W&T Offshore, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Divestitures - Business Acquisition Pro Forma Information Incremental Items (Details)

Acquisitions and Divestitures - Business Acquisition Pro Forma Information Incremental Items (Details) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Business Acquisition [Line Items]

125,467

123,306

G&A

20,766

23,588

Interest expense

22,944

21,460

Capitalized

(1,783)

(2,072)

Income tax expense

(103,574)

6,648

Woodside Properties

Business Acquisition [Line Items]

Revenues

5,500

Direct operating expenses

3,200

DD&A

4,100

Income tax expense

600

Woodside Properties | Pro Forma

Business Acquisition [Line Items]

Revenues

13,859

^[1]

Direct operating expenses

2,612

^[1]

DD&A

4,989

^[2]

G&A

200

^[3]

Interest expense

246

^[4]

Capitalized

(14)

^[5]

Income tax expense

$ 2,039

^[6]

[1]	Revenues and direct operating expenses for the Woodside Properties were derived from the historical financial records of Woodside
[2]	DD&A was estimated using the full-cost method and determined as the incremental DD&A expense due to adding the Woodside Properties’ costs, reserves and production into our full cost pool in order to compute such amounts. The purchase price allocated to unevaluated properties for oil and natural gas interests was excluded from the DD&A expense estimation. ARO was estimated by W&T management.
[3]	Estimated insurance costs related to the Woodside Properties.
[4]	The acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $54.8 million, which equates to the cash component of the acquisition purchase price, and an interest rate of 1.8%, which equates to the rates applied to incremental borrowings on the revolving bank credit facility.
[5]	The change to capitalized interest was computed for the addition to the pool of unevaluated properties and the capitalization interest rate was adjusted for the assumed borrowings. The negative amount represents a decrease to net expenses.
[6]	Income tax expense was computed using the 35% federal statutory rate.