of surety bonds in some cases have requested and received additional collateral related to surety bonds for plugging and abandonment activities. We may be required to post collateral at any time pursuant to the terms of our agreement with various sureties under our existing bonds, if they so demand at their discretion. We did not receive any collateral demands from surety bond providers during the six months ended June 30, 2017. Apache Lawsuit. On December 15, 2014, Apache filed a lawsuit against the Company alleging that W&T breached the joint operating agreement related to, among other things, the abandonment of three deepwater wells in the Mississippi Canyon (“MC”) area of the Gulf of Mexico. The dispute relates to Apache's use of drilling rigs instead of a previously contracted intervention vessel for the plugging and abandonment work. We contended that the costs to use the drilling rigs were unnecessary and unreasonable, and that Apache chose to use the rigs without W&T's consent because they otherwise would have been idle at Apache's expense. We believe the use of the rigs was in bad faith, as found by the jury, and that such conduct caused W&T not to comply with the applicable joint operating agreement, particularly since another vessel had been contracted by Apache for the abandonment a year in advance. We had previously paid $24.9 million to Apache as an undisputed amount for the plug and abandonment work. On October 28, 2016, the jury made the following findings: 1. W&T failed to comply with the contract by failing to pay its proportionate share of the costs to plug and abandon the MC 674 wells. 2. The amount of money to compensate Apache for W&T’s failure to pay its proportionate share of the costs to plug and abandon the MC 674 wells was $43.2 million. 3. The $43.2 million referred to in #2 should be offset by $17.0 million. 4. Apache acted in bad faith thereby causing W&T to not comply with the contract. A final trial court judgment was rendered from the U.S. District Court for the Southern District of Texas on May 31, 2017 directing the Company to pay Apache $43.2 million, plus $6.3 million in prejudgment interest, attorney's fees and costs assessed in the judgment. We intend to appeal the trial court judgment in this lawsuit. In June 2017, in order to stay execution of the judgment, and pending the disposition of post judgment motions, we deposited with the court $49.5 million in escrow. This amount in escrow is recorded in Other assets ( Cash and cash equivalents Other liabilities Oil and natural gas properties and other, net Other income/expense 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 filed for a hearing on the matter and a decision was issued by an Administrative Law Judge in June 2017 cancelling the civil penalty in its entirety under the applicable provisions of the Federal Oil and Gas Royalty Management Act. Appeal with ONRR. In 2009, we 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 our 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 under the Department of the Interior. On January 27, 2017, the IBLA affirmed the decision of the ONRR requiring W&T to pay approximately $4.7 million in additional royalties. After discussing with counsel, we have decided to seek judicial review of the IBLA decision in federal court in New Orleans. Royalties – “Unbundling” Initiative. The ONRR has publicly announced an “unbundling” initiative to revise 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. The ONRR’s initiative requires re-computing allowable transportation and processing costs using revised guidance from the ONRR going back 84 months for every gas processing plant that processed our gas. In the second quarter of 2015, pursuant to the initiative, we received requests from the ONRR for additional data regarding our transportation and processing allowances on natural gas production related to a specific processing plant. We also received a preliminary determination notice from the ONRR asserting that our allocation of certain processing costs and plant fuel use at another processing plant was not allowed as deductions in the determination of royalties owed under Federal oil and gas leases. We have submitted revised calculations covering certain plants and time periods to the ONRR. As of the filing date of this Form 10-Q, we have not received a response from the ONRR related to our submissions. These open ONRR unbundling reviews, and any further similar reviews, could ultimately result in an order for payment of additional royalties under our Federal oil and gas leases for current and prior periods. For the six months ended June 30, 2017, we have made additional royalty payments of $1.1 million. We are not able to determine the range of any additional royalties or, if and when assessed, whether such amounts would be material. Notices of Proposed Civil Penalty Assessment. As of June 30, 2017, we had five open civil penalties issued by the Bureau of Safety and Environmental Enforcement (“BSEE”) arising from Incidents of Noncompliance (“INCs”), which have not been settled as of the filing date of this Form 10-Q. The INC’s underlying the civil penalties relate to separate offshore locations with occurrence dates ranging from July 2012 to March 2016. The proposed civil penalties for these INCs total $7.5 million and we are appealing these proposed assessments. During the six months ended June 30, 2017, we made $0.1 million of payments related to civil penalties. During the six months ended June 30, 2017, we increased the estimated liability by $1.8 million and have accrued approximately $3.3 million as of June 30, 2017, which is our best estimate of the final settlement once all appeals have been exhausted. Our 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 us (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. 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.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	10. Subsequent Event On July 31, 2017, the motions to remand were granted by the IBLA concerning the four appeals filed by us related to the four orders issued by the BOEM instructing us to provide $260.8 million in financial assurance obligations. This will allow the BOEM to rescind the orders, which we anticipate in the ordinary course over the next few weeks.

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2017
Supplemental Guarantor Information [Abstract]
Supplemental Guarantor Information	11. Supplemental Guarantor Information Our payment obligations under the Credit Agreement, the 1.5 Lien Term Loan, the Second Lien Term Loan, the Second Lien PIK Toggle Notes, the Third Lien PIK Toggle Notes and the Unsecured Senior Notes (see Note 2) 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 will be released under certain circumstances, including: (1) in connection with any sale or other disposition of all or substantially all of the assets of a Guarantor Subsidiary (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, if the sale or other disposition does not violate the Asset Sale provisions (as such capitalized terms are defined in the applicable indenture); (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 Sale 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 the applicable indenture) 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. As to the ceiling test write-down recorded in 2016, the computation is performed for each subsidiary on a stand-alone basis and also for the consolidated Company. Due to this methodology, consolidating adjustments are required to present the consolidated results appropriately. Condensed Consolidating Balance Sheet as of June 30, 2017 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Assets Current assets: Cash and cash equivalents $ 72,320 $ — $ — $ 72,320 Receivables: Oil and natural gas sales 3,268 36,129 — 39,397 Joint interest 19,920 — — 19,920 Income taxes 119,732 — (107,705 ) 12,027 Total receivables 142,920 36,129 (107,705 ) 71,344 Prepaid expenses and other assets 19,480 2,464 — 21,944 Total current assets 234,720 38,593 (107,705 ) 165,608 Oil and natural gas properties and other, net 392,445 160,708 (2,472 ) 550,681 Restricted deposits for asset retirement obligations 28,712 — — 28,712 Income tax receivables 68,974 — — 68,974 Other assets 481,201 418,924 (839,129 ) 60,996 Total assets $ 1,206,052 $ 618,225 $ (949,306 ) $ 874,971 Liabilities and Shareholders’ Equity (Deficit) Current liabilities: Accounts payable $ 51,932 $ 6,351 $ — $ 58,283 Undistributed oil and natural gas proceeds 19,626 1,644 — 21,270 Asset retirement obligations 44,776 7,656 — 52,432 Long-term debt 11,147 — — 11,147 Accrued liabilities 13,122 107,705 (107,705 ) 13,122 Total current liabilities 140,603 123,356 (107,705 ) 156,254 Long-term debt: Principal 873,733 — — 873,733 Carrying value adjustments 110,604 — — 110,604 Long term debt, less current portion - carrying value 984,337 — — 984,337 Asset retirement obligations, less current portion 144,292 121,136 — 265,428 Other liabilities 532,305 — (465,396 ) 66,909 Shareholders’ deficit: Common stock 1 — — 1 Additional paid-in capital 543,439 704,885 (704,885 ) 543,439 Retained earnings (deficit) (1,114,758 ) (331,152 ) 328,680 (1,117,230 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ equity (deficit) (595,485 ) 373,733 (376,205 ) (597,957 ) Total liabilities and shareholders’ equity (deficit) $ 1,206,052 $ 618,225 $ (949,306 ) $ 874,971 Condensed Consolidating Balance Sheet as of December 31, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Assets Current assets: Cash and cash equivalents $ 70,236 $ — $ — $ 70,236 Receivables: Oil and natural gas sales 2,173 40,900 — 43,073 Joint interest 21,885 — — 21,885 Insurance reimbursement 30,100 — — 30,100 Income taxes 111,215 — (99,272 ) 11,943 Total receivables 165,373 40,900 (99,272 ) 107,001 Prepaid expenses and other assets 12,448 2,056 — 14,504 Total current assets 248,057 42,956 (99,272 ) 191,741 Oil and natural gas properties and other, net 360,966 187,040 (953 ) 547,053 Restricted deposits for asset retirement obligations 27,371 — — 27,371 Income tax receivables 52,097 — — 52,097 Other assets 394,931 344,742 (728,209 ) 11,464 Total assets $ 1,083,422 $ 574,738 $ (828,434 ) $ 829,726 Liabilities and Shareholders’ Deficit Current liabilities: Accounts payable $ 74,306 $ 6,733 $ — $ 81,039 Undistributed oil and natural gas proceeds 24,493 1,761 — 26,254 Asset retirement obligations 62,261 16,003 — 78,264 Long-term debt 8,272 — — 8,272 Accrued liabilities 9,293 99,179 (99,272 ) 9,200 Total current liabilities 178,625 123,676 (99,272 ) 203,029 Long-term debt: Principal 873,733 — — 873,733 Carrying value adjustments 138,722 — — 138,722 Long term debt, less current portion - carrying value 1,012,455 — — 1,012,455 Asset retirement obligations, less current portion 142,376 113,798 — 256,174 Other liabilities 408,050 — (390,945 ) 17,105 Shareholders’ deficit: Common stock 1 — — 1 Additional paid-in capital 539,973 704,885 (704,885 ) 539,973 Retained earnings (deficit) (1,173,891 ) (367,621 ) 366,668 (1,174,844 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ deficit (658,084 ) 337,264 (338,217 ) (659,037 ) Total liabilities and shareholders’ deficit $ 1,083,422 $ 574,738 $ (828,434 ) $ 829,726 Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2017 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 57,417 $ 65,906 $ — $ 123,323 Operating costs and expenses: Lease operating expenses 17,325 14,194 — 31,519 Production taxes 449 — — 449 Gathering and transportation 2,578 2,740 — 5,318 Depreciation, depletion, amortization and accretion 21,433 18,143 788 40,364 General and administrative expenses 7,662 8,812 — 16,474 Derivative gain (3,689 ) — — (3,689 ) Total costs and expenses 45,758 43,889 788 90,435 Operating income 11,659 22,017 (788 ) 32,888 Earnings of affiliates 18,941 — (18,941 ) — Interest expense incurred 11,436 — — 11,436 Gain on exchange of debt 8,056 — — 8,056 Other expense, net 5,168 — — 5,168 Income before income tax benefit 22,052 22,017 (19,729 ) 24,340 Income tax benefit (12,051 ) 3,076 — (8,975 ) Net income $ 34,103 $ 18,941 $ (19,729 ) $ 33,315 Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2017 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 111,124 $ 136,592 $ — $ 247,716 Operating costs and expenses: Lease operating expenses 41,027 30,656 — 71,683 Production taxes 964 — — 964 Gathering and transportation 5,144 6,383 — 11,527 Depreciation, depletion, amortization and accretion 40,587 38,248 1,519 80,354 General and administrative expenses 13,438 16,310 — 29,748 Derivative gain (7,644 ) — — (7,644 ) Total costs and expenses 93,516 91,597 1,519 186,632 Operating income 17,608 44,995 (1,519 ) 61,084 Earnings of affiliates 36,468 — (36,468 ) — Interest expense incurred 22,730 — — 22,730 Gain on exchange of debt 7,811 — — 7,811 Other expense, net 5,114 — — 5,114 Income before income tax benefit 34,043 44,995 (37,987 ) 41,051 Income tax benefit (25,090 ) 8,527 — (16,563 ) Net income $ 59,133 $ 36,468 $ (37,987 ) $ 57,614 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, 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 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 Cash Flows for the Six Months Ended June 30, 2017 Consolidated W&T Parent Guarantor Offshore, Company Subsidiaries Eliminations Inc. (In thousands) Operating activities: Net income $ 59,133 $ 36,468 $ (37,987 ) $ 57,614 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion, amortization and accretion 40,587 38,248 1,519 80,354 Gain on exchange of debt (7,811 ) — — (7,811 ) Amortization of debt items 836 — — 836 Share-based compensation 3,466 — — 3,466 Derivative gain (7,644 ) — — (7,644 ) Cash receipts on derivative settlements, net 2,208 — — 2,208 Deferred income taxes 212 — — 212 Earnings of affiliates (36,468 ) — 36,468 — Changes in operating assets and liabilities: Oil and natural gas receivables (1,095 ) 4,770 — 3,675 Joint interest receivables 1,965 — — 1,965 Insurance reimbursements 30,100 — — 30,100 Income taxes (25,487 ) 8,527 — (16,960 ) Prepaid expenses and other assets (3,165 ) (74,591 ) 74,181 (3,575 ) Escrow deposit - Apache lawsuit (49,500 ) — — (49,500 ) Asset retirement obligation settlements (25,044 ) (10,977 ) — (36,021 ) Accounts payable, accrued liabilities and other 81,785 (938 ) (74,181 ) 6,666 Net cash provided by operating activities 64,078 1,507 — 65,585 Investing activities: Investment in oil and natural gas properties and equipment (41,854 ) (1,946 ) — (43,800 ) Changes in operating assets and liabilities associated with investing activities (1,266 ) 439 — (827 ) Purchases of furniture, fixtures and other (853 ) — — (853 ) Net cash used in investing activities (43,973 ) (1,507 ) — (45,480 ) Financing activities: Payment of interest on 1.5 Lien Term Loan (4,113 ) — — (4,113 ) Payment of interest on 2nd Lien PIK Toggle Notes (7,335 ) — — (7,335 ) Payment of interest on 3rd Lien PIK Toggle Notes (6,201 ) — — (6,201 ) Other (372 ) — — (372 ) Net cash provided by financing activities (18,021 ) — — (18,021 ) Increase in cash and cash equivalents 2,084 — — 2,084 Cash and cash equivalents, beginning of period 70,236 — — 70,236 Cash and cash equivalents, end of period $ 72,320 $ — $ — $ 72,320 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 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 gain 2,449 — — 2,449 Cash receipts on derivative settlements 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 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 obligations (12,702 ) (12,454 ) — (25,156 ) Accounts payable, accrued liabilities and other (783 ) 32,014 (16,464 ) 14,767 Net cash provided by 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

