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W&T Offshore Inc. ( WTI ) is down near 4% at $15.80 but above a day low $15.20 after cutting its year production estimate in a release announcing a discovery at the Big Bend exploration prospect in the deepwater Gulf of Mexico. The company reports that open-hole logging identified approximately 150 feet of net oil pay in two high-quality Miocene reservoirs. W&T Offshore holds a 20% working interest in this well, which is operated by Noble Energy Inc. ( NBL ).

WTI cut its production estimate for the year, citing the effect of production deferrals resulting from multiple third-party pipeline outages, production delays and lower natural gas liquids production.

The company now expects total production in billions of cubic feet equivalent between 101.3 and 103, down from its prior view of 103 to 107. It anticipates total production in million barrels of oil equivalent between 16.9 and 17.2, down from a prior view of 17.1 to 17.8.

The company sees oil and natural gas liquids production of eight million to 8.1 million barrels, versus a prior view of eight million to 8.3 million. WTI also predicts natural gas production measured in billion cubic feet between 53.3 and 54.4 from its prior view of 54.7 to 56.8.

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