Forecast - Production | Hedging | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020 | 2020 Guidance
W&T Offshore Lowers 2020 Spending 73%; No Change to Production Guidance
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W&T Offshore, Inc. has reduced its capital expenditure budget for 2020 and that it has added natural gas costless collars to its hedging portfolio.
W&T has reduced its 2020 budget by 73% to $15 million to $25 million from its prior level of $50 million to $100 million.
The Company did not change its 2020 annual production guidance of 47,100 to 52,100 BOEPD.
Tracy W. Krohn, W&T's Chairman and Chief Executive Officer commented, "During our recent earnings conference call, we discussed the significant flexibility we have to adjust our capital spending up or down at any time since we have no long-term rig contract commitments or drilling obligations. Due to the sudden decline in oil prices caused by supply and demand pressures since that call, we have decided to move forward with reducing…
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