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Sep 30, 2024
W&T Offshore Q3 2024 Earnings Report
Reported operational and financial results and declared a fourth quarter 2024 dividend of $0.01 per share.
Key Takeaways
W&T Offshore reported a net loss of $36.9 million for the third quarter of 2024, with production at 31.0 MBoe/d. The company generated $121.4 million in revenue and $3.9 million in Free Cash Flow, marking the 27th consecutive quarter of positive Free Cash Flow. They declared a fourth quarter dividend of $0.01 per share and reduced the full year capital expenditure budget.
Produced 31.0 thousand barrels of oil equivalent per day (“MBoe/d”) (52% liquids) within the Company’s third quarter guidance despite impacts from hurricanes and downtime.
Incurred lease operating expenses (“LOE”) of $72.4 million, 6% lower than the bottom end of the Company’s third quarter guidance range.
Generated net cash from operating activities of $14.8 million and Free Cash Flow of $3.9 million in the third quarter of 2024, marking the 27th consecutive quarter of positive Free Cash Flow.
Reduced 2024 full year capital expenditure budget from $35 to $45 million to $25 to $35 million.
Forward Guidance
W&T Offshore provided guidance for the fourth quarter and full year 2024, anticipating increased LOE in Q4 due to projects deferred earlier in the year and a reduced full year capital expenditure budget.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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