W&T Offshore (WTI) 10-Q 2 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
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		139,153,798

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 129,440	$ 99,058
Receivables:
Oil and natural gas sales	52,073	45,443
Joint interest	19,366	19,754
Income taxes	65,240	13,006
Total receivables	136,679	78,203
Prepaid expenses and other assets (Note 1)	20,470	13,419
Total current assets	286,589	190,680
Oil and natural gas properties and other, net - at cost: (Note 1)	576,073	579,016
Restricted deposits for asset retirement obligations	26,072	25,394
Income taxes receivable		52,097
Other assets (Note 1)	69,418	60,393
Total assets	958,152	907,580
Current liabilities:
Accounts payable	46,464	83,665
Undistributed oil and natural gas proceeds	22,649	20,129
Asset retirement obligations	27,923	23,613
Current maturities of long-term debt: (Note 2)
Principal	189,829
Carrying value adjustments	34,917	22,925
Current maturities of long-term debt - carrying value	224,746	22,925
Accrued liabilities (Note 1)	20,505	17,930
Total current liabilities	342,287	168,262
Long-term debt: (Note 2)
Principal	713,365	889,790
Carrying value adjustments	47,605	79,337
Long term debt, less current portion - carrying value	760,970	969,127
Asset retirement obligations, less current portion	289,297	276,833
Other liabilities (Note 1)	73,007	66,866
Commitments and contingencies (Note 11)
Shareholders’ deficit:
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at June 30, 2018 and December 31, 2017
Common stock, $0.00001 par value; 200,000,000 shares authorized; 142,022,971 issued and 139,153,798 outstanding at June 30, 2018 and 141,960,462 issued and 139,091,289 outstanding December 31, 2017	1	1
Additional paid-in capital	548,196	545,820
Retained earnings (deficit)	(1,031,439)	(1,095,162)
Treasury stock, at cost; 2,869,173 shares at June 30, 2018 and December 31, 2017	(24,167)	(24,167)
Total shareholders' equity (deficit)	(507,409)	(573,508)
Total liabilities and shareholders' equity (deficit)	$ 958,152	$ 907,580

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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	142,022,971	141,960,462
Common stock, outstanding	139,153,798	139,091,289
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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 149,612	$ 123,323	$ 283,825	$ 247,716
Operating costs and expenses:
Lease operating expenses	35,582	31,519	72,425	71,683
Production taxes	439	449	894	964
Depreciation, depletion, amortization and accretion	39,757	40,364	77,838	80,354
General and administrative expenses	14,220	16,474	29,258	29,748
Derivative (gain) loss	6,219	(3,689)	6,219	(7,644)
Total costs and expenses	101,145	90,435	196,619	186,632
Operating income	48,467	32,888	87,206	61,084
Interest expense	12,147	11,436	23,470	22,730
Gain on exchange of debt		8,056		7,811
Other (income) expense, net	125	5,168	(208)	5,114
Income before income tax expense (benefit)	36,195	24,340	63,944	41,051
Income tax expense (benefit)	112	(8,975)	221	(16,563)
Net income	$ 36,083	$ 33,315	$ 63,723	$ 57,614
Basic and diluted earnings per common share	$ 0.25	$ 0.23	$ 0.44	$ 0.40
Oil
Revenues:
Total revenues	$ 116,618	$ 85,622	$ 213,924	$ 170,593
NGLs
Revenues:
Total revenues	8,734	7,054	18,394	15,796
Natural gas
Revenues:
Total revenues	22,977	29,258	48,844	59,016
Other
Revenues:
Total revenues	1,283	1,389	2,663	2,311
Gathering and transportation
Operating costs and expenses:
Operating costs and expenses	$ 4,928	$ 5,318	$ 9,985	$ 11,527

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Shareholders' Deficit - 6 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Outstanding	Additional Paid-In Capital	Retained Earnings (Deficit)	Treasury Stock
Beginning Balances at Dec. 31, 2017	$ (573,508)	$ 1	$ 545,820	$ (1,095,162)	$ (24,167)
Beginning Balances (in shares) at Dec. 31, 2017		139,091			2,869
Share-based compensation	2,434		2,434
Stock Issued, shares		63
RSUs surrendered for payroll taxes	(58)		(58)
Net income	63,723			63,723
Ending Balances at Jun. 30, 2018	$ (507,409)	$ 1	$ 548,196	$ (1,031,439)	$ (24,167)
Ending Balances (in shares) at Jun. 30, 2018		139,154			2,869

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Net income	$ 63,723	$ 57,614
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	77,838	80,354
Gain on exchange of debt		7,811
Amortization of debt items and other items	1,126	836
Share-based compensation	2,434	3,466
Derivative (gain) loss	(6,219)	7,644
Cash receipts (payments) on derivative settlements, net	(1,149)	2,208
Deferred income taxes	221	212
Changes in operating assets and liabilities:
Oil and natural gas receivables	(6,630)	3,675
Joint interest receivables	251	1,965
Insurance reimbursements		30,100
Income taxes	(138)	(16,960)
Prepaid expenses and other assets	(14,323)	(3,575)
Escrow deposit - Apache lawsuit		(49,500)
Asset retirement obligation settlements	(12,124)	(36,021)
Accounts payable, accrued liabilities and other	(2,256)	6,666
Net cash provided by operating activities	115,192	65,585
Investing activities:
Investment in oil and natural gas properties and equipment	(31,803)	(43,800)
Changes in operating assets and liabilities associated with investing activities	(29,330)	(827)
Acquisition of property interest	(16,617)
Purchases of furniture, fixtures and other		(853)
Net cash used in investing activities	(77,750)	(45,480)
Financing activities:
Other	(26)	(372)
Net cash used in financing activities	(7,060)	(18,021)
Increase in cash and cash equivalents	30,382	2,084
Cash and cash equivalents, beginning of period	99,058	70,236
Cash and cash equivalents, end of period	129,440	72,320
11.00% 1.5 Lien Term Loan, Due November 2019
Financing activities:
Payment of interest	(4,114)	(4,113)
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Financing activities:
Payment of interest	$ (2,920)	(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, 2018
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 interests 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”) and through our proportionately consolidated interest in Monza Energy LLC, as described in more detail below under the subheading “-Recent Events” in this Note and in Note 4. 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, 2017. 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 realized prices of crude oil and NGLs improved during the six months ended June 30, 2018 compared to the average realized prices in the six months ended June 30, 2017. Our Fifth Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) provides our revolver bank credit facility and matures on November 8, 2018. As of June 30, 2018, we had $9.7 million of letters of credit outstanding and no amounts borrowed on our revolving bank credit facility. Our 8.500% Senior Notes (the “Unsecured Senior Notes”) mature on June 15, 2019. If the Unsecured Senior Notes have not been extended, refunded, defeased, discharged, replaced or refinanced by February 28, 2019, then the 11.00% 1.5 Lien Term Loan, due November 15, 2019 (the “1.5 Lien Term Loan”) and the 8.50%/10.00% Third Lien Payment-In-Kind (“PIK”) Toggle Notes, due June 15, 2021, (the “Third Lien PIK Toggle Notes”) will both accelerate their maturity to February 28, 2019. During the remainder of 2018, we plan to address the issues of the potential maturity acceleration of these two debt instruments and to extend or replace the revolving bank credit facility. We expect to build sufficient cash balances in 2018 to be able to redeem, repurchase or refinance the Unsecured Senior Notes. Certain amendments under the Credit Agreement and the 1.5 Lien Term Loan will likely be required in the event we redeem or repurchase the Unsecured Senior Notes, which we anticipate would be granted if requested. If we are in a position to repay or refinance the 1.5 Lien Term Loan, then we would expect to extend the maturity of our revolving bank credit facility. There can be no assurance that lenders will extend our revolving bank credit facility maturity, but under current market conditions and based on the outlook of our cash position in 2018 and further, we believe our lenders or replacement lenders will be amenable to participating in a refinancing or other corporate financing transaction. In addition to the assessment of potential maturity acceleration of certain debt instruments discussed above, we have assessed our obligations, our financial condition, the current capital markets and options given different scenarios of commodity prices. We believe we will have adequate available liquidity to fund our operations through August 2019, the period of assessment to qualify as a going concern. However, we cannot predict the potential changes in commodity prices or future Bureau of Ocean Energy Management (“BOEM”) 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, 2017 concerning risks related to our business and events occurring during 2017 and other information and the Notes herein for additional information. Accounting Standard Updates Effective January 1, 2018. Accounting Standards Update No. 2016-18, (“ASU 2016-18”), Statement of Cash Flows (Topic 230) – Restricted Cash became effective for us as of January 1, 2018. As we did not have any amounts of restricted cash in the six months ended June 30, 2018 and 2017, ASU 2016-18 did not affect the Condensed Consolidated Statement of Cash Flows. Accounting Standards Update No. 2017-01, (“ASU 2017-01”), Business Combinations (Topic 805) – Clarifying the Definition of a Business Accounting Standard Update No. 2014-09, (“ASU 2014-09”) Revenue from Customers (Topic 606) Revenue Recognition . We recognize revenue from the sale of crude oil, NGLs, and natural gas when our performance obligations are satisfied. Our contracts with customers are primarily short-term (less than 12 months). Our responsibilities to deliver a unit of crude oil, NGL, and natural gas under these contracts represent separate, distinct performance obligations. These performance obligations are satisfied at the point in time control of each unit is transferred to the customer. Pricing is primarily determined utilizing a particular pricing or market index, plus or minus adjustments reflecting quality or location differentials. Prepaid Expenses and Other Assets. The amounts recorded are expected to be realized within one year and the major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Prepaid/accrued insurance $ 4,526 $ 2,401 Surety bond unamortized premiums 3,305 2,676 Prepaid deposits related to royalties 8,391 6,456 Advances for capital expenditures 1,098 — Derivative contract premiums 1,582 — Other 1,568 1,886 Prepaid expenses and other assets $ 20,470 $ 13,419 Oil and Natural Gas Properties and Other, Net – at cost. June 30, December 31, 2018 2017 Oil and natural gas properties and equipment $ 8,167,664 $ 8,102,044 Furniture, fixtures and other 21,831 21,831 Total property and equipment 8,189,495 8,123,875 Less accumulated depreciation, depletion and amortization 7,613,422 7,544,859 Oil and natural gas properties and other, net $ 576,073 $ 579,016 Other Assets (long-term). The major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Escrow deposit - Apache lawsuit $ 49,500 $ 49,500 Appeal bond deposits 6,925 6,925 Investment in White Cap, LLC 2,648 2,511 Deposit related to the Credit Agreement 4,702 — Unamortized brokerage fee for Monza 2,182 — Proportional consolidation of Monza's other assets (Note 4) 2,301 — Other 1,160 1,457 Total other assets $ 69,418 $ 60,393 Accrued Liabilities. The major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Accrued interest $ 4,199 $ 4,200 Accrued salaries/payroll taxes/benefits 2,996 2,454 Incentive compensation plans 3,987 7,366 Litigation accruals 3,604 3,480 Derivative contracts 5,281 — Other 438 430 Total accrued liabilities $ 20,505 $ 17,930 Other Liabilities (long-term). The major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Apache lawsuit $ 49,500 $ 49,500 Uncertain tax positions including interest/penalties 11,236 11,015 Dispute related to royalty deductions 4,687 — Dispute related to royalty-in-kind 2,083 914 Other 5,501 5,437 Total other liabilities (long-term) $ 73,007 $ 66,866 Recent Accounting Developments. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases ( Subtopic 842 ). Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a financing or operating lease. However, unlike current GAAP, which requires only capital or financing leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. ASU 2016-02 also will require disclosures to help investors and other financial statement users to better understand the amount, timing and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. ASU 2016-02 does not apply for leases for oil and gas properties, but does apply to equipment used to explore and develop oil and gas resources. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018 and is to be applied using the modified retrospective approach. Our current operating leases that will be impacted by ASU 2016-02 are leases for office space, which is primarily in Houston, Texas, although ASU 2016-02 may impact the accounting for leases related to equipment depending on the term of the lease. We currently do not have any leases classified as financing leases nor do we have any leases recorded on the Condensed Consolidated Balance Sheets. We have not yet fully determined or quantified the effect ASU 2016-02 will have on our financial statements. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, (“ASU 2016-13”), Financial Instruments – Credit Losses Subtopic 326 In August 2017, the FASB issued Accounting Standards Update No. 2017-12, (“ASU 2017-12”), Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2018
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, 2018 December 31, 2017 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 — 11,482 11,482 — 15,596 15,596 Subtotal 75,000 11,482 86,482 75,000 15,596 90,596 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 177,513 — 177,513 171,769 — 171,769 Future payments-in-kind — — — — 5,745 5,745 Future interest payments — 31,952 31,952 — 34,872 34,872 Subtotal 177,513 31,952 209,465 171,769 40,617 212,386 8.50%/10.00% Third Lien PIK Toggle Notes, due June 2021: Principal 160,852 — 160,852 153,192 — 153,192 Future payments-in-kind — 3,664 3,664 — 11,323 11,323 Future interest payments — 38,682 38,682 — 38,682 38,682 Subtotal 160,852 42,346 203,198 153,192 50,005 203,197 8.50% Unsecured Senior Notes, due June 2019 189,829 — 189,829 189,829 — 189,829 Debt premium, discount, issuance costs, net of amortization — (3,258 ) (3,258 ) — (3,956 ) (3,956 ) Total long-term debt 903,194 82,522 985,716 889,790 102,262 992,052 Current maturities of long-term debt (2) 189,829 34,917 224,746 — 22,925 22,925 Long term debt, less current maturities $ 713,365 $ 47,605 $ 760,970 $ 889,790 $ 79,337 $ 969,127 (1) Future interest payments and future payments-in-kind are recorded on an undiscounted basis. (2) Represents principal of the 8.50% Unsecured Senior Notes due June 15, 2019 and future interest payments on the 1.5 Lien Term Loan, Second Lien PIK Toggle Notes and Third Lien PIK Toggle Notes due within twelve months. Accounting for Certain Debt Instruments We accounted for a transaction executed on September 7, 2016 as a Troubled Debt Restructuring pursuant to the guidance under Accounting Standard Codification 470-60, Troubled Debt Restructuring The primary terms of our long-term debt are described below: Credit Agreement. The Credit Agreement provides a revolving bank credit facility and expires by its term on November 8, 2018. 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 limit is 2.00 to 1.00. • The Current Ratio, as defined in the Credit Agreement, 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 $35.0 million if outstanding balances on the revolving bank credit agreement (including letters of credit) are greater than $5.0 million. • To the extent there are borrowings, they are primarily 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. 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 2018 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 are 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. As of June 30, 2018 and December 31, 2017, we did not have any borrowings outstanding on the revolving bank credit facility and had $9.7 million and $0.3 million of letters of credit outstanding, respectively. Available credit as of June 30, 2018 was $140.3 million. As of June 30, 2018, we have deposited $4.7 million with the lead bank in compliance with the terms of the Credit Agreement as letters of credit are considered borrowings and our unrestricted cash balance exceeded $35.0 million. 1.5 Lien Term Loan. In September 2016, we entered into the 1.5 Lien Term Loan 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 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. The 1.5 Lien Term Loan contains various covenants that limit, among other things, our ability to: (i) pay cash dividends; (ii) repurchase the Unsecured Senior Notes at a price greater than 65% of par and limited to a basket of $35 million; (iii) repurchase our common stock; (iv) sell our assets; (v) make certain loans or investments; (vi) merge or consolidate; (vii) enter into certain liens; (viii) create liens that secure debt; and (ix) enter into transactions with affiliates. 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 with the Second Lien PIK Toggle Notes (discussed below). The Second Lien Term Loan contains covenants that limit or prohibit 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 to us; (v) create liens that secure debt; (vi) enter into transactions with affiliates; and (vii) merge or consolidate with another company. Second Lien PIK Toggle Notes. In September 2016, we issued Second Lien PIK Toggle Notes with a maturity date of May 15, 2020. Interest is payable on May 15 and November 15 of each year. For the interest period from November 15, 2017 up to and including March 6, 2018, we had the option to pay all or a portion of interest in-kind at the rate of 10.75% per annum, which if so exercised, is added to the principal amount. After March 6, 2018, interest is payable in cash at the rate of 9.00% per annum. 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 and are effectively pari passu with the Second Lien Term Loan. The Second Lien PIK Toggle Notes and related Support Agreement contain covenants that limit or prohibit 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 to us; (v) create liens that secure debt; (vi) enter into transactions with affiliates; and (vii) merge or consolidate with another company. Third Lien PIK Toggle Notes. In September 2016, we issued Third Lien PIK Toggle Notes 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. Interest is payable on June 15 and December 15 of each year. For the interest periods up to and including September 6, 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. If so elected, such in-kind will be added to the principal amount. After September 6, 2018, interest is payable in cash at the rate of 8.50% per annum. 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. The Third Lien PIK Toggle Notes and related Support Agreement contain covenants that limit or prohibit 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 to us; (v) create liens that secure debt; (vi) enter into transactions with affiliates; and (vii) merge or consolidate with another company. 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 8.4%, which includes amortization of premiums and debt issuance costs. The Unsecured Senior Notes contain covenants that limit or prohibit 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 to us; (v) create liens that secure debt; (vi) enter into transactions with affiliates; and (vii) merge or consolidate with another company. Covenants. We were in compliance with all applicable covenants for all of our debt instruments as of June 30, 2018. 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, 2018
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 fair value of the 1.5 Lien Term Loan was estimated using the carrying value of the principal as only one entity has been the holder of the 1.5 Lien Term Loan. 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 a very active market; therefore, the fair value is classified within Level 2. The following table presents the fair value of our long-term debt, all of which are classified as Level 2 within the valuation hierarchy (in thousands): Hierarchy June 30, 2018 December 31, 2017 11.00% 1.5 Lien Term Loan, due November 2019 Level 2 $ 75,000 $ 75,000 9.00 % Second Lien Term Loan, due May 2020 Level 2 300,000 288,000 9.00%/10.75% Second Lien PIK Toggle Notes, due May 2020 Level 2 177,513 162,322 8.50%/10.00% Third Lien PIK Toggle Notes, due June 2021 Level 2 153,614 119,490 8.50% Unsecured Senior Notes, due June 2019 Level 2 187,931 178,439 The long-term debt items are reported on the Condensed Consolidated Balance Sheets at their carrying value as described in Note 2.

