W&T Offshore Strategic Overview
NON-GAAP RECONCILIATIONS
Three Months Ended
Year Ended
December 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
(In thousands)
(Unaudited)
(In thousands)
(Unaudited)
Net cash provided by operating activities
$
12,679 $
Allowance for credit losses
43
Litigation and other contingent loss
Release of restricted funds
Amortization of debt items and other items
Non-recurring costs related to IT services transition
Current tax benefit
(372)
22,376
315
46
$
339,530 $
133,668
(76)
323
(4,104)
126
(11,102)
(11,102)
(1,437)
(1,471)
(7,551)
(5,325)
1,844
8,237
1,846
152
8,476
132
Changes in derivatives receivable/(payable)
12,085
14,231
47,933
34,370
Non-ARO P&A costs
15,899
4,495
18,402
4,495
Changes in operating assets and liabilities, excluding ARO settlements
(5,948)
9,510
7,223
(33,747)
Investment in oil and natural gas properties, equipment and other
(11,666)
(16,037)
(41,632)
(32,060)
Free Cash Flow
$
24,973 $
22,515
$
376,438 $
90,880
Current tax benefit:
Income tax expense (benefit)
Less: Deferred income taxes
Current tax benefit
$
6,859 $
10,789
$
53,660 $
(8,057)
5,013
10,637
45,184
(8,189)
$
1,846 $
152
$
8,476 $
132
Changes in derivatives receivable:
Derivatives payable, end of period
+A
$
(4,574) $
(6,396)
$
(4,574) $
(6,396)
Derivatives payable, beginning of period
16,659
12,511
6,396
282
Derivative premiums paid
8,116
46,111
40,484
Change in derivatives receivable (payable)
$
12,085 $
14,231
$
47,933 $
34,370
43
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