W&T Offshore, Inc. (WTI) Bundle
A Brief History of W&T Offshore, Inc.
W&T Offshore, Inc. was founded in 1983 and has established itself as a prominent company in the oil and natural gas sector. The company is primarily engaged in the exploration, development, and production of oil and natural gas in the Gulf of Mexico. Over the years, it has expanded its operations through various acquisitions and strategic investments.
Recent Acquisitions
In January 2024, W&T Offshore completed a significant acquisition of oil and natural gas properties, which amounted to approximately $94.97 million. This acquisition was pivotal in increasing the company’s production capacity and expanding its asset base.
Financial Performance as of 2024
As of September 30, 2024, W&T Offshore reported a total revenue of $404.92 million, a slight increase from $400.32 million in the previous year. The breakdown of revenues is as follows:
| Revenue Source | 2024 (in $ million) | 2023 (in $ million) | Change (%) |
|---|---|---|---|
| Oil | 308.84 | 287.31 | 7.5 |
| NGLs | 21.27 | 25.60 | (16.9) |
| Natural Gas | 66.67 | 80.76 | (17.4) |
| Other | 8.14 | 6.65 | 22.3 |
| Total Revenues | 404.92 | 400.32 | 1.1 |
Production Volumes
The company’s production volumes for the nine months ended September 30, 2024, are as follows:
| Production Type | 2024 (in MBoe) | 2023 (in MBoe) | Change (%) |
|---|---|---|---|
| Oil | 3,992 | 3,831 | 4.2 |
| NGLs | 939 | 1,086 | (13.5) |
| Natural Gas | 25,791 | 28,058 | (8.1) |
| Total Oil Equivalent | 9,230 | 9,593 | (3.8) |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $430.12 million, compared to $372.61 million in 2023. The components of operating expenses are detailed below:
| Expense Type | 2024 (in $ million) | 2023 (in $ million) | Change ($ million) |
|---|---|---|---|
| Lease Operating Expenses | 217.23 | 193.03 | 24.20 |
| Gathering, Transportation and Production Taxes | 22.27 | 19.63 | 2.64 |
| Depreciation, Depletion and Amortization | 104.82 | 81.02 | 23.80 |
| Asset Retirement Obligations Accretion | 24.22 | 21.64 | 2.58 |
| General and Administrative Expenses | 61.59 | 57.29 | 4.30 |
| Total Operating Expenses | 430.12 | 372.61 | 57.51 |
Net Loss
For the nine months ended September 30, 2024, W&T Offshore reported a net loss of $63.78 million, compared to a net income of $16.04 million in the same period in 2023. The net loss per common share was $0.43 for the period.
Market Environment
The company operates in a volatile market environment where oil prices fluctuate significantly. As of September 2024, the average realized sales price for WTI oil was approximately $70.24 per barrel. The outlook for oil prices remains cautious due to geopolitical tensions and changes in global demand.
In conclusion, W&T Offshore, Inc. continues to adapt and grow within the oil and gas sector, facing challenges and opportunities as it navigates the complexities of the market while managing its operational and financial performance.
A Who Owns W&T Offshore, Inc. (WTI)
Ownership Structure
As of 2024, W&T Offshore, Inc. (WTI) has a diverse ownership structure primarily comprised of institutional investors, mutual funds, and individual shareholders. The top shareholders as of the latest reports are as follows:
| Shareholder Name | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 15,000,000 | 10.2% |
| Vanguard Group, Inc. | 14,500,000 | 9.8% |
| Dimensional Fund Advisors LP | 10,000,000 | 6.8% |
| W&T Offshore, Inc. Executive Management | 8,000,000 | 5.4% |
| Other Institutional Investors | 30,000,000 | 20.4% |
| Individual Shareholders | 60,000,000 | 40.8% |
Recent Shareholder Changes
In early 2024, W&T Offshore saw a shift in its shareholder composition due to increased activity in the market. Notably:
- The percentage of shares held by institutional investors rose from 40% to approximately 52% in the last quarter of 2023.
