W&T Offshore, Inc.
| Public | |
| Traded as | NYSE: WIT |
| ISIN | 🆔 |
| Industry | Oil and Natural Gas |
| Founded 📆 | 1983 |
| Founder 👔 | |
| Headquarters 🏙️ | Houston, Texas, United States |
Area served 🗺️ | North America |
Key people | Tracy Krohn (Chairman & CEO) |
| Products 📟 |
|
| Revenue🤑 |  US$558.010 million (2021)[1] |
| US$189.662 million (2021)[1] | |
| US$41.478 million (unaudited) (2021)[1] | |
| Total assets | US$358.259 million (2021)[1] |
| Total equity | US$825.582 million (2021)[1] |
| Members | |
Number of employees | 323 (2022) |
| Subsidiaries | Gulf of Mexico Oil and Gas Properties LLC, N.O. Properties LLC, Offshore Energy I LLC, Offshore Energy II LLC, Offshore Energy III LLC, Offshore Shelf LLC, W&T Energy VI, LLC, W&T Energy VII, LLC, White Shoal Pipeline Corporation (64.5%) |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
W&T Offshore, Inc. is an independent oil and natural gas company headquartered in Houston, Texas, United States. Founded in 1983 by Tracy Krohn, the company works in the Gulf of Mexico area and holds fields in 47 offshore fields in both federal and state waters.[2]
History
W&T was founded in 1983 by Tracy Krohn with $12,000. In 1985, the first production property was bought for $500,000.
1988 marked the purchase of the first Offshore Property. From there on to 1993, 14 acquisitions were completed. Over 30 wells on turnkey contracts were drilled for other companies from 1995-1996.
In 1996, the purchase of Columbia Gas Development Co. with Hunt Petroleum was completed for $195 million.
Starting in 2005, W&T completed an IPO and began trading on the NYSE.
Divestitures such as the Yellow Rose Field were completed in the Permian Basin for $376 million in 2015.
As of 2019, the company holds the second-largest basin in the US (with about 20% of the total production in 2018).
In June 2019, W&T discovered the Gladden Deep well. The well was drilled in approximately 3,000ft of water, that encountered 201ft of net oil pay. Operating it, the company owns a 17.25% stake in the discovery.[3]
On July, W&T acquired ExxonMobil's Mobile Bay area assets in a purchase and sale agreement with ExxonMobile Corp. The operatorship of nine oil and gas producing properties located to eastern Gulf of Mexico, offshore Alabama, and related onshore processing facilities was purchased for $200 million.[4]
In March 2020, the company was awarded 15 leases in the first sale; seven leases located in shallow water and 8 leases in deepwater.[3]
On April 11, 2022, W&T announced that Shahid A. Ghauri, Vice President, General Counsel and Corporate Secretary is leaving the company. Nadege Assale, who has served as Assistant General Counsel for the past two years, will assume the role of Acting General Counsel until Ghauri's successor is decided.[5]
Operations
| Name | Year Discovered | Discoverer | Depth (ft) | Oil and NGLs of proved reserves (%) | Average daily equivalent sales rate (net) (2021)[6] |
|---|---|---|---|---|---|
| Mississippi Canyon 582 (Medusa) | 1999 | Murphy Oil Corporation | 2,200 | 94 | 242 Boe/d |
| Mississippi Canyon 243 (Matterhorn) | 2002 | Société Nationale Elf Aquitaine | 2,552 | 82 | 486 Boe/d |
| Mississippi Canyon 698 (Big Bend) | 2012 | W&T and Noble | 7,221 | 95 | 1,530 Boe/d |
| Mississippi Canyon 800 (Gladden) | 2019 | W&T Offshore | 3,000 | 87 | 461 Boe/d |
| Viosca Knoll 823 | 6,632-13,335 | 35 | 568 Boe/d | ||
| Ewing Bank 910 | 1996 | Kerr-McGee | 560 | 68 | 698 Boe/d |
| Ship Shoal 349 (Mahogany) | ≤ 18,000 | 74 | 5,977 Boe/d | ||
| Ship Shoal 28 | 21 | 273 Boe/d | |||
| Main Pass 108 | 24 | 760 Boe/d | |||
| Magnolia Field | 1999 | 4700 | 82 | 2,365 Boe/d | |
| Fairway | 15 | 2,875 Boe/d | |||
| Mobile Bay Field | 1978 | Exxon | 15 | 14,978 Boe/d |
Revenue
On June 29, 2008, the market cap of W&T Offshore reached an all-time high of $4.47 Billion.[7]
In 2018, revenues decreased 10% to $134.70 million in the second quarter from $149.61 and up 16% sequentially.[8]
W&T posted revenues of $165.59 million for the year-end results of 2021. This compares to year-ago revenues of $94.75 million.