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Operations	Operations. W&T Offshore, Inc. (with subsidiaries referred to herein as “W&T,” “we,” “us,” “our,” or the “Company”) is an independent oil and natural gas producer with substantially all of its operations offshore in the Gulf of Mexico. The Company is active in the exploration, development and acquisition of oil and natural gas properties. 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”).
Interim Financial Statements	Interim Financial Statements. The accompanying unaudited condensed consolidat ed 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, 2016.
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 financ ial 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 product ion directly affects our revenues, profitability, cash flows, liquidity, access to capital, proved reserves and future rate of growth. The average prices of these commodities improved during the first half of 2017 compared to the average prices in the first half of 2016 and for the full year of 2016. Operating costs were lower in the first half of 2017 on a barrel oil equivalent (“Boe”) basis compared to the first half of 2016. In September 2016, we consummated the Exchange Transaction, as defined and described below in Note 2, which reduced our interest payments in the first half of 2017 compared to the first half of 2016. In addition, the Exchange Transaction extended the maturities on a portion of our debt, although for a portion of the New Debt, as defined and described below, the maturities of two of the new loans will accelerate if certain events do not transpire. We continued working to further reduce our operating costs, capital expenditures and costs related to asset retirement obligations (“ARO”). Our 2017 capital budget is relatively modest by historical standards and we have some flexibility for the balance of the year. The 2017 capital budget is higher than the capital expenditures incurred during 2016, but it is significantly lower than spending levels incurred during 2015 and 2014. During the first half of 2017, the Bureau of Ocean Energy Management (“BOEM”) extended the implementation timeline (without setting a revised implementation date) for Notice to Lessees #2016-N01 (“NTL #2016-N01”) regarding financial assurances to be provided by lessees in connection with Outer Continental Shelf (“OCS”) leases, rights-of-way (“ROWs”) or rights of use and easement (“RUEs”) for which there are co-lessees and/or predecessors in interest (non-sole liability properties), with certain exceptions. Also, in the first quarter of 2017, the BOEM withdrew the orders related to its so called “sole liability” properties it had issued in December 2016 to allow time for the new President’s administration to review the complex financial assurance program. Actions are underway for the BOEM to rescind the previous orders regarding financial assurances issued in the first quarter of 2016 totaling $260.8 million. See Note 9 and Note 10 for additional information. During the second quarter of 2017, a final trial court judgment was rendered in Apache Corporation’s (“Apache”) lawsuit against us. As a result, we deposited $49.5 million in an escrow account from cash on hand as a first step to allow us to appeal the decision. See Note 9 for additional information. We have assessed our financial condition, the current capital markets and options given different scenarios of commodity prices. We believe we will have adequate liquidity to fund our operations beyond September 2018, the period of assessment to qualify as a going concern. However, we cannot predict the potential changes in commodity prices or the future bonding requirements, either of which could affect our operations, liquidity levels and compliance with debt covenants. See our Annual Report on Form 10-K for the year ended December 31, 2016 concerning risks related to our business and events occurring during 2016 and other information and the Notes herein for additional information.
Prepaid Expenses And Other Assets	Prepaid Expenses and Other Assets. The a mounts recorded in Prepaid expenses and other assets are expected to be realized within one year. The major categories are presented in the following table (in thousands): June 30, December 31, 2017 2016 Derivative assets (1) $ 6,365 $ — Prepaid/accrued insurance 3,802 2,924 Surety bond unamortized premiums 2,855 2,462 Prepaid deposits related to royalties 6,155 6,237 Other 2,767 2,881 Prepaid expenses and other assets $ 21,944 $ 14,504 (1) Includes open and closed (and not settled) derivative commodity contracts recorded at fair value.
Oil and Natural Gas Properties and Other, Net - at Cost	Oil and Natural Gas Properties and Other, Net – at cost. June 30, December 31, 2017 2016 Oil and natural gas properties and equipment $ 8,007,073 $ 7,932,504 Furniture, fixtures and other 21,751 20,898 Total property and equipment 8,028,824 7,953,402 Less accumulated depreciation, depletion and amortization 7,478,143 7,406,349 Oil and natural gas properties and other, net $ 550,681 $ 547,053
Accrued Liabilities	Accrued Liabilities. The major categories recorded in Accrued liabilities are presented in the following table (in thousands): June 30, December 31, 2017 2016 Accrued interest $ 4,196 $ 4,189 Accrued salaries/payroll taxes/benefits 4,627 2,777 Other 4,299 2,234 Total accrued liabilities $ 13,122 $ 9,200
Other Assets (Long-term)	Other Assets (long-term). The major categories recorded in Other assets are presented in the following table (in thousands): June 30, December 31, 2017 2016 Escrow deposit - Apache lawsuit $ 49,500 $ — Appeal bond deposits 6,925 6,925 Other 4,571 4,539 Total other assets $ 60,996 $ 11,464
Other Liabilities (Long-term)	Other Liabilities (long-term). The major categories recorded in Other liabilities are presented in the following table (in thousands): June 30, December 31, 2017 2016 Apache lawsuit $ 49,500 $ — Uncertain tax positions including interest/penalties 10,796 10,584 Other 6,613 6,521 Total other liabilities (long-term) $ 66,909 $ 17,105
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 (modified retrospective approach). Our current intention is to adopt the standard utilizing the modified retrospective approach. Our evaluation to date is that the adoption of ASU 2014-09 is not expected to have a material impact on our consolidated financial statements. We have not fully completed our analysis and subsequent guidance may change this assessment. Our disclosures related to revenue will be modified when the new guidance is effective. ASU 2014-09 will be effective for us in the first quarter of 2018. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases Subtopic 842 In June 2016, the FASB issued Accounting Standards Update No. 2016-13, (“ASU 2016-13”), Financial Instruments – Credit Losses Subtopic 326 In August 2016, the FASB issued Accounting Standards Update No. 2016-15, (“ASU 2016-15”), Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued Accounting Standards Update No. 2016-18, (“ASU 2016-18”), Statement of Cash Flows (Topic 230) – Restricted Cash

