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 announced that Janet Yang, the Chief Financial Officer, will leave the company on May 11, 2023, for family reasons. She has served the company for 14 years, contributing to its success and financial initiatives. During the transition period, Trey Hartman, currently Vice President and Chief Accounting Officer, will act as Interim CFO. The company has initiated a search for a new CFO. Yang expressed gratitude for the opportunities she received during her tenure, stating confidence in the company’s future under its current management team. W&T Offshore operates in the Gulf of Mexico and holds interests in 47 offshore fields, focusing on oil and natural gas production.
W&T Offshore is the apparent high bidder for two blocks in the Gulf of Mexico Lease Sale 259, held on March 29, 2023. The company bid on Eugene Island South Addition blocks 371 and 387, totaling around 10,000 gross acres, for approximately $340,000. These leases would provide a 100% working interest with a five-year term and an 18.75% royalty. The Bureau of Ocean Energy Management will confirm the awards in the next 90 days. CEO Tracy W. Krohn expressed confidence in maximizing opportunities in the Gulf of Mexico, given the company's extensive experience and track record.
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