Company Quick10K Filing
W&T Offshore
10-K 2019-12-31 Filed 2020-03-05
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-02
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-02
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-03-09
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-07
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-05-09
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-03-04
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-05-06 Shareholder Vote
8-K 2020-04-30 Earnings, Other Events, Exhibits
8-K 2020-03-04 Earnings, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-08-30 M&A, Regulation FD, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-16 Other Events
8-K 2019-06-26 Enter Agreement, Regulation FD, Exhibits
8-K 2019-05-01 Shareholder Vote
8-K 2019-05-01 Regulation FD, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-03-20 Amend Bylaw, Exhibits
8-K 2019-02-27 Earnings, Exhibits
8-K 2019-01-15 Other Events
8-K 2018-11-06 Officers, Regulation FD, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-10-18 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-10-05 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2018-10-01 Regulation FD, Other Events, Exhibits
8-K 2018-08-13 Officers, Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-05-02 Shareholder Vote
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-03-12 Regulation FD, Other Events, Exhibits
8-K 2018-02-28 Earnings, Exhibits

W&T Offshore Financials

WTI Metrics, Comps, Filings

Quarterly | Annual

Business

W&T Offshore, Inc. is an independent oil and natural gas producer, active in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. W&T Offshore, Inc. is a Texas corporation originally organized as a Nevada corporation in 1988, and successor by merger to W&T Oil Properties, Inc., a Louisiana corporation organized in 1983.

In managing our business, we are focused on optimizing production and increasing reserves in a profitable and prudent manner, while managing cash flows to meet our obligations and investment needs. Our cash flows are materially impacted by the prices of commodities we produce (crude oil and natural gas, and the NGLs extracted from the natural gas). In addition, the prices of goods and services used in our business can vary and impact our cash flows. During 2018, average commodity realized prices improved from those we experienced during 2017 and 2016. Our margins in 2018 improved from 2017 and 2016 levels, and were approximately the margin levels achieved prior to 2015. We measure margins using adjusted earnings before interest, income taxes, depreciation and amortization, ("Adjusted EBITDA") as a percent of revenue, which is a not a measurement under generally accepted accounting principles ("GAAP"). We have historically increased our reserves and production through acquisitions, our drilling programs, and other projects that optimize production on existing wells. While our production decreased 8.5% in 2018 from the prior year, we added 23.1 million barrels of oil equivalent ("MMBoe") of proved reserves in 2018, replacing 174% of production. (MMBoe was computed on an equivalency ratio as described below.) The 13.2% net increase in proved reserves year-over-year is a result of successful drilling, technical revisions driven by improved well performance, recompletion and workover efforts, and improved commodity prices. During 2018, we completed one well which had reached target depth in 2017, and drilled and completed five additional wells which began producing during 2018. One of these wells, the Viosca Knoll 823 A-12 BP2, is currently offline and we are evaluating methods by which to enhance production at that well.

The Gulf of Mexico is an area where we have developed significant technical expertise and where high production rates associated with hydrocarbon deposits have historically provided us the best opportunity to achieve a rapid return on our invested capital. We have leveraged our experience in the conventional shelf (water depths of less than 500 feet) to develop higher impact capital projects in the Gulf of Mexico in both the deepwater (water depths in excess of 500 feet) and the deep shelf (well depths in excess of 15,000 feet and water depths of less than 500 feet). We have acquired rights to explore and develop new prospects and existing oil and natural gas properties in both the deepwater and the deep shelf, while at the same time continuing our focus on the conventional shelf. Our drilling efforts in recent years have included the deepwater of the Gulf of Mexico. The investment associated with drilling an offshore well and future development of an offshore project principally depends upon water depth, the depth of the well, the complexity of the geological formations involved and whether the well or project can be connected to existing infrastructure or will require additional investment in infrastructure. Deepwater and deep shelf drilling projects can be substantially more capital intensive than those on the conventional shelf. During 2018, we participated in the drilling and completion of three deepwater wells, and in 2016, we participated in the completion of one deepwater well.