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Schedule of Amounts Recorded in Prepaid Expenses and Other Assets	The amounts recorded in Prepaid expenses and other assets June 30, December 31, 2017 2016 Derivative assets (1) $ 6,365 $ — Prepaid/accrued insurance 3,802 2,924 Surety bond unamortized premiums 2,855 2,462 Prepaid deposits related to royalties 6,155 6,237 Other 2,767 2,881 Prepaid expenses and other assets $ 21,944 $ 14,504 (1) Includes open and closed (and not settled) derivative commodity contracts recorded at fair value.
Schedule of Oil and Natural Gas Properties and Other, Net at Cost	Oil and Natural Gas Properties and Other, Net – at cost. June 30, December 31, 2017 2016 Oil and natural gas properties and equipment $ 8,007,073 $ 7,932,504 Furniture, fixtures and other 21,751 20,898 Total property and equipment 8,028,824 7,953,402 Less accumulated depreciation, depletion and amortization 7,478,143 7,406,349 Oil and natural gas properties and other, net $ 550,681 $ 547,053
Schedule of Accrued Liabilities	Accrued Liabilities. The major categories recorded in Accrued liabilities are presented in the following table (in thousands): June 30, December 31, 2017 2016 Accrued interest $ 4,196 $ 4,189 Accrued salaries/payroll taxes/benefits 4,627 2,777 Other 4,299 2,234 Total accrued liabilities $ 13,122 $ 9,200
Schedule of Other Assets (Long-term)	The major categories recorded in Other assets June 30, December 31, 2017 2016 Escrow deposit - Apache lawsuit $ 49,500 $ — Appeal bond deposits 6,925 6,925 Other 4,571 4,539 Total other assets $ 60,996 $ 11,464
Schedule of Other Liabilities (Long-term)	The major categories recorded in Other liabilities June 30, December 31, 2017 2016 Apache lawsuit $ 49,500 $ — Uncertain tax positions including interest/penalties 10,796 10,584 Other 6,613 6,521 Total other liabilities (long-term) $ 66,909 $ 17,105

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	The components of our long-term debt are presented in the following table (in thousands): June 30, 2017 December 31, 2016 Adjustments to Adjustments to Carrying Carrying Carrying Carrying Principal Value (1) Value Principal Value (1) Value 11.00% 1.5 Lien Term Loan, due November 2019: Principal $ 75,000 $ — $ 75,000 $ 75,000 $ — $ 75,000 Future interest payments — 19,709 19,709 — 23,823 23,823 Subtotal 75,000 19,709 94,709 75,000 23,823 98,823 9.00 % Second Lien Term Loan, due May 2020: 300,000 — 300,000 300,000 — 300,000 9.00%/10.75% Second Lien PIK Toggle Notes, due May 2020: Principal 163,007 — 163,007 163,007 — 163,007 Future payments-in-kind — 14,506 14,506 — 24,048 24,048 Future interest payments — 34,873 34,873 — 36,850 36,850 Subtotal 163,007 49,379 212,386 163,007 60,898 223,905 8.50%/10.00% Third Lien PIK Toggle Notes, due June 2021: Principal 145,897 — 145,897 145,897 — 145,897 Future payments-in-kind — 18,618 18,618 — 26,844 26,844 Future interest payments — 38,682 38,682 — 40,705 40,705 Subtotal 145,897 57,300 203,197 145,897 67,549 213,446 8.50% Unsecured Senior Notes, due June 2019 189,829 — 189,829 189,829 — 189,829 Debt premium, discount, issuance costs, net of amortization — (4,637 ) (4,637 ) — (5,276 ) (5,276 ) Total long-term debt 873,733 121,751 995,484 873,733 146,994 1,020,727 Current maturities of long-term debt (2) — 11,147 11,147 — 8,272 8,272 Long term debt, less current maturities $ 873,733 $ 110,604 $ 984,337 $ 873,733 $ 138,722 $ 1,012,455 (1) Future interest payments and future payments-in-kind (“PIK”) are recorded on an undiscounted basis. (2) Future interest payments on the 1.5 Lien Term Loan and Second Lien PIK Toggle Notes due within twelve months.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
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, all of which are classified as Level 2 within the valuation hierarchy (in thousands): June 30, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Derivatives - open contracts $ 5,436 $ — $ — $ — 11.00% 1.5 Term Loan, due November 2019 (1) — 75,000 — 75,000 9.00% Second Lien Term Loan, due May 2020 (1) — 249,000 — 255,000 9.00%/10.75% Second Lien PIK Toggle Notes, due May 2020 (1) — 133,666 — 122,255 8.50%/10.00% Third Lien PIK Toggle Notes, due June 2021 (1) — 99,210 — 80,243 8.50% Unsecured Senior Notes, due June 2019 (1) — 131,931 — 123,389 (1) The long-term debt items are reported on the Condensed Consolidated Balance Sheets at their carrying value as described in Note 2.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2016 $ 334,438 Liabilities settled (36,021 ) Accretion of discount 8,560 Revisions of estimated liabilities (1) 10,883 Balance, June 30, 2017 317,860 Less current portion 52,432 Long-term $ 265,428 (1) Revisions were primarily related to changes from sustained casing pressure at four fields. Wells that experience sustained casing pressure require more days and greater work scope to complete the abandonment project.

Derivative Financial Instrume23

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Open Commodity Derivatives	As of June 30, 2017, our open commodity derivative contracts were as follows: Crude Oil: Swap, Priced off WTI (NYMEX) Notional (1) Notional (1) Quantity Quantity Strike Termination Period (Bbls/day) (Bbls) Price 2017 4th Quarter 1,000 184,000 $ 55.25 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) 2017 4th Quarter 4,000 736,000 $ 50.00 $ 60.15 Natural Gas: Two-way collars, Priced off Henry Hub (NYMEX) Notional (1) Notional (1) Weighted Average Contract Price Quantity Quantity Put Option Call Option Termination Period (MMBtu's/day) (MMBtu's) (Bought) (Sold) 2017 4th Quarter (2) 30,000 4,590,000 $ 3.07 $ 3.96 (1) Volume Measurements: Bbls – barrelsMMBtu’s – 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 2017 production were priced and closed in June 2017 and are not included in the above table as these were not open derivative contracts as of June 30, 2017 .
Summary of Open and Closed (Not Settled) Commodity Derivative Contracts	Our open and closed (not settled) commodity derivative contracts were recorded within the line Prepaid expenses and other assets June 30, December 31, 2017 2016 Open contracts $ 5,436 $ — Closed contracts - not settled 929 — Total contracts $ 6,365 $ —
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, 2017 2016 2017 2016 Derivative (gain) loss $ (3,689 ) $ 4,942 $ (7,644 ) $ 2,449
Cash Receipts on Derivative Settlements, Net Included within Net Cash Provided by (Used in) Operating Activities	Cash receipts, net, on commodity derivative contract settlements are included within Net cash provided by (used in) operating activities Six Months Ended June 30, 2017 2016 Cash receipts on derivative settlements, net $ 2,208 $ 4,746

Share-Based Compensation and 24

Share-Based Compensation and Cash-Based Incentive Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Share Activity Related to Restricted Stock Units	A summary of activity related to RSUs during the six months ended June 30, 2017 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2016 6,107,248 $ 2.73 Granted 2,080,181 2.77 Vested (323,870 ) 2.73 Forfeited (268,173 ) 2.77 Nonvested, June 30, 2017 7,595,386 2.74
Schedule of Outstanding Restricted Stock Units Issued to Eligible Employees	For the outstanding RSUs issued to the eligible employees as of June 30, 2017, vesting is expected to occur as follows: Restricted Stock Units 2017 2,108,397 2018 3,477,267 2019 2,009,722 Total 7,595,386
Schedule of Restricted Stock Activity	A summary of activity related to Restricted Shares during the six months ended June 30, 2017 is as follows: Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2016 161,296 $ 3.47 Granted 147,372 1.90 Vested (62,140 ) 4.51 Nonvested, June 30, 2017 246,528 2.27
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, 2017, vesting is expected to occur as follows: Restricted Shares 2018 106,240 2019 91,164 2020 49,124 Total 246,528
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, 2017 2016 2017 2016 Share-based compensation expense from: Restricted stock units $ 2,342 $ 2,439 $ 4,200 $ 4,888 Restricted Shares 70 146 140 233 Total $ 2,412 $ 2,585 $ 4,340 $ 5,121 Share-based compensation tax benefit: Tax benefit computed at the statutory rate $ 844 $ 904 $ 1,519 $ 1,792
Summary of Compensation Expense Related to Share-Based Awards and Cash-Based Awards	A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Share-based compensation included in: General and administrative expenses $ 2,412 $ 2,585 $ 4,340 $ 5,121 Cash-based incentive compensation included in: Lease operating expense 394 — 394 364 General and administrative expenses 1,004 — 1,004 (233 ) Total charged to operating income $ 3,810 $ 2,585 $ 5,738 $ 5,252

