W&T Offshore Stock Price, News & Analysis

W&T Offshore (NYSE: WTI) has acquired the remaining working interests in oil and gas properties from an undisclosed private seller for approximately $17.5 million. The transaction, effective April 1, 2022, adds an estimated 1.4 million barrels of oil equivalent (Boe) in proved reserves, 900 Boe per day net sales, and a 20% working interest in over 50 producing wells. This acquisition consolidates ownership of important assets and increases potential cash flow and future drilling opportunities, enhancing shareholder value.

W&T Offshore announced the promotion of William J. Williford to Executive Vice President and Chief Operating Officer on March 14, 2022. With over 16 years at the company and extensive experience in oil and gas, Williford previously held roles including General Manager for Gulf of Mexico operations. His promotion is seen as a significant step for the company's leadership, reinforcing its operational capabilities. W&T Offshore operates in the Gulf of Mexico and has interests in 43 fields, illustrating its strong presence in the sector.

W&T Offshore (NYSE: WTI) will participate in the 34th Annual Roth Conference in Dana Point, California, from March 13-15, 2022. CEO Tracy W. Krohn will hold in-person one-on-one meetings with investors during the event. A pre-recorded virtual presentation by Mr. Krohn will be available on W&T’s website on March 14, 2022. Additionally, an updated investor presentation will be posted in the 'Presentations' section before the conference.

W&T Offshore specializes in oil and natural gas production in the Gulf of Mexico, operating 43 fields across approximately 606,000 gross acres.

W&T Offshore reported its operational and financial results for Q4 and the full year 2021, with notable highlights including a 7% increase in production to 37.2 MBoe/d. The company generated Q4 net income of $48.9 million, while the full year resulted in a net loss of $41.5 million. Adjusted EBITDA rose 42% quarter-over-quarter to $65.7 million, with significant Free Cash Flow of $22.5 million in Q4. W&T also reduced its Net Debt by $96.5 million year-over-year to $485.1 million. The acquisition of oil and gas properties for approximately $30.2 million adds proved reserves and aligns with their capital expenditure plans for 2022.

W&T Offshore, Inc. (NYSE: WTI) has announced the schedule for its fourth quarter and full year 2021 earnings release, set for March 8, 2022, after market close. A subsequent conference call to discuss the results will be held on March 9, 2022, at 9:00 a.m. Central Time. The company has operational interests in 41 producing fields and leases approximately 669,000 gross acres in the Gulf of Mexico region. For further details, participants can access the call through the company's website or by phone.

W&T Offshore (NYSE: WTI) has completed the acquisition of oil and gas properties in the Gulf of Mexico from ANKOR E&P Holdings and KOA Energy for $30.2 million. The transaction adds estimated proved reserves of 5.5 million barrels of oil equivalent (Boe) and 7.6 million Boe of proved and probable reserves. Production is projected at 3.4 MBoe per day, primarily oil. The acquisition enhances W&T's existing asset base without significant capital costs. CEO Tracy W. Krohn expressed confidence in the synergies and potential for shareholder value increase.

W&T Offshore (NYSE: WTI) has announced a definitive agreement to acquire oil and gas properties in the Gulf of Mexico for $47 million. Effective July 1, 2021, the acquisition is expected to close by Q1 2022. Key highlights include the addition of 5.5 million barrels of proved reserves and 3.4 MBoe per day of production. The transaction also encompasses over 50 wells and is set to enhance operational synergy and cash flow, funded entirely in cash. This strategic move aligns with W&T's growth strategy through acquisitions.

On November 19, 2021, W&T Offshore (NYSE: WTI) announced it was the high bidder on two blocks in the Gulf of Mexico during Lease Sale 257. The blocks, Eugene Island South Addition block 385 and Ship Shoal South Addition block 360, cover around 10,000 gross acres, with a total bid of approximately $295,000. The leases will have a term of five years and a 12.5% royalty. Additionally, W&T will attend two investor conferences in December 2021, featuring presentations from its CEO and management team.

W&T Offshore reported third-quarter 2021 results with a production of 34.8 MBoe/d despite hurricane-related downtime. The company faced a net loss of $38 million, or $0.27 per share, while Adjusted EBITDA was $45.3 million. W&T entered into amendments to its Credit Agreement, establishing a $100 million revolving credit facility. The cash position improved to $257.6 million, enhancing acquisition opportunities. Average realized sales prices for oil and gas rose significantly, driving an 85% year-over-year revenue increase to $133.9 million.