W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”)
today reported operational and financial results for the first
quarter 2021.
Key highlights included:
- Produced 39,657
barrels of oil equivalent per day (“Boe/d”), or 3.6 million Boe
(50% liquids), in the first quarter of 2021, above the midpoint of
W&T’s guidance range and reflecting a 4% increase from the
fourth quarter of 2020;
- Reported net
loss of $0.7 million or $0.01 per share and Adjusted Net Income of
$15.9 million or $0.11 per share in the first quarter of 2021;
- Generated
significant Adjusted EBITDA of $57.6 million for the first quarter
of 2021, up 63% from $35.3 million in the fourth quarter of
2020;
- Recorded strong
net cash provided by operating activities of $45.0 million in the
first quarter;
- Increased Free
Cash Flow to $40.0 million in the first quarter of 2021, an
increase of 182% from $14.2 million in the fourth quarter of
2020;
- Remained focused
on controlling expenses and reported first quarter 2021 lease
operating expense (“LOE”) and general and administrative
(“G&A”) costs at the low end or below W&T’s guidance
ranges; and
- Issued W&T’s
inaugural Environmental, Social and Governance (“ESG”) report which
is now available on the Company’s web site.
Tracy W. Krohn, W&T’s Chairman and Chief
Executive Officer, stated, “We had a good first quarter with our
operational and financial results and believe that the improved
commodity price environment and our commitment to expanding margins
will lead to a very good year for us in 2021. Operationally we
exceeded guidance in several areas. We were above the midpoint in
production, below the midpoint in LOE and below the low end of
guidance for G&A. Our strong operational performance coupled
with higher commodity pricing led to a 182% increase in Free Cash
Flow and a 63% increase in Adjusted EBITDA compared to the fourth
quarter of 2020. The efforts we made in 2020 to reduce costs,
maintain production and pay down debt are paying off. Additionally,
in the first quarter of 2021 we continued to pay down our debt and
increase our liquidity position. We have remained true to our
strategic vision that has guided us for nearly 40 years to maximize
the value of our premier assets that have strong, stable production
and generate solid free cash flow.”
“While I am pleased with our results, I am
equally proud of our inaugural ESG report that we released in
March. We founded W&T with core values centered around safely
and sustainably operating our assets and this has guided our
success and provided the foundation for W&T to grow into a
trusted operator. We have empowered our management to allocate
resources and tools necessary to create a working environment
focused on accomplishing our ESG objectives and believe that it is
every employee’s responsibility to ensure that we operate with the
highest regards toward ESG.”
“As we look to the remainder of 2021, we will
continue to prioritize operational excellence and free cash flow
generation. We have grown W&T through the right combination of
attractive property acquisitions, methodical integration and
exploitation of those acquisitions, and successful development and
exploratory drilling on our legacy fields. We believe that market
conditions in the Gulf remain very favorable for accretive
acquisitions. Our improved balance sheet and strong cash flow
generation have positioned W&T to actively pursue these
opportunities. We also have favorable drilling opportunities within
our legacy fields that we plan to drill or complete in the second
half of 2021. With our 34% equity stake in W&T, our management
team’s interests are highly aligned with those of our shareholders,
which ensures that we are doing what is best for the near-term and
long-term profitability of W&T,” concluded Mr. Krohn.
For the first quarter of 2021, W&T reported
a net loss of $0.7 million, or $0.01 per share. Primarily excluding
a $16.3 million unrealized commodity derivative loss, the Company’s
Adjusted Net Income was $15.9 million, or $0.11 per share. In the
first quarter of 2020, W&T reported net income of $66.0
million, or $0.46 per share, which included a $52.5 million
unrealized commodity derivative gain, an $18.5 million non-cash
gain on debt transaction, and $6.5 million in non-cash deferred tax
expense. Adjusted Net Income for the first quarter of 2020 was $5.8
million, or $0.04 per share. In the fourth quarter of 2020, net
loss was $8.9 million, or $0.06 per share, which included an $11.5
million unrealized commodity derivative loss, a $6.9 million
non-cash tax benefit, and a $2.7 million credit related to a
settlement with the U.S. Bureau of Safety and Environmental
Enforcement (“BSEE”). For that same period, Adjusted Net Loss was
$6.7 million or $0.05 per share.
Adjusted EBITDA for the first quarter of 2021
totaled $57.6 million, an increase of 63% compared to $35.3 million
in the fourth quarter of 2020 primarily due to higher commodity
prices and increased production volumes. First quarter 2021
Adjusted EBITDA declined 7% from $62.1 million in the first quarter
of 2020 primarily due to lower production volumes partially offset
by higher prices and lower operating expenses, as well as the
impact from derivatives that went from a realized gain in the first
quarter of 2020 to a realized loss in the first quarter of
2021.
Free Cash Flow for the first quarter of 2021
totaled $40.0 million, an increase of 182% compared with $14.2
million in the fourth quarter of 2020, and an increase of 14%
compared with $35.1 million in the first quarter of 2020.
Adjusted Net (Loss) Income, Adjusted EBITDA and
Free Cash Flow are non-GAAP financial measures, which are described
in more detail and reconciled to the most comparable GAAP measures
in the attached tables below under “Non-GAAP Information.”
Production, Prices and
Revenues: Production for the first quarter of 2021 was
39,657 Boe/d or 3.6 MMBoe, an increase of 4% compared to 38,261
Boe/d in the fourth quarter of 2020 and down 26% versus 53,553
Boe/d in the first quarter of 2020. Production for the first
quarter of 2021 was above the midpoint of guidance due to better
runtime efficiency despite downtime in February associated with the
winter storms. First quarter 2021 production was comprised of 1.4
million barrels (“MMBbls”) of oil, 0.4 MMBbls of natural gas
liquids (“NGLs”) and 10.8 billion cubic feet (“Bcf”) of natural
gas. Liquids production comprised 50% of total production in the
first quarter of 2021.