Earnings_ (Loss) Per Share (Tab

Earnings/ (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Earnings (Loss) Per Common Share	The following table presents the calculation of basic and diluted earnings (loss) per common share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income (loss) $ 33,315 $ (120,922 ) $ 57,614 $ (311,431 ) Less portion allocated to nonvested shares 1,374 — 2,442 — Net income (loss) allocated to common shares $ 31,941 $ (120,922 ) $ 55,172 $ (311,431 ) Weighted average common shares outstanding 137,552 76,457 137,533 76,443 Basic and diluted earnings (loss) per common share $ 0.23 $ (1.58 ) $ 0.40 $ (4.07 ) Shares excluded due to being anti-dilutive (weighted-average) — 3,531 — 3,529

Supplemental Guarantor Inform26

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2017
Supplemental Guarantor Information [Abstract]
Condensed Consolidating Balance Sheet	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. As to the ceiling test write-down recorded in 2016, the computation is performed for each subsidiary on a stand-alone basis and also for the consolidated Company. Due to this methodology, consolidating adjustments are required to present the consolidated results appropriately. Condensed Consolidating Balance Sheet as of June 30, 2017 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Assets Current assets: Cash and cash equivalents $ 72,320 $ — $ — $ 72,320 Receivables: Oil and natural gas sales 3,268 36,129 — 39,397 Joint interest 19,920 — — 19,920 Income taxes 119,732 — (107,705 ) 12,027 Total receivables 142,920 36,129 (107,705 ) 71,344 Prepaid expenses and other assets 19,480 2,464 — 21,944 Total current assets 234,720 38,593 (107,705 ) 165,608 Oil and natural gas properties and other, net 392,445 160,708 (2,472 ) 550,681 Restricted deposits for asset retirement obligations 28,712 — — 28,712 Income tax receivables 68,974 — — 68,974 Other assets 481,201 418,924 (839,129 ) 60,996 Total assets $ 1,206,052 $ 618,225 $ (949,306 ) $ 874,971 Liabilities and Shareholders’ Equity (Deficit) Current liabilities: Accounts payable $ 51,932 $ 6,351 $ — $ 58,283 Undistributed oil and natural gas proceeds 19,626 1,644 — 21,270 Asset retirement obligations 44,776 7,656 — 52,432 Long-term debt 11,147 — — 11,147 Accrued liabilities 13,122 107,705 (107,705 ) 13,122 Total current liabilities 140,603 123,356 (107,705 ) 156,254 Long-term debt: Principal 873,733 — — 873,733 Carrying value adjustments 110,604 — — 110,604 Long term debt, less current portion - carrying value 984,337 — — 984,337 Asset retirement obligations, less current portion 144,292 121,136 — 265,428 Other liabilities 532,305 — (465,396 ) 66,909 Shareholders’ deficit: Common stock 1 — — 1 Additional paid-in capital 543,439 704,885 (704,885 ) 543,439 Retained earnings (deficit) (1,114,758 ) (331,152 ) 328,680 (1,117,230 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ equity (deficit) (595,485 ) 373,733 (376,205 ) (597,957 ) Total liabilities and shareholders’ equity (deficit) $ 1,206,052 $ 618,225 $ (949,306 ) $ 874,971 Condensed Consolidating Balance Sheet as of December 31, 2016 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Assets Current assets: Cash and cash equivalents $ 70,236 $ — $ — $ 70,236 Receivables: Oil and natural gas sales 2,173 40,900 — 43,073 Joint interest 21,885 — — 21,885 Insurance reimbursement 30,100 — — 30,100 Income taxes 111,215 — (99,272 ) 11,943 Total receivables 165,373 40,900 (99,272 ) 107,001 Prepaid expenses and other assets 12,448 2,056 — 14,504 Total current assets 248,057 42,956 (99,272 ) 191,741 Oil and natural gas properties and other, net 360,966 187,040 (953 ) 547,053 Restricted deposits for asset retirement obligations 27,371 — — 27,371 Income tax receivables 52,097 — — 52,097 Other assets 394,931 344,742 (728,209 ) 11,464 Total assets $ 1,083,422 $ 574,738 $ (828,434 ) $ 829,726 Liabilities and Shareholders’ Deficit Current liabilities: Accounts payable $ 74,306 $ 6,733 $ — $ 81,039 Undistributed oil and natural gas proceeds 24,493 1,761 — 26,254 Asset retirement obligations 62,261 16,003 — 78,264 Long-term debt 8,272 — — 8,272 Accrued liabilities 9,293 99,179 (99,272 ) 9,200 Total current liabilities 178,625 123,676 (99,272 ) 203,029 Long-term debt: Principal 873,733 — — 873,733 Carrying value adjustments 138,722 — — 138,722 Long term debt, less current portion - carrying value 1,012,455 — — 1,012,455 Asset retirement obligations, less current portion 142,376 113,798 — 256,174 Other liabilities 408,050 — (390,945 ) 17,105 Shareholders’ deficit: Common stock 1 — — 1 Additional paid-in capital 539,973 704,885 (704,885 ) 539,973 Retained earnings (deficit) (1,173,891 ) (367,621 ) 366,668 (1,174,844 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ deficit (658,084 ) 337,264 (338,217 ) (659,037 ) Total liabilities and shareholders’ deficit $ 1,083,422 $ 574,738 $ (828,434 ) $ 829,726
Condensed Consolidating Statement of Operations	Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2017 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 57,417 $ 65,906 $ — $ 123,323 Operating costs and expenses: Lease operating expenses 17,325 14,194 — 31,519 Production taxes 449 — — 449 Gathering and transportation 2,578 2,740 — 5,318 Depreciation, depletion, amortization and accretion 21,433 18,143 788 40,364 General and administrative expenses 7,662 8,812 — 16,474 Derivative gain (3,689 ) — — (3,689 ) Total costs and expenses 45,758 43,889 788 90,435 Operating income 11,659 22,017 (788 ) 32,888 Earnings of affiliates 18,941 — (18,941 ) — Interest expense incurred 11,436 — — 11,436 Gain on exchange of debt 8,056 — — 8,056 Other expense, net 5,168 — — 5,168 Income before income tax benefit 22,052 22,017 (19,729 ) 24,340 Income tax benefit (12,051 ) 3,076 — (8,975 ) Net income $ 34,103 $ 18,941 $ (19,729 ) $ 33,315 Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2017 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Revenues $ 111,124 $ 136,592 $ — $ 247,716 Operating costs and expenses: Lease operating expenses 41,027 30,656 — 71,683 Production taxes 964 — — 964 Gathering and transportation 5,144 6,383 — 11,527 Depreciation, depletion, amortization and accretion 40,587 38,248 1,519 80,354 General and administrative expenses 13,438 16,310 — 29,748 Derivative gain (7,644 ) — — (7,644 ) Total costs and expenses 93,516 91,597 1,519 186,632 Operating income 17,608 44,995 (1,519 ) 61,084 Earnings of affiliates 36,468 — (36,468 ) — Interest expense incurred 22,730 — — 22,730 Gain on exchange of debt 7,811 — — 7,811 Other expense, net 5,114 — — 5,114 Income before income tax benefit 34,043 44,995 (37,987 ) 41,051 Income tax benefit (25,090 ) 8,527 — (16,563 ) Net income $ 59,133 $ 36,468 $ (37,987 ) $ 57,614 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, 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 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 Cash Flows	Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2017 Consolidated W&T Parent Guarantor Offshore, Company Subsidiaries Eliminations Inc. (In thousands) Operating activities: Net income $ 59,133 $ 36,468 $ (37,987 ) $ 57,614 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion, amortization and accretion 40,587 38,248 1,519 80,354 Gain on exchange of debt (7,811 ) — — (7,811 ) Amortization of debt items 836 — — 836 Share-based compensation 3,466 — — 3,466 Derivative gain (7,644 ) — — (7,644 ) Cash receipts on derivative settlements, net 2,208 — — 2,208 Deferred income taxes 212 — — 212 Earnings of affiliates (36,468 ) — 36,468 — Changes in operating assets and liabilities: Oil and natural gas receivables (1,095 ) 4,770 — 3,675 Joint interest receivables 1,965 — — 1,965 Insurance reimbursements 30,100 — — 30,100 Income taxes (25,487 ) 8,527 — (16,960 ) Prepaid expenses and other assets (3,165 ) (74,591 ) 74,181 (3,575 ) Escrow deposit - Apache lawsuit (49,500 ) — — (49,500 ) Asset retirement obligation settlements (25,044 ) (10,977 ) — (36,021 ) Accounts payable, accrued liabilities and other 81,785 (938 ) (74,181 ) 6,666 Net cash provided by operating activities 64,078 1,507 — 65,585 Investing activities: Investment in oil and natural gas properties and equipment (41,854 ) (1,946 ) — (43,800 ) Changes in operating assets and liabilities associated with investing activities (1,266 ) 439 — (827 ) Purchases of furniture, fixtures and other (853 ) — — (853 ) Net cash used in investing activities (43,973 ) (1,507 ) — (45,480 ) Financing activities: Payment of interest on 1.5 Lien Term Loan (4,113 ) — — (4,113 ) Payment of interest on 2nd Lien PIK Toggle Notes (7,335 ) — — (7,335 ) Payment of interest on 3rd Lien PIK Toggle Notes (6,201 ) — — (6,201 ) Other (372 ) — — (372 ) Net cash provided by financing activities (18,021 ) — — (18,021 ) Increase in cash and cash equivalents 2,084 — — 2,084 Cash and cash equivalents, beginning of period 70,236 — — 70,236 Cash and cash equivalents, end of period $ 72,320 $ — $ — $ 72,320 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 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 gain 2,449 — — 2,449 Cash receipts on derivative settlements 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 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 obligations (12,702 ) (12,454 ) — (25,156 ) Accounts payable, accrued liabilities and other (783 ) 32,014 (16,464 ) 14,767 Net cash provided by 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

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	Jun. 30, 2017USD ($)Loan	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)
Basis Of Presentation [Line Items]
Number of loans for which maturities will be accelerated | Loan	2
Obligation to secure financial assurances			$ 260,800,000
Escrow deposit	$ 49,500,000
Oil and natural gas properties and equipment - full cost method, amount excluded from amortization	0	$ 0
Apache Corporation
Basis Of Presentation [Line Items]
Escrow deposit	$ 49,500,000

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Prepaid Expense And Other Assets Current [Abstract]
Derivative assets	[1]	$ 6,365
Prepaid/accrued insurance		3,802	$ 2,924
Surety bond unamortized premiums		2,855	2,462
Prepaid deposits related to royalties		6,155	6,237
Other		2,767	2,881
Prepaid expenses and other assets		$ 21,944	$ 14,504
[1]	Includes open and closed (and not settled) derivative commodity contracts recorded at fair value.

