WTI - W&T Offshore reports Q3 earnings beat; narrows FY22 guidance range

• W&T Offshore press release ( NYSE: WTI ): Q3 Non-GAAP EPS of $0.33 beats by $0.05 .
• Revenue of $266.5M (+99.0% Y/Y) beats by $36.31M .
• Reported Adjusted EBITDA of $113.9M for the third quarter of 2022.
• Produced free cash flow of $71.1M for the third quarter of 2022, the 19 ^th consecutive quarter of positive free cash flow.
• Production for the third quarter of 2022 was 41.5 MBoe/d, which was at the mid-point of the Company’s guidance range provided for the quarter.
• Third quarter 2022 production was comprised of 15.7 MBbl/d of oil (38%), 4.9 MBbl/d of natural gas liquids (“NGLs”) (12%), and 125.0 million cubic feet per day (“MMcf/d”) of natural gas (50%).
• Outlook: W&T’s guidance range for capital expenditures in 2022 has been reduced to a range of $65 million to $75 million for the full year, which excludes acquisition opportunities. The reduction from the previously provided range of $70 million to $90 million reflects timing deferrals related to capital expected to now be deployed in early 2023 rather than late 2022.
• The guidance range for plugging and abandonment expenditures in 2022 is revised to between $65 million and $75 million. The Company spent $21.5 million on ARO settlements in the third quarter of 2022 and $61.3 million in the first nine months of 2022.

For further details see: