Annual report pursuant to Section 13 and 15(d)

Related Parties

v2.4.1.9
Related Parties
 12 Months Ended
Dec. 31, 2014
Related Party Transactions [Abstract]  
Related Parties

17. Related Parties

During 2014, 2013 and 2012, there were certain transactions between us and other companies our majority shareholder either controlled or in which he had an ownership interest.  In addition, there were transactions with a company that employs the spouse of our majority shareholder.  Our majority shareholder owns an aircraft that the Company used and reimbursed him for such use and for his use.  Airplane services were charged to us at rates that were either equal to or below rates charged by non-related, third-party companies.  Airplane services transactions were approximately $0.9 million, $1.2 million and $1.0 million for the years 2014, 2013 and 2012, respectively.  Our majority shareholder has ownership interests in certain wells operated by us (such ownership interests pre-date our initial public offering).  Revenues are disbursed and expenses are collected in accordance with ownership interest.  Proportionate insurance premiums were paid to us and proportionate collections of insurance reimbursements attributable to damage on certain wells were disbursed.  W&T hired the services of a directional drilling services company, in which our majority shareholder owns a minority ownership interest and serves on its board of directors, and W&T paid $0.2 million, $0.2 million and $0.7 million for drilling related services during 2014, 2013 and 2012, respectively.  A company that provides marine transportation and logistics services to W&T employs the spouse of our majority shareholder.  The spouse received commissions partially based on services rendered to W&T which totaled less than $0.2 million per year for 2014, 2013 and 2012.  All these transactions were determined to be priced at competitive rates and were reviewed by the Audit Committee for compliance with our policies and procedures.