KeyfactsEnergy

W&T Offshore

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Corporate Headquarters
Nine Greenway Plaza, Suite 300
Houston, Texas 77046

Tel: (713) 626-8525

New Orleans Office
1100 Poydras
Suite 1100
New Orleans
Louisiana 70163

Tel: (504) 831-4171

Description

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 54 producing fields in federal and state waters and has under lease approximately 837,500 gross acres, including approximately 605,000 gross acres on the Gulf of Mexico Shelf and approximately 232,500 gross acres in the deepwater. A majority of the Company’s daily production is derived from wells it operates.

W&T became a public company in 2005 and trades on the NYSE under the symbol "WTI”.

Production and reserves

W&T produced 38,261 barrels of oil equivalent per day or 3.5 million barrels of oil equivalent (47% liquids), in the fourth quarter of 2020, above the high end of W&T’s guidance range, reflecting an 11% increase from the third quarter of 2020.

The Company's year-end 2020 SEC proved reserves were 144.4 MMBoe, down modestly from 157.4 MMBoe at year-end 2019. W&T recorded upward revisions of 26.2 MMBoe in 2020 related to improved well performance and technical revisions, and 3.9 MMBoe from acquisitions, primarily from the purchase of additional interests in the Mobile Bay area and in the Magnolia field. These additions were offset by 27.7 MMBoe of reductions due to lower commodity prices, and 15.4 MMBoe of production.

CapEx

The Company’s preliminary capital expenditure budget for 2021 is in the range $30 million to $60 million, which excludes opportunistic acquisitions of oil and gas properties from third parties.

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