W&T Offshore Q3 2024 Update

TL;DR

W&T Offshore Q3 2024: Financials out, shareholder return and capital employed metrics detailed.

AI Summary

W&T Offshore Inc. reported its Q3 2024 results, ending September 30, 2024. The company's filing details its financial performance and operational updates. Key financial metrics and performance indicators for the period are outlined, including shareholder return and capital employed metrics.

Why It Matters

This filing provides insight into W&T Offshore's financial health and operational performance during the third quarter of 2024, impacting investor decisions and market perception.

Risk Assessment

Risk Level: medium — The oil and gas industry is subject to volatile commodity prices and regulatory changes, which can significantly impact financial performance.

Key Numbers

• Q3 2024 — Reporting Period (Covers the third quarter of 2024 financial performance.)
• 2024-09-30 — Fiscal Quarter End (Specific date for financial reporting.)

Key Players & Entities

• W&T Offshore Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period for the 10-Q
• 2024-01-01 (date) — Start of the reporting period for performance metrics
• Monza Energy LLC (company) — Mentioned in relation to JV drilling

FAQ

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 WTI New York Stock Exchange Indic

Filing Documents

• wti-20240930x10q.htm (10-Q) — 1817KB
• wti-20240930xex31d1.htm (EX-31.1) — 15KB
• wti-20240930xex31d2.htm (EX-31.2) — 13KB
• wti-20240930xex32d1.htm (EX-32.1) — 9KB
• wti-20240930x10q003.jpg (GRAPHIC) — 4KB
• 0001558370-24-014923.txt ( ) — 6629KB
• wti-20240930.xsd (EX-101.SCH) — 51KB
• wti-20240930_cal.xml (EX-101.CAL) — 51KB
• wti-20240930_def.xml (EX-101.DEF) — 170KB
• wti-20240930_lab.xml (EX-101.LAB) — 342KB
• wti-20240930_pre.xml (EX-101.PRE) — 277KB
• wti-20240930x10q_htm.xml (XML) — 1113KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 202 3 1 Condensed Consolidated Statements of Operations for the Three Months and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30

– OTHER INFORMATION

PART II – OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31 SIGNATURE 33 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS W&T OFFSHORE, INC. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 126,544 $ 173,338 Restricted cash 4,417 4,417 Accounts receivable: Oil, natural gas liquids and natural gas sales 52,025 52,080 Joint interest, net of allowance for credit losses of $ 10,986 and $ 11,130 , respectively 19,753 15,480 Other 557 2,218 Prepaid expenses and other current assets (Note 12) 23,116 17,447 Total current assets 226,412 264,980 Oil and natural gas properties and other, net of accumulated depreciation, depletion and amortization of $ 8,318,568 and $ 8,213,781 , respectively 798,705 749,056 Restricted deposits for asset retirement obligations 22,625 22,272 Deferred income taxes 46,910 38,774 Other assets 32,624 38,923 Total assets $ 1,127,276 $ 1,114,005 Liabilities and Shareholders' (Deficit) Equity Current liabilities: Accounts payable $ 86,866 $ 78,857 Accrued liabilities (Note 12) 21,629 31,978 Undistributed oil and natural gas proceeds 54,461 42,134 Advances from joint interest partners 2,489 2,962 Current portion of asset retirement obligations (Note 5) 45,139 31,553 Current portion of long-term debt, net (Note 3) 20,968 29,368 Total current liabilities 231,552 216,852 Asset retirement obligations (Note 5) 509,888 467,262 Long-term debt, net (Note 3) 371,596 361,236 Other liabilities 16,665 19,420 Commitments and contingencies (Note 6) 29,085 18,043 Shareholders' (deficit) equity: Preferred stock: $ 0.00001 par value; 20,000 shares authorized; no shares issued — — Common stock: $ 0.00001 par value; 400,000 shares authorized; 150,214 shares and 149,450 shares issued, respectively 2 1 Additional paid-in capital 591,602 586,014 Retained deficit ( 598,947 ) ( 530,656 ) Treasury stock: 2,

View Full Filing

View this 10-Q filing on SEC EDGAR