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

Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation (Tables)

Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Amounts Recorded in Prepaid Expenses and Other

The amounts recorded in Prepaid expenses and other are expected to be realized within one year. The major categories are presented in the following table (in thousands):

	March 31,		December 31,
	2017		2016
Derivative assets ⁽¹⁾	$	3,486	$	—
Prepaid/accrued insurance and surety bonds		4,751		5,386
Prepaid deposits related to royalties		6,036		6,237
Other		2,862		2,881
Prepaid expenses and other	$	17,135	$	14,504

(1)

Includes open and closed (and not settled) derivative commodity contracts recorded at fair value.

Schedule of Oil and Natural Gas Properties and Other, Net at Cost

Oil and natural gas properties and other, net – at cost: Oil and natural gas properties and equipment are recorded at cost using the full cost method. There were no amounts excluded from amortization as of the dates presented in the following table:

	March 31,		December 31,
	2017		2016
Oil and natural gas properties and equipment	$	7,958,501	$	7,932,504
Furniture, fixtures and other		21,751		20,898
Total property and equipment		7,980,252		7,953,402
Less accumulated depreciation, depletion and amortization		7,442,138		7,406,349
Oil and natural gas properties and other, net	$	538,114	$	547,053

Schedule of Accrued Liabilities

Accrued liabilities. The major categories recorded in Accrued liabilities are presented in the following table (in thousands):

	March 31,		December 31,
	2017		2016
Accrued interest	$	14,878	$	4,189
Accrued salaries/payroll taxes/benefits		2,749		2,777
Other		2,909		2,234
Total accrued liabilities	$	20,536	$	9,200