For the first quarter of 2021, W&T’s average
realized crude oil sales price was $56.73 per barrel. The Company’s
realized NGL sales price was $23.88 per barrel and its realized
natural gas sales price was $3.35 per Mcf. The Company’s combined
average realized sales price for the quarter was $34.66 per Boe,
which represents a 35% increase from $25.63 per Boe that was
realized in the fourth quarter of 2020 and an increase of 40%
compared to $24.71 per Boe in the first quarter of 2020.
Revenues for the first quarter of 2021 increased
33% to $125.6 million compared to $94.7 million in the fourth
quarter of 2020, and increased slightly compared to $124.1 million
in the first quarter of 2020. The quarter-over-quarter increase was
driven primarily by increased realized commodity prices. The
year-over-year increase was driven by improved commodity prices,
but was significantly offset by lower production.
Lease Operating Expenses: LOE,
which includes base lease operating expenses, insurance premiums,
workovers and facilities maintenance was $42.4 million in the first
quarter of 2021 compared to $43.3 million in the fourth quarter of
2020 and $54.8 million in the first quarter of 2020. On a component
basis for the first quarter of 2021, base lease operating expenses
plus insurance premiums were $37.1 million, workovers were $0.3
million and facilities maintenance and repairs expenses were $5.0
million. The large year-over-year decline was primarily related to
successful proactive cost reduction measures, reduced expenses
from certain fields no longer on production, the deferral of
some facility projects, and a smaller number of workovers
undertaken. On a unit of production basis, LOE was $11.87 per Boe
in the first quarter of 2021, down 4% from $12.31 per Boe in the
fourth quarter of 2020, and up 6% from $11.24 per Boe in the first
quarter of 2020. Despite lower year-over-year expenses, LOE per Boe
increased due to the decrease in production volumes.
Gathering, Transportation Costs and
Production Taxes: Gathering, transportation costs and
production taxes totaled $6.3 million, or $1.77 per Boe in the
first quarter of 2021, compared to $5.3 million, or $1.51 per Boe
in the fourth quarter of 2020, and $6.4 million, or $1.31 per Boe
in the first quarter of 2020. Gathering and transportation costs
declined from the year ago period due to lower production volumes,
however first quarter 2021 production taxes increased compared to
the fourth quarter and first quarter of 2020 due to higher realized
natural gas prices.
Depreciation, Depletion, Amortization
and Accretion (“DD&A”): DD&A, including accretion
for asset retirement obligations, was $7.46 per Boe of production
for the first quarter of 2021 compared to $7.54 per Boe for the
fourth quarter of 2020 and $8.03 per Boe for the first quarter of
2020. DD&A per Boe in the first quarter of 2021 declined
slightly from the fourth quarter of 2020 due to a modest reduction
in net capital spending. The DD&A rate in the first quarter of
2021 declined $0.57 per Boe from the first quarter of 2020
primarily due to a decline in the depreciable base as a result of
reduced capital spending over the past year compared to a
relatively small change in proved reserves over the same
period.
General and Administrative Expenses
(“G&A”): G&A was $10.7 million for the first
quarter of 2021, compared to $7.7 million in the fourth quarter of
2020 and $14.0 million for the first quarter of 2020. The fourth
quarter of 2020 benefitted from a $2.7 million credit related to a
settlement with BSEE that resolved certain pending civil penalties
issued by BSEE. The decline in year-over-year G&A cost was
driven primarily by lower incentive compensation and payroll
expenses, and an employee retention credit. On a unit of production
basis, G&A was $3.00 per Boe in the first quarter of 2021,
$2.18 per Boe in the fourth quarter of 2020, and $2.87 per Boe in
the first quarter of 2020.
Derivative (Gain) Loss: In the
first quarter of 2021, W&T recorded a net loss of $24.6 million
on its outstanding commodity derivative contracts, of which $16.3
million was an unrealized commodity derivative loss. This compared
to a net loss of $11.5 million in the fourth quarter of 2020
substantially all of which was an unrealized commodity derivative
loss and a net gain of $61.9 million in the first quarter of 2020
of which $52.5 million was an unrealized commodity derivative
gain.
A listing of the Company’s current outstanding
derivative positions is included in the tables below as well as in
the Investor Relations section of W&T’s web site under the
“Financial Info” tab.
Interest Expense: Interest
expense, as reported in the income statement, in the first quarter
of 2021 was $15.0 million compared with $15.4 million in the fourth
quarter of 2020 and $17.1 million in the first quarter of 2020. The
reduction in expense from the prior year relates primarily to
reduced interest costs following the reduction of $72.5 million in
principal of W&T’s 9.75% Senior Secured Second Lien Notes in
early 2020.
Income Tax: W&T recorded an
income tax benefit of $0.2 million in the first quarter of 2021
compared to an income tax benefit of $6.9 million in the fourth
quarter of 2020 and an income tax expense of $6.5 million in the
first quarter of 2020. For the three months ended March 31,
2021, W&T’s income tax benefit differed from the statutory
Federal tax rate primarily by the impact of state income taxes. For
the three months ended March 31, 2020, the Company’s effective tax
rate primarily differed from the statutory Federal tax rate for
adjustments recorded related to the enactment of the Coronavirus
Aid, Relief and Economic Security Act (“CARES Act”) on March 27,
2020. W&T’s effective tax rate was 21.4% for the three months
ended March 31, 2021 and 9.0% for the three months ended March 31,
2020.
As of March 31, 2021, W&T’s deferred tax
valuation allowance was $22.0 million. The Company continually
evaluates the need to maintain a valuation allowance on its
deferred tax assets. Any future reduction of a portion or all of
the valuation allowance would result in a non-cash income tax
benefit in the period the decision occurs. W&T is not currently
forecasting any cash income tax expense for the near-term.
Balance Sheet, Cash Flow and
Liquidity: Net cash provided by operating activities for
the three months ended March 31, 2021 was $45.0 million. Total
liquidity on March 31, 2021 was $191.0 million, consisting of cash
and cash equivalents of $53.4 million and $137.6 million of
availability under W&T’s revolving bank credit facility. In the
first quarter 2021, W&T paid down its revolving credit facility
by $32.0 million from $80 million with a portion of its free cash
flow. Currently, total long-term debt, including $48.0 million in
revolving credit facility borrowings, is $593.8 million net of
unamortized debt issuance costs.
