Oil company, W&T Offshore Announces First Quarter 2022 Results


Oil company highlights

Firstly, the company raise average daily production by 2% to 37.8 thousand barrels of oil equivalent per day.

Secondly, it reported a net loss of $2.5 million; or $0.02 per diluted share and Adjusted Net Income of $30.3 million; or $0.21 per diluted share in the first quarter of 2022.

Thirdly, it has a grew adjusted EBITDA by 37% quarter-over-quarter to $89.7 million for the first quarter of 2022.

W&T Offshore, also has the leverage profile of the Company with Net Debt at $504.8 million as of March 31, 2022.

It representas a ratio of Net Debt to trailing twelve months adjusted EBITDA of 2.0 times; compared to a ratio of 3.4 times a year ago;

Generated Free Cash Flow for the 17th consecutive quarter, with Free Cash Flow more than doubling to $46.9 million in the first quarter of 2022.

Acquisition and deal

The Company closed the acquisition of an average of 80% working interests in oil and gas producing properties from ANKOR E&P Holdings Corporation and KOA Energy LP.

Subsequent to quarter-end, announced Memorandum of Understanding with Korea National Oil Corporation to jointly consider and pursue various opportunities in upstream oil and gas in North America.

We are off to a strong start in 2022, with solid operational and financial results that demonstrate our ability to deliver on our strategy of free cash flow generation, maintain high-quality conventional production, and capitalize on accretive opportunities. 

Tracy W. Krohn, Chairman and Chief Executive Officer.

The Memorandum of Understanding (“MOU”) with Korea National Oil Corporation (“KNOC”) that formalizes the intention of the two entities to work together to pursue various opportunities in upstream oil and gas in North America. KNOC is a highly respected company in our industry and this MOU will allow us to look at opportunities that can be made even more successful by combining our strengths and working together.

Tracy W. Krohn.


The Company made positive strides across all three ESG elements. It includes another year of declining Scope 1 greenhouse gas emissions. 

It is committed to building upon the solid foundation it created at W&T. ESG is a key part of its core values and culture, and the company is excited to continue making a positive impact on its employees and the communities in which it operates and lives, as well as protecting and preserving the environment in all aspects of the business.

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Production, Prices, and Revenue for the oil company

Firstly, production for the first quarter of 2022 was 37.8 MBoe/d, which was above the midpoint of the guidance range provided for the quarter. 

Also, this represented an increase of 2% compared to the fourth quarter of 2021.

Secondly, the first quarter 2022 production was comprised of 14.5 MBbl/d of oil (38%), 3.9 MBbl/d of natural gas liquids, and 116.3 million cubic feet per day (“MMcf/d”) of natural gas (51%).

Besides, W&T’s average realized price per barrel of oil equivalent (“Boe”) before realized derivative settlements was $55.29 per Boe in the first quarter of 2022.

Finally, revenues for the first quarter of 2022 were $191.0 million, which were 15% higher than fourth quarter 2021.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico.

Moreover, it is focus on acquisitions, exploration, and development. The Company works  interests in 47 fields in federal and state waters and has under lease approximately 655,000 gross acres.

Also, the area includes i 474,000 gross acres on the Gulf of Mexico Shelf and approximately 181,000 gross acres in the Gulf of Mexico deepwater. 

Finally, a majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit. 

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