Basis of Presentation - Sched29

Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property Plant And Equipment Net [Abstract]
Oil and natural gas properties and equipment	$ 8,007,073	$ 7,932,504
Furniture, fixtures and other	21,751	20,898
Total property and equipment	8,028,824	7,953,402
Less accumulated depreciation, depletion and amortization	7,478,143	7,406,349
Oil and natural gas properties and other, net	$ 550,681	$ 547,053

Basis of Presentation - Sched30

Basis of Presentation - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Payables And Accruals [Abstract]
Accrued interest	$ 4,196	$ 4,189
Accrued salaries/payroll taxes/benefits	4,627	2,777
Other	4,299	2,234
Total accrued liabilities	$ 13,122	$ 9,200

Basis of Presentation - Sched31

Basis of Presentation - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Other Assets [Abstract]
Escrow deposit	$ 49,500
Appeal bond deposits	6,925	$ 6,925
Other	4,571	4,539
Total other assets	$ 60,996	$ 11,464

Basis of Presentation - Sched32

Basis of Presentation - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Apache lawsuit	$ 49,500
Uncertain tax positions including interest/penalties	10,796	$ 10,584
Other	6,613	6,521
Total other liabilities (long-term)	$ 66,909	$ 17,105

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal	$ 873,733	$ 873,733
Adjustments to carrying value, Debt premium, discount, issuance costs, net of amortization	(4,637)	(5,276)
Adjustments to carrying value, Total	121,751	146,994
Adjustments to carrying value, Current maturities	11,147	8,272
Adjustments to carrying value, less current maturities	110,604	138,722
Debt premium, discount, issuance costs, net of amortization	(4,637)	(5,276)
Total long-term debt	995,484	1,020,727
Long-term debt	11,147	8,272
Long term debt, less current maturities	984,337	1,012,455
11.00% 1.5 Lien Term Loan, Due November 2019
Debt Instrument [Line Items]
Principal	75,000	75,000
Adjustments to carrying value, Future interest payments	19,709	23,823
Adjustments to carrying value, Subtotal	19,709	23,823
Carrying Value	94,709	98,823
9.00 % Second Lien Term Loan, Due May 2020
Debt Instrument [Line Items]
Principal	300,000	300,000
Carrying Value	300,000	300,000
8.50% Unsecured Senior Notes, Due June 2019
Debt Instrument [Line Items]
Principal	189,829	189,829
Carrying Value	189,829	189,829
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Debt Instrument [Line Items]
Principal	163,007	163,007
Adjustments to carrying value, Future payments-in-kind	14,506	24,048
Adjustments to carrying value, Future interest payments	34,873	36,850
Adjustments to carrying value, Subtotal	49,379	60,898
Carrying Value	212,386	223,905
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Debt Instrument [Line Items]
Principal	145,897	145,897
Adjustments to carrying value, Future payments-in-kind	18,618	26,844
Adjustments to carrying value, Future interest payments	38,682	40,705
Adjustments to carrying value, Subtotal	57,300	67,549
Carrying Value	$ 203,197	$ 213,446

Long-Term Debt - Components o34

Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Sep. 07, 2016	May 31, 2015
11.00% 1.5 Lien Term Loan, Due November 2019
Debt Instrument [Line Items]
Debt instrument interest rate	11.00%
Debt instrument maturity date	Nov. 15, 2019
9.00 % Second Lien Term Loan, Due May 2020
Debt Instrument [Line Items]
Debt instrument interest rate	9.00%	9.00%		9.00%
Debt instrument maturity date	May 15, 2020	May 15, 2020
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Debt Instrument [Line Items]
Debt instrument interest rate	9.00%		9.00%
Debt instrument maturity date	May 15, 2020
Debt instrument paid in kind interest rate	10.75%
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Debt Instrument [Line Items]
Debt instrument interest rate	8.50%		8.50%
Debt instrument maturity date	Jun. 15, 2021
Debt instrument paid in kind interest rate	10.00%
8.50% Unsecured Senior Notes, Due June 2019
Debt Instrument [Line Items]
Debt instrument interest rate	8.50%	8.50%
Debt instrument maturity date	Jun. 15, 2019	Jun. 15, 2019

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) shares in Millions	Jun. 30, 2017	Sep. 07, 2016	May 31, 2015	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt instrument aggregate principal amount	$ 873,733,000			$ 873,733,000	$ 873,733,000
8.50% Unsecured Senior Notes, Due June 2019
Debt Instrument [Line Items]
Debt instrument aggregate principal amount	$ 189,829,000			$ 189,829,000	$ 189,829,000
Debt instrument maturity date				Jun. 15, 2019	Jun. 15, 2019
Debt instrument interest rate	8.50%			8.50%	8.50%
Debt instrument payment terms				semi-annually in arrears on June 15 and December 15
Annual effective interest rate	8.30%			8.30%
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Debt Instrument [Line Items]
Debt instrument aggregate principal amount	$ 163,007,000			$ 163,007,000	$ 163,007,000
Debt instrument maturity date				May 15, 2020
Debt instrument interest rate	9.00%	9.00%		9.00%
Debt instrument paid in kind interest rate	10.75%			10.75%
Debt instrument payment terms				Cash interest accrues at 9.00% per annum and is payable on May 15 and November 15 of each year. The Second Lien PIK Toggle Notes contain provisions whereby certain semi-annual interest is added to the principal amount through payment-in-kind instead of being paid in cash in the then current semi-annual period. For the initial interest period ending November 15, 2016, interest could only be paid-in-kind at the annual rate of 10.75%. For interest periods through March 7, 2018, if we so elect, we have the option to pay all or a portion of interest in kind at a rate of 10.75% per annum.
Debt instrument stated interest rate percentage for payment-in-kind		10.75%
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020 | Minimum
Debt Instrument [Line Items]
Cash interest payable stub period				Mar. 7, 2018
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020 | Maximum
Debt Instrument [Line Items]
Cash interest payable stub period				May 15, 2018
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Debt Instrument [Line Items]
Debt instrument aggregate principal amount	$ 145,897,000			$ 145,897,000	145,897,000
Debt instrument maturity date				Jun. 15, 2021
Debt instrument interest rate	8.50%	8.50%		8.50%
Debt instrument paid in kind interest rate	10.00%			10.00%
Debt instrument payment terms				The maturity date will accelerate to February 28, 2019 if the remaining Unsecured Senior Notes have not been extended, renewed, refunded, defeased, discharged, replaced or refinanced by February 28, 2019. Cash interest accrues at 8.50% per annum and is payable on June 15 and December 15 of each year. The Third Lien PIK Toggle Notes contain interest provisions whereby certain semi-annual interest is added to the principal amount through payment-in-kind instead of being paid in cash in the then current semi-annual period. For the initial interest period ending December 15, 2016, interest could only be paid in kind at the annual rate of 10.00%. For interest periods through September 7, 2018, if we so elect, we have the option to pay all or a portion of interest in kind at a rate of 10.00% per annum.
Debt instrument stated interest rate percentage for payment-in-kind		10.00%
11.00% 1.5 Lien Term Loan, Due November 2019
Debt Instrument [Line Items]
Debt instrument aggregate principal amount	$ 75,000,000			$ 75,000,000	75,000,000
Debt instrument maturity date				Nov. 15, 2019
Debt instrument interest rate	11.00%			11.00%
Second Lien PIK Toggle Notes and the Third Lien PIK Toggle Notes
Debt Instrument [Line Items]
Net reduction to long term debt	$ 8,200,000			$ 8,200,000
Revolving Bank Credit Facility Due November 2018
Debt Instrument [Line Items]
Revolving bank credit facility borrowing base	150,000,000			150,000,000
Revolving bank credit facility maximum lender commitment	$ 150,000,000			$ 150,000,000
First lien leverage ratio, through June 30, 2017				250.00%
First lien leverage ratio, after June 30, 2017	200.00%
Outstanding balances on the revolving bank credit facility (including letters of credit)	$ 5,000,000			$ 5,000,000
Unused portion of the borrowing base commitment fee				0.50%
Credit agreement expiration date				Nov. 8, 2018
Revolving bank credit facility borrowings outstanding	0			$ 0	0
Letters of credit outstanding	300,000			300,000	500,000
Remaining availability	149,700,000			149,700,000
Revolving Bank Credit Facility Due November 2018 | Scenario Covenants
Debt Instrument [Line Items]
Maximum unrestricted cash balance if revolver balance is above $5 million	35,000,000			$ 35,000,000
Revolving Bank Credit Facility Due November 2018 | Minimum
Debt Instrument [Line Items]
Current ratio				100.00%
Revolving Bank Credit Facility Due November 2018 | Minimum | Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				3.00%
Revolving Bank Credit Facility Due November 2018 | Maximum | Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				4.00%
11.00% 1.5 Lien Term Loan, Due November 2019
Debt Instrument [Line Items]
Debt instrument maturity date		Nov. 15, 2019
Debt instrument interest rate		11.00%
Debt instrument payment terms				Interest accrues at 11.00% per annum and is payable quarterly in cash.
Debt instrument frequency of interest payment in cash				quarterly
Debt instrument, maturity date, description				1.5 Lien Term Loan on September 7, 2016 with a maturity date of November 15, 2019. The maturity date will accelerate to February 28, 2019 if the remaining Unsecured Senior Notes have not been extended, renewed, refunded, defeased, discharged, replaced or refinanced by February 28, 2019.
9.00 % Second Lien Term Loan, Due May 2020
Debt Instrument [Line Items]
Debt instrument aggregate principal amount	$ 300,000,000			$ 300,000,000	$ 300,000,000
Debt instrument maturity date				May 15, 2020	May 15, 2020
Debt instrument interest rate	9.00%		9.00%	9.00%	9.00%
Debt instrument payment terms				Interest on the Second Lien Term Loan is payable in arrears semi-annually on May 15 and November 15.
Debt instrument discount rate			1.00%
Annual effective interest rate	9.60%			9.60%
Exchange Transaction
Debt Instrument [Line Items]
Additional expense charged to gain on exchange of debt				$ 400,000
Exchange Transaction | 8.50% Unsecured Senior Notes, Due June 2019
Debt Instrument [Line Items]
Debt instrument aggregate principal amount		$ 710,200,000
Percentage of unsecured senior notes exchanged		79.00%
Debt instrument maturity date				Jun. 15, 2019
Exchange Transaction | 8.50% Unsecured Senior Notes, Due June 2019 | Common Stock
Debt Instrument [Line Items]
Debt conversion, common stock shares issued		60.4
Exchange Transaction | 9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Debt Instrument [Line Items]
Debt instrument aggregate principal amount		$ 159,800,000
Debt instrument maturity date				May 15, 2020
Exchange Transaction | 9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020 | Minimum
Debt Instrument [Line Items]
Debt instrument interest rate		9.00%
Exchange Transaction | 9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020 | Maximum
Debt Instrument [Line Items]
Debt instrument paid in kind interest rate		10.75%
Exchange Transaction | 8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Debt Instrument [Line Items]
Debt instrument aggregate principal amount		$ 142,000,000
Debt instrument maturity date				Jun. 15, 2021
Exchange Transaction | 8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021 | Minimum
Debt Instrument [Line Items]
Debt instrument interest rate		8.50%
Exchange Transaction | 8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021 | Maximum
Debt Instrument [Line Items]
Debt instrument paid in kind interest rate		10.00%
Exchange Transaction | 11.00% 1.5 Lien Term Loan, Due November 2019
Debt Instrument [Line Items]
Debt instrument aggregate principal amount		$ 75,000,000
Debt instrument maturity date				Nov. 15, 2019
Debt instrument interest rate		11.00%
Exchange Transaction | 1.5 Lien Term Loan
Debt Instrument [Line Items]
Interest expense recorded for new debt				$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Derivatives Financial Instruments and Long-Term Debt (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of commodity derivative contracts		$ 5,436
11.00% 1.5 Lien Term Loan, Due November 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt, term loan fair value	[1]	75,000	$ 75,000
9.00 % Second Lien Term Loan, Due May 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt, term loan fair value	[1]	249,000	255,000
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt, notes fair value	[1]	133,666	122,255
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt, notes fair value	[1]	99,210	80,243
8.50% Unsecured Senior Notes, Due June 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt, notes fair value	[1]	$ 131,931	$ 123,389
[1]	The long-term debt items are reported on the Condensed Consolidated Balance Sheets at their carrying value as described in Note 2.