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Equity

Income Statement ($BB Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($BB Quarterly)

Ops, Inv, Fin

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Talos Energy (TALO) 911 0% 2.2 14% 2,612 1,537 953 0 365 687 1,532
Berry Petroleum (BRY) 839 0% 7.3 3% 1,766 768 506 0 51 172 1,249
Geopark (GPRK) 832 0% 863 720 0 0 0 0 832
Carrizo Oil & Gas (CRZO) 827 0% 3.7 17% 3,690 2,164 1,028 0 627 695 2,580
Diamond Offshore Drilling (DO) 803 0% -8.3 -6% 5,871 2,566 937 0 -362 -308 2,569
Northern Oil & Gas (NOG) 801 39% 6.3 13% 1,902 1,388 857 330 250 309 1,944
Whiting Petroleum (WLL) 726 0% 5.7 -1% 7,775 3,605 1,192 0 -94 639 3,610
Nabors (NBR) 690 27% -11.2 -8% 7,273 4,512 3,121 846 -562 -341 3,837
Denbury Resources (DNR) 668 0% 5.9 4% 4,754 3,408 964 0 194 517 3,044
Dorchester Minerals (DMLP) 650 92% 12.5 33% 124 6 59 54 40 50 628
W&T Offshore (WTI) 632 0% 7.3 20% 1,027 1,285 526 0 203 179 1,309
Laredo Petroleum (LPI) 616 0% 5.4 2% 2,278 1,198 834 0 49 292 1,569
Nextdecade (NEXT) 597 -27.0 -13% 170 33 0 0 -22 -22 593
Bonanza Creek Energy (BCEI) 517 0% 9.1 0% 1,200 262 300 0 0 56 509
California Resources (CRC) 509 0% 11.4 2% 7,035 7,343 2,024 0 124 481 5,483
Extraction Oil & Gas (XOG) 505 0% 4.0 2% 4,429 2,384 929 0 97 523 2,083
Gran Tierra Energy (GTE) 505 0% 19.6 1% 1,960 955 443 0 12 57 1,126
Noble (NE) 494 0% -0.9 -7% 8,396 4,680 1,161 0 -565 -394 356
Gulfport Energy (GPOR) 478 40% 3.8 6% 6,273 2,714 1,481 594 382 669 2,545
Eclipse Resources (ECR) 351 0% 6.8 -2% 1,434 785 448 0 -31 124 842

Balance Sheet ($MM)2011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash9859312412129161620241724867853711727370126721069913112933933866642
Accounts Receivable92839989726898978185979494986746524435283536434539394545524948414252
Inventory
PP&E5,7245,8755,9796,0386,1106,2516,7166,8597,0317,1417,3617,4657,6507,8888,0698,1578,2318,2787,9237,9167,9227,9587,9537,9808,0298,0668,1248,1528,1898,1678,1908,2198,2628,492
Assets1,7721,8412,1212,1442,2052,2892,7262,7622,8322,8332,8862,8333,0122,8892,8562,5032,2571,7941,2211,3911,1811,0421,0831,1468758879089429581,1028498438681,027
Accounts Payable66817665861041241121231301451151401601941281351071109293838181587284774696827198106
Long-Term Debt7196947176846807191,0881,0601,1001,0531,2051,1941,2241,2611,3601,4261,4691,4731,1971,4851,3451,0231,0261,019995994992990986984634634634719
Liabilities1,2791,2951,5771,6001,6101,6982,1852,1982,2502,2402,3322,0731,9501,9421,9531,6661,4641,1317741,0178487267467911,4731,4851,4811,4871,4661,5621,1741,2151,2031,285
Stockholders' Equity4935465455445955915415645825935547601,062947903837792663447374333316337355-598-597-574-545-507-460-325-373-335-258
Income Statement ($MM)2011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Revenue25324526223621618640125923524524525526323519712814912610478100107115124123110129134150153143116135132
Cost of Revenue
Gross Profit
R&D
SG&A18182029261902120202424202123212017161616131413161614151416141310
Tax302923103472915218-9851-7-36-1565-37-1-1-115-95-00000-12-56
Net Income555346195413122272214-1215101-33-66-55-129-52-73-4150162533-123283646139-483676
Cash Flow ($MM)2011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash Operating166125128-96113431709922586118171154866429105-230-4122381-16652975180852180
Cash Investing-137-103-1153-299-2580-300-41-1395-141-107-71-19-13388149-5-18-10-22-1-22-29-33-4132-32-42-188
Cash Financing-30-26-39-1031298033-53110523299267375-265288-140-91-4-2-16-2-3-2-2-0-084