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W&T Offshore Q4 Loss Meets Estimates, Revenues Decline Y/Y
WTIW&T Offshore(WTI) ZACKS·2025-03-04 19:21

Financial Performance - W&T Offshore Inc. reported a fourth-quarter 2024 loss of 18 cents per share, consistent with the Zacks Consensus Estimate, but a deterioration from a loss of 6 cents per share in the prior year [1] - Total quarterly revenues were 120.3million,missingtheZacksConsensusEstimateof120.3 million, missing the Zacks Consensus Estimate of 129 million and down from 132.3millioninthepreviousyear[1]ProductionStatistics−Averageproductionforthequarterwas32.1thousandbarrelsofoilequivalentperday(MBoe/d),downfrom34.1MBoe/dinthesameperiodof2023andbelowtheestimateof34.7MBoe/d[3]−Oilproductiontotaled1,263thousandbarrels(MBbls),anincreasefrom1,219MBblsyear−over−yearbutbelowtheestimateof1,284MBbls[4]−Naturalgasliquidsoutputwas273MBbls,downfrom329MBblsintheprioryearandbelowtheestimateof286MBbls[4]−Naturalgasproductionwas8,505millioncubicfeet(MMcf),lowerthan9,533MMcfinthepreviousyearandbelowtheestimateof9,753MMcf[4]RealizedCommodityPrices−Theaveragerealizedpriceforoilinthefourthquarterwas132.3 million in the previous year [1] Production Statistics - Average production for the quarter was 32.1 thousand barrels of oil equivalent per day (MBoe/d), down from 34.1 MBoe/d in the same period of 2023 and below the estimate of 34.7 MBoe/d [3] - Oil production totaled 1,263 thousand barrels (MBbls), an increase from 1,219 MBbls year-over-year but below the estimate of 1,284 MBbls [4] - Natural gas liquids output was 273 MBbls, down from 329 MBbls in the prior year and below the estimate of 286 MBbls [4] - Natural gas production was 8,505 million cubic feet (MMcf), lower than 9,533 MMcf in the previous year and below the estimate of 9,753 MMcf [4] Realized Commodity Prices - The average realized price for oil in the fourth quarter was 68.71 per barrel, down from 77.17intheprioryearandbelowtheestimateof77.17 in the prior year and below the estimate of 69.41 [5] - The average realized price of natural gas liquids increased to 24.59perbarrelfrom24.59 per barrel from 20.82 year-over-year but was lower than the estimate of 29.87[5]−Theaveragerealizedpriceofnaturalgaswas29.87 [5] - The average realized price of natural gas was 2.85 per thousand cubic feet, down from 3.08inthepreviousyearandbelowtheestimateof3.08 in the previous year and below the estimate of 3.26 [6] - The average realized price for oil-equivalent output decreased to 39.86perbarrelfrom39.86 per barrel from 41.55 year-over-year, missing the estimate of 40.51[6]OperatingExpenses−Leaseoperatingexpensesincreasedto40.51 [6] Operating Expenses - Lease operating expenses increased to 21.76 per Boe from 20.61intheprioryear,lowerthantheestimateof20.61 in the prior year, lower than the estimate of 24.92 [7] - General and administrative expenses rose to 7.04perBoefrom7.04 per Boe from 5.82 year-over-year, higher than the estimate of 6.34[7]CashFlow−Netcashusedinoperationswas6.34 [7] Cash Flow - Net cash used in operations was 4.3 million, a significant decline from 35.7millioninnetcashprovidedbyoperationsintheprioryear[8]−Freecashflowdecreasedtoanegative35.7 million in net cash provided by operations in the prior year [8] - Free cash flow decreased to a negative 10.2 million from 15.8 million in the previous year [8] Capital Spending & Balance Sheet - W&T Offshore spent 12.2 million on oil and gas resources and equipment [9] - As of December 31, 2024, cash and cash equivalents totaled 109million,withnetlong−termdebtat109 million, with net long-term debt at 365.9 million [9] Guidance - For Q1 2025, production is expected to be in the range of 2,538 - 2,815 Mboe, with full-year 2025 production anticipated between 11,983 - 13,257 Mboe [10] - Lease operating expenses for Q1 2025 are projected to be between 72.5−72.5 - 80.5 million, with full-year 2025 lease operating expenses expected to be higher than 2024 levels [10] - Capital expenditures are anticipated to be in the range of 34−34 - 42 million for 2025 [10]