In January 2021, W&T’s bank group completed
its regularly scheduled semi-annual borrowing base redetermination
and the borrowing base was set at $190 million. The next regularly
scheduled redetermination is in late spring of 2021. W&T is
currently in compliance with all applicable covenants of the Credit
Agreement and the Senior Secured Second Lien Notes indenture.
Capital Expenditures: Per the
Statement of Cash Flows, capital expenditures in the first quarter
of 2021, excluding changes in working capital associated with
investing activities, were $1.6 million. As previously disclosed,
W&T’s 2021 estimated capital budget of $30 million to $60
million (excluding potential acquisitions) is weighted toward the
second half of 2021.
Environmental, Social and Governance
(“ESG”) Commentary and COVID-19 Response
W&T issued its 2020 initial corporate ESG
report in March 2021. The report has an in-depth review of
W&T’s ESG initiatives as well as related key performance
indicators. In the creation of its inaugural report, the Company
consulted the Sustainability Accounting Standards Board’s (“SASB”)
Oil and Gas Exploration and Production Sustainability Accounting
Standard, the recommendations of the Task Force on Climate-related
Financial Disclosures (“TCFD”), and other reporting guidance from
industry frameworks and standards.
W&T is committed to the health and safety of
all its employees and contractors and has taken steps to ensure
their continued safety in its response to the COVID-19 pandemic. At
its corporate office, W&T instituted 100% remote work on March
23, 2020, and subsequently reopened its offices and implemented
actions to protect employees including temperature checks, mask
wearing, and social distancing.
For its field operations, the Company instituted
screening, which includes a questionnaire and temperature check, of
all personnel prior to entry into heliports and shorebases as well
as its Alabama gas treatment plant. The Company conducts daily
temperature screenings at all offshore facilities, implemented
procedures for distancing and hygiene at its field locations, and
provides COVID-19 testing for field project crews.
W&T will continue to monitor the COVID-19
situation and follow the advice of government and health
advisors.
OPERATIONS UPDATE
W&T successfully drilled one well at East
Cameron 338/349 in the first quarter of 2020, the Cota well, which
is in over 290 feet of water and was drilled to a total depth of
over 6,000 feet and encountered approximately 100 feet of net oil
pay. The well remains in the development phase of the project, with
initial production expected in the latter part of 2021. The Company
has an initial 30% working interest in the Cota well but the
interest will increase to 38.4% once the well is brought online and
certain performance thresholds are met. W&T did not initiate
new drilling activity in the first quarter of 2021 as it plans for
its capital investment program to be weighted toward the second
half of 2021.
Well Recompletions and
Workovers: During the first quarter of 2021, the Company
performed one recompletion and one workover that in total added
approximately 400 net Boe/d to production. W&T currently plans
to continue to perform recompletions and workovers that meet
economic thresholds.
Consolidation of Onshore Natural Gas
Treatment Plants Supporting Mobile Bay Assets: In January
2021, the Company completed the consolidation of its two onshore
natural gas treatment facilities that service the Mobile Bay area
into the Onshore Treating Facility (“OTF”) which was acquired in
2019 from ExxonMobil, and closed its Yellowhammer treatment
facility. The OTF has more than sufficient capacity to meet
W&T’s current and expected needs as it further develops its
Mobile Bay and regional natural gas assets in the future. The
consolidation of the facilities is expected to result in savings of
approximately $5 million per year beginning in 2021.
Second Quarter and Full Year 2021
Production and Expense Guidance
The guidance for the second quarter and full
year 2021 in the table below represents the Company’s current best
estimate of the range of likely future results. Guidance could be
affected by the factors described below in “Forward-Looking
Statements”.
|
Second Quarter |
Full Year |
Production |
2021 |
2021 |
|
|
|
Oil (MMBbls) |
1.26 -
1.39 |
4.97 -
5.57 |
|
|
|
NGL’s (MMBbls) |
0.37 -
0.41 |
1.47 -
1.63 |
|
|
|
Natural Gas (Bcf) |
11.0 -
12.2 |
44.4 -
49.0 |
|
|
|
Total (MMBoe) |
3.5 -
3.8 |
13.8 -
15.4 |
|
|
|
Total (Boe/d) |
38,500 -
42,500 |
38,000 -
42,000 |
|
|
|
Operating Expenses |
Second Quarter |
Full Year |
($ in millions) |
2021 |
2021 |
|
|
|
Lease operating expenses |
$44 -
$48 |
$158 -
$174 |
|
|
|
Gathering, transportation & |
|
|
production taxes |
$5.4 -
$5.9 |
$23 -
$25 |
|
|
|
General & administrative |
$13.9 -
$15.4 |
$49 -
$54 |
|
|
|
Current income tax expense rate |
0% |
0% |
|
|
|
Conference Call Information:
W&T will hold a conference call to discuss its financial and
operational results on Wednesday May 5, 2021, at 9:00 a.m. Central
Time (10:00 a.m. Eastern Time). Interested parties may participate
by dialing (844) 739-3797. International parties may dial (412)
317-5713. Participants should request to connect to the “W&T
Offshore Conference Call.” This call will also be webcast and
available on W&T’s website at www.wtoffshore.com under
“Investors”. An audio replay will be available on the Company’s
website following the call.
About W&T Offshore
W&T Offshore, Inc. is an independent oil and
natural gas producer with operations offshore in the Gulf of Mexico
and has grown through acquisitions, exploration and development.
The Company currently has working interests in 42 producing fields
in federal and state waters and has under lease approximately
709,000 gross acres, including approximately 500,000 gross acres on
the Gulf of Mexico Shelf and approximately 209,000 gross acres in
the Gulf of Mexico deepwater. A majority of the Company’s daily
production is derived from wells it operates. For more information
on W&T, please visit the Company’s website at
www.wtoffshore.com.
