W&T Offshore Provides Operational Update and Increases Production Guidance for the Fourth Quarter of 2020
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.
- Production forecast increased from 31,500 to 36,900 Boe/d.
- 34% of production expected to be oil, which is a positive indicator.
- Operational team restored production faster than anticipated, enhancing output.
- None.
HOUSTON, Dec. 08, 2020 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today provided an operational update regarding fourth quarter 2020 production. The Company said that it has recently restored the vast majority of production that was shut-in due to the series of storms in the Gulf of Mexico and has also restored production at the Magnolia field that was offline due to extended downtime at a third-party operated platform downstream from that field. W&T now expects its fourth quarter production to average between 34,700 and 36,900 barrels of oil equivalent per day (“Boe/d”) of which
Tracy W. Krohn, W&T’s Chairman and Chief Executive Officer commented, “This year has been an extraordinary one, from a worldwide pandemic to a record-breaking number of hurricanes, but through it all our team has remained focused on operational excellence and maximizing our free cash flow generation. The operations team has done an outstanding job restoring production in the fourth quarter faster than anticipated and, as a result, we are increasing our fourth quarter production midpoint from 33,250 Boe/d to 35,800 Boe/d. The timing couldn’t have been better with the recent uptick in oil pricing and we are well positioned to end the year on a positive note. We look to carry this momentum into 2021 and we firmly believe that we are well-positioned to deliver strong value creation for our shareholders.”
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. The Company currently has working interests in 50 producing fields in federal and state waters and has under lease approximately 772,000 gross acres, including approximately 557,000 gross acres on the Gulf of Mexico Shelf and approximately 215,000 gross acres in the Gulf of Mexico deepwater. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.
| CONTACT: | Al Petrie | Janet Yang |
| Investor Relations Coordinator | EVP & CFO | |
| apetrie@wtoffshore.com | investorrelations@wtoffshore.com | |
| 713-297-8024 | 713-624-7326 |
FAQ
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