W and T Offshore Inc (WTI)

[sharky]

WTI Production, Prices and Revenues: Production for the first quarter of 2020 was 53,553 Boe/d or 4.9 MMBoe, a slight increase compared to 52,773 Boe/d in the fourth quarter of 2019 and up 61% versus 33,349 Boe/d in the first quarter of 2019. Production for the first quarter of 2020 was near the high end of production guidance. First quarter 2020 production was comprised of 1.8 million barrels (“MMBbls”) of oil, 0.5 MMBbls of natural gas liquids (“NGLs”) and 15.3 billion cubic feet (“Bcf”) of natural gas. Liquids production comprised 48% of total production in the first quarter of 2020.

For the first quarter of 2020, W&T’s average realized crude oil sales price was $46.33 per barrel. The Company’s realized NGL sales price was $13.03 per barrel and its realized natural gas sales price was $1.91 per Mcf. The Company’s combined average realized sales price for the quarter was $24.71 per Boe, which represents a 36% decrease from $38.31 per Boe that was realized in the first quarter of 2019 and a decrease of 20% compared to $30.75 per Boe in the fourth quarter of 2019.

Revenues for the first quarter of 2020 increased 7% to $124.1 million compared to $116.1 million in the first quarter of 2019, and decreased 18% compared to $151.9 million in the fourth quarter of 2019. The year-over-year increase was driven by the increased production associated with the two acquisitions made in the second half of 2019 which was partially offset by the decrease in realized commodity prices. The decline from the fourth quarter of 2019 was due to lower commodity prices.

Acquisition of Magnolia Field: On December 12, 2019, W&T closed the acquisition of a 75% working interest in the Magnolia Field from ConocoPhillips which is located in approximately 4,700 feet of water in the Gulf of Mexico.

On March 31, 2020, W&T closed the acquisition of the remaining 25% working interest in the field on nearly identical terms as the recent transaction with ConocoPhillips, proportionally reduced to reflect the lower working interest.


$WTI