JV Drilling Program

JV Drilling Program	6 Months Ended
	Jun. 30, 2018
Oil And Gas Exploration And Production Industries Disclosures [Abstract]
JV Drilling Program	4. JV Drilling Program On March 12, 2018, W&T and two other initial members formed and initially funded a limited liability company, Monza Energy LLC, a Delaware limited liability company (“Monza”), that will jointly participate with us in the exploration, drilling and development of up to 14 identified drilling projects (the “JV Drilling Program”) in the Gulf of Mexico over the next three years. W&T initially contributed 88.94% of its working interest in 14 identified undeveloped drilling projects to Monza and retained 11.06% of its working interest. The Monza board has approved the substitution of one of these identified undeveloped drilling projects, the Viosca Knoll 823 (“VK 823”) A-14 well, with the VK 823 A-13 well, which is in the process of being contributed to Monza through the conveyance by W&T of 58.71% of its working interest in such well to Monza and retaining 41.29% of its working interest in such well. The interest in the VK823 A-14 well will be reconveyed to W&T. Since the initial closing, additional investors have joined as members of Monza and as of June 30, 2018, total commitments by all members, including W&T, are $361.4 million. Monza has closed off funding from additional investors. The JV Drilling Program is structured so that we initially receive an aggregate of 30.0% of the revenues less expenses, through both our direct ownership of our working interest in the projects and our indirect interest through our interest in Monza, for contributing 20.0% of the estimated total well costs plus associated leases and providing access to available infrastructure at agreed upon rates. W&T will be the operator of each well in the JV Drilling Program unless there is already a designated third-party operator. The members of Monza are made up of third-party investors, W&T and an entity owned and controlled by Mr. Tracy W. Krohn, our Chairman and Chief Executive Officer. The Krohn entity invested as a minority investor on the same terms and conditions as the third-party investors and its investment is limited to 4.5% of total invested capital within Monza. The entity affiliated with Mr. Krohn has made a capital commitment to Monza of $14.5 million. At the inception of Monza, W&T received a net reimbursement of approximately $20 million for the capital expenditures incurred prior to the close date for projects in the JV Drilling Program. W&T may be obligated to fund certain cost overruns, subject to certain exceptions, on JV Drilling Program wells above budgeted and contingency amounts. As of June 30, 2018, members of Monza made partner capital contribution payments to Monza totaling $89.4 million. Information on the structure and relationship follows: Board Structure and Authority. Under the Monza limited liability agreement, the business and affairs of Monza are managed by a board of five directors, which will consist of three directors selected by the third-party investors, Mr. Krohn, and an additional independent director will be selected by a majority of the third-party investors in Monza which will be subject to consent by W&T. The day-to-day operations of Monza are being managed by W&T, under the direction of the Monza board, pursuant to a services agreement. W&T has no control over the decisions of the Monza board. W&T has veto rights for certain decisions, but does not have the ability to unilaterally make decisions for Monza, except for day-to-day decisions as permitted under the services agreement. The Monza board is responsible for the management of Monza and for making decisions with respect to its interest in the 14 drilling projects, including approval of the budgets. Accounting Methodology and Carrying Amounts. Our interest in Monza is considered to be a variable interest entity that we account for using proportional consolidation. We do not fully consolidate Monza because we are not considered the primary beneficiary and we utilize proportional consolidation to account for our interest in the Monza properties. As of June 30, 2018, in the Condensed Consolidated Balance Sheet, we recorded $6.0 million in oil and natural gas properties, $2.3 million in other assets and $1.7 million, net reduction in working capital in connection with our proportional interest in Monza’s assets and liabilities. For the six months ended June 30, 2018, we recorded $0.5 million in revenue, $0.4 million in operating expense and $0.2 million in other expense in connection with our proportional interest in Monza’s operations. Maximum Exposure. Our contribution to Monza as of June 30, 2018 was $48.8 million, which consisted of cash and the conveyance of the Company’s working interest in the 14 projects. We may also take responsibility for certain drilling and completion cost overruns, subject to certain limitations and certain exceptions, of which the total exposure cannot be estimated at this time.

Heidelberg Field

Heidelberg Field	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Heidelberg Field	5. Heidelberg Field On April 5, 2018, we closed on the purchase from Cobalt International Energy, Inc. of a 9.375% non-operated working interest in the Heidelberg field located in Green Canyon blocks 859, 903 and 904. The gross purchase price was $31.1 million which was adjusted for certain closing items and an effective date of January 1, 2018. Cash flows generated by the acquired interest between the effective date and the closing date reduced the net purchase price to $16.6 million on the closing date. We determined that the assets acquired did not meet the definition of a business; therefore, the transaction was accounted for as an asset acquisition. In connection with this transaction, we were required to furnish a letter of credit of $9.4 million to a pipeline company as consignee. We recognized ARO of $3.6 million as a component of the transaction. In conjunction with the purchase of an interest in the Heidelberg field, we assumed contracts with certain pipeline companies that contain minimum quantities obligations through 2028 resulting in an estimated commitment of $19.6 million.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2018
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	6. 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, 2017 $ 300,446 Liabilities settled (12,124 ) Accretion of discount 9,273 Liabilities assumed through purchase 3,597 Revisions of estimated liabilities (1) 16,028 Balance, June 30, 2018 317,220 Less current portion 27,923 Long-term $ 289,297 (1) Revisions were primarily related to wells that experienced sustained casing pressure issues. In addition, some properties experienced scope change.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	7. 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 crude oil and natural gas. Some 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 During the second quarter of 2018, we entered into crude oil derivative contracts which relate to a portion of our expected crude oil production from May 2018 to December 2018. The crude oil contracts are based on West Texas Intermediate (“WTI”) crude oil prices as quoted off the New York Mercantile Exchange (“NYMEX”). During the first quarter of 2017, we entered into commodity contracts for crude oil and natural gas, all of which had expired as of December 31, 2017. As of June 30, 2018, our open crude oil derivative contracts were as follows: Crude Oil: Swap, Priced off WTI (NYMEX) Notional Notional Quantity Quantity Strike Termination Period (Bbls/day) (1) (Bbls) (1) Price 2018 December 2,000 368,000 $ 63.80 Crude Oil: Puts, Priced off WTI (NYMEX) Notional Notional Quantity Quantity Put Termination Period (Bbls/day) (1) (Bbls) (1) Price 2018 December 5,000 920,000 $ 60.00 Crude Oil: Two-way collars, Priced off WTI (NYMEX) Notional Notional Contract Prices Quantity Quantity Put Option Call Option Termination Period (Bbls/day) (1) (Bbls) (1) (Bought) (Sold) 2018 December 2,000 368,000 $ 60.00 $ 69.50 2018 December 2,000 368,000 $ 55.00 $ 72.75 (1) bbls = barrels The swap and two-way collars were “cost-less” contracts, in that no premiums were paid or received. For the put option contract, the $2.1 million premium is being amortized over the life of the contract and recorded in Prepaid and other assets Our open and closed (not settled) commodity derivative contracts were recorded within the line Accrued liabilities June 30, December 31, 2018 2017 Open contracts $ 5,070 $ — Closed contracts - not settled 211 84 Total contracts $ 5,281 $ 84 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, 2018 2017 2018 2017 Derivative (gain) loss $ 6,219 $ (3,689 ) $ 6,219 $ (7,644 ) Cash receipts (payments), net, on commodity derivative closed contracts are included within Net cash provided by operating activities Six Months Ended June 30, 2018 2017 Cash receipts (payments) on derivative settlements, net $ (1,149 ) $ 2,208 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 some 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. As of June 30, 2018, there would have been no difference in the presentation of our commodity derivatives on a gross or net basis.

