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W&T Offshore, Inc. - WTI STOCK NEWS

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.

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W&T Offshore, Inc. reported operational and financial results for Q1 2024, including a dividend declaration for Q2 2024. They acquired six Gulf of Mexico fields, increased oil production by 15%, reported adjusted EBITDA of $49.4 million, and generated positive Free Cash Flow for the 25th consecutive quarter. They declared a dividend of $0.01 per share for Q2 2024 and expanded their Board.

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W&T Offshore, Inc. (NYSE: WTI) expands its Board of Directors to six members by appointing John D. Buchanan, a seasoned oil and gas attorney, as an independent director. Buchanan brings over 30 years of experience in the energy and banking sectors, making him a valuable addition to the Board.
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W&T Offshore, Inc. (NYSE: WTI) announces participation in a virtual investor event with Water Tower Research to discuss capital allocation, asset acquisitions, partnership structures, and balance sheet management.
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W&T Offshore, Inc. (WTI) announces modifications to a term loan with Munich Re Reserve Risk Financing, Inc. to enhance liquidity without increasing net leverage. The Term Loan had a principal balance of $215 million, amortized down to $114 million by December 31, 2023. Key highlights include deferring $30 million in principal payments for 2024, no change in final maturity date, and a fixed 7.00% interest rate. The company transferred assets to SPVs in the original transaction, retaining upside value in Mobile Bay Assets.
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W&T Offshore, Inc. (WTI) will participate in the 36th Annual Roth Conference in March 2024. Tracy W. Krohn and Sameer Parasnis will host investor meetings. An updated investor presentation will be available on the company's website.
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W&T Offshore, Inc. (NYSE: WTI) reported operational and financial results for Q4 and full year 2023, acquisitions totaling $99.4 million, strong production of 34.9 MBoe/d, net income of $15.6 million for 2023, Adjusted EBITDA of $183.2 million, and a dividend of $0.01 per share for Q1 2024.
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W&T Offshore, Inc. announces the timing of its Q4 and full year 2023 earnings release and conference call. The company will issue its earnings release on March 5, 2024, and host a conference call on March 6, 2024. Additionally, a recent interview with the Chairman and CEO is available on the company's website.
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W&T Offshore, Inc. announces a successful acquisition of six fields in shallow waters of the Gulf of Mexico. The purchase price was $72.0 million, excluding certain closing costs, funded from the Company’s cash on hand. The fields acquired include Eugene Island 064, Main Pass 061, Mobile 904, Mobile 916, South Pass 049, and West Delta 073, with estimated production ranging from 3,700 to 5,700 barrels of oil equivalent per day. The acquisition adds significant proved reserves of 18.7 million barrels of oil equivalent and material upside with proved plus probable reserves of 60.6 MMBOE. The transaction is expected to be accretive and provide strong producing properties, with the potential for increased production through workovers, recompletions, and facility repairs.
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W&T Offshore, Inc. (NYSE: WTI) announced the approval of a quarterly cash dividend of $0.01 per share of common stock, payable on December 22, 2023, to shareholders of record as of November 28, 2023. The decision reflects the company's commitment to free cash flow generation and strong balance sheet, aiming to enhance shareholder returns.
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W&T Offshore, Inc. (NYSE: WTI) reported operational and financial results for Q3 2023, with increased production, strong financials, and accretive acquisitions. Adjusted EBITDA grew by 45% to $56.3 million, and Free Cash Flow was $25.4 million, up 162% from Q2 2023. The company acquired producing properties in the Gulf of Mexico for $28.9 million, maintaining cash and cash equivalents of $149.0 million at September 30, 2023.
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FAQ

What does W&T Offshore, Inc. specialize in?

W&T Offshore, Inc. specializes in the acquisition, exploitation, and exploration of oil and natural gas, primarily in the Gulf of Mexico.

Where are the primary operations of W&T Offshore located?

W&T Offshore's primary operations are located in the Gulf of Mexico.

What are W&T Offshore's proved reserves as of December 31, 2009?

As of December 31, 2009, W&T Offshore had proved reserves of 371 billion cubic feet equivalent (bcfe).

What is the composition of W&T Offshore's revenue?

Crude oil accounts for the majority of W&T Offshore's revenue, with natural gas contributing a smaller portion.

How many fields does W&T Offshore have working interests in?

W&T Offshore has working interests in approximately 77 fields in federal and state waters.

What is the total acreage of leases W&T Offshore holds interests in?

W&T Offshore holds interests in leases covering approximately 0.9 million acres.

When is the next quarterly earnings call for W&T Offshore scheduled?

The next quarterly earnings call for W&T Offshore is scheduled for Monday, May 13, 2024.

Where is W&T Offshore headquartered?

W&T Offshore is headquartered in Houston, Texas.

What stock exchange is W&T Offshore listed on?

W&T Offshore is listed on the New York Stock Exchange (NYSE) under the symbol 'WTI'.

Where can I find more information about W&T Offshore?

More information about W&T Offshore can be found on their website at www.wtoffshore.com.

W&T Offshore, Inc.

NYSE:WTI

WTI Rankings

WTI Stock Data

334.10M
146.86M
33.56%
39.83%
13.6%
Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
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United States of America
HOUSTON