WTI - W&T Offshore reports mixed Q2 earnings; initiates Q3 and updates FY23 outlook

2023-08-02 01:58:15 ET

• W&T Offshore press release ( NYSE: WTI ): Q2 Non-GAAP EPS of -$0.08 misses by $0.02 .
• Revenue of $126.2M (-53.9% Y/Y) beats by $2.59M .
• Increased second quarter 2023 production by 14% over production in the first quarter 2023 to 37.0 thousand barrels of oil equivalent per day (“MBoe/d”) (50% liquids), or 3.4 million barrels of oil equivalent (“MMBoe”).
• Generated Adjusted EBITDA of $38.8 million for the second quarter of 2023.
• Produced net cash from operating activities of $26.2 million and Free Cash Flow of $9.7 million for the second quarter of 2023.
• "Assuming no acquisitions for the remainder of the year, we are reducing our capital expenditure plans for 2023 from a range of $90 to $110 million to $50 to $70 million, and are focused on maintaining cash which will result in a related deferral of production."
• Q3 oil production of 1,130 – 1,260  (MBbl); Total equivalents of 3,100 – 3,453  (MBoe) and FY23 oil production of 4,750 – 5,250 (MBbl), Total equivalents of 12,150 – 13,430  (MBoe).

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