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

Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments (Tables)

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

As of December 31, 2012, our open commodity derivative contracts were as follows:


Swaps – Oil (ICE)
Termination Period		Notional Quantity (Bbls)		Weighted Average Contract Price		Fair Value Liability (in thousands)
2013:	1st quarter		351,000	$	101.97	$	2,566
	2nd quarter		336,700		101.97		1,843
	3rd quarter		312,800		101.98		1,205
	4th quarter		294,400		101.98		741
2014:	1st quarter		180,000		97.38		1,085
	2nd quarter		172,900		97.38		863
	3rd quarter		165,600		97.38		647
	4th quarter		156,400		97.37		451

			1,969,800	$	100.40	$	9,401

Estimated Fair Value of Derivative Contracts

The following balance sheet line items included amounts related to the estimated fair value of our open derivative contracts as indicated in the following table (in thousands):


	December 31,
	2012		2011
Prepaid and other assets	$	—	$	2,341
Other assets		—		1,746
Accrued liabilities		6,355		7,199
Other liabilities		3,046		—

Changes in Fair Value of Commedity Derivative Contracts Recognized in Earnings

Changes in the fair value of our commodity derivative contracts are recognized currently in earnings and were as follows (in thousands):


	Year Ended December 31,
	2012		2011			2010
Derivative (gain) loss:
Realized	$	7,665	$	9,873		$	(5,539	)
Unrealized		6,289		(11,769	)		9,511

Total	$	13,954	$	(1,896	)	$	3,972

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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