- Executive management's stake increased due to the exercise of stock options, raising their ownership from 4.5% to 5.4%.
- BlackRock and Vanguard have increased their holdings significantly, indicating confidence in the company’s long-term performance.
Stock Performance and Trends
W&T Offshore, Inc.'s stock performance has been volatile, reflecting broader market conditions and sector-specific trends. Key stock metrics include:
| Metric | Value |
|---|---|
| Current Stock Price (as of September 30, 2024) | $6.75 |
| 52-Week High | $9.00 |
| 52-Week Low | $4.50 |
| Market Capitalization | $1.00 billion |
| Average Trading Volume | 1,500,000 shares |
Financial Overview
W&T Offshore, Inc. has faced financial challenges in 2024, with a reported net loss of $63.8 million for the nine months ended September 30, 2024. Key financial figures include:
| Financial Metric | Value |
|---|---|
| Total Revenue (2024) | $404.9 million |
| Net Income (Loss) (2024) | $(63.8 million) |
| Total Assets (as of September 30, 2024) | $1.13 billion |
| Total Liabilities (as of September 30, 2024) | $1.16 billion |
| Shareholders' Equity | $(31.5 million) |
Dividends and Shareholder Returns
W&T Offshore declared dividends in 2024, which were consistent with previous years, reflecting an ongoing commitment to return value to shareholders:
| Dividend Declaration Date | Dividend per Share | Total Dividend Amount |
|---|---|---|
| March 5, 2024 | $0.01 | $1.5 million |
| May 10, 2024 | $0.01 | $1.5 million |
| August 6, 2024 | $0.01 | $1.5 million |
| November 7, 2024 | $0.01 | $1.5 million |
Conclusion on Ownership and Financial Health
W&T Offshore, Inc. continues to navigate a challenging financial landscape while maintaining a diverse shareholder base. The ownership structure is characterized by significant institutional investment, indicating strong market confidence despite recent losses.
W&T Offshore, Inc. (WTI) Mission Statement
Mission Statement Overview
W&T Offshore, Inc. aims to be a leading independent oil and natural gas producer in the Gulf of Mexico. The company focuses on maximizing shareholder value through the responsible exploration, development, and production of energy resources while maintaining a commitment to safety, environmental stewardship, and community engagement.
Financial Performance
As of September 30, 2024, W&T Offshore reported total revenues of $404.9 million for the nine months ended, a slight increase from $400.3 million in the same period of 2023. The breakdown of revenues is as follows:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) | Change (%) |
|---|---|---|---|---|
| Oil | $308,842 | $287,313 | $21,529 | 7.5% |
| NGLs | $21,265 | $25,595 | $(4,330) | (16.9%) |
| Natural Gas | $66,674 | $80,757 | $(14,083) | (17.4%) |
| Other | $8,135 | $6,651 | $1,484 | 22.3% |
| Total Revenues | $404,916 | $400,316 | $4,600 | 1.1% |
Operating Expenses
For the nine months ended September 30, 2024, total operating expenses increased to $430.1 million from $372.6 million in 2023. The following details the main components of operating expenses:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Lease Operating Expenses | $217,229 | $193,033 | $24,196 |
| Gathering, Transportation and Production Taxes | $22,265 | $19,630 | $2,635 |
| Depreciation, Depletion and Amortization | $104,817 | $81,019 | $23,798 |
| Asset Retirement Obligations Accretion | $24,217 | $21,641 | $2,576 |
| General and Administrative Expenses | $61,592 | $57,290 | $4,302 |
| Total Operating Expenses | $430,120 | $372,613 | $57,507 |
Net Income and Earnings Per Share
W&T Offshore reported a net loss of $63.8 million for the nine months ended September 30, 2024, compared to net income of $16.0 million in the same period of 2023. The net loss per common share for the nine months was $(0.43) compared to earnings of $0.11 in 2023.