Share-Based Compensation and Ca

Share-Based Compensation and Cash-Based Incentive Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation and Cash-Based Incentive Compensation	8. 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 2017 and 2016, 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 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, 2018, there were 13,342,827 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. The Company plans to settle RSUs that vest in the future using shares of common stock. RSUs currently outstanding related to the 2017 and 2016 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. See the 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 and 2016 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, 2018 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2017 5,765,251 $ 2.48 Vested (28,503 ) 2.38 Forfeited/adjustments (45,017 ) 2.47 Nonvested, June 30, 2018 5,691,731 2.48 For the outstanding RSUs issued to the eligible employees as of June 30, 2018, vesting is expected to occur as follows: Restricted Stock Units 2018 3,698,748 2019 1,992,983 Total 5,691,731 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 2018, 2017 and 2016. As of June 30, 2018, there were 128,980 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 is as follows: Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2017 246,528 $ 2.27 Granted 41,544 6.74 Vested (106,240 ) 2.64 Nonvested, June 30, 2018 181,832 3.08 For the outstanding Restricted Shares issued to the non-employee directors as of June 30, 2018, vesting is expected to occur as follows: Restricted Shares 2019 105,012 2020 62,972 2021 13,848 Total 181,832 Share-Based Compensation. Share-based compensation expense is recorded in the line General and administrative expense s in the Condensed Consolidated Statements of Operations. Share-based compensation was lower in the three and six months ended June 30, 2018 compared to the prior year period as no RSU awards have been granted yet as of June 30, 2018. 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, 2018 2017 2018 2017 Share-based compensation expense from: Restricted stock units $ 1,145 $ 2,342 $ 2,294 $ 4,200 Restricted Shares 70 70 140 140 Total $ 1,215 $ 2,412 $ 2,434 $ 4,340 Share-based compensation tax benefit: Tax benefit computed at the statutory rate $ 255 $ 844 $ 511 $ 1,519 Unrecognized Share-Based Compensation. As of June 30, 2018, unrecognized share-based compensation expense related to our awards of RSUs and Restricted Shares was $3.9 million and $0.5 million, respectively. Unrecognized share-based compensation expense will be recognized through November 2019 for RSUs and April 2021 for Restricted Shares. Cash-Based Incentive Compensation. In addition to share-based compensation, cash-based awards were granted under the Plan to substantially all eligible employees in 2017 and 2016. The cash-based awards, which are a short-term component of the Plan, are performance-based awards consisting of one or more business criteria or individual performance criteria and a targeted level or levels of performance with respect to each such criterion. In addition, these cash-based awards included an additional financial condition requiring Adjusted EBITDA less reported Interest Expense Incurred (as defined in the awards) for any fiscal quarter plus the three preceding quarters to exceed defined levels measured over defined time periods for each cash-based award. Expense is recognized over the service period once the business criteria, individual performance criteria and financial condition are met. • For the 2017 cash-based awards, a portion of the business criteria and individual performance criteria were achieved. The financial condition requirement of Adjusted EBITDA less reported Interest Expense Incurred exceeding $200 million over four consecutive quarters was achieved; therefore, incentive compensation expense was recognized in 2017 and in the first two months of 2018 for the 2017 cash-based awards. Payments were made in March 2018. • For the 2016 cash-based awards, the financial condition requirement of Adjusted EBITDA less reported Interest Expense Incurred exceeding $300 million over four consecutive quarters was not achieved as of June 30, 2018; therefore no expense was recognized during the six months ended June 30, 2018 or during 2017. The terms of the 2016 cash-based awards allow for the achievement of the financial condition up through December 31, 2018. If the financial condition is achieved, payment is to be made within 30 days of achievement of the financial condition. 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, 2018 2017 2018 2017 Share-based compensation included in: General and administrative expenses $ 1,215 $ 2,412 $ 2,434 $ 4,340 Cash-based incentive compensation included in: Lease operating expense 543 394 1,403 394 General and administrative expenses 1,391 1,004 4,063 1,004 Total charged to operating income $ 3,149 $ 3,810 $ 7,900 $ 5,738

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes Our income tax expense for the three and six months ended June 30, 2018 was $0.1 million and $0.2 million, respectively. Our income tax benefit for the three and six months ended June 30, 2017 was $9.0 million and $16.6 million, respectively. Our effective tax rate was not meaningful for the periods presented. Our current full-year forecast for 2018 has a net operating loss for tax purposes; therefore, no current tax expense was recorded related to the full-year forecast. In addition, no deferred income tax expense was recorded due to dollar-for-dollar offsets by our valuation allowance. The income tax benefit for the three months ended June 30, 2017 relates to net operating loss carryback claims made pursuant to Internal Revenue Code (“IRC”) During the six months ended June 30, 2018 and 2017, we did not receive any income tax refunds and made no income tax payments of significance. As of June 30, 2018, we recorded current income taxes receivable of $65.2 million. As of December 31, 2017, the balance sheet reflected current income taxes receivable of $13.0 million and non-current income taxes receivable of $52.1 million. The receivables primarily relate to a net operating loss claim carried back for 2017 and net operating loss claims for the years 2012, 2013 and 2014 that were carried back to prior years. These carryback claims are made pursuant to IRC Section 172(f) described above. The refund claims require a review by the Congressional Joint Committee on Taxation. As of June 30, 2018 and December 31, 2017, our valuation allowance was $158.1 million and $171.5 million, respectively, related to federal and state deferred tax 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 net operating losses are deductible. The tax years 2013 through 2017 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, 2018
Earnings Per Share [Abstract]
Earnings/ (Loss) Per Share	10. Earnings Per Share The following table presents the calculation of basic and diluted earnings per common share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income $ 36,083 $ 33,315 $ 63,723 $ 57,614 Less portion allocated to nonvested shares 1,474 1,374 2,621 2,442 Net income allocated to common shares $ 34,609 $ 31,941 $ 61,102 $ 55,172 Weighted average common shares outstanding 138,929 137,552 138,892 137,533 Basic and diluted earnings per common share $ 0.25 $ 0.23 $ 0.44 $ 0.40

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Contingencies	11. Contingencies 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. A 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 filed an appeal of the trial court judgment in the U.S. Court of Appeals for the Fifth Circuit. Prior to filing the appeal, in order to stay execution of the judgment, we deposited $49.5 million with the registry of the court in June 2017. The deposit of $49.5 million with the registry of the court is recorded in Other assets ( Other liabilities Appeal with the Office of Natural Resources Revenue (“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 Interior Board of Land Appeals (“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. We filed an appeal of the IBLA decision on July 25, 2017 in the U.S. District Court for the Eastern District of Louisiana. We were required to post a bond in the amount of $7.2 million and cash collateral of $6.9 million in order to appeal the IBLA decision. Royalties-In-Kind (“RIK”). Under a program with the Minerals Management Service (“MMS”) (a Department of Interior agency and predecessor to the ONRR), royalties could be paid “in-kind” rather than in value from oil and gas companies operating under federal leases. We participated in the RIK program at our East Cameron 373 field beginning in November 2001, where in some months we over delivered volumes of natural gas and under delivered volumes of natural gas in other months for royalties owed. The MMS elected to terminate receiving in-kind in October 2008 causing the imbalance to become fixed for accounting purposes. The MMS ordered us to pay an amount based on its interpretation of the program and its calculations of amounts owed. We disagreed with MMS’s interpretations and calculations and filed an appeal with the IBLA, of which the IBLA ruled in MMS’ favor. We filed an appeal with the District Court of the Western District of Louisiana, who assigned the case to a magistrate to review and issue a ruling, and the District Court upheld the magistrate’s ruling. Part of the ruling was in favor of our position and part was in favor of MMS’ position. Based solely on the magistrate’s ruling, we increased a liability reserve by $1.2 million from a previously recorded amount of $0.9 million recorded in 2012. We are appealing the ruling to the U.S. Fifth Circuit Court of Appeals. 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, 2018 and 2017, we paid additional royalty payments of $0.3 million and $1.1 million, respectively. 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. During the six months ended June 30, 2018 and 2017, we did not pay any civil penalties to the Bureau of Safety and Environmental Enforcement (“BSEE”) related to Incidents of Noncompliance (“INCs”) at various offshore locations. We currently have five open civil penalties issued by the BSEE from INCs, which have not been settled as of the filing date of this Form 10-Q. The INCs underlying the civil penalties relate to separate offshore locations with occurrence dates ranging from July 2012 to June 2014. The proposed civil penalties for these INCs total $7.8 million. We have accrued approximately $3.4 million as of June 30, 2018, which is our best estimate of the final settlements 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. 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, 2018. 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.

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2018
Supplemental Guarantor Information [Abstract]
Supplemental Guarantor Information	12. 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 a result of the JV Drilling Program, we recorded proportional consolidation adjustments, which are not considered a guarantor asset under our debt agreements and, accordingly, are reported as non-guarantor adjustments in the following tables. Due to the methodology of recording the ceiling-test write down in prior periods, consolidating adjustments are required to present the consolidated results appropriately. Condensed Consolidating Balance Sheet as of June 30, 2018 Consolidated Parent Guarantor Non-Guarantor W&T Company Subsidiaries Adjustments Eliminations Offshore, Inc. (In thousands) Assets Current assets: Cash and cash equivalents $ 129,440 $ — $ — $ — $ 129,440 Receivables: Oil and natural gas sales 8,109 44,161 (197 ) — 52,073 Joint interest 19,366 — — — 19,366 Income taxes 193,594 — — (128,354 ) 65,240 Total receivables 221,069 44,161 (197 ) (128,354 ) 136,679 Prepaid expenses and other assets 16,739 3,700 31 — 20,470 Total current assets 367,248 47,861 (166 ) (128,354 ) 286,589 Oil and natural gas properties and other, net 416,539 121,075 48,003 (9,544 ) 576,073 Restricted deposits for asset retirement obligations 26,072 — — — 26,072 Other assets 607,463 544,029 (46,464 ) (1,035,610 ) 69,418 Total assets $ 1,417,322 $ 712,965 $ 1,373 $ (1,173,508 ) $ 958,152 Liabilities and Shareholders’ Equity (Deficit) Current liabilities: Accounts payable $ 38,445 $ 6,457 $ 1,562 $ — $ 46,464 Undistributed oil and natural gas proceeds 21,390 1,259 — — 22,649 Asset retirement obligations 21,663 6,260 — — 27,923 Current maturities of long-term debt: Principal 189,829 — — — 189,829 Carrying value adjustments 34,917 — — — 34,917 Current maturities of long-term debt - carrying value 224,746 — — — 224,746 Accrued liabilities 20,523 128,336 — (128,354 ) 20,505 Total current liabilities 326,767 142,312 1,562 (128,354 ) 342,287 Long-term debt: Principal 713,365 — — — 713,365 Carrying value adjustments 47,605 — — — 47,605 Long term debt, less current portion - carrying value 760,970 — — — 760,970 Asset retirement obligations, less current portion 164,010 125,275 12 — 289,297 Other liabilities 663,239 — — (590,232 ) 73,007 Shareholders’ deficit: Common stock 1 — — — 1 Additional paid-in capital 548,196 704,885 — (704,885 ) 548,196 Retained earnings (deficit) (1,021,694 ) (259,507 ) (201 ) 249,963 (1,031,439 ) Treasury stock, at cost (24,167 ) — — — (24,167 ) Total shareholders’ equity (deficit) (497,664 ) 445,378 (201 ) (454,922 ) (507,409 ) Total liabilities and shareholders’ equity (deficit) $ 1,417,322 $ 712,965 $ 1,373 $ (1,173,508 ) $ 958,152 Condensed Consolidating Balance Sheet as of December 31, 2017 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Assets Current assets: Cash and cash equivalents $ 99,058 $ — $ — $ 99,058 Receivables: Oil and natural gas sales 5,665 39,778 — 45,443 Joint interest 19,754 — — 19,754 Income taxes 128,835 — (115,829 ) 13,006 Total receivables 154,254 39,778 (115,829 ) 78,203 Prepaid expenses and other assets 11,154 2,265 — 13,419 Total current assets 264,466 42,043 (115,829 ) 190,680 Oil and natural gas properties and other, net 430,354 152,464 (3,802 ) 579,016 Restricted deposits for asset retirement obligations 25,394 — — 25,394 Income taxes receivable 52,097 — — 52,097 Other assets 505,304 453,306 (898,217 ) 60,393 Total assets $ 1,277,615 $ 647,813 $ (1,017,848 ) $ 907,580 Liabilities and Shareholders’ Deficit Current liabilities: Accounts payable $ 76,703 $ 6,962 $ — $ 83,665 Undistributed oil and natural gas proceeds 18,762 1,367 — 20,129 Asset retirement obligations 22,488 1,125 — 23,613 Current maturities of long-term debt - carrying value 22,925 — — 22,925 Accrued liabilities 18,058 115,701 (115,829 ) 17,930 Total current liabilities 158,936 125,155 (115,829 ) 168,262 Long-term debt: Principal 889,790 — — 889,790 Carrying value adjustments 79,337 — — 79,337 Long term debt, less current portion - carrying value 969,127 — — 969,127 Asset retirement obligations, less current portion 152,883 123,950 — 276,833 Other liabilities 566,375 — (499,509 ) 66,866 Shareholders’ deficit: Common stock 1 — — 1 Additional paid-in capital 545,820 704,885 (704,885 ) 545,820 Retained earnings (deficit) (1,091,360 ) (306,177 ) 302,375 (1,095,162 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ deficit (569,706 ) 398,708 (402,510 ) (573,508 ) Total liabilities and shareholders’ deficit $ 1,277,615 $ 647,813 $ (1,017,848 ) $ 907,580 Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2018 Consolidated Parent Guarantor Non-Guarantor W&T Company Subsidiaries Adjustments Eliminations Offshore, Inc. (In thousands) Revenues $ 77,270 $ 71,873 $ 469 $ — $ 149,612 Operating costs and expenses: Lease operating expenses 21,617 13,929 36 — 35,582 Production taxes 439 — — — 439 Gathering and transportation 2,834 2,084 10 — 4,928 Depreciation, depletion, amortization and accretion 19,954 16,743 164 2,896 39,757 General and administrative expenses 6,854 7,166 200 — 14,220 Derivative gain 6,219 — — — 6,219 Total costs and expenses 57,917 39,922 410 2,896 101,145 Operating income 19,353 31,951 59 (2,896 ) 48,467 Earnings of affiliates 24,502 — — (24,502 ) — Interest expense 12,147 — — — 12,147 Other (income) expense, net (121 ) — 246 — 125 Income before income tax expense (benefit) 31,829 31,951 (187 ) (27,398 ) 36,195 Income tax expense (benefit) (7,337 ) 7,449 — — 112 Net income $ 39,166 $ 24,502 $ (187 ) $ (27,398 ) $ 36,083 Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2018 Consolidated Parent Guarantor Non-Guarantor W&T Company Subsidiaries Adjustments Eliminations Offshore, Inc. (In thousands) Revenues $ 141,056 $ 142,300 $ 469 $ — $ 283,825 Operating costs and expenses: Lease operating expenses 41,377 31,012 36 — 72,425 Production taxes 894 — — — 894 Gathering and transportation 5,537 4,438 10 — 9,985 Depreciation, depletion, amortization and accretion 39,374 32,557 164 5,743 77,838 General and administrative expenses 14,057 14,990 211 — 29,258 Derivative gain 6,219 — — — 6,219 Total costs and expenses 107,458 82,997 421 5,743 196,619 Operating income 33,598 59,303 48 (5,743 ) 87,206 Earnings of affiliates 46,669 — — (46,669 ) — Interest expense 23,470 — — — 23,470 Other (income) expense, net (457 ) — 249 — (208 ) Income before income tax expense (benefit) 57,254 59,303 (201 ) (52,412 ) 63,944 Income tax expense (benefit) (12,413 ) 12,634 — — 221 Net income $ 69,667 $ 46,669 $ (201 ) $ (52,412 ) $ 63,723 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 11,436 — — 11,436 Gain on exchange of debt 8,056 — — 8,056 Other expense, net 5,168 — — 5,168 Income before income tax expense (benefit) 22,052 22,017 (19,729 ) 24,340 Income tax expense (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 22,730 — — 22,730 Gain on exchange of debt 7,811 — — 7,811 Other expense, net 5,114 — — 5,114 Income before income tax expense (benefit) 34,043 44,995 (37,987 ) 41,051 Income tax expense (benefit) (25,090 ) 8,527 — (16,563 ) Net loss $ 59,133 $ 36,468 $ (37,987 ) $ 57,614 Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2018 Consolidated W&T Parent Guarantor Non-Guarantor Offshore, Company Subsidiaries Adjustments Eliminations Inc. (In thousands) Operating activities: Net income $ 69,667 $ 46,669 $ (201 ) $ (52,412 ) $ 63,723 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion, amortization and accretion 39,374 32,557 164 5,743 77,838 Amortization of debt items and other items 1,126 — — — 1,126 Share-based compensation 2,434 — — — 2,434 Derivative loss 6,219 — — — 6,219 Cash receipts on derivative settlements, net (1,149 ) — — — (1,149 ) Deferred income taxes 221 — — — 221 Earnings of affiliates (46,669 ) — — 46,669 — Changes in operating assets and liabilities: — Oil and natural gas receivables (2,444 ) (4,383 ) 197 — (6,630 ) Joint interest receivables 251 — — — 251 Income taxes (12,772 ) 12,634 — — (138 ) Prepaid expenses and other assets (37,025 ) (72,465 ) 4,445 90,722 (14,323 ) Asset retirement obligation settlements (7,725 ) (4,399 ) — — (12,124 ) Accounts payable, accrued liabilities and other 80,147 8,055 264 (90,722 ) (2,256 ) Net cash provided by operating activities 91,655 18,668 4,869 — 115,192 Investing activities: Investment in oil and natural gas properties and equipment (15,638 ) (9,999 ) (6,166 ) — (31,803 ) Changes in operating assets and liabilities associated with investing activities (21,958 ) (8,669 ) 1,297 — (29,330 ) Acquisition of property interest (16,617 ) — — — (16,617 ) Net cash used in investing activities (54,213 ) (18,668 ) (4,869 ) — (77,750 ) Financing activities: Payment of interest on 1.5 Lien Term Loan (4,114 ) — — — (4,114 ) Payment of interest on 2nd Lien PIK Toggle Notes (2,920 ) — — — (2,920 ) Other (26 ) — — — (26 ) Net cash used in financing activities (7,060 ) — — — (7,060 ) Increase in cash and cash equivalents 30,382 — — — 30,382 Cash and cash equivalents, beginning of period 99,058 — — — 99,058 Cash and cash equivalents, end of period $ 129,440 $ — $ — $ — $ 129,440 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 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 obligations (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 used in financing activities (18,021 ) — — (18,021 ) Increase in cash, cash equivalents and restricted cash 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

