Document and Entity Information - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2015 |
May. 04, 2015 |
|
| Document And Entity Information [Abstract] | ||
| Document Type | 10-Q/A | |
| Amendment Flag | true | |
| Amendment Description | This Form 10-Q/A (Amendment No. 1) amends our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015 as filed with the Securities and Exchange Commission (the “SEC”) on May 7, 2015 and is being filed to amend and restate our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and to amend related disclosures. In connection with the preparation of our Quarterly Report on Form 10-Q for the period ended September 30, 2015, we determined that we had been incorrectly presenting Net cash provided by operating activities and Net cash used in investing activities on the Condensed Consolidated Statements of Cash Flows by not properly adjusting amounts for non-cash activities related to investing activities. This resulted in Net cash provided by operating activities being understated and Net cash used in investing activities being understated for the three month period ended March 31, 2015. On November 4, 2015, the Audit Committee of our Board of Directors and management determined the incorrect presentation was material and, as a result, are filing this Form 10-Q/A. We determined that the impact of the incorrect presentation was not material to periods prior to 2015. Our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 has been restated, resulting in an increase of approximately $52.2 million in Net cash provided by operating activities and a corresponding increase in Net cash used in investing activities. In addition, adjustments were made to corresponding line items totaling $52.2 million for the entities presented in the Condensed Consolidating Statements of Cash Flows contained within the Supplemental Guarantor Information included in the notes to our condensed consolidated financial statements. These adjustments did not have any effect on our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Changes in Shareholders’ Equity (Deficit), Condensed Consolidating Balance Sheets or the Condensed Consolidating Statements of Operations, as of and for the three months ended March 31, 2015. The adjustments had no effect on our cash balances or liquidity. Corresponding amounts derived from the restated Condensed Consolidating Statements of Cash Flows included within Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations have been revised to the restated amounts where applicable. Part I, Item 4, Controls and Procedures, has been modified as a result of the restatements and related material weakness in internal controls over financial controls described therein. New certifications of our principal executive office and principal financial officer are also filed as exhibits to this Form 10-Q/A. In summary, this Form 10-Q/A contains modified or updated disclosures from the original Form 10-Q related only to (i) our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and the Condensed Consolidating Statements of Cash Flows for such period included in the notes to our condensed consolidated financial statements, (ii) corresponding changes to items derived from such statements in Part I, Item 2, Management’s Discussions and Analysis of Financial Condition and Results of Operations and (ii) revised disclosures contained in Part 1, Item 4, Controls and Procedures. Information relating to events occurring after May 7, 2015 is not contained in this report and this information is included in our subsequent filings, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Facts, events and forward looking statements have not been revised from the disclosures in the originally filed Form 10-Q, except as discussed above and presented in Part I, Item 1, Financial Statements – Note 1 – Basis of Presentation – Restatement of Previously Filed Interim Financial Statements. | |
| Document Period End Date | Mar. 31, 2015 | |
| Document Fiscal Year Focus | 2015 | |
| Document Fiscal Period Focus | Q1 | |
| Trading Symbol | WTI | |
| Entity Registrant Name | W&T OFFSHORE INC | |
| Entity Central Index Key | 0001288403 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 75,936,731 |