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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.
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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, Inc. (NYSE: WTI) has announced the promotion of three key executives: W. Allen Tate to Senior Vice President of Marketing, Jake G. Woodall to Vice President of Midstream, and Kristen Ecklund to Vice President of Human Resources. Chairman and CEO Tracy W. Krohn expressed confidence in their capabilities, noting their extensive industry experience and significant contributions to the company. W&T Offshore operates in the Gulf of Mexico and has interests in 47 fields and approximately 622,000 gross acres leased, supporting its continued growth.
W&T Offshore reported robust third-quarter 2022 results, achieving production of 41.5 MBoe/d, net income of $66.7 million, and Adjusted EBITDA of $113.9 million. The company generated Free Cash Flow of $71.1 million, marking the 19th consecutive quarter of positive cash flow. Cash reserves increased to $447.1 million, while net debt fell to $254.3 million, a 48% drop year-over-year. Despite a slight revenue decrease from Q2, revenues nearly doubled compared to Q3 2021. The company has amended its credit agreement, extending the maturity to January 2024, positioning itself favorably for future growth.
W&T Offshore, Inc. (NYSE: WTI) has announced the schedule for its third-quarter 2022 earnings release, which will take place on November 8, 2022, after market close. Following the release, a conference call to discuss financial and operational results is set for November 9, 2022, at 9:00 a.m. CT (10:00 a.m. ET). Interested parties can join the call via webcast on the company’s website or by phone. The company currently operates in the Gulf of Mexico and holds interests in 47 fields, covering approximately 637,000 gross acres.
W&T Offshore (NYSE: WTI) announced its participation in key investor events. Virtual one-on-one meetings are scheduled for August 23-24, 2022, at the Seaport Research Partners Annual Summer Investor Conference. Additionally, CEO Tracy W. Krohn will present at the Barclays CEO Energy-Power Conference on September 7, 2022, at 3:35 p.m. EDT in New York City, with one-on-one meetings available throughout the day. Updated investor materials will be accessible on the company’s website under the 'Presentations' section.
W&T Offshore, Inc. (NYSE: WTI) announced the schedule for its second quarter 2022 earnings release, set for August 8, 2022, before market opening. A conference call to discuss the results will follow at 9:00 a.m. CT. Interested parties can access the call through the company's website or by phone. Additionally, W&T will participate in the EnerCom Denver Energy Conference from August 7-10, 2022, with CEO Tracy W. Krohn presenting on August 8. The company operates offshore in the Gulf of Mexico, holding interests in 47 fields and approximately 655,000 gross acres.
W&T Offshore, Inc. (NYSE: WTI) announced the appointment of Jonathan Curth as Executive Vice President, General Counsel, and Corporate Secretary, effective June 14, 2022. Curth brings extensive legal experience in the exploration and production sector, with a background in acquisitions, capital markets, and corporate transactions. Chairman and CEO Tracy W. Krohn expressed enthusiasm for Curth’s insight and contributions to W&T's strategic vision aimed at enhancing shareholder value.
HOUSTON, May 31, 2022 – W&T Offshore (NYSE: WTI) announced its participation in several upcoming investor events. CEO Tracy W. Krohn will be featured in a panel at the Louisiana Energy Conference on June 2, a fireside chat at the Stifel 2022 Cross Sector Insight Conference on June 7, and he will present at the Bank of America Securities 2022 Energy Credit Conference on June 8, 2022. Additionally, one-on-one meetings will be held at these events. Updated investor materials will be accessible on W&T’s website.
W&T Offshore (NYSE: WTI) announced the retirement of Stephen L. Schroeder, Senior Vice President and Chief Technical Officer, effective June 1, 2022. Schroeder, with W&T since 1998, has held various management roles throughout his tenure. Huan Gamblin, currently Manager of Acquisition and Divestiture, is promoted to Vice President of Business Development, taking over most of Schroeder's responsibilities. Gamblin brings 17 years of experience and previously managed engineering roles at Occidental Petroleum and Anadarko Petroleum.
W&T Offshore, Inc. (NYSE: WTI) has promoted Bart P. "Trey" Hartman, III to Vice President and Chief Accounting Officer. Hartman joined W&T as Controller in April 2021 and has experience in oil and gas accounting, having previously held executive roles at Sheridan Production Company and Halcon Resources Corporation. His appointment is expected to strengthen the company's financial leadership and enhance its accounting organization. W&T operates in the Gulf of Mexico and holds interests in 47 fields, covering approximately 655,000 gross acres.
W&T Offshore reported operational and financial results for Q1 2022, showing a 2% increase in daily production to 37.8 MBoe/d and a net loss of $2.5 million. Adjusted EBITDA soared by 37% to $89.7 million. The company generated $46.9 million in Free Cash Flow, marking the 17th consecutive quarter of Free Cash Flow generation. Net Debt improved to $504.8 million, with a ratio of Net Debt to TTM Adjusted EBITDA at 2.0 times. The company also closed an acquisition of oil and gas properties for approximately $30.2 million and announced a partnership with Korea National Oil Corporation.
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