Forward-Looking and Cautionary
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements reflect our
current views with respect to future events, based on what we
believe are reasonable assumptions. No assurance can be given,
however, that these events will occur. These statements are subject
to risks and uncertainties that could cause actual results to
differ materially including, among other things, market conditions,
oil and gas price volatility, uncertainties inherent in oil and gas
production operations and estimating reserves, unexpected future
capital expenditures, competition, the success of our risk
management activities, governmental regulations, uncertainties and
other factors discussed in W&T Offshore’s Annual Report on Form
10-K for the year ended December 31, 2020 and subsequent Form 10-Q
reports found at www.sec.gov or at our website at
www.wtoffshore.com under the Investor Relations section. Investors
are urged to consider closely the disclosures and risk factors in
these reports. We refer to feet of “pay” in our discussions
concerning the evaluation of our recently drilled wells. This
refers to geological indications, typically obtained from well
logging, of the estimated thickness of sands which we believe are
capable of producing hydrocarbons in commercial quantities. These
indications of “pay” may not necessarily forecast the amount of
future production or reserve quantities from the well, which can be
dependent upon numerous other factors.
W&T OFFSHORE, INC. AND SUBSIDIARIES |
Condensed Consolidated Statements of
Operations |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
Oil |
|
$ |
78,140 |
|
|
$ |
54,535 |
|
|
$ |
84,650 |
|
NGLs |
|
|
9,359 |
|
|
|
6,267 |
|
|
|
6,452 |
|
Natural gas |
|
|
36,209 |
|
|
|
29,423 |
|
|
|
29,300 |
|
Other |
|
|
1,939 |
|
|
|
4,523 |
|
|
|
3,726 |
|
Total revenues |
|
|
125,647 |
|
|
|
94,748 |
|
|
|
124,128 |
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
|
|
42,357 |
|
|
|
43,332 |
|
|
|
54,775 |
|
Gathering, transportation costs and production taxes |
|
|
6,315 |
|
|
|
5,313 |
|
|
|
6,365 |
|
Depreciation, depletion, amortization and accretion |
|
|
26,637 |
|
|
|
26,547 |
|
|
|
39,126 |
|
General and administrative expenses |
|
|
10,712 |
|
|
|
7,678 |
|
|
|
13,963 |
|
Derivative loss (gain) |
|
|
24,578 |
|
|
|
11,529 |
|
|
|
(61,912 |
) |
Total costs and expenses |
|
|
110,599 |
|
|
|
94,399 |
|
|
|
52,317 |
|
Operating income |
|
|
15,048 |
|
|
|
349 |
|
|
|
71,811 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
15,034 |
|
|
|
15,402 |
|
|
|
17,110 |
|
Gain on debt transactions |
|
|
- |
|
|
|
- |
|
|
|
(18,501 |
) |
Other expense, net |
|
|
963 |
|
|
|
752 |
|
|
|
723 |
|
(Loss) income before income tax (benefit) expense |
|
|
(949 |
) |
|
|
(15,805 |
) |
|
|
72,479 |
|
Income tax (benefit) expense |
|
|
(203 |
) |
|
|
(6,858 |
) |
|
|
6,499 |
|
Net (loss) income |
|
$ |
(746 |
) |
|
$ |
(8,947 |
) |
|
$ |
65,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted (loss) earnings
per common share |
|
$ |
(0.01 |
) |
|
$ |
(0.06 |
) |
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
142,151 |
|
|
|
141,721 |
|
|
|
141,546 |
|
|
|
|
|
|
|
|
|
|
|
W&T OFFSHORE, INC. AND SUBSIDIARIES |
Condensed Operating Data |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
December 31, |
|
|
|
March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
Net sales volumes: |
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbls) |
|
|
1,377 |
|
|
|
1,273 |
|
|
|
1,827 |
|
NGL (MBbls) |
|
|
392 |
|
|
|
385 |
|
|
|
495 |
|
Oil and NGLs (MBbls) |
|
|
1,769 |
|
|
|
1,658 |
|
|
|
2,322 |
|
Natural gas (MMcf) |
|
|
10,799 |
|
|
|
11,174 |
|
|
|
15,307 |
|
Total oil and natural gas (MBoe) (1) |
|
|
3,569 |
|
|
|
3,520 |
|
|
|
4,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily equivalent sales
(MBoe/d) |
|
|
39.7 |
|
|
|
38.3 |
|
|
|
53.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized sales prices: |
|
|
|
|
|
|
|
|
|
|
|
|
Oil ($/Bbl) |
|
$ |
56.73 |
|
|
$ |
42.84 |
|
|
$ |
46.33 |
|
NGLs ($/Bbl) |
|
|
23.88 |
|
|
|
16.30 |
|
|
|
13.03 |
|
Oil and NGLs ($/Bbl) |
|
|
49.45 |
|
|
|
36.68 |
|
|
|
39.23 |
|
Natural gas ($/Mcf) |
|
|
3.35 |
|
|
|
2.63 |
|
|
|
1.91 |
|
Barrel of oil equivalent ($/Boe) |
|
|
34.66 |
|
|
|
25.63 |
|
|
|
24.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average costs and expenses per Boe ($/Boe): |
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expenses |
|
$ |
11.87 |
|
|
$ |
12.31 |
|
|
$ |
11.24 |
|
Gathering, transportation costs and production taxes |
|
|
1.77 |
|
|
|
1.51 |
|
|
|
1.31 |
|
Depreciation, depletion, amortization and accretion |
|
|
7.46 |
|
|
|
7.54 |
|
|
|
8.03 |
|
General and administrative expenses |
|
|
3.00 |
|
|
|
2.18 |
|
|
|
2.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) MBoe is determined using the ratio of six Mcf of natural gas
to one Bbl of crude oil, condensate or NGLs (totals may not compute
due to rounding). The conversion ratio does not assume price
equivalency and the price on an equivalent basis for oil, NGLs and
natural gas may differ significantly.
