STOCK TITAN

W&T Offshore, Inc. - WTI STOCK NEWS

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.

Rhea-AI Summary

W&T Offshore (NYSE: WTI) has signed a non-binding Memorandum of Understanding (MOU) with Korea National Oil Corporation (KNOC) to explore joint opportunities in the upstream oil and gas sector and other energy projects in North America. This collaboration will focus on operational and technical strengths, potential acquisitions, and initiatives aimed at energy transition and carbon emission reduction. CEO Tracy W. Krohn expressed optimism about this strategic agreement, highlighting its potential to enhance value for shareholders by combining the expertise of both companies.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3.15%
Tags
none
-
Rhea-AI Summary

W&T Offshore, Inc. (NYSE: WTI) has released its 2021 Corporate Environmental, Social, and Governance (ESG) report, available on its website. The report outlines the company's ESG initiatives and key performance data from 2019 to 2021. Notably, W&T has achieved a reduction in Scope 1 greenhouse gas emissions, reflecting its commitment to environmental stewardship. Chairman and CEO Tracy W. Krohn emphasized the significance of the company's ESG efforts and its plans for future improvements.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.46%
Tags
none
-
Rhea-AI Summary

W&T Offshore, Inc. (NYSE: WTI) has announced its earnings release schedule for the first quarter of 2022. The earnings report will be released on May 3, 2022, after trading closes. A follow-up conference call to discuss both financial and operational results will take place on May 4, 2022, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested stakeholders can listen to the call via webcast on the Company’s website or by phone.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.29%
Tags
Rhea-AI Summary

W&T Offshore, Inc. (NYSE: WTI) announces the departure of Shahid A. Ghauri, Vice President, General Counsel and Corporate Secretary, to pursue personal interests. He will assist with the transition until April 22, 2022. Nadege Assale, currently Assistant General Counsel, will serve as Acting General Counsel until a successor is named. CEO Tracy W. Krohn expressed gratitude for Ghauri's contributions over his five-year tenure. W&T Offshore continues its operations in the Gulf of Mexico, focusing on oil and natural gas production.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.48%
Tags
none
-
Rhea-AI Summary

W&T Offshore (NYSE: WTI) has acquired the remaining working interests in oil and gas properties from an undisclosed private seller for approximately $17.5 million. The transaction, effective April 1, 2022, adds an estimated 1.4 million barrels of oil equivalent (Boe) in proved reserves, 900 Boe per day net sales, and a 20% working interest in over 50 producing wells. This acquisition consolidates ownership of important assets and increases potential cash flow and future drilling opportunities, enhancing shareholder value.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.22%
Tags
-
Rhea-AI Summary

W&T Offshore announced the promotion of William J. Williford to Executive Vice President and Chief Operating Officer on March 14, 2022. With over 16 years at the company and extensive experience in oil and gas, Williford previously held roles including General Manager for Gulf of Mexico operations. His promotion is seen as a significant step for the company's leadership, reinforcing its operational capabilities. W&T Offshore operates in the Gulf of Mexico and has interests in 43 fields, illustrating its strong presence in the sector.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-9.34%
Tags
management
Rhea-AI Summary

W&T Offshore (NYSE: WTI) will participate in the 34th Annual Roth Conference in Dana Point, California, from March 13-15, 2022. CEO Tracy W. Krohn will hold in-person one-on-one meetings with investors during the event. A pre-recorded virtual presentation by Mr. Krohn will be available on W&T’s website on March 14, 2022. Additionally, an updated investor presentation will be posted in the 'Presentations' section before the conference.

W&T Offshore specializes in oil and natural gas production in the Gulf of Mexico, operating 43 fields across approximately 606,000 gross acres.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.79%
Tags
conferences
-
Rhea-AI Summary

W&T Offshore reported its operational and financial results for Q4 and the full year 2021, with notable highlights including a 7% increase in production to 37.2 MBoe/d. The company generated Q4 net income of $48.9 million, while the full year resulted in a net loss of $41.5 million. Adjusted EBITDA rose 42% quarter-over-quarter to $65.7 million, with significant Free Cash Flow of $22.5 million in Q4. W&T also reduced its Net Debt by $96.5 million year-over-year to $485.1 million. The acquisition of oil and gas properties for approximately $30.2 million adds proved reserves and aligns with their capital expenditure plans for 2022.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-9.48%
Tags
none
-
Rhea-AI Summary

W&T Offshore, Inc. (NYSE: WTI) has announced the schedule for its fourth quarter and full year 2021 earnings release, set for March 8, 2022, after market close. A subsequent conference call to discuss the results will be held on March 9, 2022, at 9:00 a.m. Central Time. The company has operational interests in 41 producing fields and leases approximately 669,000 gross acres in the Gulf of Mexico region. For further details, participants can access the call through the company's website or by phone.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
5.28%
Tags
Rhea-AI Summary

W&T Offshore (NYSE: WTI) has completed the acquisition of oil and gas properties in the Gulf of Mexico from ANKOR E&P Holdings and KOA Energy for $30.2 million. The transaction adds estimated proved reserves of 5.5 million barrels of oil equivalent (Boe) and 7.6 million Boe of proved and probable reserves. Production is projected at 3.4 MBoe per day, primarily oil. The acquisition enhances W&T's existing asset base without significant capital costs. CEO Tracy W. Krohn expressed confidence in the synergies and potential for shareholder value increase.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.34%
Tags

FAQ

What is the current stock price of W&T Offshore (WTI)?

The current stock price of W&T Offshore (WTI) is $1.53 as of December 24, 2024.

What is the market cap of W&T Offshore (WTI)?

The market cap of W&T Offshore (WTI) is approximately 225.5M.

What does W&T Offshore, Inc. specialize in?

W&T Offshore, Inc. specializes in the acquisition, exploitation, and exploration of oil and natural gas, primarily in the Gulf of Mexico.

Where are the primary operations of W&T Offshore located?

W&T Offshore's primary operations are located in the Gulf of Mexico.

What are W&T Offshore's proved reserves as of December 31, 2009?

As of December 31, 2009, W&T Offshore had proved reserves of 371 billion cubic feet equivalent (bcfe).

What is the composition of W&T Offshore's revenue?

Crude oil accounts for the majority of W&T Offshore's revenue, with natural gas contributing a smaller portion.

How many fields does W&T Offshore have working interests in?

W&T Offshore has working interests in approximately 77 fields in federal and state waters.

What is the total acreage of leases W&T Offshore holds interests in?

W&T Offshore holds interests in leases covering approximately 0.9 million acres.

When is the next quarterly earnings call for W&T Offshore scheduled?

The next quarterly earnings call for W&T Offshore is scheduled for Monday, May 13, 2024.

Where is W&T Offshore headquartered?

W&T Offshore is headquartered in Houston, Texas.

What stock exchange is W&T Offshore listed on?

W&T Offshore is listed on the New York Stock Exchange (NYSE) under the symbol 'WTI'.

Where can I find more information about W&T Offshore?

More information about W&T Offshore can be found on their website at www.wtoffshore.com.

W&T Offshore, Inc.

NYSE:WTI

WTI Rankings

WTI Stock Data

225.46M
97.78M
33.62%
35.89%
11.72%
Oil & Gas E&P
Crude Petroleum & Natural Gas
Link
United States of America
HOUSTON