Exhibit 99.1
W&T Offshore, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
| March 31, 2003 |
June 30, 2003 |
September 30, 2003 |
December 31, 2003 | |||||||||
| Assets |
||||||||||||
| Current assets: |
||||||||||||
| Cash and cash equivalents |
$ | 9,065 | $ | 21,099 | $ | 9,948 | $ | 4,016 | ||||
| Receivables: |
||||||||||||
| Oil and gas sales |
49,312 | 34,540 | 33,432 | 39,107 | ||||||||
| Joint interest |
2,870 | 14,265 | 22,656 | 24,184 | ||||||||
| 52,182 | 48,805 | 56,088 | 63,291 | |||||||||
| Royalty deposits |
4,989 | 6,339 | 5,614 | 5,614 | ||||||||
| Prepaid expenses and other assets |
981 | 191 | 5,502 | 1,302 | ||||||||
| Total current assets |
67,217 | 76,434 | 77,152 | 74,223 | ||||||||
| Property and equipment-at cost: |
||||||||||||
| Oil and gas properties and equipment-full cost method of accounting |
633,869 | 687,804 | 724,113 | 842,846 | ||||||||
| Furniture, fixtures and other |
3,702 | 3,835 | 3,545 | 5,222 | ||||||||
| 637,571 | 691,639 | 727,658 | 848,068 | |||||||||
| Less accumulated depreciation, depletion, and amortization |
281,276 | 317,473 | 351,375 | 388,446 | ||||||||
| Net property and equipment |
356,295 | 374,166 | 376,283 | 459,622 | ||||||||
| Deferred financing costs, less accumulated amortization |
1,187 | 1,076 | 966 | 958 | ||||||||
| Restricted deposits for asset retirement obligations |
9,843 | 9,890 | 10,075 | 11,926 | ||||||||
| Total assets |
$ | 434,542 | $ | 461,566 | $ | 464,476 | $ | 546,729 | ||||
| Liabilities and shareholders' equity |
||||||||||||
| Current liabilities: |
||||||||||||
| Accounts payable |
$ | 42,872 | $ | 47,542 | $ | 43,933 | $ | 57,213 | ||||
| Undistributed oil and gas proceeds |
8,850 | 12,478 | 9,621 | 11,500 | ||||||||
| Asset retirement obligation |
12,880 | 12,772 | 14,686 | 17,552 | ||||||||
| Accrued expenses |
440 | 690 | 991 | 765 | ||||||||
| Income taxes payable |
22,307 | 7,064 | 19,150 | 16,288 | ||||||||
| Total current liabilities |
87,349 | 80,546 | 88,381 | 103,318 | ||||||||
| Long-term debt |
30,100 | 52,600 | 19,900 | 67,000 | ||||||||
| Asset retirement obligation less current portion |
89,895 | 89,255 | 89,755 | 110,052 | ||||||||
| Deferred tax liabilities |
50,924 | 46,718 | 48,383 | 51,904 | ||||||||
| Shareholders' equity: |
||||||||||||
| Series A Preferred Stock |
45,435 | 45,435 | 45,435 | 45,435 | ||||||||
| Common Stock |
— | — | — | |||||||||
| Additional paid-in capital |
544 | 6,020 | 6,020 | 6,087 | ||||||||
| Retained earnings |
130,295 | 140,992 | 166,602 | 162,933 | ||||||||
| Total shareholders' equity |
176,274 | 192,447 | 218,057 | 214,455 | ||||||||
| Total liabilities and shareholders' equity |
$ | 434,542 | $ | 461,566 | $ | 464,476 | $ | 546,729 | ||||
1
Exhibit 99.1
W&T Offshore, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
| March 31, 2004 |
June 30, 2004 |
September 30, 2004 | |||||||
| Assets |
|||||||||
| Current assets: |
|||||||||
| Cash and cash equivalents |
$ | 789 | $ | 10,665 | $ | 19,141 | |||
| Receivables: |
|||||||||
| Oil and gas sales |
50,564 | 40,881 | 24,280 | ||||||
| Joint interest |
18,466 | 13,838 | 16,662 | ||||||
| Income taxes |
— | — | 1,377 | ||||||
| 69,030 | 54,719 | 42,319 | |||||||
| Royalty deposits |
5,614 | 5,615 | 5,614 | ||||||
| Prepaid expenses and other assets |
772 | 5,754 | 5,697 | ||||||
| Total current assets |
76,205 | 76,753 | 72,771 | ||||||
| Property and equipment-at cost: |
|||||||||
| Oil and gas properties and equipment-full cost method of accounting |
897,431 | 972,204 | 1,029,489 | ||||||
| Furniture, fixtures and other |
5,283 | 5,221 | 5,475 | ||||||
| 902,714 | 977,425 | 1,034,964 | |||||||
| Less accumulated depreciation, depletion, and amortization |
425,821 | 469,069 | 502,526 | ||||||
| Net property and equipment |
476,893 | 508,356 | 532,438 | ||||||
| Deferred financing costs, less accumulated amortization |
843 | 1,796 | 1,882 | ||||||
| Restricted deposits for asset retirement obligations |
11,971 | 11,898 | 11,886 | ||||||
| Total assets |
$ | 565,912 | $ | 598,803 | $ | 618,977 | |||
| Liabilities and shareholders' equity |
|||||||||
| Current liabilities: |
|||||||||
| Accounts payable |
$ | 77,942 | $ | 67,873 | $ | 73,336 | |||
| Undistributed oil and gas proceeds |
12,266 | 12,908 | 8,826 | ||||||
| Asset retirement obligation |
15,495 | 14,343 | 16,477 | ||||||
| Accrued expenses |
307 | 635 | 418 | ||||||
| Income taxes payable |
15,856 | 6,709 | — | ||||||
| Total current liabilities |
121,866 | 102,468 | 99,057 | ||||||
| Long-term debt |
19,300 | 25,000 | — | ||||||
| Asset retirement obligation less current portion |
114,436 | 122,564 | 123,642 | ||||||
| Deferred tax liabilities |
57,421 | 62,655 | 73,594 | ||||||
| Shareholders' equity: |
|||||||||
| Series A Preferred Stock |
45,435 | 45,435 | 45,435 | ||||||
| Common Stock |
— | — | — | ||||||
| Additional paid-in capital |
6,478 | 6,478 | 6,478 | ||||||
| Retained earnings |
200,976 | 234,203 | 270,771 | ||||||
| Total shareholders' equity |
252,889 | 286,116 | 322,684 | ||||||
| Total liabilities and shareholders' equity |
$ | 565,912 | $ | 598,803 | $ | 618,977 | |||
2