W&T Offshore, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

LEASES (Tables)

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

The components of lease costs were as follows (in thousands):


	December 31,
	2024		2023		2022
Operating lease costs, excluding short-term leases	$	1,718	$	1,670	$	1,579
Short-term lease cost		143		58		2,957
Variable lease cost ⁽¹⁾		951		765		647
Total lease cost	$	2,812	$	2,493	$	5,183

⁽¹⁾	Variable lease costs primarily represent differences between minimum lease payment obligations and actual operating charges incurred by the Company related to long-term operating leases.

Schedule for Company's ROU assets and operating lease liabilities

The present value of the fixed lease payments recorded as the Company’s ROU assets and operating lease liabilities, adjusted for initial direct costs and incentives, are as follows (in thousands):


	December 31,
	2024		2023
ROU assets ‒ Other assets	$	10,045	$	10,515

Lease liability:
Accrued liabilities	$	1,522	$	1,455
Other liabilities		10,390		10,803
Total lease liability	$	11,912	$	12,258

Schedule for weighted average remaining lease term and discount rate

The weighted average remaining lease term and discount rate related to the Company’s operating leases are as follows (in thousands):


	December 31,
	2024		2023		2022
Weighted average remaining lease term	11.5 years		12.1 years		13.1 years
Weighted average discount rate	10.3	%	10.3	%	10.1	%

Schedule for supplemental cash flow information

Supplemental cash flow information related to the Company’s operating leases are as follows (in thousands):


	December 31,
	2024		2023		2022
Operating cash outflow from operating leases	$	1,595	$	1,713	$	1,224
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	559	$	—

Schedule for Undiscounted Future Minimum Payment

As of December 31, 2024, the maturities of the liabilities related to the Company’s operating leases are as follows (in thousands):


2025	$	2,164
2026		1,625
2027		1,658
2028		1,712
2029		3,980
Thereafter		8,908
Total lease payments		20,047
Less: imputed interest		(8,135)
Total	$	11,912