Fair Value Measurements - Sch37

Fair Value Measurements - Schedule of Fair Value of Derivatives Financial Instruments and Long-Term Debt (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Sep. 07, 2016	May 31, 2015
11.00% 1.5 Lien Term Loan, Due November 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	11.00%
Debt instrument maturity date	Nov. 15, 2019
9.00 % Second Lien Term Loan, Due May 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	9.00%	9.00%		9.00%
Debt instrument maturity date	May 15, 2020	May 15, 2020
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	9.00%		9.00%
Debt instrument maturity date	May 15, 2020
Debt instrument paid in kind interest rate	10.75%
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	8.50%		8.50%
Debt instrument maturity date	Jun. 15, 2021
Debt instrument paid in kind interest rate	10.00%
8.50% Unsecured Senior Notes, Due June 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument interest rate	8.50%	8.50%
Debt instrument maturity date	Jun. 15, 2019	Jun. 15, 2019

Asset Retirement Obligations -

Asset Retirement Obligations - Summary of Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period		$ 334,438
Asset retirement obligation settlements		(36,021)	$ (25,156)
Accretion of discount		8,560
Revisions of estimated liabilities	[1]	10,883
Asset retirement obligations, end of period		317,860
Less current portion		52,432		$ 78,264
Long-term		$ 265,428		$ 256,174
[1]	Revisions were primarily related to changes from sustained casing pressure at four fields. Wells that experience sustained casing pressure require more days and greater work scope to complete the abandonment project.

Derivative Financial Instrume39

Derivative Financial Instruments - Open Commodity Derivatives (Details)	6 Months Ended
	Jun. 30, 2017MMBTU$ / Derivativebbl
NYMEX Crude Oil - Swap
Derivatives Fair Value [Line Items]
Termination Period	4th Quarter
Notional Quantity (Bbls/day) | bbl	1,000	[1]
Notional Quantity (Bbls) | bbl	184,000	[1]
Strike Price	55.25
NYMEX Crude Oil - Two-Way Collars
Derivatives Fair Value [Line Items]
Termination Period	4th Quarter
Notional Quantity (Bbls/day) | bbl	4,000	[1]
Notional Quantity (Bbls) | bbl	736,000	[1]
NYMEX Crude Oil - Two-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	50
NYMEX Crude Oil - Two-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	60.15
NYMEX Natural Gas - Two-Way Collars
Derivatives Fair Value [Line Items]
Termination Period	4th Quarter (2)	[2]
Notional Quantity (MMBtu's/day) | MMBTU	30,000	[1]
Notional Quantity (MMBtu's) | MMBTU	4,590,000	[1]
NYMEX Natural Gas - Two-Way Collars | Put Option | Bought
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.07
NYMEX Natural Gas - Two-Way Collars | Call Option | Sold
Derivatives Fair Value [Line Items]
Weighted Average Contract Price	3.96
[1]	Volume Measurements: Bbls – barrelsMMBtu’s – 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 2017 production were priced and closed in June 2017 and are not included in the above table as these were not open derivative contracts as of June 30, 2017.

Derivative Financial Instrume40

Derivative Financial Instruments - Summary of Open and Closed (Not Settled) Commodity Derivative Contracts (Details) $ in Thousands	Jun. 30, 2017USD ($)
Derivatives Fair Value [Line Items]
Derivative assets	$ 6,365	[1]
Open Contracts
Derivatives Fair Value [Line Items]
Derivative assets	5,436
Closed Contracts - Not Settled
Derivatives Fair Value [Line Items]
Derivative assets	$ 929
[1]	Includes open and closed (and not settled) derivative commodity contracts recorded at fair value.

Derivative Financial Instrume41

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Gain Loss On Derivative Instruments Net Pretax [Abstract]
Derivative (gain) loss	$ (3,689)	$ 4,942	$ (7,644)	$ 2,449

Derivative Financial Instrume42

Derivative Financial Instruments - Cash Receipts on Derivative Settlements, Net Included within Net Cash Provided by (Used in) Operating Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Cash receipts on derivative settlements, net	$ 2,208	$ 4,746

Share-Based Compensation and 43

Share-Based Compensation and Cash-Based Incentive Compensation - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for award under plans	14,633,337
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted, grant date fair value	$ 5,800,000
Unrecognized share-based compensation expense	$ 9,700,000
Recognition period for unrecognized compensation expense	2019-11
Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted, grant date fair value	$ 300,000
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	$ 200,000,000	$ 300,000,000	$ 300,000,000
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	7,700,000
Directors Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for award under plans	170,524

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)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, beginning of period | shares	6,107,248
Granted | shares	2,080,181
Vested | shares	(323,870)
Forfeited | shares	(268,173)
Nonvested, end of period | shares	7,595,386
Weighted Average Grant Date Value, Beginning of period | $ / shares	$ 2.73
Weighted Average Grant Date Fair Value, Granted | $ / shares	2.77
Weighted Average Grant Date Fair Value, Vested | $ / shares	2.73
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	2.77
Weighted Average Grant Date Value, End of period | $ / shares	$ 2.74

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, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	7,595,386	6,107,248
2,017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	2,108,397
2,018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	3,477,267
2,019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	2,009,722

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, 2017$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, beginning of period | shares	161,296
Granted | shares	147,372
Vested | shares	(62,140)
Nonvested, end of period | shares	246,528
Weighted Average Grant Date Value, Beginning of period | $ / shares	$ 3.47
Weighted Average Grant Date Fair Value, Granted | $ / shares	1.90
Weighted Average Grant Date Fair Value, Vested | $ / shares	4.51
Weighted Average Grant Date Value, End of period | $ / shares	$ 2.27

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, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	246,528	161,296
2,018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	106,240
2,019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	91,164
2,020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	49,124