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2018
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 interests 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”) and through our proportionately consolidated interest in Monza Energy LLC, as described in more detail below under the subheading “-Recent Events” in this Note and in Note 4.
Interim Financial Statements	Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim periods and the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the condensed consolidated financial statements do not include all of the information and footnote disclosures required by GAAP for complete financial statements for annual periods. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recent Events	Recent Events. The price we receive for our crude oil, natural gas liquids (“NGLs”) and natural gas production directly affects our revenues, profitability, cash flows, liquidity, access to capital, proved reserves and future rate of growth. The average realized prices of crude oil and NGLs improved during the six months ended June 30, 2018 compared to the average realized prices in the six months ended June 30, 2017. Our Fifth Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) provides our revolver bank credit facility and matures on November 8, 2018. As of June 30, 2018, we had $9.7 million of letters of credit outstanding and no amounts borrowed on our revolving bank credit facility. Our 8.500% Senior Notes (the “Unsecured Senior Notes”) mature on June 15, 2019. If the Unsecured Senior Notes have not been extended, refunded, defeased, discharged, replaced or refinanced by February 28, 2019, then the 11.00% 1.5 Lien Term Loan, due November 15, 2019 (the “1.5 Lien Term Loan”) and the 8.50%/10.00% Third Lien Payment-In-Kind (“PIK”) Toggle Notes, due June 15, 2021, (the “Third Lien PIK Toggle Notes”) will both accelerate their maturity to February 28, 2019. During the remainder of 2018, we plan to address the issues of the potential maturity acceleration of these two debt instruments and to extend or replace the revolving bank credit facility. We expect to build sufficient cash balances in 2018 to be able to redeem, repurchase or refinance the Unsecured Senior Notes. Certain amendments under the Credit Agreement and the 1.5 Lien Term Loan will likely be required in the event we redeem or repurchase the Unsecured Senior Notes, which we anticipate would be granted if requested. If we are in a position to repay or refinance the 1.5 Lien Term Loan, then we would expect to extend the maturity of our revolving bank credit facility. There can be no assurance that lenders will extend our revolving bank credit facility maturity, but under current market conditions and based on the outlook of our cash position in 2018 and further, we believe our lenders or replacement lenders will be amenable to participating in a refinancing or other corporate financing transaction. In addition to the assessment of potential maturity acceleration of certain debt instruments discussed above, we have assessed our obligations, our financial condition, the current capital markets and options given different scenarios of commodity prices. We believe we will have adequate available liquidity to fund our operations through August 2019, the period of assessment to qualify as a going concern. However, we cannot predict the potential changes in commodity prices or future Bureau of Ocean Energy Management (“BOEM”) 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, 2017 concerning risks related to our business and events occurring during 2017 and other information and the Notes herein for additional information.
Accounting Standard Updates Effective January 1, 2018	Accounting Standard Updates Effective January 1, 2018. Accounting Standards Update No. 2016-18, (“ASU 2016-18”), Statement of Cash Flows (Topic 230) – Restricted Cash became effective for us as of January 1, 2018. As we did not have any amounts of restricted cash in the six months ended June 30, 2018 and 2017, ASU 2016-18 did not affect the Condensed Consolidated Statement of Cash Flows. Accounting Standards Update No. 2017-01, (“ASU 2017-01”), Business Combinations (Topic 805) – Clarifying the Definition of a Business Accounting Standard Update No. 2014-09, (“ASU 2014-09”) Revenue from Customers (Topic 606)
Revenue Recognition	Revenue Recognition . We recognize revenue from the sale of crude oil, NGLs, and natural gas when our performance obligations are satisfied. Our contracts with customers are primarily short-term (less than 12 months). Our responsibilities to deliver a unit of crude oil, NGL, and natural gas under these contracts represent separate, distinct performance obligations. These performance obligations are satisfied at the point in time control of each unit is transferred to the customer. Pricing is primarily determined utilizing a particular pricing or market index, plus or minus adjustments reflecting quality or location differentials.
Prepaid Expenses And Other Assets	Prepaid Expenses and Other Assets. The amounts recorded are expected to be realized within one year and the major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Prepaid/accrued insurance $ 4,526 $ 2,401 Surety bond unamortized premiums 3,305 2,676 Prepaid deposits related to royalties 8,391 6,456 Advances for capital expenditures 1,098 — Derivative contract premiums 1,582 — Other 1,568 1,886 Prepaid expenses and other assets $ 20,470 $ 13,419
Oil and Natural Gas Properties and Other, Net - at Cost	Oil and Natural Gas Properties and Other, Net – at cost. June 30, December 31, 2018 2017 Oil and natural gas properties and equipment $ 8,167,664 $ 8,102,044 Furniture, fixtures and other 21,831 21,831 Total property and equipment 8,189,495 8,123,875 Less accumulated depreciation, depletion and amortization 7,613,422 7,544,859 Oil and natural gas properties and other, net $ 576,073 $ 579,016
Other Assets (Long-term)	Other Assets (long-term). The major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Escrow deposit - Apache lawsuit $ 49,500 $ 49,500 Appeal bond deposits 6,925 6,925 Investment in White Cap, LLC 2,648 2,511 Deposit related to the Credit Agreement 4,702 — Unamortized brokerage fee for Monza 2,182 — Proportional consolidation of Monza's other assets (Note 4) 2,301 — Other 1,160 1,457 Total other assets $ 69,418 $ 60,393
Accrued Liabilities	Accrued Liabilities. The major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Accrued interest $ 4,199 $ 4,200 Accrued salaries/payroll taxes/benefits 2,996 2,454 Incentive compensation plans 3,987 7,366 Litigation accruals 3,604 3,480 Derivative contracts 5,281 — Other 438 430 Total accrued liabilities $ 20,505 $ 17,930
Other Liabilities (Long-term)	Other Liabilities (long-term). The major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Apache lawsuit $ 49,500 $ 49,500 Uncertain tax positions including interest/penalties 11,236 11,015 Dispute related to royalty deductions 4,687 — Dispute related to royalty-in-kind 2,083 914 Other 5,501 5,437 Total other liabilities (long-term) $ 73,007 $ 66,866
Recent Accounting Developments	Recent Accounting Developments. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases ( Subtopic 842 ). Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a financing or operating lease. However, unlike current GAAP, which requires only capital or financing leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. ASU 2016-02 also will require disclosures to help investors and other financial statement users to better understand the amount, timing and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. ASU 2016-02 does not apply for leases for oil and gas properties, but does apply to equipment used to explore and develop oil and gas resources. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018 and is to be applied using the modified retrospective approach. Our current operating leases that will be impacted by ASU 2016-02 are leases for office space, which is primarily in Houston, Texas, although ASU 2016-02 may impact the accounting for leases related to equipment depending on the term of the lease. We currently do not have any leases classified as financing leases nor do we have any leases recorded on the Condensed Consolidated Balance Sheets. We have not yet fully determined or quantified the effect ASU 2016-02 will have on our financial statements. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, (“ASU 2016-13”), Financial Instruments – Credit Losses Subtopic 326 In August 2017, the FASB issued Accounting Standards Update No. 2017-12, (“ASU 2017-12”), Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of Amounts Recorded in Prepaid Expenses and Other Assets	The amounts recorded are expected to be realized within one year and the major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Prepaid/accrued insurance $ 4,526 $ 2,401 Surety bond unamortized premiums 3,305 2,676 Prepaid deposits related to royalties 8,391 6,456 Advances for capital expenditures 1,098 — Derivative contract premiums 1,582 — Other 1,568 1,886 Prepaid expenses and other assets $ 20,470 $ 13,419
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, 2018 2017 Oil and natural gas properties and equipment $ 8,167,664 $ 8,102,044 Furniture, fixtures and other 21,831 21,831 Total property and equipment 8,189,495 8,123,875 Less accumulated depreciation, depletion and amortization 7,613,422 7,544,859 Oil and natural gas properties and other, net $ 576,073 $ 579,016
Schedule of Other Assets (Long-term)	The major categories are presented in the following table (in thousands) June 30, December 31, 2018 2017 Escrow deposit - Apache lawsuit $ 49,500 $ 49,500 Appeal bond deposits 6,925 6,925 Investment in White Cap, LLC 2,648 2,511 Deposit related to the Credit Agreement 4,702 — Unamortized brokerage fee for Monza 2,182 — Proportional consolidation of Monza's other assets (Note 4) 2,301 — Other 1,160 1,457 Total other assets $ 69,418 $ 60,393
Schedule of Accrued Liabilities	The major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Accrued interest $ 4,199 $ 4,200 Accrued salaries/payroll taxes/benefits 2,996 2,454 Incentive compensation plans 3,987 7,366 Litigation accruals 3,604 3,480 Derivative contracts 5,281 — Other 438 430 Total accrued liabilities $ 20,505 $ 17,930
Schedule of Other Liabilities (Long-term)	The major categories are presented in the following table (in thousands): June 30, December 31, 2018 2017 Apache lawsuit $ 49,500 $ 49,500 Uncertain tax positions including interest/penalties 11,236 11,015 Dispute related to royalty deductions 4,687 — Dispute related to royalty-in-kind 2,083 914 Other 5,501 5,437 Total other liabilities (long-term) $ 73,007 $ 66,866

