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W&T Offshore Sees Sunshine After BOEM / DOI Filings
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W&T Offshore experienced healthy growth in 2Q17 in production, operating income, and LOE declines. The company is moving forward from the looming BOEM filings with confidence that all pending orders will be rescinded here quickly.
Highlights for 2Q17:
- Production avg'd 43,084 Boe/d (~3.9 MMBoe cumm.) - 58% Oil and NGL vs 42,864 Boe 2Q16
- Revenues were $123.3 MM, up ~24% over 2Q16
- LOE declined by $5.1 MM to $31.5 MM
- Operating income was $32.9 MM vs $127.0 MM loss in 2Q16
Tracy W Krohn, Chairman and CEO, is happy to report that W&T is "perform[ing] exceptionally well and offers substantial upside potential."
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