W&T Offshore Announces First Quarter 2025 Results and Declares Dividend for Second Quarter of 2025

Core Viewpoint - W&T Offshore, Inc. reported operational and financial results for Q1 2025, highlighting production achievements, financial metrics, and strategic initiatives, including a declared dividend of $0.01 per share for Q2 2025 [1][3]. Financial Performance - The company produced 30.5 MBoe/d (52% liquids), near the high end of guidance, but down from 32.1 MBoe/d in Q4 2024 and 35.1 MBoe/d in Q1 2024 [2][3]. - Revenues for Q1 2025 were $129.9 million, an 8% increase from $120.3 million in Q4 2024 but an 8% decrease from $140.8 million in Q1 2024 [5]. - The net loss for Q1 2025 was $30.6 million, or $(0.21) per diluted share, with an adjusted net loss of $19.1 million, or $(0.13) per diluted share [2][5]. Operational Highlights - Lease operating expenses (LOE) were $71.0 million, below the low end of guidance, and approximately 11% higher than $64.3 million in Q4 2024 [6]. - The average realized price per Boe was $46.50, a 17% increase from $39.86 in Q4 2024 [4][39]. - The company successfully refinanced $275.0 million of Senior Second Lien Notes and reduced gross debt by approximately $39.0 million [2][3]. Strategic Initiatives - W&T entered into a new $50.0 million revolving credit facility, maturing in July 2028, and eliminated principal payments under the MRE Term Loan [2][3]. - The company sold a non-core interest in Garden Banks Blocks 385 and 386 for $11.9 million, enhancing liquidity [2][20]. - The company added natural gas costless collar hedges for 2025, with various floor and ceiling prices [11]. Regulatory Environment - The change in presidential administration has led to promising developments in the oil and gas regulatory environment, including executive orders aimed at reducing regulatory burdens [21][23]. - The Department of Interior indicated it would not seek supplemental financial assurance in the Gulf of America under certain conditions [22]. Future Guidance - The company provided production and expense guidance for Q2 and full year 2025, expecting total equivalents of 2,977 – 3,295 MBoe for Q2 and 11,983 – 13,257 MBoe for the full year [26][27].