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	The components of our long-term debt are presented in the following table (in thousands): June 30, 2018 December 31, 2017 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 — 11,482 11,482 — 15,596 15,596 Subtotal 75,000 11,482 86,482 75,000 15,596 90,596 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 177,513 — 177,513 171,769 — 171,769 Future payments-in-kind — — — — 5,745 5,745 Future interest payments — 31,952 31,952 — 34,872 34,872 Subtotal 177,513 31,952 209,465 171,769 40,617 212,386 8.50%/10.00% Third Lien PIK Toggle Notes, due June 2021: Principal 160,852 — 160,852 153,192 — 153,192 Future payments-in-kind — 3,664 3,664 — 11,323 11,323 Future interest payments — 38,682 38,682 — 38,682 38,682 Subtotal 160,852 42,346 203,198 153,192 50,005 203,197 8.50% Unsecured Senior Notes, due June 2019 189,829 — 189,829 189,829 — 189,829 Debt premium, discount, issuance costs, net of amortization — (3,258 ) (3,258 ) — (3,956 ) (3,956 ) Total long-term debt 903,194 82,522 985,716 889,790 102,262 992,052 Current maturities of long-term debt (2) 189,829 34,917 224,746 — 22,925 22,925 Long term debt, less current maturities $ 713,365 $ 47,605 $ 760,970 $ 889,790 $ 79,337 $ 969,127 (1) Future interest payments and future payments-in-kind are recorded on an undiscounted basis. (2) Represents principal of the 8.50% Unsecured Senior Notes due June 15, 2019 and future interest payments on the 1.5 Lien Term Loan, Second Lien PIK Toggle Notes and Third Lien PIK Toggle Notes due within twelve months.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Long-Term Debt	The following table presents the fair value of our long-term debt, all of which are classified as Level 2 within the valuation hierarchy (in thousands): Hierarchy June 30, 2018 December 31, 2017 11.00% 1.5 Lien Term Loan, due November 2019 Level 2 $ 75,000 $ 75,000 9.00 % Second Lien Term Loan, due May 2020 Level 2 300,000 288,000 9.00%/10.75% Second Lien PIK Toggle Notes, due May 2020 Level 2 177,513 162,322 8.50%/10.00% Third Lien PIK Toggle Notes, due June 2021 Level 2 153,614 119,490 8.50% Unsecured Senior Notes, due June 2019 Level 2 187,931 178,439 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, 2018
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, 2017 $ 300,446 Liabilities settled (12,124 ) Accretion of discount 9,273 Liabilities assumed through purchase 3,597 Revisions of estimated liabilities (1) 16,028 Balance, June 30, 2018 317,220 Less current portion 27,923 Long-term $ 289,297 (1) Revisions were primarily related to wells that experienced sustained casing pressure issues. In addition, some properties experienced scope change.

Derivative Financial Instrume24

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Open Commodity Derivative Contracts	As of June 30, 2018, our open crude oil derivative contracts were as follows: Crude Oil: Swap, Priced off WTI (NYMEX) Notional Notional Quantity Quantity Strike Termination Period (Bbls/day) (1) (Bbls) (1) Price 2018 December 2,000 368,000 $ 63.80 Crude Oil: Puts, Priced off WTI (NYMEX) Notional Notional Quantity Quantity Put Termination Period (Bbls/day) (1) (Bbls) (1) Price 2018 December 5,000 920,000 $ 60.00 Crude Oil: Two-way collars, Priced off WTI (NYMEX) Notional Notional Contract Prices Quantity Quantity Put Option Call Option Termination Period (Bbls/day) (1) (Bbls) (1) (Bought) (Sold) 2018 December 2,000 368,000 $ 60.00 $ 69.50 2018 December 2,000 368,000 $ 55.00 $ 72.75 (1) bbls = barrels
Summary of Open and Closed (Not Settled) Commodity Derivative Contracts	Our open and closed (not settled) commodity derivative contracts were recorded within the line Accrued liabilities June 30, December 31, 2018 2017 Open contracts $ 5,070 $ — Closed contracts - not settled 211 84 Total contracts $ 5,281 $ 84
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, 2018 2017 2018 2017 Derivative (gain) loss $ 6,219 $ (3,689 ) $ 6,219 $ (7,644 )
Cash Receipts (Payments) on Derivative Settlements Included Within Net Cash Provided By Operating Activities	Cash receipts (payments), net, on commodity derivative closed contracts are included within Net cash provided by operating activities Six Months Ended June 30, 2018 2017 Cash receipts (payments) on derivative settlements, net $ (1,149 ) $ 2,208

Share-Based Compensation and 25

Share-Based Compensation and Cash-Based Incentive Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2017 5,765,251 $ 2.48 Vested (28,503 ) 2.38 Forfeited/adjustments (45,017 ) 2.47 Nonvested, June 30, 2018 5,691,731 2.48
Schedule of Outstanding Restricted Stock Units Issued to Eligible Employees	For the outstanding RSUs issued to the eligible employees as of June 30, 2018, vesting is expected to occur as follows: Restricted Stock Units 2018 3,698,748 2019 1,992,983 Total 5,691,731
Schedule of Restricted Stock Activity	A summary of activity related to Restricted Shares is as follows: Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2017 246,528 $ 2.27 Granted 41,544 6.74 Vested (106,240 ) 2.64 Nonvested, June 30, 2018 181,832 3.08
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, 2018, vesting is expected to occur as follows: Restricted Shares 2019 105,012 2020 62,972 2021 13,848 Total 181,832
Summary of Incentive Compensation Expense under Share-Based Payment Arrangements and Related Tax Benefit	Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Share-based compensation expense from: Restricted stock units $ 1,145 $ 2,342 $ 2,294 $ 4,200 Restricted Shares 70 70 140 140 Total $ 1,215 $ 2,412 $ 2,434 $ 4,340 Share-based compensation tax benefit: Tax benefit computed at the statutory rate $ 255 $ 844 $ 511 $ 1,519
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, 2018 2017 2018 2017 Share-based compensation included in: General and administrative expenses $ 1,215 $ 2,412 $ 2,434 $ 4,340 Cash-based incentive compensation included in: Lease operating expense 543 394 1,403 394 General and administrative expenses 1,391 1,004 4,063 1,004 Total charged to operating income $ 3,149 $ 3,810 $ 7,900 $ 5,738

Earnings_ (Loss) Per Share (Tab

Earnings/ (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
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 per common share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income $ 36,083 $ 33,315 $ 63,723 $ 57,614 Less portion allocated to nonvested shares 1,474 1,374 2,621 2,442 Net income allocated to common shares $ 34,609 $ 31,941 $ 61,102 $ 55,172 Weighted average common shares outstanding 138,929 137,552 138,892 137,533 Basic and diluted earnings per common share $ 0.25 $ 0.23 $ 0.44 $ 0.40

Supplemental Guarantor Inform27

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2018
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 a result of the JV Drilling Program, we recorded proportional consolidation adjustments, which are not considered a guarantor asset under our debt agreements and, accordingly, are reported as non-guarantor adjustments in the following tables. Due to the methodology of recording the ceiling-test write down in prior periods, consolidating adjustments are required to present the consolidated results appropriately. Condensed Consolidating Balance Sheet as of June 30, 2018 Consolidated Parent Guarantor Non-Guarantor W&T Company Subsidiaries Adjustments Eliminations Offshore, Inc. (In thousands) Assets Current assets: Cash and cash equivalents $ 129,440 $ — $ — $ — $ 129,440 Receivables: Oil and natural gas sales 8,109 44,161 (197 ) — 52,073 Joint interest 19,366 — — — 19,366 Income taxes 193,594 — — (128,354 ) 65,240 Total receivables 221,069 44,161 (197 ) (128,354 ) 136,679 Prepaid expenses and other assets 16,739 3,700 31 — 20,470 Total current assets 367,248 47,861 (166 ) (128,354 ) 286,589 Oil and natural gas properties and other, net 416,539 121,075 48,003 (9,544 ) 576,073 Restricted deposits for asset retirement obligations 26,072 — — — 26,072 Other assets 607,463 544,029 (46,464 ) (1,035,610 ) 69,418 Total assets $ 1,417,322 $ 712,965 $ 1,373 $ (1,173,508 ) $ 958,152 Liabilities and Shareholders’ Equity (Deficit) Current liabilities: Accounts payable $ 38,445 $ 6,457 $ 1,562 $ — $ 46,464 Undistributed oil and natural gas proceeds 21,390 1,259 — — 22,649 Asset retirement obligations 21,663 6,260 — — 27,923 Current maturities of long-term debt: Principal 189,829 — — — 189,829 Carrying value adjustments 34,917 — — — 34,917 Current maturities of long-term debt - carrying value 224,746 — — — 224,746 Accrued liabilities 20,523 128,336 — (128,354 ) 20,505 Total current liabilities 326,767 142,312 1,562 (128,354 ) 342,287 Long-term debt: Principal 713,365 — — — 713,365 Carrying value adjustments 47,605 — — — 47,605 Long term debt, less current portion - carrying value 760,970 — — — 760,970 Asset retirement obligations, less current portion 164,010 125,275 12 — 289,297 Other liabilities 663,239 — — (590,232 ) 73,007 Shareholders’ deficit: Common stock 1 — — — 1 Additional paid-in capital 548,196 704,885 — (704,885 ) 548,196 Retained earnings (deficit) (1,021,694 ) (259,507 ) (201 ) 249,963 (1,031,439 ) Treasury stock, at cost (24,167 ) — — — (24,167 ) Total shareholders’ equity (deficit) (497,664 ) 445,378 (201 ) (454,922 ) (507,409 ) Total liabilities and shareholders’ equity (deficit) $ 1,417,322 $ 712,965 $ 1,373 $ (1,173,508 ) $ 958,152 Condensed Consolidating Balance Sheet as of December 31, 2017 Consolidated Parent Guarantor W&T Company Subsidiaries Eliminations Offshore, Inc. (In thousands) Assets Current assets: Cash and cash equivalents $ 99,058 $ — $ — $ 99,058 Receivables: Oil and natural gas sales 5,665 39,778 — 45,443 Joint interest 19,754 — — 19,754 Income taxes 128,835 — (115,829 ) 13,006 Total receivables 154,254 39,778 (115,829 ) 78,203 Prepaid expenses and other assets 11,154 2,265 — 13,419 Total current assets 264,466 42,043 (115,829 ) 190,680 Oil and natural gas properties and other, net 430,354 152,464 (3,802 ) 579,016 Restricted deposits for asset retirement obligations 25,394 — — 25,394 Income taxes receivable 52,097 — — 52,097 Other assets 505,304 453,306 (898,217 ) 60,393 Total assets $ 1,277,615 $ 647,813 $ (1,017,848 ) $ 907,580 Liabilities and Shareholders’ Deficit Current liabilities: Accounts payable $ 76,703 $ 6,962 $ — $ 83,665 Undistributed oil and natural gas proceeds 18,762 1,367 — 20,129 Asset retirement obligations 22,488 1,125 — 23,613 Current maturities of long-term debt - carrying value 22,925 — — 22,925 Accrued liabilities 18,058 115,701 (115,829 ) 17,930 Total current liabilities 158,936 125,155 (115,829 ) 168,262 Long-term debt: Principal 889,790 — — 889,790 Carrying value adjustments 79,337 — — 79,337 Long term debt, less current portion - carrying value 969,127 — — 969,127 Asset retirement obligations, less current portion 152,883 123,950 — 276,833 Other liabilities 566,375 — (499,509 ) 66,866 Shareholders’ deficit: Common stock 1 — — 1 Additional paid-in capital 545,820 704,885 (704,885 ) 545,820 Retained earnings (deficit) (1,091,360 ) (306,177 ) 302,375 (1,095,162 ) Treasury stock, at cost (24,167 ) — — (24,167 ) Total shareholders’ deficit (569,706 ) 398,708 (402,510 ) (573,508 ) Total liabilities and shareholders’ deficit $ 1,277,615 $ 647,813 $ (1,017,848 ) $ 907,580
Condensed Consolidating Statement of Operations	Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2018 Consolidated Parent Guarantor Non-Guarantor W&T Company Subsidiaries Adjustments Eliminations Offshore, Inc. (In thousands) Revenues $ 77,270 $ 71,873 $ 469 $ — $ 149,612 Operating costs and expenses: Lease operating expenses 21,617 13,929 36 — 35,582 Production taxes 439 — — — 439 Gathering and transportation 2,834 2,084 10 — 4,928 Depreciation, depletion, amortization and accretion 19,954 16,743 164 2,896 39,757 General and administrative expenses 6,854 7,166 200 — 14,220 Derivative gain 6,219 — — — 6,219 Total costs and expenses 57,917 39,922 410 2,896 101,145 Operating income 19,353 31,951 59 (2,896 ) 48,467 Earnings of affiliates 24,502 — — (24,502 ) — Interest expense 12,147 — — — 12,147 Other (income) expense, net (121 ) — 246 — 125 Income before income tax expense (benefit) 31,829 31,951 (187 ) (27,398 ) 36,195 Income tax expense (benefit) (7,337 ) 7,449 — — 112 Net income $ 39,166 $ 24,502 $ (187 ) $ (27,398 ) $ 36,083 Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2018 Consolidated Parent Guarantor Non-Guarantor W&T Company Subsidiaries Adjustments Eliminations Offshore, Inc. (In thousands) Revenues $ 141,056 $ 142,300 $ 469 $ — $ 283,825 Operating costs and expenses: Lease operating expenses 41,377 31,012 36 — 72,425 Production taxes 894 — — — 894 Gathering and transportation 5,537 4,438 10 — 9,985 Depreciation, depletion, amortization and accretion 39,374 32,557 164 5,743 77,838 General and administrative expenses 14,057 14,990 211 — 29,258 Derivative gain 6,219 — — — 6,219 Total costs and expenses 107,458 82,997 421 5,743 196,619 Operating income 33,598 59,303 48 (5,743 ) 87,206 Earnings of affiliates 46,669 — — (46,669 ) — Interest expense 23,470 — — — 23,470 Other (income) expense, net (457 ) — 249 — (208 ) Income before income tax expense (benefit) 57,254 59,303 (201 ) (52,412 ) 63,944 Income tax expense (benefit) (12,413 ) 12,634 — — 221 Net income $ 69,667 $ 46,669 $ (201 ) $ (52,412 ) $ 63,723 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 11,436 — — 11,436 Gain on exchange of debt 8,056 — — 8,056 Other expense, net 5,168 — — 5,168 Income before income tax expense (benefit) 22,052 22,017 (19,729 ) 24,340 Income tax expense (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 22,730 — — 22,730 Gain on exchange of debt 7,811 — — 7,811 Other expense, net 5,114 — — 5,114 Income before income tax expense (benefit) 34,043 44,995 (37,987 ) 41,051 Income tax expense (benefit) (25,090 ) 8,527 — (16,563 ) Net loss $ 59,133 $ 36,468 $ (37,987 ) $ 57,614
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2018 Consolidated W&T Parent Guarantor Non-Guarantor Offshore, Company Subsidiaries Adjustments Eliminations Inc. (In thousands) Operating activities: Net income $ 69,667 $ 46,669 $ (201 ) $ (52,412 ) $ 63,723 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion, amortization and accretion 39,374 32,557 164 5,743 77,838 Amortization of debt items and other items 1,126 — — — 1,126 Share-based compensation 2,434 — — — 2,434 Derivative loss 6,219 — — — 6,219 Cash receipts on derivative settlements, net (1,149 ) — — — (1,149 ) Deferred income taxes 221 — — — 221 Earnings of affiliates (46,669 ) — — 46,669 — Changes in operating assets and liabilities: — Oil and natural gas receivables (2,444 ) (4,383 ) 197 — (6,630 ) Joint interest receivables 251 — — — 251 Income taxes (12,772 ) 12,634 — — (138 ) Prepaid expenses and other assets (37,025 ) (72,465 ) 4,445 90,722 (14,323 ) Asset retirement obligation settlements (7,725 ) (4,399 ) — — (12,124 ) Accounts payable, accrued liabilities and other 80,147 8,055 264 (90,722 ) (2,256 ) Net cash provided by operating activities 91,655 18,668 4,869 — 115,192 Investing activities: Investment in oil and natural gas properties and equipment (15,638 ) (9,999 ) (6,166 ) — (31,803 ) Changes in operating assets and liabilities associated with investing activities (21,958 ) (8,669 ) 1,297 — (29,330 ) Acquisition of property interest (16,617 ) — — — (16,617 ) Net cash used in investing activities (54,213 ) (18,668 ) (4,869 ) — (77,750 ) Financing activities: Payment of interest on 1.5 Lien Term Loan (4,114 ) — — — (4,114 ) Payment of interest on 2nd Lien PIK Toggle Notes (2,920 ) — — — (2,920 ) Other (26 ) — — — (26 ) Net cash used in financing activities (7,060 ) — — — (7,060 ) Increase in cash and cash equivalents 30,382 — — — 30,382 Cash and cash equivalents, beginning of period 99,058 — — — 99,058 Cash and cash equivalents, end of period $ 129,440 $ — $ — $ — $ 129,440 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 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 obligations (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 used in financing activities (18,021 ) — — (18,021 ) Increase in cash, cash equivalents and restricted cash 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

