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W&T Offshore 2016 Outlook Remains Unchanged; Output Down 3.9%
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W&T Offshore, Inc. reported its second quarter 2016 operations and financial results, as well as its 2016 third quarter and full year production and expense guidance.
2016 Capital Expenditures UpdateOur capital expenditures on an accrual basis for the first six months of 2016 were $17.7 million ($51.8 million on a cash basis) compared to $151.0 million ($201.8 million on a cash basis) for the first six months of 2015. In 2016, the substantial majority of our capital expenditures were directed at completion activities of the Ewing Bank 954 A-8 well in the amount of $10.0 million. The remainder of the expenditures was associated with recompletions, other development activities and seismic.
Our capital expenditure budget for 2016 remains set at a level well below prior year levels. Our…
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