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 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.
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.
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.
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.
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.
W&T Offshore (NYSE: WTI) has announced a definitive agreement to acquire oil and gas properties in the Gulf of Mexico for $47 million. Effective July 1, 2021, the acquisition is expected to close by Q1 2022. Key highlights include the addition of 5.5 million barrels of proved reserves and 3.4 MBoe per day of production. The transaction also encompasses over 50 wells and is set to enhance operational synergy and cash flow, funded entirely in cash. This strategic move aligns with W&T's growth strategy through acquisitions.
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.
FAQ
What is the current stock price of W&T Offshore (WTI)?
What is the market cap of W&T Offshore (WTI)?
What does W&T Offshore, Inc. specialize in?
Where are the primary operations of W&T Offshore located?
What are W&T Offshore's proved reserves as of December 31, 2009?
What is the composition of W&T Offshore's revenue?
How many fields does W&T Offshore have working interests in?
What is the total acreage of leases W&T Offshore holds interests in?
When is the next quarterly earnings call for W&T Offshore scheduled?
Where is W&T Offshore headquartered?
What stock exchange is W&T Offshore listed on?
Where can I find more information about W&T Offshore?