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2018	Jun. 30, 2018USD ($)Loan	Dec. 31, 2017USD ($)	Sep. 07, 2016
Basis Of Presentation [Line Items]
Number of loans for which maturities will be accelerated | Loan		2
Oil and natural gas properties and equipment - full cost method, amount excluded from amortization		$ 0	$ 0
Revolving Bank Credit Facility Due November 2018
Basis Of Presentation [Line Items]
Credit agreement expiration date		Nov. 8, 2018
Letters of credit outstanding		$ 9,700,000	300,000
Revolving bank credit facility borrowings outstanding		$ 0	$ 0
8.50% Unsecured Senior Notes, Due June 2019
Basis Of Presentation [Line Items]
Debt instrument maturity date	Jun. 15, 2019	Jun. 15, 2019	Jun. 15, 2019
Debt instrument interest rate	8.50%	8.50%	8.50%
11.00% 1.5 Lien Term Loan, Due November 2019
Basis Of Presentation [Line Items]
Debt instrument maturity date	Nov. 15, 2019	Nov. 15, 2019	Nov. 15, 2019
Debt instrument interest rate	11.00%	11.00%	11.00%
Debt instrument maturity date		Feb. 28, 2019
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Basis Of Presentation [Line Items]
Debt instrument maturity date	Jun. 15, 2021	Jun. 15, 2021	Jun. 15, 2021
Debt instrument interest rate	8.50%	8.50%	8.50%	8.50%
Debt instrument paid in kind interest rate	10.00%	10.00%	10.00%
Debt instrument maturity date		Feb. 28, 2019

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Prepaid Expense And Other Assets Current [Abstract]
Prepaid/accrued insurance	$ 4,526	$ 2,401
Surety bond unamortized premiums	3,305	2,676
Prepaid deposits related to royalties	8,391	6,456
Advances for capital expenditures	1,098
Derivative contract premiums	1,582
Other	1,568	1,886
Prepaid expenses and other assets	$ 20,470	$ 13,419

Basis of Presentation - Sched30

Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property Plant And Equipment Net [Abstract]
Oil and natural gas properties and equipment	$ 8,167,664	$ 8,102,044
Furniture, fixtures and other	21,831	21,831
Total property and equipment	8,189,495	8,123,875
Less accumulated depreciation, depletion and amortization	7,613,422	7,544,859
Oil and natural gas properties and other, net	$ 576,073	$ 579,016

Basis of Presentation - Sched31

Basis of Presentation - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other Assets [Abstract]
Escrow deposit - Apache lawsuit	$ 49,500	$ 49,500
Appeal bond deposits	6,925	6,925
Investment in White Cap, LLC	2,648	2,511
Deposit related to the Credit Agreement	4,702
Unamortized brokerage fee for Monza	2,182
Proportional consolidation of Monza's other assets (Note 4)	2,301
Other	1,160	1,457
Total other assets	$ 69,418	$ 60,393

Basis of Presentation - Sched32

Basis of Presentation - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Payables And Accruals [Abstract]
Accrued interest	$ 4,199	$ 4,200
Accrued salaries/payroll taxes/benefits	2,996	2,454
Incentive compensation plans	3,987	7,366
Litigation accruals	3,604	3,480
Derivative contracts	5,281	84
Other	438	430
Total accrued liabilities	$ 20,505	$ 17,930

Basis of Presentation - Sched33

Basis of Presentation - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Apache lawsuit	$ 49,500	$ 49,500
Uncertain tax positions including interest/penalties	11,236	11,015
Dispute related to royalty deductions	4,687
Dispute related to royalty-in-kind	2,083	914
Other	5,501	5,437
Total other liabilities (long-term)	$ 73,007	$ 66,866

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Principal	$ 903,194	$ 889,790
Principal, current	189,829
Principal, less current maturities	713,365	889,790
Adjustments to carrying value, Debt premium, discount, issuance costs, net of amortization	(3,258)	(3,956)
Adjustments to carrying value, Total	82,522	102,262
Adjustments to carrying value, Current maturities	34,917	22,925
Adjustments to carrying value, less current maturities	47,605	79,337
Debt premium, discount, issuance costs, net of amortization	(3,258)	(3,956)
Total long-term debt	985,716	992,052
Long-term debt	224,746	22,925
Long term debt, less current maturities	760,970	969,127
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	11,482	15,596
Adjustments to carrying value, Subtotal	11,482	15,596
Carrying Value	86,482	90,596
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	177,513	171,769
Adjustments to carrying value, Future payments-in-kind		5,745
Adjustments to carrying value, Future interest payments	31,952	34,872
Adjustments to carrying value, Subtotal	31,952	40,617
Carrying Value	209,465	212,386
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Debt Instrument [Line Items]
Principal	160,852	153,192
Adjustments to carrying value, Future payments-in-kind	3,664	11,323
Adjustments to carrying value, Future interest payments	38,682	38,682
Adjustments to carrying value, Subtotal	42,346	50,005
Carrying Value	$ 203,198	$ 203,197

Long-Term Debt - Components o35

Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	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%	11.00%	11.00%
Debt instrument maturity date	Nov. 15, 2019	Nov. 15, 2019	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%		9.00%
Debt instrument maturity date	May 15, 2020	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%	9.00%	9.00%
Debt instrument maturity date	May 15, 2020	May 15, 2020	May 15, 2020
Debt instrument paid in kind interest rate	10.75%	10.75%	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%	8.50%	8.50%
Debt instrument maturity date	Jun. 15, 2021	Jun. 15, 2021	Jun. 15, 2021
Debt instrument paid in kind interest rate	10.00%	10.00%	10.00%
8.50% Unsecured Senior Notes, Due June 2019
Debt Instrument [Line Items]
Debt instrument interest rate	8.50%	8.50%	8.50%
Debt instrument maturity date	Jun. 15, 2019	Jun. 15, 2019	Jun. 15, 2019

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	Sep. 07, 2016	May 31, 2015	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Debt Instrument [Line Items]
Debt instrument interest rate	9.00%		9.00%	9.00%	9.00%
Debt instrument maturity date			May 15, 2020	May 15, 2020	May 15, 2020
Debt instrument paid in kind interest rate			10.75%	10.75%	10.75%
Debt instrument payment terms				Interest is payable on May 15 and November 15 of each year. For the interest period from November 15, 2017 up to and including March 6, 2018, we had the option to pay all or a portion of interest in-kind at the rate of 10.75% per annum, which if so exercised, is added to the principal amount.
Debt instrument stated interest rate percentage for payment-in-kind	10.75%
Cash interest payable stub period				Mar. 6, 2018
Revolving Bank Credit Facility Due November 2018
Debt Instrument [Line Items]
Revolving bank credit facility borrowing base				$ 150,000,000
Revolving bank credit facility maximum lender commitment				$ 150,000,000
First lien leverage ratio				200.00%
Outstanding balances on the revolving bank credit facility (including letters of credit)				$ 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
Letters of credit outstanding				9,700,000	$ 300,000
Remaining availability				140,300,000
Amount of cash deposit required for issuance of letters of credit				4,700,000
Unrestricted cash balance exceeding threshold				35,000,000
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
Revolving Bank Credit Facility Due November 2018 | Minimum
Debt Instrument [Line Items]
Credit agreement, 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 interest rate	11.00%
Debt instrument maturity date	Nov. 15, 2019
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 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.
11.00% 1.5 Lien Term Loan, Due November 2019 | Minimum
Debt Instrument [Line Items]
Unsecured senior notes repurchase price limit percentage				65.00%
Unsecured senior notes repurchase basket limit				$ 35,000,000
9.00 % Second Lien Term Loan, Due May 2020
Debt Instrument [Line Items]
Debt instrument interest rate		9.00%	9.00%	9.00%	9.00%
Debt instrument maturity date			May 15, 2020	May 15, 2020	May 15, 2020
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%
8.50%/10.00% Third Lien PIK Toggle Notes, Due June 2021
Debt Instrument [Line Items]
Debt instrument interest rate	8.50%		8.50%	8.50%	8.50%
Debt instrument maturity date			Jun. 15, 2021	Jun. 15, 2021	Jun. 15, 2021
Debt instrument paid in kind interest rate			10.00%	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. Interest is payable on June 15 and December 15 of each year. For the interest periods up to and including September 6, 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. If so elected, such in-kind will be added to the principal amount.
Debt instrument stated interest rate percentage for payment-in-kind	10.00%
Cash interest payable stub period				Sep. 6, 2018
8.50% Unsecured Senior Notes, Due June 2019
Debt Instrument [Line Items]
Debt instrument interest rate			8.50%	8.50%	8.50%
Debt instrument maturity date			Jun. 15, 2019	Jun. 15, 2019	Jun. 15, 2019
Debt instrument payment terms				semi-annually in arrears on June 15 and December 15
Annual effective interest rate				8.40%
Exchange Transaction | 9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Debt Instrument [Line Items]
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 | 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 Long-Term Debt (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
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	$ 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	300,000	288,000
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	177,513	162,322
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	153,614	119,490
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	$ 187,931	$ 178,439

Fair Value Measurements - Sch38

Fair Value Measurements - Schedule of Fair Value of Long-Term Debt (Parenthetical) (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	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%	11.00%	11.00%
Debt instrument maturity date	Nov. 15, 2019	Nov. 15, 2019	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%		9.00%
Debt instrument maturity date	May 15, 2020	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%	9.00%	9.00%
Debt instrument maturity date	May 15, 2020	May 15, 2020	May 15, 2020
Debt instrument paid in kind interest rate	10.75%	10.75%	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%	8.50%	8.50%
Debt instrument maturity date	Jun. 15, 2021	Jun. 15, 2021	Jun. 15, 2021
Debt instrument paid in kind interest rate	10.00%	10.00%	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%	8.50%
Debt instrument maturity date	Jun. 15, 2019	Jun. 15, 2019	Jun. 15, 2019

