Markets
SOL

W&T Offshore Makes Deepwater Discovery in Gulf of Mexico

A generic image of a pen on top of a stock chart.
Credit: Shutterstock photo

W&T Offshore, Inc.WTI announced a new discovery at the Ewing Banks 954 A-8 exploratory well located in the deepwater Gulf of Mexico. The well, which recently reached total depth, represents the second discovery in a two-well drilling program from the EW 910 platform. This second well follows the earlier discovery at the ST 320 A-5 well in May 2015, which was also drilled from the EW 910 platform. W&T is the operator of the EW 910 field and owns a 50% working interest in the well.

The EW 954 A-8 well penetrated a total of 150 feet of measured depth hydrocarbon pay contained in two sands. Completion operations are currently underway with a planned two-zone completion. Following facility tie-in, first production is expected during the first quarter of 2016.

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 60 offshore fields in federal and state waters (56 producing and four fields capable of producing).

W&T Offshore currently has under lease over 1.0 million gross acres, including over 0.6 million gross acres on the Gulf of Mexico shelf and over 0.4 million gross acres in the deepwater. A large chuck of the daily production is derived from wells it operates offshore.

The company currently carries a Zacks Rank #3 (Hold). However, there are other stocks in the sector that appear rewarding. Among these, Energy Transfer Equity, L.P. ETE , ReneSola Ltd. SOL and Boardwalk Pipeline Partners, LP BWP are expected to outperform the broader market over the next few months and carry a Zacks Rank #1 (Strong Buy).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

RENESOLA LT-ADR (SOL): Free Stock Analysis Report

ENERGY TRAN EQT (ETE): Free Stock Analysis Report

W&T OFFSHORE (WTI): Free Stock Analysis Report

BOARDWALK PIPLN (BWP): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

SOL WTI

Other Topics

Stocks

Latest Markets Videos

    Zacks

    Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, that discovery is still the heart of the Zacks Rank. A wealth of resources for individual investors is available at www.zacks.com.

    Learn More