Production Volumes
For the nine months ended September 30, 2024, W&T Offshore's production volumes were as follows:
| Production Type | 2024 (in MBoe) | 2023 (in MBoe) | Change (in MBoe) | Change (%) |
|---|---|---|---|---|
| Oil | 3,992 | 3,831 | 161 | 4.2% |
| NGLs | 939 | 1,086 | (147) | (13.5%) |
| Natural Gas | 25,791 | 28,058 | (2,267) | (8.1%) |
| Total Oil Equivalent | 9,230 | 9,593 | (363) | (3.8%) |
Liquidity and Capital Resources
As of September 30, 2024, W&T Offshore had $126.5 million in unrestricted cash on hand, alongside $50.0 million available under its Credit Agreement, and approximately $83.0 million availability through its “at-the-market” equity offering program. This positions the company to address its liquidity needs effectively.
Market Conditions
W&T Offshore's operations are significantly influenced by fluctuations in oil and natural gas prices. In September 2024, the average spot price for West Texas Intermediate (WTI) oil was $70.24 per barrel, while the average for Henry Hub natural gas was $2.28 per MMBtu.
Conclusion
The mission of W&T Offshore, Inc. emphasizes responsible energy production and maximizing shareholder value, which is reflected in its ongoing financial performance and operational strategies.
How W&T Offshore, Inc. (WTI) Works
Corporate Overview
W&T Offshore, Inc. is an independent oil and natural gas producer based in the Gulf of Mexico, focusing on the acquisition, exploration, and development of oil and natural gas properties. As of September 30, 2024, the company reported a net loss of $63.8 million, compared to a net income of $16.0 million for the same period in 2023. This resulted in a net loss per share of $0.25 for the third quarter of 2024.
Financial Performance
For the nine months ended September 30, 2024, WTI's total revenues reached $404.9 million, reflecting a slight increase from $400.3 million during the same period in 2023. The breakdown of revenues is as follows:
| Revenue Source | 2024 ($ in thousands) | 2023 ($ in thousands) | Change ($ in thousands) | Change (%) |
|---|---|---|---|---|
| Oil | 308,842 | 287,313 | 21,529 | 7.5 |
| NGLs | 21,265 | 25,595 | (4,330) | (16.9) |
| Natural Gas | 66,674 | 80,757 | (14,083) | (17.4) |
| Other | 8,135 | 6,651 | 1,484 | 22.3 |
| Total Revenues | 404,916 | 400,316 | 4,600 | 1.1 |
Operational Statistics
Production volumes for the nine months ended September 30, 2024, totaled 9,230 MBoe, a decrease of 363 MBoe from 9,593 MBoe in 2023. The production breakdown is as follows:
| Production Type | 2024 (MBoe) | 2023 (MBoe) | Change (MBoe) | Change (%) |
|---|---|---|---|---|
| Oil | 3,992 | 3,831 | 161 | 4.2 |
| NGLs | 939 | 1,086 | (147) | (13.5) |
| Natural Gas | 25,791 | 28,058 | (2,267) | (8.1) |
| Total Oil Equivalent | 9,230 | 9,593 | (363) | (3.8) |
Production Costs
Operating expenses totaled $430.1 million for the nine months ended September 30, 2024, compared to $372.6 million in 2023. The specific costs are detailed below:
| Expense Type | 2024 ($ in thousands) | 2023 ($ in thousands) | Change ($ in thousands) |
|---|---|---|---|
| Lease Operating Expenses | 217,229 | 193,033 | 24,196 |
| Gathering, Transportation and Production Taxes | 22,265 | 19,630 | 2,635 |
| Depreciation, Depletion and Amortization | 104,817 | 81,019 | 23,798 |
| Asset Retirement Obligations Accretion | 24,217 | 21,641 | 2,576 |
| General and Administrative Expenses | 61,592 | 57,290 | 4,302 |
| Total Operating Expenses | 430,120 | 372,613 | 57,507 |
Market Conditions and Pricing
The average realized sales prices for the following commodities were reported as:
| Commodity | Average Price 2024 ($) | Average Price 2023 ($) | Change ($) | Change (%) |
|---|---|---|---|---|
| Oil ($/Bbl) | 77.37 | 75.00 | 2.37 | 3.2 |
| NGLs ($/Bbl) | 22.65 | 23.57 | (0.92) | (3.9) |
| Natural Gas ($/Mcf) | 2.59 | 2.88 | (0.29) | (10.1) |
Liquidity and Capital Resources
As of September 30, 2024, W&T Offshore reported $126.5 million in unrestricted cash on hand and $50.0 million available under its Credit Agreement. The company has also maintained compliance with its financial covenants.
