W&T Offshore, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 05:21 pm EST
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W&T Offshore, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 142.41 million compared to USD 266.49 million a year ago. Net income was USD 2.15 million compared to USD 66.72 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to USD 0.46 a year ago. Diluted earnings per share from continuing operations was USD 0.01 compared to USD 0.46 a year ago.
For the nine months, revenue was USD 400.32 million compared to USD 731.3 million a year ago. Net income was USD 16.04 million compared to USD 187.7 million a year ago. Basic earnings per share from continuing operations was USD 0.11 compared to USD 1.3 a year ago. Diluted earnings per share from continuing operations was USD 0.11 compared to USD 1.3 a year ago.
W&T Offshore, Inc. is an independent oil and natural gas producer. The Company is engaged in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. It has a working interest in over 53 offshore producing fields in federal and state waters (which include 44 fields in federal waters and nine in state waters). The Company has under lease approximately 597,100 gross acres (440,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 435,600 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 8,000 gross acres in Alabama onshore. The Company's wholly owned subsidiaries consists of Aquasition Energy, LLC, Aquasition, LLC, Aquasition II, LLC, Aquasition III, LLC, Aquasition IV, LLC, Aquasition V, LLC, Green Hell, LLC, Seaquester, LLC, Seaquestration, LLC, and W & T Energy VI, LLC.