Welcome to our dedicated page for W&T Offshore news (Ticker: WTI), a resource for investors and traders seeking the latest updates and insights on W&T Offshore stock.
W&T Offshore, Inc. (NYSE: WTI) is an independent oil and natural gas acquisition, exploitation, and exploration company headquartered in Houston, Texas. The company focuses primarily on the Gulf of Mexico area, where it has developed significant technical expertise. The high production rates associated with hydrocarbon deposits in this region have historically provided W&T Offshore with the best opportunity to achieve a rapid payback on invested capital.
The company owns working interests in approximately 77 fields in federal and state waters. Additionally, W&T Offshore holds interests in leases covering roughly 0.9 million acres. The company's proved reserves as of December 31, 2009, were recorded at 371 billion cubic feet equivalent (bcfe), with a pre-tax PV-10 value of $890 million, including plug and abandonment costs. Of these reserves, 76% were proved developed reserves, while 45% were natural gas reserves.
The core business of W&T Offshore involves both deepwater and shallow-water shelf drilling. The company extracts crude oil, natural gas, and natural gas liquids, which are sold directly at the wellhead. Crude oil constitutes the majority of the company's revenue, with natural gas accounting for a smaller portion.
W&T Offshore is dedicated to maintaining its strong position in the Gulf of Mexico by leveraging its technical expertise and focusing on high-return projects. The company ensures a balanced approach to growth and profitability, continually assessing new opportunities for acquisition and development.
For more information, please visit www.wtoffshore.com.
- Latest News:
Quarterly Earnings Call Scheduled for Monday, May 13, 2024.
(1) MBoe is determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate, or NGLs (totals may not compute due to rounding). The conversion ratio does not assume price equivalency, and the price on an equivalent basis for oil, NGLs, and natural gas may differ significantly. The realized prices presented are volume-weighted for production in the respective period.
(1) Selected items were tax-effected with the Federal Statutory Rate of 21% for each respective period.
(1) A reconciliation of the adjustment used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:
(1) A reconciliation of the adjustments used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below: 1 Reserves as of December 31, 2023, using year-end SEC pricing.
W&T Offshore (NYSE: WTI) has announced the pricing of $350 million in 10.750% senior second lien notes due 2029 at par in a private offering. The closing is expected on January 28, 2025. The company plans to use the proceeds, along with cash on hand, for multiple purposes including: purchasing outstanding 11.750% Senior Second Lien Notes due 2026 through a tender offer, redeeming any remaining 2026 notes after August 1, 2025, repaying the Munich Re Risk Financing term loan, and covering related fees and expenses.
The new notes and related guarantees are being offered exclusively to qualified institutional buyers in the US under Rule 144A and to non-U.S. investors outside the United States under Regulation S. The offering is exempt from registration under the Securities Act of 1933.
W&T Offshore (NYSE: WTI) has initiated a cash tender offer for all outstanding $275 million of its 11.750% Senior Second Lien Notes due 2026. The company is offering $1,036.25 per $1,000 principal amount for notes tendered by January 27, 2025 (Early Tender Payment Deadline), which includes a $30.00 early tender payment. Notes tendered after this deadline but before February 11, 2025 (Expiration Time) will receive $1,006.25 per $1,000.
Alongside the tender offer, W&T is soliciting consents to eliminate substantially all restrictive covenants and certain default provisions in the notes' indenture. The offer is contingent on several conditions, including the issuance of $350 million in new senior second lien notes due 2029. The company plans to redeem any remaining 2026 notes on August 1, 2025.
W&T Offshore (NYSE: WTI) announced several key operational updates. The company signed a PSA to sell its non-core interest in Garden Banks Blocks 385/386, producing 195 Boe/d, for $12.3 million. Two major field developments are expected to resume production: West Delta 73 field by mid-Q2 2025, and Main Pass 108/98 fields by early Q2 2025, with the latter previously producing 6.1 MMcfe/d before being shut-in.
The company will receive a $58.5 million insurance settlement in January 2025 for a casualty loss at Mobile Bay 78-1 well. The recently announced Presidential ban on new offshore drilling will not impact WTI's operations. The Garden Banks sale, effective December 1, 2024, will affect year-end 2024 reserves by approximately 0.12 million barrels of oil equivalent.
