W&T Offshore (WTI) Misses Q1 EPS by 34c

After the close, W&T Offshore (NYSE: WTI) reported Q1 adj-EPS of ($1.13), $0.34 worse than the analyst estimate of ($0.79). Revenue for the quarter came in at $127.9 million versus the consensus estimate of $138.5 million.

• Production for the first quarter of 2015 averaged approximately 49,000 Boe per day (4.4 million Boe in total for the quarter), 53% of which was oil and liquids. Oil production increased 9.4% for the first quarter of 2015 compared to the first quarter of 2014 while natural gas production decreased 2.1%. Our average quarterly realized sales price was $43.04 per barrel for oil, $16.81 per barrel for natural gas liquids ("NGLs") and $3.01 per thousand cubic feet ("Mcf") for natural gas. On a combined basis our average realized sales price was $28.70 per Boe.
• Revenues for the first quarter of 2015 were $127.9 million, 70% of which was from oil and NGLs.
• Continued deepwater development remains on schedule at "Big Bend", "Dantzler", "Medusa", and Ewing Banks 910.
• In April 2015 we amended our existing revolving bank credit facility and modified certain covenants to enhance the Company's financial flexibility. The borrowing base under the bank credit facility is now $600 million.
• On May 5, 2015, we announced the pricing and marketing of a $300.0 million five-year second-lien term loan bearing interest at an annual rate of 9.0%.

For earnings history and earnings-related data on W&T Offshore (WTI) click here.

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