JV Drilling Program - Additiona

JV Drilling Program - Additional Information (Details) $ in Thousands	Mar. 12, 2018DrillingProjectUndevelopedDrillingProject	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Oil And Gas In Process Activities [Line Items]
Oil and natural gas properties		$ 576,073		$ 576,073		$ 579,016
Other assets		69,418		69,418		$ 60,393
Total revenues		149,612	$ 123,323	283,825	$ 247,716
Other expense		(125)	$ (5,168)	208	$ (5,114)
Monza Energy LLC
Oil And Gas In Process Activities [Line Items]
Oil and natural gas properties		6,000		6,000
Other assets		2,300		2,300
Reduction in working capital				1,700
Total revenues				500
Operating expense				400
Other expense				200
Maximum exposure amount by related party		48,800		48,800
JV Drilling Program
Oil And Gas In Process Activities [Line Items]
Capital expenditures reimbursement, net		$ 20,000		$ 20,000
JV Drilling Program | Mr. Tracy W. Krohn
Oil And Gas In Process Activities [Line Items]
Minority interest ownership percentage by joint venture		4.50%		4.50%
JV Drilling Program | Monza Energy LLC
Oil And Gas In Process Activities [Line Items]
Joint venture maturity period	3 years
Joint venture ownership percentage contributed to related party	88.94%
Joint venture ownership percentage	11.06%
Number of undeveloped drilling project substituted | UndevelopedDrillingProject	1
Undeveloped drilling project, joint venture ownership percentage contributed to related party	58.71%
Undeveloped drilling project, joint venture ownership percentage	41.29%
Commitment amount by investors				$ 361,400
Percentage of revenue less expenses from joint venture	30.00%
Percentage of estimated well cost	20.00%
Capital contribution payments from members of Monza		$ 89,400		89,400
JV Drilling Program | Monza Energy LLC | Mr. Tracy W. Krohn
Oil And Gas In Process Activities [Line Items]
Capital commitment		$ 14,500		$ 14,500
JV Drilling Program | Monza Energy LLC | Maximum
Oil And Gas In Process Activities [Line Items]
Number of drilling projects | DrillingProject	14

Heidelberg Field - Additional I

Heidelberg Field - Additional Information (Details) - USD ($) $ in Thousands	Apr. 05, 2018	Jun. 30, 2018
Business Acquisition [Line Items]
Asset retirement obligation recognized		$ 3,597
Heidelberg Field Acquisition
Business Acquisition [Line Items]
Gross purchase price	$ 31,100
Net purchase price	16,600
Letters of credit outstanding	9,400
Asset retirement obligation recognized	$ 3,600
Purchase obligations due, year	2,028
Purchase commitment	$ 19,600
Cobalt International Energy, Inc | Heidelberg Field Acquisition
Business Acquisition [Line Items]
Percentage of non-operated working interest acquired	9.375%

Asset Retirement Obligations -

Asset Retirement Obligations - Summary of Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period		$ 300,446
Asset retirement obligation settlements		(12,124)	$ (36,021)
Accretion of discount		9,273
Liabilities assumed through purchase		3,597
Revisions of estimated liabilities	[1]	16,028
Asset retirement obligations, end of period		317,220
Less current portion		27,923		$ 23,613
Long-term		$ 289,297		$ 276,833
[1]	Revisions were primarily related to wells that experienced sustained casing pressure issues. In addition, some properties experienced scope change.

Derivative Financial Instrume42

Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2018$ / Derivativebbl
N Y M E X Crude Oil Swap
Derivatives Fair Value [Line Items]
Termination Period	December
Notional Quantity (Bbls/day)	2,000	[1]
Notional Quantity (Bbls)	368,000	[1]
Strike Price | $ / Derivative	63.80
NYMEX Crude Oil Puts
Derivatives Fair Value [Line Items]
Termination Period	December
Notional Quantity (Bbls/day)	5,000	[1]
Notional Quantity (Bbls)	920,000	[1]
Put Price | $ / Derivative	60
NYMEX Crude Oil Two Way Collars | Open Crude Oil Derivative Contracts One
Derivatives Fair Value [Line Items]
Termination Period	December
Notional Quantity (Bbls/day)	2,000	[1]
Notional Quantity (Bbls)	368,000	[1]
NYMEX Crude Oil Two Way Collars | Open Crude Oil Derivative Contracts One | Put Option | Bought
Derivatives Fair Value [Line Items]
Contract Prices | $ / Derivative	60
NYMEX Crude Oil Two Way Collars | Open Crude Oil Derivative Contracts One | Call Option | Sold
Derivatives Fair Value [Line Items]
Contract Prices | $ / Derivative	69.50
NYMEX Crude Oil Two Way Collars | Open Crude Oil Derivative Contracts Two
Derivatives Fair Value [Line Items]
Termination Period	December
Notional Quantity (Bbls/day)	2,000	[1]
Notional Quantity (Bbls)	368,000	[1]
NYMEX Crude Oil Two Way Collars | Open Crude Oil Derivative Contracts Two | Put Option | Bought
Derivatives Fair Value [Line Items]
Contract Prices | $ / Derivative	55
NYMEX Crude Oil Two Way Collars | Open Crude Oil Derivative Contracts Two | Call Option | Sold
Derivatives Fair Value [Line Items]
Contract Prices | $ / Derivative	72.75
[1]	bbls = barrels

Derivative Financial Instrume43

Derivative Financial Instruments - Additional Information (Details)	Jun. 30, 2018USD ($)
Derivatives Fair Value [Line Items]
Derivative contract premiums	$ 1,582,000
N Y M E X Crude Oil Swap
Derivatives Fair Value [Line Items]
Derivative contract premiums	0
NYMEX Crude Oil Two Way Collars
Derivatives Fair Value [Line Items]
Derivative contract premiums	0
Prepaid and Other Assets | NYMEX Crude Oil Puts
Derivatives Fair Value [Line Items]
Derivative contract premiums	$ 2,100,000

Derivative Financial Instrume44

Derivative Financial Instruments - Summary of Open and Closed (Not Settled) Commodity Derivative Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives Fair Value [Line Items]
Total contracts	$ 5,281	$ 84
Open Contracts
Derivatives Fair Value [Line Items]
Total contracts	5,070
Closed Contracts - Not Settled
Derivatives Fair Value [Line Items]
Total contracts	$ 211	$ 84

Derivative Financial Instrume45

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Gain Loss On Derivative Instruments Net Pretax [Abstract]
Derivative (gain) loss	$ 6,219	$ (3,689)	$ 6,219	$ (7,644)

Derivative Financial Instrume46

Derivative Financial Instruments - Cash Receipts (Payments) on Derivative Settlements, Net Included within Net Cash Provided by Operating Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Cash receipts (payments) on derivative settlements, net	$ (1,149)	$ 2,208

Share-Based Compensation and 47

Share-Based Compensation and Cash-Based Incentive Compensation - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for award under plans	13,342,827		13,342,827
Recognized incentive compensation expense	$ 1,215,000	$ 2,412,000	$ 2,434,000	$ 4,340,000
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			0
Unrecognized share-based compensation expense	3,900,000		$ 3,900,000
Recognition period for unrecognized compensation expense			2019-11
Recognized incentive compensation expense	1,145,000	2,342,000	$ 2,294,000	4,200,000
Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			41,544
Unrecognized share-based compensation expense	500,000		$ 500,000
Recognition period for unrecognized compensation expense			2021-04
Recognized incentive compensation expense	$ 70,000	$ 70,000	$ 140,000	$ 140,000
2017 Cash-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash based award expected payment period			2018-03
2017 Cash-based Awards | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Adjusted EBITDA less interest expense			$ 200,000,000
2016 Cash-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized incentive compensation expense			$ 0
Cash based compensation payment period after achievement of financial condition			30 days
2016 Cash-based Awards | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Adjusted EBITDA less interest expense			$ 300,000,000
Amended and 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	128,980		128,980

Share-Based Compensation and 48

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, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, beginning of period | shares	5,765,251
Vested | shares	(28,503)
Forfeited/adjustments | shares	(45,017)
Nonvested, end of period | shares	5,691,731
Nonvested, beginning of period | $ / shares	$ 2.48
Vested | $ / shares	2.38
Forfeited/adjustments | $ / shares	2.47
Nonvested, end of period | $ / shares	$ 2.48

Share-Based Compensation and 49

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, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	5,691,731	5,765,251
2,018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	3,698,748
2,019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	1,992,983

Share-Based Compensation and 50

Share-Based Compensation and Cash-Based Incentive Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Shares	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, beginning of period | shares	246,528
Granted | shares	41,544
Vested | shares	(106,240)
Nonvested, end of period | shares	181,832
Nonvested, beginning of period | $ / shares	$ 2.27
Weighted Average Grant Date Fair Value, Granted | $ / shares	6.74
Weighted Average Grant Date Fair Value, Vested | $ / shares	2.64
Nonvested, end of period | $ / shares	$ 3.08

Share-Based Compensation and 51

Share-Based Compensation and Cash-Based Incentive Compensation - Outstanding Restricted Shares Issued to Non-employee Directors (Details) - Restricted Shares - shares	Jun. 30, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	181,832	246,528
2,019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	105,012
2,020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	62,972
2,021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards expected to vest by period	13,848

Share-Based Compensation and 52

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 1,215	$ 2,412	$ 2,434	$ 4,340
Tax benefit computed at the statutory rate	255	844	511	1,519
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	1,145	2,342	2,294	4,200
Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 70	$ 70	$ 140	$ 140

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation charged to operating income	$ 1,215	$ 2,412	$ 2,434	$ 4,340
Total charged to operating income	3,149	3,810	7,900	5,738
General And Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation charged to operating income	1,215	2,412	2,434	4,340
Cash-based incentive compensation charged to operating income	1,391	1,004	4,063	1,004
Lease Operating Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Cash-based incentive compensation charged to operating income	$ 543	$ 394	$ 1,403	$ 394

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense (benefit)	$ 112,000	$ (8,975,000)	$ 221,000	$ (16,563,000)
Current tax expense	0
Income tax refund received			0	0
Cash paid for income taxes			0	$ 0
Current income taxes receivable	65,240,000		65,240,000		$ 13,006,000
Non-current income taxes receivable					52,097,000
Valuation allowance	$ 158,100,000		$ 158,100,000		$ 171,500,000
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			2,017

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share, Basic and Diluted [Abstract]
Net income	$ 36,083	$ 33,315	$ 63,723	$ 57,614
Less portion allocated to nonvested shares	1,474	1,374	2,621	2,442
Net income allocated to common shares	$ 34,609	$ 31,941	$ 61,102	$ 55,172
Weighted average common shares outstanding	138,929	137,552	138,892	137,533
Basic and diluted earnings per common share	$ 0.25	$ 0.23	$ 0.44	$ 0.40

Contingencies - Additional Info

Contingencies - Additional Information (Details) $ in Thousands	Jan. 27, 2017USD ($)	Jun. 30, 2018USD ($)claim	Dec. 31, 2012USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)	May 31, 2017USD ($)	Dec. 15, 2014DeepwaterWell	Dec. 31, 2010USD ($)
Loss Contingencies [Line Items]
Number of deepwater wells abandoned | DeepwaterWell							3
Deposit Into registry of court		$ 49,500		$ 49,500
Loss contingency accrued amount		49,500		49,500
Additional royalty payment		300			$ 1,100			$ 4,700
Payments for royalty	$ 4,700
Bond requied to post in order to appeal	7,200
Cash collacteral required to appeal	$ 6,900
Increase in liability reserve		$ 1,200
Liability reserve			$ 900
Royalty payment processing revised period		84 months
BSEE
Loss Contingencies [Line Items]
Number of notices | claim		5
Proposed civil penalties related to various incidents of noncompliance, total		$ 7,800
Payments for civil penalty		3,400
Apache Corporation | Judicial Ruling
Loss Contingencies [Line Items]
Amount owed to Apache under judicial decision						$ 43,200
Prejudgment interest, attorney fees and judgment costs						$ 6,300
Apache Corporation | Judicial Ruling | Other Noncurrent Assets
Loss Contingencies [Line Items]
Deposit Into registry of court		49,500		49,500
Apache Corporation | Judicial Ruling | Other Noncurrent Liabilities
Loss Contingencies [Line Items]
Loss contingency accrued amount		$ 49,500		$ 49,500

Supplemental Guarantor Inform57

Supplemental Guarantor Information - Additional Information (Details)	Jun. 30, 2018
Debt Disclosure [Abstract]
Percentage of subsidiaries owned	100.00%