W&T Offshore (NYSE: WTI) is taking legal action against insurance companies demanding $250 million in additional collateral for bonds backing its offshore production activities. The lawsuit alleges price-fixing, collusion, and antitrust violations among five insurers. In July, one surety company demanded an additional $89 million in collateral, later filing suit for $93.5 million, despite W&T's perfect payment history.
The dispute centers on Bureau of Ocean Energy Management (BOEM) rules requiring energy producers to provide bonds for cleanup operations. CEO Tracy W. Krohn argues these demands pose an existential threat to independent operators, comparing it to auto insurers suddenly requiring full cash value of a car plus increased premiums. Several states, including Texas, are challenging the BOEM rule, citing W&T as an example of potential harm to energy producers.
W&T Offshore reported Q3 2024 financial results with production of 31.0 MBoe/d (52% liquids), generating net cash from operating activities of $14.8 million and Free Cash Flow of $3.9 million. The company reported a net loss of $36.9 million, or $(0.25) per diluted share, with Adjusted EBITDA of $26.7 million. Key highlights include reduced lease operating expenses at $72.4 million (6% below guidance), increased cash position to $126.5 million, and maintained low leverage with Net Debt to TTM Adjusted EBITDA of 1.6x. The company declared a Q4 2024 dividend of $0.01 per share and reduced its 2024 full-year capital expenditure budget to $25-35 million.
W&T Offshore (NYSE: WTI) has scheduled its third quarter 2024 earnings release and conference call. The company will release its Q3 2024 earnings report on Thursday, November 7, 2024, after NYSE trading hours. A conference call to discuss the results will be held on Friday, November 8, 2024, at 9:00 a.m. Central Time. Participants can join via phone or webcast, with an audio replay available on the company's website afterward.
W&T Offshore (NYSE: WTI) has released its 2023 Corporate Environmental, Social, and Governance (ESG) report, marking its fourth sustainability report. The company has made significant progress in various areas, including shareholder rights, board structure, and environmental initiatives. Key highlights include:
- 26% decrease in total Scope 1 GHG emissions from 2019 to 2023
- 42% reduction in scope 1 GHG production intensity over the past five years
- Improved waste management tracking
- Enhanced shareholder engagement
- Establishment of an ESG Committee chaired by Dr. Nancy Chang
The report demonstrates W&T's commitment to environmental stewardship, sound corporate governance, and positive contributions to employees and communities.
W&T Offshore (NYSE: WTI) has appointed George J. Hittner as Executive Vice President, General Counsel and Corporate Secretary, effective September 1, 2024. Hittner brings over 20 years of legal, corporate, and legislative experience from both public and private sectors. His background includes founding his own law firm, serving as general counsel at American Traffic Solutions (now Verra Mobility , NASDAQ: VRRM), and working as a White House appointee at the U.S. Department of Labor and Transportation. Hittner holds degrees from Texas A&M University, The University of Texas, and The University of Virginia. CEO Tracy W. Krohn expressed excitement about Hittner joining the executive team, citing his extensive experience as an asset for W&T's strategic goals.
W&T Offshore (NYSE: WTI) has announced its participation in the EnerCom Denver Conference in Colorado. Tracy Krohn, Chairman and CEO, is scheduled to present on Monday, August 19th, 2024, at 4:00 pm Mountain Time. The presentation will be webcast live and archived on the company's website. Senior management will also host one-on-one meetings with investors. An updated investor slide deck will be posted on the day of the event in the 'Investors' section of W&T's website under 'Presentations'.
W&T Offshore (NYSE: WTI) announced its Q2 2024 results and declared a Q3 2024 dividend of $0.01 per share.
Key highlights: daily production of 34.9 MBoe at the midpoint of guidance; lease operating expenses (LOE) at $74 million, below guidance; net cash from operations at $37.4 million; free cash flow at $18.7 million, marking the 26th consecutive positive quarter; net loss of $15.4 million, adjusted net loss at $8 million; adjusted EBITDA of $45.9 million; cash position improved by 30% to $123.4 million; net debt decreased by 9% to $268.5 million; mid-year SEC proved reserves increased by 15% to 141.9 MMBoe with a PV-10 value up 28% to $1.4 billion.
Production was impacted by a third-party shut-in at the Mobile Bay processing plant but was offset by increased production from acquired wells.
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