W&T Offshore, Inc. reports recurring developments tied to its offshore oil, natural gas and NGL business in the Gulf of America. The company operates as an independent producer with working interests in federal and state waters off Louisiana, Texas, Mississippi and Alabama, including conventional shelf, deepwater and Alabama state-water acreage.
Company news commonly covers quarterly and annual operating results, production mix, commodity prices, revenue, lease operating metrics, depreciation, depletion and amortization, asset retirement obligations, proved reserves and guidance. Updates also include dividend declarations, acquisition and development activity, capital-structure matters, shareholder voting items and governance disclosures.
W&T Offshore (NYSE: WTI) announced its participation in two investor conferences. The first is EnerCom, Inc.'s The Oil and Gas Conference in Denver, Colorado, on August 17, where CEO Tracy W. Krohn will present at 4:00 pm MT. The presentation will be live-streamed and available later on the company's website. The second event is the virtual Seaport Research Partners Annual Summer Investor Conference on August 24, where W&T will host one-on-one investor meetings without a formal presentation.
W&T Offshore reported Q2 2021 operational results showing production of 40,888 Boe/d, reflecting a 3% increase sequentially. The company reported a net loss of $51.7 million or $0.36 per share, but achieved Adjusted Net Income of $2.2 million or $0.02 per share. Adjusted EBITDA was $49.8 million, down 14% from Q1, while Free Cash Flow totaled $18.7 million. The mid-year proved reserves increased to 158.9 MMBoe, showing a 39% rise in PV-10 value to $1.0 billion. The capital structure was strengthened with a $215 million term loan, enhancing financial flexibility for acquisitions.
W&T Offshore, Inc. (NYSE: WTI) will release its second quarter 2021 earnings on August 3, 2021, after market close. A conference call to discuss the results is scheduled for August 4, 2021, at 10:00 a.m. CT (11:00 a.m. ET). Interested participants can join via phone or webcast on the company's website. W&T Offshore operates in the Gulf of Mexico and holds interests in 42 producing fields, covering approximately 709,000 gross acres. The company aims to share its financial and operational performance during this call.
HOUSTON, June 7, 2021 - W&T Offshore (NYSE: WTI) announced participation in two investor conferences. The Company will host virtual meetings at the Stifel 2021 Virtual Cross Sector Insight Conference on June 8 and present at the Bank of America Securities Virtual 2021 Energy Credit Conference on June 10 at 2:45 p.m. ET. Both events will feature senior management, including Chairman Tracy W. Krohn, with a live webcast available on the Company’s website. An updated investor slide deck is also accessible under the 'Presentations' section online.
W&T Offshore (NYSE: WTI) has enhanced its capital structure through a $215 million non-recourse term loan, transferring its Mobile Bay Area producing assets to special purpose vehicles (SPVs). This strategic move allows W&T to repay its $48 million reserve-based lending facility and utilize proceeds for corporate growth and acquisitions. The deal provides significant financial flexibility and increased liquidity, without affecting operational capabilities. The firm retains upside value from the Mobile Bay Assets and aims to capitalize on favorable Gulf market conditions for further acquisitions.
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.