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. 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.
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.
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.