Supplemental Guarantor Inform58

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 129,440	$ 99,058
Receivables:
Oil and natural gas sales	52,073	45,443
Joint interest	19,366	19,754
Income taxes	65,240	13,006
Total receivables	136,679	78,203
Prepaid expenses and other assets	20,470	13,419
Total current assets	286,589	190,680
Oil and natural gas properties and other, net	576,073	579,016
Restricted deposits for asset retirement obligations	26,072	25,394
Income taxes receivable		52,097
Other assets	69,418	60,393
Total assets	958,152	907,580
Current liabilities:
Accounts payable	46,464	83,665
Undistributed oil and natural gas proceeds	22,649	20,129
Asset retirement obligations	27,923	23,613
Current maturities of long-term debt:
Principal	189,829
Carrying value adjustments	34,917	22,925
Current maturities of long-term debt - carrying value	224,746	22,925
Accrued liabilities	20,505	17,930
Total current liabilities	342,287	168,262
Long-term debt:
Principal	713,365	889,790
Carrying value adjustments	47,605	79,337
Long term debt, less current portion - carrying value	760,970	969,127
Asset retirement obligations, less current portion	289,297	276,833
Other liabilities	73,007	66,866
Shareholders’ deficit:
Common stock	1	1
Additional paid-in capital	548,196	545,820
Retained earnings (deficit)	(1,031,439)	(1,095,162)
Treasury stock, at cost	(24,167)	(24,167)
Total shareholders' equity (deficit)	(507,409)	(573,508)
Total liabilities and shareholders' equity (deficit)	958,152	907,580
Parent Company
Current assets:
Cash and cash equivalents	129,440	99,058
Receivables:
Oil and natural gas sales	8,109	5,665
Joint interest	19,366	19,754
Income taxes	193,594	128,835
Total receivables	221,069	154,254
Prepaid expenses and other assets	16,739	11,154
Total current assets	367,248	264,466
Oil and natural gas properties and other, net	416,539	430,354
Restricted deposits for asset retirement obligations	26,072	25,394
Income taxes receivable		52,097
Other assets	607,463	505,304
Total assets	1,417,322	1,277,615
Current liabilities:
Accounts payable	38,445	76,703
Undistributed oil and natural gas proceeds	21,390	18,762
Asset retirement obligations	21,663	22,488
Current maturities of long-term debt:
Principal	189,829
Carrying value adjustments	34,917
Current maturities of long-term debt - carrying value	224,746	22,925
Accrued liabilities	20,523	18,058
Total current liabilities	326,767	158,936
Long-term debt:
Principal	713,365	889,790
Carrying value adjustments	47,605	79,337
Long term debt, less current portion - carrying value	760,970	969,127
Asset retirement obligations, less current portion	164,010	152,883
Other liabilities	663,239	566,375
Shareholders’ deficit:
Common stock	1	1
Additional paid-in capital	548,196	545,820
Retained earnings (deficit)	(1,021,694)	(1,091,360)
Treasury stock, at cost	(24,167)	(24,167)
Total shareholders' equity (deficit)	(497,664)	(569,706)
Total liabilities and shareholders' equity (deficit)	1,417,322	1,277,615
Guarantor Subsidiaries
Receivables:
Oil and natural gas sales	44,161	39,778
Total receivables	44,161	39,778
Prepaid expenses and other assets	3,700	2,265
Total current assets	47,861	42,043
Oil and natural gas properties and other, net	121,075	152,464
Other assets	544,029	453,306
Total assets	712,965	647,813
Current liabilities:
Accounts payable	6,457	6,962
Undistributed oil and natural gas proceeds	1,259	1,367
Asset retirement obligations	6,260	1,125
Current maturities of long-term debt:
Accrued liabilities	128,336	115,701
Total current liabilities	142,312	125,155
Long-term debt:
Asset retirement obligations, less current portion	125,275	123,950
Shareholders’ deficit:
Additional paid-in capital	704,885	704,885
Retained earnings (deficit)	(259,507)	(306,177)
Total shareholders' equity (deficit)	445,378	398,708
Total liabilities and shareholders' equity (deficit)	712,965	647,813
Non-Guarantor Adjustments
Receivables:
Oil and natural gas sales	(197)
Total receivables	(197)
Prepaid expenses and other assets	31
Total current assets	(166)
Oil and natural gas properties and other, net	48,003
Other assets	(46,464)
Total assets	1,373
Current liabilities:
Accounts payable	1,562
Current maturities of long-term debt:
Total current liabilities	1,562
Long-term debt:
Asset retirement obligations, less current portion	12
Shareholders’ deficit:
Retained earnings (deficit)	(201)
Total shareholders' equity (deficit)	(201)
Total liabilities and shareholders' equity (deficit)	1,373
Eliminations
Receivables:
Income taxes	(128,354)	(115,829)
Total receivables	(128,354)	(115,829)
Total current assets	(128,354)	(115,829)
Oil and natural gas properties and other, net	(9,544)	(3,802)
Other assets	(1,035,610)	(898,217)
Total assets	(1,173,508)	(1,017,848)
Current maturities of long-term debt:
Accrued liabilities	(128,354)	(115,829)
Total current liabilities	(128,354)	(115,829)
Long-term debt:
Other liabilities	(590,232)	(499,509)
Shareholders’ deficit:
Additional paid-in capital	(704,885)	(704,885)
Retained earnings (deficit)	249,963	302,375
Total shareholders' equity (deficit)	(454,922)	(402,510)
Total liabilities and shareholders' equity (deficit)	$ (1,173,508)	$ (1,017,848)

Supplemental Guarantor Inform59

Supplemental Guarantor Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Income Statements Captions [Line Items]
Revenues	$ 149,612	$ 123,323	$ 283,825	$ 247,716
Operating costs and expenses:
Lease operating expenses	35,582	31,519	72,425	71,683
Production taxes	439	449	894	964
Depreciation, depletion, amortization and accretion	39,757	40,364	77,838	80,354
General and administrative expenses	14,220	16,474	29,258	29,748
Derivative (gain) loss	6,219	(3,689)	6,219	(7,644)
Total costs and expenses	101,145	90,435	196,619	186,632
Operating income	48,467	32,888	87,206	61,084
Interest expense	12,147	11,436	23,470	22,730
Gain on exchange of debt		8,056		7,811
Other (income) expense, net	125	5,168	(208)	5,114
Income before income tax expense (benefit)	36,195	24,340	63,944	41,051
Income tax expense (benefit)	112	(8,975)	221	(16,563)
Net income	36,083	33,315	63,723	57,614
Parent Company
Condensed Income Statements Captions [Line Items]
Revenues	77,270	57,417	141,056	111,124
Operating costs and expenses:
Lease operating expenses	21,617	17,325	41,377	41,027
Production taxes	439	449	894	964
Depreciation, depletion, amortization and accretion	19,954	21,433	39,374	40,587
General and administrative expenses	6,854	7,662	14,057	13,438
Derivative (gain) loss	6,219	(3,689)	6,219	(7,644)
Total costs and expenses	57,917	45,758	107,458	93,516
Operating income	19,353	11,659	33,598	17,608
Earnings of affiliates	24,502	18,941	46,669	36,468
Interest expense	12,147	11,436	23,470	22,730
Gain on exchange of debt		8,056		7,811
Other (income) expense, net	(121)	5,168	(457)	5,114
Income before income tax expense (benefit)	31,829	22,052	57,254	34,043
Income tax expense (benefit)	(7,337)	(12,051)	(12,413)	(25,090)
Net income	39,166	34,103	69,667	59,133
Guarantor Subsidiaries
Condensed Income Statements Captions [Line Items]
Revenues	71,873	65,906	142,300	136,592
Operating costs and expenses:
Lease operating expenses	13,929	14,194	31,012	30,656
Depreciation, depletion, amortization and accretion	16,743	18,143	32,557	38,248
General and administrative expenses	7,166	8,812	14,990	16,310
Total costs and expenses	39,922	43,889	82,997	91,597
Operating income	31,951	22,017	59,303	44,995
Income before income tax expense (benefit)	31,951	22,017	59,303	44,995
Income tax expense (benefit)	7,449	3,076	12,634	8,527
Net income	24,502	18,941	46,669	36,468
Non-Guarantor Adjustments
Condensed Income Statements Captions [Line Items]
Revenues	469		469
Operating costs and expenses:
Lease operating expenses	36		36
Depreciation, depletion, amortization and accretion	164		164
General and administrative expenses	200		211
Total costs and expenses	410		421
Operating income	59		48
Other (income) expense, net	246		249
Income before income tax expense (benefit)	(187)		(201)
Net income	(187)		(201)
Gathering and transportation
Operating costs and expenses:
Operating costs and expenses	4,928	5,318	9,985	11,527
Gathering and transportation | Parent Company
Operating costs and expenses:
Operating costs and expenses	2,834	2,578	5,537	5,144
Gathering and transportation | Guarantor Subsidiaries
Operating costs and expenses:
Operating costs and expenses	2,084	2,740	4,438	6,383
Gathering and transportation | Non-Guarantor Adjustments
Operating costs and expenses:
Operating costs and expenses	10		10
Eliminations
Operating costs and expenses:
Depreciation, depletion, amortization and accretion	2,896	788	5,743	1,519
Total costs and expenses	2,896	788	5,743	1,519
Operating income	(2,896)	(788)	(5,743)	(1,519)
Earnings of affiliates	(24,502)	(18,941)	(46,669)	(36,468)
Income before income tax expense (benefit)	(27,398)	(19,729)	(52,412)	(37,987)
Net income	$ (27,398)	$ (19,729)	$ (52,412)	$ (37,987)

Supplemental Guarantor Inform60

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Net income	$ 36,083	$ 33,315	$ 63,723	$ 57,614
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	39,757	40,364	77,838	80,354
Gain on exchange of debt		(8,056)		(7,811)
Amortization of debt items and other items			1,126	836
Share-based compensation			2,434	3,466
Derivative (gain) loss	6,219	(3,689)	6,219	(7,644)
Cash receipts on derivative settlements, net			(1,149)	2,208
Deferred income taxes			221	212
Changes in operating assets and liabilities:
Oil and natural gas receivables			(6,630)	3,675
Joint interest receivables			251	1,965
Insurance reimbursements				30,100
Income taxes			(138)	(16,960)
Prepaid expenses and other assets			(14,323)	(3,575)
Escrow deposit - Apache lawsuit				(49,500)
Asset retirement obligation settlements			(12,124)	(36,021)
Accounts payable, accrued liabilities and other			(2,256)	6,666
Net cash provided by operating activities			115,192	65,585
Investing activities:
Investment in oil and natural gas properties and equipment			(31,803)	(43,800)
Changes in operating assets and liabilities associated with investing activities			(29,330)	(827)
Acquisition of property interest			(16,617)
Purchases of furniture, fixtures and other				(853)
Net cash used in investing activities			(77,750)	(45,480)
Financing activities:
Other			(26)	(372)
Net cash used in financing activities			(7,060)	(18,021)
Increase in cash and cash equivalents			30,382	2,084
Cash and cash equivalents, beginning of period			99,058	70,236
Cash and cash equivalents, end of period	129,440	72,320	129,440	72,320
Parent Company
Operating activities:
Net income	39,166	34,103	69,667	59,133
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	19,954	21,433	39,374	40,587
Gain on exchange of debt		(8,056)		(7,811)
Amortization of debt items and other items			1,126	836
Share-based compensation			2,434	3,466
Derivative (gain) loss	6,219	(3,689)	6,219	(7,644)
Cash receipts on derivative settlements, net			(1,149)	2,208
Deferred income taxes			221	212
Earnings of affiliates	(24,502)	(18,941)	(46,669)	(36,468)
Changes in operating assets and liabilities:
Oil and natural gas receivables			(2,444)	(1,095)
Joint interest receivables			251	1,965
Insurance reimbursements				30,100
Income taxes			(12,772)	(25,487)
Prepaid expenses and other assets			(37,025)	(3,165)
Escrow deposit - Apache lawsuit				(49,500)
Asset retirement obligation settlements			(7,725)	(25,044)
Accounts payable, accrued liabilities and other			80,147	81,785
Net cash provided by operating activities			91,655	64,078
Investing activities:
Investment in oil and natural gas properties and equipment			(15,638)	(41,854)
Changes in operating assets and liabilities associated with investing activities			(21,958)	(1,266)
Acquisition of property interest			(16,617)
Purchases of furniture, fixtures and other				(853)
Net cash used in investing activities			(54,213)	(43,973)
Financing activities:
Other			(26)	(372)
Net cash used in financing activities			(7,060)	(18,021)
Increase in cash and cash equivalents			30,382	2,084
Cash and cash equivalents, beginning of period			99,058	70,236
Cash and cash equivalents, end of period	129,440	72,320	129,440	72,320
Guarantor Subsidiaries
Operating activities:
Net income	24,502	18,941	46,669	36,468
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	16,743	18,143	32,557	38,248
Changes in operating assets and liabilities:
Oil and natural gas receivables			(4,383)	4,770
Income taxes			12,634	8,527
Prepaid expenses and other assets			(72,465)	(74,591)
Asset retirement obligation settlements			(4,399)	(10,977)
Accounts payable, accrued liabilities and other			8,055	(938)
Net cash provided by operating activities			18,668	1,507
Investing activities:
Investment in oil and natural gas properties and equipment			(9,999)	(1,946)
Changes in operating assets and liabilities associated with investing activities			(8,669)	439
Net cash used in investing activities			(18,668)	(1,507)
Non-Guarantor Adjustments
Operating activities:
Net income	(187)		(201)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	164		164
Changes in operating assets and liabilities:
Oil and natural gas receivables			197
Prepaid expenses and other assets			4,445
Accounts payable, accrued liabilities and other			264
Net cash provided by operating activities			4,869
Investing activities:
Investment in oil and natural gas properties and equipment			(6,166)
Changes in operating assets and liabilities associated with investing activities			1,297
Net cash used in investing activities			(4,869)
11.00% 1.5 Lien Term Loan, Due November 2019
Financing activities:
Payment of interest			(4,114)	(4,113)
11.00% 1.5 Lien Term Loan, Due November 2019 | Parent Company
Financing activities:
Payment of interest			(4,114)	(4,113)
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020
Financing activities:
Payment of interest			(2,920)	(7,335)
9.00%/10.75% Second Lien PIK Toggle Notes, Due May 2020 | Parent Company
Financing activities:
Payment of interest			(2,920)	(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	(27,398)	(19,729)	(52,412)	(37,987)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	2,896	788	5,743	1,519
Earnings of affiliates	$ 24,502	$ 18,941	46,669	36,468
Changes in operating assets and liabilities:
Prepaid expenses and other assets			90,722	74,181
Accounts payable, accrued liabilities and other			$ (90,722)	$ (74,181)