W&T Offshore, Inc. announced that on Tuesday, March 8, 2022, they will release fourth-quarter and full-year 2021 earnings. This will be after the close of trading. Also, a conference call to discuss financial and operational results is scheduled for Wednesday, March 9, at 9:00 a.m. CST.
W&T Offshore, Inc.
W&T Offshore, Inc. is an independent oil and natural gas producer. In addition, it is active in the acquisition, exploration, and development of oil and gas properties in the Gulf of Mexico, the second-largest producing basin in the U.S.
Currently, the company has working interests in 41 producing fields in federal states and state waters. Accordingly, it has approximately 669,000 gross acres under lease, including about 482,000 gross acres on the Gulf of Mexico Shelf. Also, around 187,000 gross acres in the Gulf of Mexico deepwater.
Q3 results
On November 02, 2021, W&T Offshore released its third-quarter financial results. The company also announced that it had entered into amendments of its Sixth Amended and Restated Credit Agreement. The reason for this action was to replace its current bank group with a new leader under a revised revolving credit facility.
During this time, W&T Offshore announced the production of 34.8 thousand barrels of oil equivalent per day (“MBoe/d”); or 3.2 million barrels of oil (46% liquids). Despite the deferred production of approximately 5.5 MBoe/d due to hurricane downtime.
Equally important, the reported net loss was $38 million or $0.27 per share. The Adjusted Net Income was $0.1 million or $0.00 per share.
In addition, the Generated Adjusted EBITDA was $45.3 million for the 3Q of 2022. $152.6 million for the first nine months of that same year. Also, the reported net cash provided by operating activities was $65.1 million in the 3Q. $111.3 million for the first nine months of 2021.
Furthermore, it entered into amendments of its Credit Agreement to replace its current commercial bank lenders with a new lender; and establish a $100 million first priority lien secured revolving facility with a borrowing base of $50 million provided by Calculus Lending, LLC, an affiliated company of Tracy W. Krohn, CEO, and Chairman.
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The company reported that people interested in listening to the call for the 4Q release, can visit the company’s website, under “Investors.” Also, they can access the call by dialing 1-844-739-3797 for domestic parties. International parties can dial 1-412-317-5713. The Company recommends calling in 10 minutes in advance of the start time and requesting to be joined to the “W&T Offshore, Inc. Conference Call.” Finally, an audio replay will be available on the company’s website following the call.
