W&t Offshore ( (WTI) ) has released its Q4 earnings. Here is a breakdown of the information W&t Offshore presented to its investors.
W&T Offshore, Inc. is an independent oil and natural gas producer operating primarily in the Gulf of America, known for its strategic acquisitions and focus on offshore exploration and development. In its latest earnings report, W&T Offshore announced a net loss for the full year 2024, reflecting challenges such as lower oil and natural gas prices and decreased production. Despite these setbacks, the company achieved an increase in oil reserves by 39% and replaced 219% of its 2024 production with new reserves, thanks to strategic acquisitions and positive well performance. Key financial metrics included a production of 33.3 thousand barrels of oil equivalent per day for the year, and an Adjusted EBITDA of $153.6 million. The company also successfully refinanced its debt, reducing interest rates and extending maturities, while maintaining a strong balance sheet with $109 million in cash and cash equivalents. Looking forward, W&T Offshore remains focused on enhancing shareholder value through strategic acquisitions and operational efficiencies, with expectations of increased production from newly acquired fields in 2025.