USA: W&T Offshore Reports Positive Third Quarter Results
W&T Offshore, Inc. today provides financial and operational results for the third quarter 2010. Some of the highlights for the third quarter 2010 include:
* Earnings per share increased for the third quarter to $0.36 from a loss per share of $0.02 in last year’s third quarter and EPS excluding special items increased to $0.43 from a loss per share of $0.04 during the third quarter of 2009.
* Adjusted EBITDA increased 26% to $117.9 million for the quarter.
* Net cash provided by operating activities for the first nine months of 2010 was $392.9 million, an increase of $301.0 million over the nine month period of 2009. For the quarter, net cash provided by operating activities increased 227% to $148.6 million from $45.5 million for the quarter ended September 30, 2009.
* Lease operating expenses decreased 36% to $34.4 million in the third quarter from the prior year period.
* Oil and natural gas liquids were 51% of sales volumes during the quarter, up from 45% during the third quarter of 2009.
* Cash balance at September 30, 2010 was $180.5 million, an increase of $142.3 million since year-end, bringing total current liquidity to $585.7 million.
Tracy W. Krohn, Chairman and Chief Executive Officer, commented, “We had another very good quarter with higher oil production, higher average realized sales prices and much lower lease operating expenses as compared to the last quarter. Our adjusted EPS was $0.43 and exceeded both second quarter this year and last year’s third quarter. In addition, we are excited about the results of the Main Pass 108 E-3 well, which we finished drilling shortly after the end of the third quarter. This successful conventional shelf well has discovered over 300 feet of gas condensate in six sands. Furthermore, our liquidity continues to gain strength, positioning us to take advantage of acquisition opportunities that we are seeing more frequently both offshore and onshore. We added to our oil hedge positions recently to allow us better price support when and if a financing requirement arises.”
Source: W&TOffshore, November 2, 2010;