W&T Offshore 2Q revenues up despite output drop

Illustration: A Gulf of Mexico production platform; Image source: Anadarko Petroleum

Gulf of Mexico operator W&T Offshore has said its 2Q 2018 production came at the mid-range of guidance, impacted by well maintenance, weather, pipeline outages, and platform maintenance.

The company said all this collectively resulted in the deferred production of approximately 4,600 Boe per day.

Production for the second quarter of 2018 was 3.4 million Boe, compared to the second quarter 2017 of 3.9 million Boe.

Production for the second quarter of 2018 averaged 37,571 barrels of oil equivalent  60.1% of which was oil and natural gas liquids (“NGLs”).

Revenues up on higher prices

Despite the lower than last year production, W&T Offshore revenues for the second quarter of 2018 were $149.6 million, up $26.3 million, or 21.3% compared to the second quarter of 2017, as W&T Offshore’s realized crude oil price was $67.09 per barrel, up 50.6% from second quarter 2017.

Net income for the second quarter of 2018 was $36.1 million, or $0.25 per share compared to net income of $33.3 million.

For the second quarter of 2018, production increases came from newly acquired 9.375% non-operated working interest in the Heidelberg field, Ship Shoal 300 field, and Mahogany field and  Virgo fields.  These gains were offset by production decreases mentioned earlier.

W&T Offshore has set its production guidance for the third quarter at between 3.1 million and 3.4 million barrels of oil equivalent.

Offshore Energy Today Staff

 

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