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

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Fair Value of Derivatives Financial Instruments and Long-Term Debt

The following table presents the fair value of our open derivatives and long-term debt, all of which are classified as Level 2 within the valuation hierarchy (in thousands):

	June 30, 2017				December 31, 2016
	Assets		Liabilities		Assets		Liabilities

Derivatives - open contracts	$	5,436	$	—	$	—	$	—
11.00% 1.5 Term Loan, due November 2019 ⁽¹⁾		—		75,000		—		75,000
9.00% Second Lien Term Loan, due May 2020 ⁽¹⁾		—		249,000		—		255,000
9.00%/10.75% Second Lien PIK Toggle Notes, due May 2020 ⁽¹⁾		—		133,666		—		122,255
8.50%/10.00% Third Lien PIK Toggle Notes, due June 2021 ⁽¹⁾		—		99,210		—		80,243
8.50% Unsecured Senior Notes, due June 2019 ⁽¹⁾		—		131,931		—		123,389

(1)

The long-term debt items are reported on the Condensed Consolidated Balance Sheets at their carrying value as described in Note 2.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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