W&T OFFSHORE, INC. AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
53,359 |
|
|
$ |
43,726 |
|
Receivables: |
|
|
|
|
|
|
Oil and natural gas sales |
|
|
49,931 |
|
|
|
38,830 |
|
Joint interest, net |
|
|
15,234 |
|
|
|
10,840 |
|
Total receivables |
|
|
65,165 |
|
|
|
49,670 |
|
Prepaid expenses and other assets |
|
|
15,350 |
|
|
|
13,832 |
|
Total current assets |
|
|
133,874 |
|
|
|
107,228 |
|
|
|
|
|
|
|
|
Oil and natural gas properties and other, net - at cost |
|
|
8,591,216 |
|
|
|
8,588,356 |
|
Less accumulated depreciation, depletion, amortization and
impairment |
|
|
7,922,247 |
|
|
|
7,901,478 |
|
Oil and natural gas properties and other, net |
|
|
668,969 |
|
|
|
686,878 |
|
Restricted deposits for asset retirement obligations |
|
|
29,699 |
|
|
|
29,675 |
|
Deferred income taxes |
|
|
94,535 |
|
|
|
94,331 |
|
Other assets |
|
|
22,613 |
|
|
|
22,470 |
|
Total assets |
|
$ |
949,690 |
|
|
$ |
940,582 |
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Deficit |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
37,429 |
|
|
$ |
41,304 |
|
Undistributed oil and natural gas proceeds |
|
|
25,338 |
|
|
|
19,167 |
|
Advances from joint interest partners |
|
|
6,285 |
|
|
|
7,308 |
|
Asset retirement obligations |
|
|
26,402 |
|
|
|
17,188 |
|
Accrued liabilities |
|
|
64,573 |
|
|
|
30,033 |
|
Total current liabilities |
|
|
160,027 |
|
|
|
115,000 |
|
|
|
|
|
|
|
|
Long-term debt, net |
|
|
593,838 |
|
|
|
625,286 |
|
Asset retirement obligations,
less current portion |
|
|
372,495 |
|
|
|
375,516 |
|
Other liabilities |
|
|
31,908 |
|
|
|
33,066 |
|
Shareholders’ deficit: |
|
|
|
|
|
|
Common stock, $0.00001 par value; 200,000 shares authorized;
145,174 issued and 142,305 |
|
|
|
|
|
|
outstanding at March 31, 2021 and at December 31, 2020 |
|
|
|
|
|
|
|
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
550,793 |
|
|
|
550,339 |
|
Retained deficit |
|
|
(735,205 |
) |
|
|
(734,459 |
) |
Treasury stock, at cost; 2,869 shares for both dates presented |
|
|
(24,167 |
) |
|
|
(24,167 |
) |
Total shareholders’ deficit |
|
|
(208,578 |
) |
|
|
(208,286 |
) |
Total liabilities and shareholders’ deficit |
|
$ |
949,690 |
|
|
$ |
940,582 |
|
W&T OFFSHORE, INC. AND SUBSIDIARIES |
Condensed Consolidated Statements of Cash
Flows |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2020 |
Operating
activities: |
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(746 |
) |
|
$ |
(8,947 |
) |
|
$ |
65,980 |
|
Adjustments to reconcile net
(loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation, depletion, amortization and accretion |
|
|
26,637 |
|
|
|
26,547 |
|
|
|
39,126 |
|
Amortization of debt items and other items |
|
|
2,019 |
|
|
|
1,583 |
|
|
|
1,625 |
|
Share-based compensation |
|
|
454 |
|
|
|
817 |
|
|
|
1,048 |
|
Derivative loss (gain) |
|
|
24,578 |
|
|
|
11,529 |
|
|
|
(61,912 |
) |
Derivative cash (payments) receipts, net |
|
|
(4,604 |
) |
|
|
3,168 |
|
|
|
4,404 |
|
Gain on debt transactions |
|
|
- |
|
|
|
- |
|
|
|
(18,501 |
) |
Deferred income taxes |
|
|
(203 |
) |
|
|
(6,880 |
) |
|
|
6,499 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Oil and natural gas receivables |
|
|
(11,101 |
) |
|
|
(17,423 |
) |
|
|
21,954 |
|
Joint interest receivables |
|
|
(4,394 |
) |
|
|
(479 |
) |
|
|
7,123 |
|
Prepaid expenses and other assets |
|
|
(7,575 |
) |
|
|
1,612 |
|
|
|
11,011 |
|
Income taxes |
|
|
- |
|
|
|
22 |
|
|
|
- |
|
Asset retirement obligation settlements |
|
|
(962 |
) |
|
|
(551 |
) |
|
|
(249 |
) |
Cash advances from JV partners |
|
|
(1,023 |
) |
|
|
(414 |
) |
|
|
13,006 |
|
Accounts payable, accrued liabilities and other |
|
|
21,884 |
|
|
|
(16,813 |
) |
|
|
(6,790 |
) |
Net cash provided by (used in) operating activities |
|
|
44,964 |
|
|
|
(6,229 |
) |
|
|
84,324 |
|
|
|
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
|
|
|
Investment in oil and natural gas
properties and equipment |
|
|
(1,575 |
) |
|
|
(4,678 |
) |
|
|
(9,542 |
) |
Changes in operating assets and
liabilities associated with investing activities |
|
|
(1,758 |
) |
|
|
1,694 |
|
|
|
(24,033 |
) |
Acquisition of property
interests |
|
|
- |
|
|
|
(2,463 |
) |
|
|
(2,002 |
) |
Purchases of furniture, fixtures
and other |
|
|
2 |
|
|
|
(460 |
) |
|
|
(70 |
) |
Net cash used in investing activities |
|
|
(3,331 |
) |
|
|
(5,907 |
) |
