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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.
On November 19, 2021, W&T Offshore (NYSE: WTI) announced it was the high bidder on two blocks in the Gulf of Mexico during Lease Sale 257. The blocks, Eugene Island South Addition block 385 and Ship Shoal South Addition block 360, cover around 10,000 gross acres, with a total bid of approximately $295,000. The leases will have a term of five years and a 12.5% royalty. Additionally, W&T will attend two investor conferences in December 2021, featuring presentations from its CEO and management team.
W&T Offshore reported third-quarter 2021 results with a production of 34.8 MBoe/d despite hurricane-related downtime. The company faced a net loss of $38 million, or $0.27 per share, while Adjusted EBITDA was $45.3 million. W&T entered into amendments to its Credit Agreement, establishing a $100 million revolving credit facility. The cash position improved to $257.6 million, enhancing acquisition opportunities. Average realized sales prices for oil and gas rose significantly, driving an 85% year-over-year revenue increase to $133.9 million.
W&T Offshore, Inc. (NYSE: WTI) provided an operational update on October 18, 2021, revealing significant production impacts due to Hurricane Ida. Approximately 80% of production was shut-in during the storm, leading to an estimated average net production of 34,200 to 35,100 Boe/d for Q3 2021. The company anticipates a recovery of shut-in production by the end of the year, with Q4 production expected between 34,800 and 38,500 Boe/d. Additionally, the company's 2021 lease operating expense guidance has been adjusted to $174-$180 million. Earnings release is scheduled for November 2, 2021.
W&T Offshore (NYSE: WTI) will participate in the virtual Barclays CEO Energy-Power Conference on September 9, 2021. Chairman and CEO Tracy W. Krohn will present at 3:35 PM ET, followed by one-on-one meetings with investors. The presentation will be webcast live and later archived on W&T's website, along with an investor slide deck available that morning. W&T Offshore operates in the Gulf of Mexico and holds interests in 41 producing fields, with approximately 622,000 gross acres under lease, emphasizing its role as an independent oil and natural gas producer.
W&T Offshore (NYSE: WTI) announced its participation in two investor conferences. The first is EnerCom, Inc.'s The Oil and Gas Conference in Denver, Colorado, on August 17, where CEO Tracy W. Krohn will present at 4:00 pm MT. The presentation will be live-streamed and available later on the company's website. The second event is the virtual Seaport Research Partners Annual Summer Investor Conference on August 24, where W&T will host one-on-one investor meetings without a formal presentation.
W&T Offshore reported Q2 2021 operational results showing production of 40,888 Boe/d, reflecting a 3% increase sequentially. The company reported a net loss of $51.7 million or $0.36 per share, but achieved Adjusted Net Income of $2.2 million or $0.02 per share. Adjusted EBITDA was $49.8 million, down 14% from Q1, while Free Cash Flow totaled $18.7 million. The mid-year proved reserves increased to 158.9 MMBoe, showing a 39% rise in PV-10 value to $1.0 billion. The capital structure was strengthened with a $215 million term loan, enhancing financial flexibility for acquisitions.
W&T Offshore, Inc. (NYSE: WTI) will release its second quarter 2021 earnings on August 3, 2021, after market close. A conference call to discuss the results is scheduled for August 4, 2021, at 10:00 a.m. CT (11:00 a.m. ET). Interested participants can join via phone or webcast on the company's website. W&T Offshore operates in the Gulf of Mexico and holds interests in 42 producing fields, covering approximately 709,000 gross acres. The company aims to share its financial and operational performance during this call.
HOUSTON, June 7, 2021 - W&T Offshore (NYSE: WTI) announced participation in two investor conferences. The Company will host virtual meetings at the Stifel 2021 Virtual Cross Sector Insight Conference on June 8 and present at the Bank of America Securities Virtual 2021 Energy Credit Conference on June 10 at 2:45 p.m. ET. Both events will feature senior management, including Chairman Tracy W. Krohn, with a live webcast available on the Company’s website. An updated investor slide deck is also accessible under the 'Presentations' section online.
W&T Offshore (NYSE: WTI) has enhanced its capital structure through a $215 million non-recourse term loan, transferring its Mobile Bay Area producing assets to special purpose vehicles (SPVs). This strategic move allows W&T to repay its $48 million reserve-based lending facility and utilize proceeds for corporate growth and acquisitions. The deal provides significant financial flexibility and increased liquidity, without affecting operational capabilities. The firm retains upside value from the Mobile Bay Assets and aims to capitalize on favorable Gulf market conditions for further acquisitions.
W&T Offshore reported strong operational and financial results for Q1 2021, producing 39,657 Boe/d, a 4% increase from Q4 2020. The company reported a net loss of $0.7 million but adjusted net income of $15.9 million, marking a significant improvement. Adjusted EBITDA surged 63% to $57.6 million, driven by higher commodity prices and enhanced production efficiency. Free cash flow also rose dramatically to $40 million. The company focused on controlling costs, with reduced lease operating expenses, and indicated positive outlooks for the remainder of the year due to favorable market conditions and strategic growth plans.
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