W&T Offshore, Inc. - WTI STOCK NEWS

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.

W&T Offshore, Inc. (NYSE: WTI) provided an operational update on October 5, 2020, revealing significant production impacts due to six named storms during the 2020 hurricane season. The company estimates third-quarter production volumes at 32,500 to 33,900 Boe/d, with about 35% oil and 53% natural gas. Despite incurring $5 million in storm-related costs, W&T aims to maintain overall expense guidance but anticipates higher per-unit costs. The fourth-quarter production forecast is set between 31,500 and 35,000 Boe/d, as ongoing storm activity poses potential additional impacts.

W&T Offshore (NYSE: WTI) is participating in the Barclays CEO Energy-Power Conference from September 8-10, 2020. CEO Tracy W. Krohn is scheduled to present on September 10 at 9:45 AM ET and will conduct virtual one-on-one meetings. The presentation will be broadcast live and available for later viewing on W&T's website, along with an updated investor slide deck. W&T Offshore operates predominantly in the Gulf of Mexico, holding interests in 51 producing fields and approximately 772,000 gross acres under lease.

W&T Offshore (NYSE: WTI) reported its Q2 2020 results with a production of 42,037 Boe/d, a 20% increase from Q2 2019. The company faced a net loss of $5.9 million, or $0.04 per share, with an Adjusted EBITDA of $42.1 million. Revenues fell 59% to $55.2 million, attributed to low commodity prices. Total proved reserves remained relatively unchanged at 157.5 MMBoe. W&T successfully reduced long-term debt by $72.5 million, saving $7.1 million in annual interest. Operationally, the company curtailed production and suspended drilling due to price declines, while maintaining cash flow and financial flexibility.

W&T Offshore, Inc. (NYSE: WTI) announced its second quarter 2020 earnings release scheduled for August 5, 2020, post-market closure. A conference call will follow on August 6, 2020, at 11:00 a.m. CT to discuss the financial and operational results. Interested participants can join via phone or webcast, with an audio replay available later on the company's website. W&T Offshore operates in the Gulf of Mexico, holds interests in 51 producing fields, and manages approximately 815,000 gross acres of leased land for oil and natural gas production.

W&T Offshore announced an updated investor presentation available on its website, focusing on its operations in the Gulf of Mexico. The company boasts working interests in 51 producing fields and approximately 815,000 gross acres under lease, with significant daily production from its operated wells. The presentation aims to inform investors about the company's growth through acquisitions, exploration, and development. For further details, visit www.wtoffshore.com.

W&T Offshore (NYSE: WTI) reported strong operational and financial results for Q1 2020, producing 53,553 Boe/d, a 61% increase from Q1 2019. The company achieved net income of $66 million ($0.46/share) and significant Adjusted EBITDA of $62.1 million, despite challenging oil prices. W&T reduced long-term debt by $72.5 million, enhancing financial flexibility. However, it suspended drilling activities and lowered capital expenditures due to declining commodity prices. The company aims to maintain liquidity while responding to ongoing market uncertainty and recently completed a 25% acquisition in Magnolia Field.

W&T Offshore, Inc. (NYSE: WTI) has announced the date for its first quarter 2020 earnings release and conference call. The earnings report will be released on June 22, 2020, after trading hours. A conference call to discuss the results is scheduled for June 23, 2020, at 9:00 a.m. CT. Interested participants can join by phone or through a webcast available on the company's website. W&T Offshore operates primarily in the Gulf of Mexico, holding interests in 51 producing fields and leasing approximately 815,000 gross acres.