|
|
(35,647 |
) |
|
|
|
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
|
|
|
Repayments on credit
facility |
|
|
(32,000 |
) |
|
|
- |
|
|
|
(25,000 |
) |
Purchase of Senior Second Lien
Notes |
|
|
- |
|
|
|
- |
|
|
|
(8,536 |
) |
Debt transactions costs and
other |
|
|
- |
|
|
|
(670 |
) |
|
|
- |
|
Net cash used in financing activities |
|
|
(32,000 |
) |
|
|
(670 |
) |
|
|
(33,536 |
) |
Increase (decrease) in cash and cash equivalents |
|
|
9,633 |
|
|
|
(12,806 |
) |
|
|
15,141 |
|
Cash and cash equivalents,
beginning of period |
|
|
43,726 |
|
|
|
56,532 |
|
|
|
32,433 |
|
Cash and cash equivalents, end of
period |
|
$ |
53,359 |
|
|
$ |
43,726 |
|
|
$ |
47,574 |
|
W&T OFFSHORE, INC. AND SUBSIDIARIES |
Financial Commodity Derivative Positions |
As of May 4, 2021 |
|
|
Production Period |
|
Instrument |
|
Avg. Daily Volumes |
Weighted AvgSwap Price |
Weighted AvgPut Price |
Weighted AvgCall Price |
Crude Oil
- WTI NYMEX: |
|
|
|
(bbls) |
(per Bbl) |
(per Bbl) |
(per Bbl) |
May 2021 -
Dec 2021 |
|
Swaps |
|
1,000 |
$41.00 |
|
|
May 2021 - Dec
2021 |
|
Swaps |
|
1,000 |
$42.05 |
|
|
May 2021 - Dec
2021 |
|
Swaps |
|
1,000 |
$42.18 |
|
|
May 2021 - Dec
2021 |
|
Swaps |
|
1,000 |
$43.00 |
|
|
Jan 2022 - Feb
2022 |
|
Swaps |
|
1,000 |
$42.75 |
|
|
Jan 2022 - Feb
2022 |
|
Swaps |
|
1,000 |
$42.80 |
|
|
Jan 2022 - Feb
2022 |
|
Swaps |
|
1,000 |
$43.40 |
|
|
Mar 2022 - May
2022 |
|
Swaps |
|
1,000 |
$41.90 |
|
|
Mar - 2022 |
|
Swaps |
|
1,076 |
$42.75 |
|
|
Mar - 2022 1 |
|
Swaps |
|
448 |
$54.53 |
|
|
Apr - 2022 1 |
|
Swaps |
|
670 |
$54.53 |
|
|
Apr - 2022 |
|
Swaps |
|
1,055 |
$42.75 |
|
|
May - 2022 |
|
Swaps |
|
1,000 |
$42.75 |
|
|
May - 2022 1 |
|
Swaps |
|
552 |
$54.53 |
|
|
Jun - 2022 1 |
|
Swaps |
|
2,583 |
$54.53 |
|
|
Jul - 2022 1 |
|
Swaps |
|
2,422 |
$54.53 |
|
|
Aug - 2022 1 |
|
Swaps |
|
2,335 |
$54.53 |
|
|
Sep - 2022 1 |
|
Swaps |
|
2,319 |
$54.53 |
|
|
May 2021 -
Dec 2021 1 |
|
Costless
Collars |
|
200 |
|
$40.00 |
$54.90 |
May - 2021 |
|
Costless
Collars |
|
1,944 |
|
$35.00 |
$50.00 |
May - 2021 1 |
|
Costless
Collars |
|
823 |
|
$45.00 |
$69.00 |
Jun - 2021 |
|
Costless
Collars |
|
1,924 |
|
$35.00 |
$50.00 |
Jun - 2021 1 |
|
Costless
Collars |
|
832 |
|
$45.00 |
$69.00 |
Jul - 2021 |
|
Costless
Collars |
|
1,525 |
|
$35.00 |
$50.00 |
Jul - 2021 1 |
|
Costless
Collars |
|
786 |
|
$45.00 |
$69.00 |
Aug - 2021 |
|
Costless
Collars |
|
1,346 |
|
$35.00 |
$50.00 |
Aug - 2021 1 |
|
Costless
Collars |
|
739 |
|
$45.00 |
$69.00 |
Sep - 2021 |
|
Costless
Collars |
|
1,350 |
|
$35.00 |
$50.00 |
Sep - 2021 1 |
|
Costless
Collars |
|
748 |
|
$45.00 |
$69.00 |
Oct - 2021 |
|
Costless
Collars |
|
1,012 |
|
$35.00 |
$50.00 |
Oct - 2021 1 |
|
Costless
Collars |
|
651 |
|
$45.00 |
$69.00 |
Nov - 2021 |
|
Costless
Collars |
|
948 |
|
$35.00 |
$50.00 |
Nov - 2021 1 |
|
Costless
Collars |
|
738 |
|
$45.00 |
$69.00 |
Dec - 2021 |
|
Costless
Collars |
|
625 |
|
$35.00 |
$50.00 |
Dec - 2021 1 |
|
Costless
Collars |
|
716 |
|
$45.00 |
$69.00 |
Jan - 2022 |
|
Costless
Collars |
|
1,473 |
|
$35.00 |
$50.00 |
Jan - 2022 1 |
|
Costless
Collars |
|
908 |
|
$45.00 |
$69.00 |
Feb - 2022 |
|
Costless
Collars |
|
1,790 |
|
$35.00 |
$50.00 |
Feb - 2022 1 |
|
Costless
Collars |
|
890 |
|
$45.00 |
$69.00 |
Mar 2022 - May
2022 |
|
Costless
Collars |
|
1,000 |
|
$35.00 |
$47.50 |
Mar 2022 - May
2022 |
|
Costless
Collars |
|
1,000 |
|
$35.00 |
$49.50 |
Mar - 2022 1 |
|
Costless
Collars |
|
448 |
|
$45.00 |
$62.50 |
Apr - 2022 1 |
|
Costless
Collars |
|
670 |
|
$45.00 |
$62.50 |
May - 2022 1 |
|
Costless
Collars |
|
552 |
|
$45.00 |
$62.50 |
Jun - 2022 1 |
|
Costless
Collars |
|
2,583 |
|
$45.00 |
$62.50 |
Jul - 2022 1 |
|
Costless
Collars |
|
2,422 |
|
$45.00 |
$62.50 |
Aug - 2022 1 |
|
Costless
Collars |
|
2,335 |
|
$45.00 |
$62.50 |
Sep - 2022 1 |
|
Costless
Collars |
|
2,319 |
|
$45.00 |
$62.50 |
|
|
|
|
|
|
|
|
Production Period |
|
Instrument |
|
Avg. Daily Volumes |
Weighted AvgSwap Price |
Weighted AvgPut Price |
Weighted AvgCall Price |
Natural Gas -
Henry Hub NYMEX: |
|
|
|
(MMBTU) |
(per MMBTU) |
(per MMBTU) |
(per MMBTU) |
May 2021 - Dec
2022 |
|
Calls (long) |
|
40,000 |
|
|
$3.00 |
May 2021 - Dec
2022 |
|
Costless
Collars |
|
40,000 |
|
$1.83 |
$3.00 |
May 2021 - Dec
2021 |
|
Costless
Collars |
|
20,000 |
|
$2.17 |
$3.00 |
May 2021 - Dec
2021 |
|
Swaps |
|
10,000 |
$2.62 |