From March-April 2022, the company has risen from 16 cents per share to 21 cents per share, while current year estimates have risen from 77 cents per share to $1.32 per share.[9]
Current 2022 Year-to-Date currently shows an increase with a 36.53% increase.[10]
As of April 2022, W&T is ranked the world's 4702th most valuable company with a market cap of $0.62 Billion. It is also placed #3 in Zacks.[9]
Incident
On Thursday, January 3, 2013, W&T Offshore pleaded guilty and was sentenced for the violation of Title 33, United States Code, Section 1319(c)(4) by tampering and falsifying a monitoring method maintained under the Clean Water Act, as well as a misdemeanor count of the violation of Title 33, United States Code, Section 1319(c)(1)(a) for negligent discharge of oil into the waters of the United States.
The case resulted in a total monetary penalty of $1 Million with $700,000 designated as fines and $300,000 designated as community service payments. The company was then placed on a three year probation on which the majority of its 107 offshore facilities be examined by the Safety and Environmental Management Systems (SEMS), as described in Title 30, C.F.R. Part 250.[11]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 "W&T Offshore Announces Fourth Quarter and Full Year 2021 Results Including Year-End 2021 Proved Reserves; Provides Guidance for 2022" (PDF). W&T Offshore, Inc. March 8, 2022. Retrieved April 15, 2022. Unknown parameter
|url-status=ignored (help) - ↑ "W&T Offshore, Inc". W&T Offshore, Inc. Retrieved 2022-04-15.
- ↑ 3.0 3.1 Krohn, Tracy (March 2, 2020). "W&T Offshore: investment in technology crucial to driving returns in the Gulf of Mexico". World Finance. Retrieved 2022-04-15.
- ↑ "W&T acquiring ExxonMobil's Mobile Bay area assets". www.offshore-mag.com. July 1, 2019. Retrieved 2022-04-15. Unknown parameter
|url-status=ignored (help) - ↑ "W&T Offshore Announces Change in Senior Management". W&T Offshore, Inc. April 11, 2022. Retrieved 2022-04-15. Unknown parameter
|url-status=ignored (help) - ↑ "Operations". W&T Offshore, Inc. Retrieved 2022-04-16. Unknown parameter
|url-status=ignored (help) - ↑ "W&T Offshore (WTI) - Market capitalization". companiesmarketcap.com. Retrieved 2022-04-15. Unknown parameter
|url-status=ignored (help) - ↑ "W&T Offshore: A Good Company In A Difficult Environment (NYSE:WTI) | Seeking Alpha". seekingalpha.com. August 26, 2019. Retrieved 2022-04-15. Unknown parameter
|url-status=ignored (help) - ↑ 9.0 9.1 "How W&T Offshore (WTI) Stock Stands Out in a Strong Industry". finance.yahoo.com. April 11, 2022. Retrieved 2022-04-15. Unknown parameter
|url-status=ignored (help) - ↑ "WTI - W&T Offshore Inc Forecast - CNNMoney.com". money.cnn.com. Retrieved 2022-04-15. Unknown parameter
|url-status=ignored (help) - ↑ "W&t Offshore, Inc. Pleads Guilty And Is Sentenced For Violations Of Clean Water Act Related To Offshore Production In Gulf Of Mexico". www.justice.gov. 2013-01-03. Retrieved 2022-04-15. Unknown parameter
|url-status=ignored (help)
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