Share price of
W&T Offshore, Inc.
) fell 1.2% on its announcement of total estimated proved oil and
natural gas reserves as of Feb 14, 2014.
W&T Offshore expects production for the fourth quarter to
increase 16% to 5.2 million barrels of oil equivalent (MMBOE)
from the fourth quarter of 2012. The quarter's production
comprised 1.8 million barrels of oil, 0.6 million barrels of
natural gas liquids (NGLs) and 16.8 billion cubic feet (Bcf) of
natural gas at an average realized sales price of $47.33 per
oil-equivalent barrels (Boe) or $7.89 per thousand cubic feet
equivalent (Mcfe). The company expects realized oil sales price
for the fourth quarter to average approximately $94.11 per
The company's focus on oil and NGL weighted projects resulted
in a year-over-year increase of 11.6% in total liquids
production. Crude oil production in 2013 increased 16.3% to 7.0
million barrels from 6.0 million barrels in 2012.
For the year 2013, production is estimated to have increased
5% to 18.0 MMBoe (or 107.9 Bcfe), over 2012 production levels.
Total 2013 production was split into 7.0 million barrels of oil,
2.1 million barrels of NGLs and 53.3 Bcf, at an average realized
sales price of $54.58 per Boe or $9.10 per Mcfe.
W&T Offshore is an independent oil and natural gas
producer with offshore operations in the GoM and onshore
activities in the Permian Basin of West Texas and in East Texas.
The company has grown through acquisitions, exploration and
development, and currently holds working interest in
approximately 71 offshore fields in federal and state waters (65
producing and six fields capable of producing).
W&T Offshore currently has under lease over 1.4 million
gross acres, including over 710,000 gross acres on the Gulf of
Mexico shelf, over 480,000 gross acres in the deepwater and over
220,000 gross acres onshore Texas. The majority of daily
production is derived from wells it operates offshore.
The company currently carries a Zacks Rank #3, which
translates into a Hold rating. Meanwhile one can consider
better-ranked energy sector stocks such as
Athlon Energy Inc.
Cabot Oil & Gas Corporation
Clayton Williams Energy, Inc.
). All these stocks currently sport a Zacks Rank #1 (Strong Buy).
ATHLON ENERGY (ATHL): Free Stock Analysis
CABOT OIL & GAS (COG): Free Stock Analysis
WILLIAMS(C)ENGY (CWEI): Free Stock Analysis
W&T OFFSHORE (WTI): Free Stock Analysis
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