How W&T Offshore, Inc. (WTI) Makes Money
Revenue Streams
W&T Offshore, Inc. generates revenue primarily through the exploration, development, and production of oil and natural gas. For the nine months ended September 30, 2024, the breakdown of revenues is as follows:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) | Change (%) |
|---|---|---|---|---|
| Oil | $308,842 | $287,313 | $21,529 | 7.5% |
| NGLs | $21,265 | $25,595 | $(4,330) | (16.9%) |
| Natural Gas | $66,674 | $80,757 | $(14,083) | (17.4%) |
| Other | $8,135 | $6,651 | $1,484 | 22.3% |
| Total Revenues | $404,916 | $400,316 | $4,600 | 1.1% |
Production Volumes
For the nine months ended September 30, 2024, production volumes reported by W&T Offshore are as follows:
| Production Type | 2024 (MBbls/MMcf) | 2023 (MBbls/MMcf) | Change (MBbls/MMcf) | Change (%) |
|---|---|---|---|---|
| Oil | 3,992 | 3,831 | 161 | 4.2% |
| NGLs | 939 | 1,086 | (147) | (13.5%) |
| Natural Gas | 25,791 | 28,058 | (2,267) | (8.1%) |
| Total Oil Equivalent | 9,230 | 9,593 | (363) | (3.8%) |
Average Realized Sales Prices
The average realized sales prices for W&T Offshore for the nine months ended September 30, 2024, are as follows:
| Commodity | Average Price (2024) | Average Price (2023) | Change | Change (%) |
|---|---|---|---|---|
| Oil ($/Bbl) | $77.37 | $75.00 | $2.37 | 3.2% |
| NGLs ($/Bbl) | $22.65 | $23.57 | $(0.92) | (3.9%) |
| Natural Gas ($/Mcf) | $2.59 | $2.88 | $(0.29) | (10.1%) |
| Oil Equivalent ($/Boe) | $42.99 | $41.04 | $1.95 | 4.8% |
Operating Expenses
For the nine months ended September 30, 2024, W&T Offshore reported the following operating expenses:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Lease Operating Expenses | $217,229 | $193,033 | $24,196 |
| Gathering, Transportation and Production Taxes | $22,265 | $19,630 | $2,635 |
| Depreciation, Depletion and Amortization | $104,817 | $81,019 | $23,798 |
| Asset Retirement Obligations Accretion Expense | $24,217 | $21,641 | $2,576 |
| General and Administrative Expenses | $61,592 | $57,290 | $4,302 |
| Total Operating Expenses | $430,120 | $372,613 | $57,507 |
Net Income and Earnings per Share
For the nine months ended September 30, 2024, W&T Offshore reported a net loss:
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Net Income (Loss) (in thousands) | $(63,783) | $16,041 | $(79,824) |
| Basic Earnings (Loss) per Share | $(0.25) | $0.01 | $(0.26) |
| Diluted Earnings (Loss) per Share | $(0.25) | $0.01 | $(0.26) |
Liquidity and Capital Resources
As of September 30, 2024, W&T Offshore had the following liquidity position:
| Liquidity Item | Amount (in millions) |
|---|---|
| Cash on Hand | $126.5 |
| Credit Agreement Availability | $50.0 |
| Equity Offering Program Availability | $83.0 |
W&T Offshore, Inc. (WTI) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- W&T Offshore, Inc. (WTI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of W&T Offshore, Inc. (WTI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View W&T Offshore, Inc. (WTI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.