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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) 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.
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