W and T Offshore Inc (WTI)

[ortco1]

Production for the first quarter of 2016 averaged 43,317 barrels of oil equivalent ("Boe") per day (3.9 million Boe for the quarter), 57.4% of which was oil and liquids. Oil production increased 0.6% for the first quarter of 2016 compared to the first quarter of 2015; while natural gas production decreased 18.4% and natural gas liquids (NGL) production decreased 19.2% as we continued our focus on oil related projects. Oil production was deferred as our largest oil producing field was offline for three weeks as a result of a scheduled maintenance project on a third-party pipeline that services the platform.
?Full year production and expense guidance remains the same.
?Revenues for the first quarter of 2016 were $77.7 million, 72.0% of which was from oil and NGLs.
?Lease operating expenses ("LOE") declined 16.6% for the first quarter of 2016 to $44.5 million compared to $53.3 million in the first quarter of 2015 reflecting our focus on expense management. General and administrative expenses decreased 20.8% for the first quarter of 2016 to $16.4 million with reduced headcount, reduced contractor usage and other cost saving measures.