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 2,412	$ 2,585	$ 4,340	$ 5,121
Tax benefit computed at the statutory rate	844	904	1,519	1,792
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	2,342	2,439	4,200	4,888
Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 70	$ 146	$ 140	$ 233

Share-Based Awards and Cash-Bas

Share-Based Awards and Cash-Based Awards - Summary of Compensation Expense Related to Share-Based Awards and Cash-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share Based And Cash Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation charged to operating income	$ 2,412	$ 2,585	$ 4,340	$ 5,121
Total charged to operating income	3,810	2,585	5,738	5,252
General And Administrative Expense
Employee Service Share Based And Cash Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation charged to operating income	2,412	$ 2,585	4,340	5,121
Cash-based incentive compensation charged to operating income	1,004		1,004	(233)
Lease Operating Expense
Employee Service Share Based And Cash Based Compensation Allocation Of Recognized Period Costs [Line Items]
Cash-based incentive compensation charged to operating income	$ 394		$ 394	$ 364

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax benefit		$ (8,975,000)	$ (35,722,000)	$ (16,563,000)	$ (40,604,000)
Cash paid for income taxes				0	300,000
Income tax refund received				0	$ 2,300,000
Current income tax receivables		12,027,000		12,027,000		$ 11,943,000
Non-current income tax receivables		68,974,000		68,974,000		52,097,000
Valuation allowance		$ 270,400,000		$ 270,400,000		$ 290,200,000
Minimum
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Tax years under examination				2,013
Maximum
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Tax years under examination				2,016
Subsequent Event
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax refund received	$ 11,900,000

Earnings_ (Loss) Per Share - Sc

Earnings/ (Loss) Per Share - Schedule of Calculation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share, Basic and Diluted [Abstract]
Net income (loss)	$ 33,315	$ (120,922)	$ 57,614	$ (311,431)
Less portion allocated to nonvested shares	1,374		2,442
Net income (loss) allocated to common shares	$ 31,941	$ (120,922)	$ 55,172	$ (311,431)
Weighted average common shares outstanding	137,552	76,457	137,533	76,443
Basic and diluted earnings (loss) per common share	$ 0.23	$ (1.58)	$ 0.40	$ (4.07)
Shares excluded due to being anti-dilutive (weighted-average)		3,531		3,529

Contingencies - Additional Info

Contingencies - Additional Information (Details)	Jan. 27, 2017USD ($)	Oct. 28, 2016USD ($)	Dec. 15, 2014USD ($)DeepwaterWell	Jan. 31, 2014USD ($)	Mar. 31, 2014USD ($)	Jun. 30, 2017USD ($)claim	Jun. 28, 2017USD ($)	May 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2010USD ($)
Loss Contingencies [Line Items]
Obligation to secure financial assurances									$ 260,800,000
Notified rescind of obligation to secure financial assurances							$ 260,800,000
Outstanding obligation to secure financial assurances upon rescindment						$ 0
Number of deepwater wells abandoned | DeepwaterWell			3
Escrow deposit						49,500,000
Loss contingency accrued amount						49,500,000
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
Notified disallowed amount in reductions taken by ONRR										$ 4,700,000
Payments for royalty	$ 4,700,000
Royalty payment processing revised period						84 months
Additional royalty payment						$ 1,100,000
BSEE
Loss Contingencies [Line Items]
Loss contingency accrued amount						$ 3,300,000
Number of notices | claim						5
Proposed civil penalties related to various incidents of noncompliance, total						$ 7,500,000
Payments for civil penalty						100,000
Increase in estimated liability						1,800,000
Apache Corporation
Loss Contingencies [Line Items]
Escrow deposit						49,500,000
Apache Corporation | Judicial Ruling
Loss Contingencies [Line Items]
Amount awarded for non-compliance fines and lawsuits		$ 43,200,000	$ 24,900,000
Amount offset against litigation compensation amount		$ 17,000,000
Amount owed to Apache under judicial decision								$ 43,200,000
Prejudgment interest, attorney fees and judgment costs						6,300,000
Apache Corporation | Judicial Ruling | Other Income/Expense
Loss Contingencies [Line Items]
Recognized prejudgment interest, attorney fees and judgment costs.						6,300,000
Apache Corporation | Judicial Ruling | Asset Retirement Obligation
Loss Contingencies [Line Items]
Capitalized loss contingency damages payable to other party except attorney fees judgment costs and prejudgment interest						43,200,000
Apache Corporation | Judicial Ruling | Other Noncurrent Assets
Loss Contingencies [Line Items]
Escrow deposit								$ 49,500,000
Apache Corporation | Judicial Ruling | Other Noncurrent Liabilities
Loss Contingencies [Line Items]
Loss contingency accrued amount						$ 49,500,000

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) $ in Millions	Jul. 31, 2017USD ($)Order	Mar. 31, 2016USD ($)
Subsequent Event [Line Items]
Obligation to secure financial assurances		$ 260.8
Subsequent Event
Subsequent Event [Line Items]
Obligation to secure financial assurances	$ 260.8
Number of supplemental bonding order | Order	4

Supplemental Guarantor Inform54

Supplemental Guarantor Information - Additional Information (Details)	Jun. 30, 2017
Debt Disclosure [Abstract]
Percentage of subsidiaries owned	100.00%

Supplemental Guarantor Inform55

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 72,320	$ 70,236	$ 171,824	$ 85,414
Receivables:
Oil and natural gas sales	39,397	43,073
Joint interest	19,920	21,885
Insurance reimbursement		30,100
Income taxes	12,027	11,943
Total receivables	71,344	107,001
Prepaid expenses and other assets	21,944	14,504
Total current assets	165,608	191,741
Oil and natural gas properties and other, net	550,681	547,053
Restricted deposits for asset retirement obligations	28,712	27,371
Income tax receivables	68,974	52,097
Other assets	60,996	11,464
Total assets	874,971	829,726
Current liabilities:
Accounts payable	58,283	81,039
Undistributed oil and natural gas proceeds	21,270	26,254
Asset retirement obligations	52,432	78,264
Long-term debt	11,147	8,272
Accrued liabilities	13,122	9,200
Total current liabilities	156,254	203,029
Long-term debt:
Principal	873,733	873,733
Carrying value adjustments	110,604	138,722
Long term debt, less current portion - carrying value	984,337	1,012,455
Asset retirement obligations, less current portion	265,428	256,174
Other liabilities	66,909	17,105
Shareholders’ deficit:
Common stock	1	1
Additional paid-in capital	543,439	539,973
Retained earnings (deficit)	(1,117,230)	(1,174,844)
Treasury stock, at cost	(24,167)	(24,167)
Total shareholders’ equity (deficit)	(597,957)	(659,037)
Total liabilities and shareholders’ equity (deficit)	874,971	829,726
Parent Company
Current assets:
Cash and cash equivalents	72,320	70,236	$ 171,824	$ 85,414
Receivables:
Oil and natural gas sales	3,268	2,173
Joint interest	19,920	21,885
Insurance reimbursement		30,100
Income taxes	119,732	111,215
Total receivables	142,920	165,373
Prepaid expenses and other assets	19,480	12,448
Total current assets	234,720	248,057
Oil and natural gas properties and other, net	392,445	360,966
Restricted deposits for asset retirement obligations	28,712	27,371
Income tax receivables	68,974	52,097
Other assets	481,201	394,931
Total assets	1,206,052	1,083,422
Current liabilities:
Accounts payable	51,932	74,306
Undistributed oil and natural gas proceeds	19,626	24,493
Asset retirement obligations	44,776	62,261
Long-term debt	11,147	8,272
Accrued liabilities	13,122	9,293
Total current liabilities	140,603	178,625
Long-term debt:
Principal	873,733	873,733
Carrying value adjustments	110,604	138,722
Long term debt, less current portion - carrying value	984,337	1,012,455
Asset retirement obligations, less current portion	144,292	142,376
Other liabilities	532,305	408,050
Shareholders’ deficit:
Common stock	1	1
Additional paid-in capital	543,439	539,973
Retained earnings (deficit)	(1,114,758)	(1,173,891)
Treasury stock, at cost	(24,167)	(24,167)
Total shareholders’ equity (deficit)	(595,485)	(658,084)
Total liabilities and shareholders’ equity (deficit)	1,206,052	1,083,422
Guarantor Subsidiaries
Receivables:
Oil and natural gas sales	36,129	40,900
Total receivables	36,129	40,900
Prepaid expenses and other assets	2,464	2,056
Total current assets	38,593	42,956
Oil and natural gas properties and other, net	160,708	187,040
Other assets	418,924	344,742
Total assets	618,225	574,738
Current liabilities:
Accounts payable	6,351	6,733
Undistributed oil and natural gas proceeds	1,644	1,761
Asset retirement obligations	7,656	16,003
Accrued liabilities	107,705	99,179
Total current liabilities	123,356	123,676
Long-term debt:
Asset retirement obligations, less current portion	121,136	113,798
Shareholders’ deficit:
Additional paid-in capital	704,885	704,885
Retained earnings (deficit)	(331,152)	(367,621)
Total shareholders’ equity (deficit)	373,733	337,264
Total liabilities and shareholders’ equity (deficit)	618,225	574,738
Eliminations
Receivables:
Income taxes	(107,705)	(99,272)
Total receivables	(107,705)	(99,272)
Total current assets	(107,705)	(99,272)
Oil and natural gas properties and other, net	(2,472)	(953)
Other assets	(839,129)	(728,209)
Total assets	(949,306)	(828,434)
Current liabilities:
Accrued liabilities	(107,705)	(99,272)
Total current liabilities	(107,705)	(99,272)
Long-term debt:
Other liabilities	(465,396)	(390,945)
Shareholders’ deficit:
Additional paid-in capital	(704,885)	(704,885)
Retained earnings (deficit)	328,680	366,668
Total shareholders’ equity (deficit)	(376,205)	(338,217)
Total liabilities and shareholders’ equity (deficit)	$ (949,306)	$ (828,434)

