WTI - Why W&T Offshore Stock Is Sinking Today
Shares of W&T Offshore (NYSE: WTI) had slumped nearly 10% by 11 a.m. ET on Wednesday. Weighing on the offshore oil producer was its fourth-quarter results and some weakness in oil prices.
Overall, W&T Offshore reported solid fourth-quarter results. Both revenue and its adjusted earnings were above the analysts' consensus estimate. That's partly due to its better-than-expected production, which rose 7% year over year and was above the midpoint of its guidance range.
That strong showing enabled W&T Offshore to generate $22.5 million in free cash flow for the quarter, pushing its full-year total to $90.9 million. The oil company used those funds to pay off $96.5 million of debt last year, pushing its total down to $485.1 million by year-end.
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Why W&T Offshore Stock Is Sinking Today