|
|
May 2021 - Dec
2021 |
|
Costless
Collars |
|
10,000 |
|
$2.20 |
$3.00 |
Jan 2022 - Feb
2022 |
|
Costless
Collars |
|
30,000 |
|
$2.20 |
$4.50 |
Mar 2022 - May
2022 |
|
Costless
Collars |
|
10,000 |
|
$2.25 |
$3.40 |
Jan - 2022 |
|
Swaps |
|
20,000 |
$2.79 |
|
|
Feb - 2022 |
|
Swaps |
|
30,000 |
$2.79 |
|
|
Mar - 2022 |
|
Swaps |
|
10,095 |
$2.69 |
|
|
Apr - 2022 |
|
Swaps |
|
11,571 |
$2.69 |
|
|
May - 2022 1 |
|
Swaps |
|
278 |
$2.44 |
|
|
May - 2022 |
|
Swaps |
|
10,000 |
$2.69 |
|
|
Jun - 2022 1 |
|
Swaps |
|
21,026 |
$2.44 |
|
|
Jul - 2022 1 |
|
Swaps |
|
17,733 |
$2.44 |
|
|
Aug - 2022 1 |
|
Swaps |
|
17,138 |
$2.44 |
|
|
Sep - 2022 1 |
|
Swaps |
|
18,473 |
$2.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company
entered into these derivative positions between January 1, 2021 and
May 4, 2021. |
|
|
W&T OFFSHORE, INC. AND
SUBSIDIARIESNon-GAAP Information
Certain financial information included in
W&T’s financial results are not measures of financial
performance recognized by accounting principles generally accepted
in the United States, or GAAP. These non-GAAP financial measures
are “Adjusted Net (Loss) Income”, “Adjusted EBITDA” and “Free Cash
Flow”. Management uses these non-GAAP financial measures in its
analysis of performance. These disclosures may not be viewed as a
substitute for results determined in accordance with GAAP and are
not necessarily comparable to non-GAAP performance measures which
may be reported by other companies.
Reconciliation of Net (Loss) Income to
Adjusted Net (Loss) Income
Adjusted Net (Loss) Income does not include the
unrealized commodity derivative loss (gain), amortization of
derivative premium, bad debt reserve, deferred tax benefit, gain on
debt transactions, and litigation and other. Adjusted Net Income is
presented because the timing and amount of these items cannot be
reasonably estimated and affect the comparability of operating
results from period to period, and current periods to prior
periods.
|
|
Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2021 |
|
2020 |
|
2020 |
|
|
(In thousands, except per share amounts) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(746 |
) |
|
$ |
(8,947 |
) |
|
$ |
65,980 |
|
Unrealized commodity derivative
loss (gain) |
|
|
16,334 |
|
|
|
11,456 |
|
|
|
(52,520 |
) |
Amortization of derivative
premium |
|
|
456 |
|
|
|
1,483 |
|
|
|
4,349 |
|
Bad debt reserve |
|
|
- |
|
|
|
(1,063 |
) |
|
|
36 |
|
Deferred tax (benefit)
expense |
|
|
(203 |
) |
|
|
(6,880 |
) |
|
|
6,499 |
|
Gain on debt transactions |
|
|
- |
|
|
|
- |
|
|
|
(18,501 |
) |
Litigation and other |
|
|
40 |
|
|
|
(2,708 |
) |
|
|
- |
|
Adjusted Net Income (Loss) |
|
$ |
15,881 |
|
|
$ |
(6,659 |
) |
|
$ |
5,843 |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted adjusted (loss)
earnings per common share |
|
$ |
0.11 |
|
|
$ |
(0.05 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding |
|
|
142,151 |
|
|
|
141,721 |
|
|
|
141,546 |
|
W&T OFFSHORE, INC. AND
SUBSIDIARIESNon-GAAP Information
Adjusted EBITDA/ Free Cash Flow
Reconciliations
The Company also presents the non-GAAP financial
measures Adjusted EBITDA and Free Cash Flow. The Company defines
Adjusted EBITDA as net (loss) income plus income tax (benefit)
expense, net interest expense, and depreciation, depletion,
amortization and accretion, excluding the unrealized commodity
derivative gain or loss, amortization of derivative premium, bad
debt reserve, gain on debt transactions, and litigation and other.
Company management believes this presentation is relevant and
useful because it helps investors understand W&T’s operating
performance and makes it easier to compare its results with those
of other companies that have different financing, capital and tax
structures. Adjusted EBITDA should not be considered in isolation
from or as a substitute for net income, as an indication of
operating performance or cash flows from operating activities or as
a measure of liquidity. Adjusted EBITDA, as W&T calculates it,
may not be comparable to Adjusted EBITDA measures reported by other
companies. In addition, Adjusted EBITDA does not represent funds
available for discretionary use.
The Company defines Free Cash Flow as Adjusted
EBITDA (defined above), less capital expenditures, plugging and
abandonment costs and interest expense (all on an accrual basis).
For this purpose, the Company’s definition of capital expenditures
includes costs incurred related to oil and natural gas properties
(such as drilling and infrastructure costs and the lease
maintenance costs) and equipment, furniture and fixtures, but
excludes acquisition costs of oil and gas properties from third
parties that are not included in the Company’s capital expenditures
guidance provided to investors. Company management believes that
Free Cash Flow is an important financial performance measure for
use in evaluating the performance and efficiency of its current
operating activities after the impact of accrued capital
expenditures, plugging and abandonment costs and interest expense
and without being impacted by items such as changes associated with
working capital, which can vary substantially from one period to
another. There is no commonly accepted definition Free Cash Flow
within the industry. Accordingly, Free Cash Flow, as defined and
calculated by the Company, may not be comparable to Free Cash Flow
or other similarly named non-GAAP measures reported by other
companies. While the Company includes interest expense in the
calculation of Free Cash Flow, other mandatory debt service
requirements of future payments of principal at maturity (if such
debt is not refinanced) are excluded from the calculation of Free
Cash Flow. These and other non-discretionary expenditures that are
not deducted from Free Cash Flow would reduce cash available for
other uses.
The following tables present (i) a reconciliation of cash flow
from operating activities, a GAAP measure, to Free Cash Flow, as
defined by the Company and (ii) a reconciliation of the Company’s
net (loss) income, a GAAP measure, to Adjusted EBITDA and Free Cash
Flow, as such terms are defined by the Company.
|
|
Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2021 |
|
2020 |
|
2020 |
|
|
(In thousands) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(746 |
) |
|
$ |
(8,947 |
) |
|
$ |
65,980 |
|
Interest expense, net |
|
|
15,034 |
|
|
|
15,402 |
|
|
|
17,110 |
|
Income tax benefit |
|
|
(203 |
) |
|
|
(6,858 |
) |
|
|
6,499 |
|
Depreciation, depletion,
amortization and accretion |
|
|
26,637 |
|
|
|
26,547 |
|
|
|
39,126 |
|
Unrealized commodity derivative
loss (gain) |
|
|
16,334 |
|
|
|
11,456 |
|
|
|
(52,520 |
) |
Amortization of derivative
premium |
|
|
456 |
|
|
|
1,483 |
|
|
|
4,349 |
|
Bad debt reserve |
|
|
- |
|
|
|
(1,063 |
) |
|
|
36 |
|
Gain on debt transactions |
|
|
- |
|
|
|
- |
|
|
|
(18,501 |
) |
Litigation and other |
|
|
40 |
|
|
|
(2,708 |
) |
|
|
- |
|
Adjusted EBITDA |
|
$ |
57,552 |
|
|
$ |
35,312 |
|
|
$ |
62,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in oil and natural
gas properties and equipment |
|
|
(1,575 |
) |
|
|
(4,678 |
) |
|
|
(9,542 |
) |
Purchases of furniture,
fixtures and other |
|
|
2 |
|
|
|
(460 |
) |
|
|
(70 |
) |
Asset retirement obligation
settlements |
|
|
(962 |
) |
|
|
(551 |
) |
|
|
(249 |
) |
Interest expense, net |
|
|
(15,034 |
) |
|
|
(15,402 |
) |
|
|
(17,110 |
) |
|
|
|
|
|
|
|
|
|
|
Free Cash Flow |
|
$ |
39,983 |
|
|
$ |
14,221 |
|
|
$ |
35,108 |
|
|
Three Months Ended |
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
(In thousands) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
44,964 |
|
|
$ |
(6,229 |
) |
|
$ |
84,324 |
|
Bad debt reserve |
|
- |
|
|
|
(1,063 |
) |
|
|
36 |
|
Litigation and other |
|
40 |
|
|
|
(2,708 |
) |
|
|
- |
|
Amortization of debt items and
other items |
|
(2,019 |
) |
|
|
(1,583 |
) |
|
|
(1,625 |
) |
Share-based compensation |
|
(454 |
) |
|
|
(817 |
) |
|
|
(1,048 |
) |
Current tax benefit (expense)
(1) |
|
- |
|
|
|
22 |
|
|
|
- |
|
Changes in derivatives receivable
(payable) (1) |
|
(3,184 |
) |
|
|
(1,758 |
) |
|
|
9,337 |
|
Changes in operating assets
and liabilities, excluding asset retirement obligation
settlements |
|
2,209 |
|
|
|
33,495 |
|
|
|
(46,304 |
) |
Investment in oil and natural gas
properties and equipment |
|
(1,575 |
) |
|
|
(4,678 |
) |
|
|
(9,542 |
) |
Purchases of furniture, fixtures
and other |
|
2 |
|
|
|
(460 |
) |
|
|
(70 |
) |
|
|
|
|
|
|
|
|
|
Free Cash Flow |
$ |
39,983 |
|
|
$ |
14,221 |
|
|
$ |
35,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) A
reconciliation of the adjustment used to calculate Free Cash Flow
to the Condensed Consolidated Financial Statements is included
below: |
|
|
|
Current tax benefit: |
|
|
|
|
|
|
|
|
Income tax (benefit) expense |
$ |
(203 |
) |
|
$ |
(6,858 |
) |
|
$ |
6,499 |
|
Less: Deferred income taxes |
|
(203 |
) |
|
|
(6,880 |
) |
|
|
6,499 |
|
Current tax benefit
(expense) |
$ |
- |
|
|
$ |
22 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Changes in derivatives
receivable: |
|
|
|
|
|
|
|
|
Derivatives receivable (payable),
end of period |
$ |
(3,465 |
) |
|
$ |
(281 |
) |
|
$ |
9,682 |
|
Derivatives receivable (payable),
beginning of period |
|
281 |
|
|
|
(1,477 |
) |
|
|
(345 |
) |
Change in derivatives receivable
(payable) |
$ |
(3,184 |
) |
|
$ |
(1,758 |
) |
|
$ |
9,337 |
|
CONTACT: |
Al
Petrie |
Janet
Yang |
|
|
Investor Relations Coordinator |
EVP & CFO |
|
|
apetrie@wtoffshore.com |
investorrelations@wtoffshore.com |
|
|
713-297-8024 |
713-624-7326 |
|
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