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 producer with offshore operations in the Gulf of America. The WTI news feed on Stock Titan brings together company-issued updates, market announcements and regulatory disclosures that relate to its crude petroleum and natural gas extraction activities on the outer continental shelf and in deepwater and state waters off the coasts of Louisiana, Texas, Mississippi and Alabama.
Investors following W&T Offshore news can review regular earnings releases, where the company reports production volumes for crude oil, natural gas and natural gas liquids, average realized prices and details on lease operating expenses, gathering and transportation costs, and other key operating metrics. These releases also discuss non-GAAP measures such as Adjusted EBITDA, Adjusted Net Loss, Free Cash Flow and Net Debt, along with commentary on production trends, capital expenditures, workovers, recompletions and infrastructure projects.
News items also cover corporate developments, including management and board changes, conference call and webcast schedules, participation in investor events and legal or regulatory matters such as surety provider litigation and settlements. W&T Offshore has highlighted settlements and court rulings related to surety providers, as well as actions that affect its surety bond portfolio, premium rates and collateral requirements.
Because W&T Offshore has grown through acquisitions, exploration and development, its news flow often references acquired fields being brought online, non-core asset sales, insurance settlements and debt refinancing transactions involving senior second lien notes and revolving credit facilities. For readers tracking WTI, the news page provides a centralized view of these operational, financial and legal updates, helping them monitor how the company manages its offshore asset base, balance sheet and exposure to commodity prices over time.
W&T Offshore, Inc. (NYSE: WTI) announced the appointment of Jonathan Curth as Executive Vice President, General Counsel, and Corporate Secretary, effective June 14, 2022. Curth brings extensive legal experience in the exploration and production sector, with a background in acquisitions, capital markets, and corporate transactions. Chairman and CEO Tracy W. Krohn expressed enthusiasm for Curth’s insight and contributions to W&T's strategic vision aimed at enhancing shareholder value.
HOUSTON, May 31, 2022 – W&T Offshore (NYSE: WTI) announced its participation in several upcoming investor events. CEO Tracy W. Krohn will be featured in a panel at the Louisiana Energy Conference on June 2, a fireside chat at the Stifel 2022 Cross Sector Insight Conference on June 7, and he will present at the Bank of America Securities 2022 Energy Credit Conference on June 8, 2022. Additionally, one-on-one meetings will be held at these events. Updated investor materials will be accessible on W&T’s website.
W&T Offshore (NYSE: WTI) announced the retirement of Stephen L. Schroeder, Senior Vice President and Chief Technical Officer, effective June 1, 2022. Schroeder, with W&T since 1998, has held various management roles throughout his tenure. Huan Gamblin, currently Manager of Acquisition and Divestiture, is promoted to Vice President of Business Development, taking over most of Schroeder's responsibilities. Gamblin brings 17 years of experience and previously managed engineering roles at Occidental Petroleum and Anadarko Petroleum.
W&T Offshore, Inc. (NYSE: WTI) has promoted Bart P. "Trey" Hartman, III to Vice President and Chief Accounting Officer. Hartman joined W&T as Controller in April 2021 and has experience in oil and gas accounting, having previously held executive roles at Sheridan Production Company and Halcon Resources Corporation. His appointment is expected to strengthen the company's financial leadership and enhance its accounting organization. W&T operates in the Gulf of Mexico and holds interests in 47 fields, covering approximately 655,000 gross acres.
W&T Offshore reported operational and financial results for Q1 2022, showing a 2% increase in daily production to 37.8 MBoe/d and a net loss of $2.5 million. Adjusted EBITDA soared by 37% to $89.7 million. The company generated $46.9 million in Free Cash Flow, marking the 17th consecutive quarter of Free Cash Flow generation. Net Debt improved to $504.8 million, with a ratio of Net Debt to TTM Adjusted EBITDA at 2.0 times. The company also closed an acquisition of oil and gas properties for approximately $30.2 million and announced a partnership with Korea National Oil Corporation.
W&T Offshore (NYSE: WTI) has signed a non-binding Memorandum of Understanding (MOU) with Korea National Oil Corporation (KNOC) to explore joint opportunities in the upstream oil and gas sector and other energy projects in North America. This collaboration will focus on operational and technical strengths, potential acquisitions, and initiatives aimed at energy transition and carbon emission reduction. CEO Tracy W. Krohn expressed optimism about this strategic agreement, highlighting its potential to enhance value for shareholders by combining the expertise of both companies.
W&T Offshore, Inc. (NYSE: WTI) has released its 2021 Corporate Environmental, Social, and Governance (ESG) report, available on its website. The report outlines the company's ESG initiatives and key performance data from 2019 to 2021. Notably, W&T has achieved a reduction in Scope 1 greenhouse gas emissions, reflecting its commitment to environmental stewardship. Chairman and CEO Tracy W. Krohn emphasized the significance of the company's ESG efforts and its plans for future improvements.
W&T Offshore, Inc. (NYSE: WTI) has announced its earnings release schedule for the first quarter of 2022. The earnings report will be released on May 3, 2022, after trading closes. A follow-up conference call to discuss both financial and operational results will take place on May 4, 2022, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested stakeholders can listen to the call via webcast on the Company’s website or by phone.
W&T Offshore, Inc. (NYSE: WTI) announces the departure of Shahid A. Ghauri, Vice President, General Counsel and Corporate Secretary, to pursue personal interests. He will assist with the transition until April 22, 2022. Nadege Assale, currently Assistant General Counsel, will serve as Acting General Counsel until a successor is named. CEO Tracy W. Krohn expressed gratitude for Ghauri's contributions over his five-year tenure. W&T Offshore continues its operations in the Gulf of Mexico, focusing on oil and natural gas production.
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.