Supplemental Guarantor Inform56

Supplemental Guarantor Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Income Statements Captions [Line Items]
Revenues	$ 123,323	$ 99,655	$ 247,716	$ 177,370
Operating costs and expenses:
Lease operating expenses	31,519	36,622	71,683	81,091
Production taxes	449	370	964	896
Gathering and transportation	5,318	6,398	11,527	11,490
Depreciation, depletion, amortization and accretion	40,364	57,493	80,354	121,226
Ceiling test write-down of oil and natural gas properties		104,592		221,151
General and administrative expenses	16,474	16,235	29,748	32,678
Derivative (gain) loss	(3,689)	4,942	(7,644)	2,449
Total costs and expenses	90,435	226,652	186,632	470,981
Operating income (loss)	32,888	(126,997)	61,084	(293,611)
Interest expense:
Incurred	11,436	29,773	22,730	57,587
Capitalized		(102)		(445)
Gain on exchange of debt	8,056		7,811
Other expense, net	5,168	(24)	5,114	1,282
Income (loss) before income tax benefit	24,340	(156,644)	41,051	(352,035)
Income tax benefit	(8,975)	(35,722)	(16,563)	(40,604)
Net income (loss)	33,315	(120,922)	57,614	(311,431)
Parent Company
Condensed Income Statements Captions [Line Items]
Revenues	57,417	43,914	111,124	74,426
Operating costs and expenses:
Lease operating expenses	17,325	19,254	41,027	44,199
Production taxes	449	370	964	896
Gathering and transportation	2,578	2,469	5,144	4,022
Depreciation, depletion, amortization and accretion	21,433	22,648	40,587	43,271
General and administrative expenses	7,662	7,360	13,438	13,973
Derivative (gain) loss	(3,689)	4,942	(7,644)	2,449
Total costs and expenses	45,758	57,043	93,516	108,810
Operating income (loss)	11,659	(13,129)	17,608	(34,384)
Earnings (loss) of affiliates	18,941	(40,765)	36,468	(113,794)
Interest expense:
Incurred	11,436	29,735	22,730	57,430
Capitalized		(64)		(288)
Gain on exchange of debt	8,056		7,811
Other expense, net	5,168	(24)	5,114	1,282
Income (loss) before income tax benefit	22,052	(83,541)	34,043	(206,602)
Income tax benefit	(12,051)	(35,114)	(25,090)	(38,790)
Net income (loss)	34,103	(48,427)	59,133	(167,812)
Guarantor Subsidiaries
Condensed Income Statements Captions [Line Items]
Revenues	65,906	55,741	136,592	102,944
Operating costs and expenses:
Lease operating expenses	14,194	17,368	30,656	36,892
Gathering and transportation	2,740	3,929	6,383	7,468
Depreciation, depletion, amortization and accretion	18,143	31,934	38,248	70,095
Ceiling test write-down of oil and natural gas properties		35,008		85,392
General and administrative expenses	8,812	8,875	16,310	18,705
Total costs and expenses	43,889	97,114	91,597	218,552
Operating income (loss)	22,017	(41,373)	44,995	(115,608)
Interest expense:
Incurred		38		157
Capitalized		(38)		(157)
Income (loss) before income tax benefit	22,017	(41,373)	44,995	(115,608)
Income tax benefit	3,076	(608)	8,527	(1,814)
Net income (loss)	18,941	(40,765)	36,468	(113,794)
Eliminations
Operating costs and expenses:
Depreciation, depletion, amortization and accretion	788	2,911	1,519	7,860
Ceiling test write-down of oil and natural gas properties		69,584		135,759
Total costs and expenses	788	72,495	1,519	143,619
Operating income (loss)	(788)	(72,495)	(1,519)	(143,619)
Earnings (loss) of affiliates	(18,941)	40,765	(36,468)	113,794
Interest expense:
Income (loss) before income tax benefit	(19,729)	(31,730)	(37,987)	(29,825)
Net income (loss)	$ (19,729)	$ (31,730)	$ (37,987)	$ (29,825)

Supplemental Guarantor Inform57

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net income (loss)	$ 33,315	$ (120,922)	$ 57,614	$ (311,431)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	40,364	57,493	80,354	121,226
Ceiling test write-down of oil and natural gas properties		104,592		221,151
Gain on exchange of debt	(8,056)		(7,811)
Debt issuance costs write-off/ amortization of debt items			836	1,880
Share-based compensation			3,466	5,121
Derivative (gain) loss	(3,689)	4,942	(7,644)	2,449
Cash receipts on derivative settlements, net			2,208	4,746
Deferred income taxes			212	19,285
Changes in operating assets and liabilities:
Oil and natural gas receivables			3,675	1,226
Joint interest receivables			1,965	1,763
Insurance reimbursements			30,100
Income taxes			(16,960)	(57,931)
Prepaid expenses and other assets			(3,575)	(10,365)
Escrow deposit - Apache lawsuit			(49,500)
Asset retirement obligation settlements			(36,021)	(25,156)
Accounts payable, accrued liabilities and other			6,666	14,767
Net cash provided by (used in) operating activities			65,585	(11,269)
Investing activities:
Investment in oil and natural gas properties and equipment			(43,800)	(17,712)
Changes in operating assets and liabilities associated with investing activities			(827)	(34,122)
Proceeds from sales of assets				1,500
Purchases of furniture, fixtures and other			(853)	(70)
Net cash used in investing activities			(45,480)	(50,404)
Financing activities:
Borrowings of long-term debt - revolving bank credit facility				340,000
Repayments of long-term debt - revolving bank credit facility				(192,000)
Other			(372)	83
Net cash provided by (used in) financing activities			(18,021)	148,083
Increase in cash and cash equivalents			2,084	86,410
Cash and cash equivalents, beginning of period			70,236	85,414
Cash and cash equivalents, end of period	72,320	171,824	72,320	171,824
Parent Company
Operating activities:
Net income (loss)	34,103	(48,427)	59,133	(167,812)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	21,433	22,648	40,587	43,271
Gain on exchange of debt	(8,056)		(7,811)
Debt issuance costs write-off/ amortization of debt items			836	1,880
Share-based compensation			3,466	5,121
Derivative (gain) loss	(3,689)	4,942	(7,644)	2,449
Cash receipts on derivative settlements, net			2,208	4,746
Deferred income taxes			212	21,099
Earnings (loss) of affiliates	(18,941)	40,765	(36,468)	113,794
Changes in operating assets and liabilities:
Oil and natural gas receivables			(1,095)	1,177
Joint interest receivables			1,965	1,763
Insurance reimbursements			30,100
Income taxes			(25,487)	(57,931)
Prepaid expenses and other assets			(3,165)	(9,405)
Escrow deposit - Apache lawsuit			(49,500)
Asset retirement obligation settlements			(25,044)	(12,702)
Accounts payable, accrued liabilities and other			81,785	(783)
Net cash provided by (used in) operating activities			64,078	(53,333)
Investing activities:
Investment in oil and natural gas properties and equipment			(41,854)	(8,600)
Changes in operating assets and liabilities associated with investing activities			(1,266)	(670)
Proceeds from sales of assets				1,000
Purchases of furniture, fixtures and other			(853)	(70)
Net cash used in investing activities			(43,973)	(8,340)
Financing activities:
Borrowings of long-term debt - revolving bank credit facility				340,000
Repayments of long-term debt - revolving bank credit facility				(192,000)
Other			(372)	83
Net cash provided by (used in) financing activities			(18,021)	148,083
Increase in cash and cash equivalents			2,084	86,410
Cash and cash equivalents, beginning of period			70,236	85,414
Cash and cash equivalents, end of period	72,320	171,824	72,320	171,824
Guarantor Subsidiaries
Operating activities:
Net income (loss)	18,941	(40,765)	36,468	(113,794)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	18,143	31,934	38,248	70,095
Ceiling test write-down of oil and natural gas properties		35,008		85,392
Deferred income taxes				(1,814)
Changes in operating assets and liabilities:
Oil and natural gas receivables			4,770	49
Income taxes			8,527
Prepaid expenses and other assets			(74,591)	(17,424)
Asset retirement obligation settlements			(10,977)	(12,454)
Accounts payable, accrued liabilities and other			(938)	32,014
Net cash provided by (used in) operating activities			1,507	42,064
Investing activities:
Investment in oil and natural gas properties and equipment			(1,946)	(9,112)
Changes in operating assets and liabilities associated with investing activities			439	(33,452)
Proceeds from sales of assets				500
Net cash used in investing activities			(1,507)	(42,064)
11.00% 1.5 Lien Term Loan, Due November 2019
Financing activities:
Payment of interest			(4,113)
11.00% 1.5 Lien Term Loan, Due November 2019 | Parent Company
Financing activities:
Payment of interest			(4,113)
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Financing activities:
Payment of interest			(7,335)
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020 | Parent Company
Financing activities:
Payment of interest			(7,335)
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Financing activities:
Payment of interest			(6,201)
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021 | Parent Company
Financing activities:
Payment of interest			(6,201)
Eliminations
Operating activities:
Net income (loss)	(19,729)	(31,730)	(37,987)	(29,825)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	788	2,911	1,519	7,860
Ceiling test write-down of oil and natural gas properties		69,584		135,759
Earnings (loss) of affiliates	$ 18,941	$ (40,765)	36,468	(113,794)
Changes in operating assets and liabilities:
Prepaid expenses and other assets			74,181	16,464
Accounts payable, accrued liabilities and other			$ (74,181)	$ (16,464)