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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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(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 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.
W&T Offshore, Inc. (NYSE: WTI) has announced the release of its first quarter 2021 earnings on May 4, 2021, after market close. A conference call to discuss these results is scheduled for May 5, 2021, at 9:00 a.m. CT. Interested participants can join by calling 844-739-3797 or via the company's website. W&T operates in the Gulf of Mexico with holdings in 43 producing fields and approximately 737,000 gross acres leased.
W&T Offshore has released its inaugural Environmental, Social and Governance (ESG) report available on its website. This report covers ESG initiatives and key performance indicators from 2018 to 2020, aligning with recognized standards such as SASB and TCFD. CEO Tracy W. Krohn highlighted the company's long-standing commitment to sustainable operations. Currently, W&T Offshore operates 43 producing fields and holds approximately 737,000 gross acres in the Gulf of Mexico, focusing on safety and sustainability in its operations.
W&T Offshore (NYSE: WTI) will participate in the Virtual 33rd Annual ROTH Conference from March 15-17, 2021. CEO Tracy W. Krohn and CFO Janet Yang will hold virtual one-on-one investor meetings on March 16. A pre-recorded presentation by Krohn will be available on the company’s website starting March 11, along with an updated investor slide deck. W&T Offshore operates in the Gulf of Mexico, with interests in 43 producing fields and approximately 737,000 gross acres under lease.
W&T Offshore (NYSE: WTI) reported its fourth quarter and full year 2020 results, showing a production of 38,261 Boe/d, 11% higher than Q3 2020. The company reported a net income of $37.8 million for 2020 but faced a net loss of $8.9 million in Q4 2020. Adjusted EBITDA reached $159 million for the year. Proved reserves decreased to 144.4 MMBoe primarily due to lower commodity prices. The company plans a capital expenditure budget of $30-$60 million for 2021, focusing on maintaining production and generating free cash flow. Free Cash Flow for 2020 stood at $76 million, slightly above 2019 figures.
HOUSTON, Feb. 08, 2021 (GLOBE NEWSWIRE) -- W&T Offshore (NYSE: WTI) announced the schedule for its fourth quarter and full year 2020 earnings release. The earnings report will be issued on March 3, 2021, after trading hours. A conference call to discuss the results is set for March 4, 2021, at 9:00 a.m. CT. Interested participants can join via phone or webcast. W&T Offshore operates in the Gulf of Mexico, with interests in 50 producing fields and approximately 772,000 gross acres under lease.
W&T Offshore reported key operational updates on January 11, 2021, including the consolidation of its Alabama natural gas treatment facilities, which is expected to save approximately $5 million annually starting in 2021. The company also won two blocks in the Gulf of Mexico Lease Sale 256, covering around 8,800 acres, for $500,000. Additionally, the borrowing base under its revolving credit facility was set at $190 million, maintaining $80 million in borrowings. New crude oil hedges were added for 200 barrels per day production at a floor of $40.00.
W&T Offshore (NYSE: WTI) has reported an operational update for Q4 2020, indicating a significant restoration of production in the Gulf of Mexico following recent storms. The company forecasts an average production of 34,700 to 36,900 Boe/d for the quarter, with 34% being oil. This is an increase from a previous estimate of 31,500 to 35,000 Boe/d. CEO Tracy W. Krohn highlighted the team's efficiency in restoring production and expressed optimism for strong shareholder value creation in 2021 due to favorable market conditions.
W&T Offshore (NYSE: WTI) announced its status as the apparent high bidder for two blocks in Gulf of Mexico Lease Sale 256 held on November 18, 2020. The blocks include Eugene Island South Addition block 389 and Ewing Banks block 979, covering approximately 8,800 acres. If awarded, W&T will pay about $518,000 for the leases, which have a five-year term and a 12.5% royalty. Additionally, W&T plans two investor conferences on November 30 and December 9, 2020, where management will engage with investors and present updated materials on their website.
W&T Offshore (NYSE: WTI) reported a net loss of $13.3 million or $0.09 per share for Q3 2020, down significantly from a profit of $75.9 million in Q3 2019. Production averaged 34,459 Boe/d, a 16% decrease year-over-year, primarily due to storm-related shut-ins. Adjusted EBITDA fell 73% to $19.5 million, while Free Cash Flow reached $5.9 million. The company anticipates $5 million in lease operating expenses for repairs in Q4 2020. Future cost savings of $5 million annually are expected from the consolidation of gas treatment plants.
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