W&T Offshore(WTI) - 2025 Q1 - Quarterly Results

Production and Sales - W&T Offshore produced 30.5 MBoe/d in Q1 2025, with 52% being liquids, towards the high end of guidance[2] - The average realized price per Boe was $46.50 in Q1 2025, a 17$87.716 million, while natural gas revenues increased to $35.109 million, up from$24.203 million in the previous quarter, indicating a significant growth in natural gas sales[39] - Net sales volumes for oil decreased to 1,230 MBbls in Q1 2025 from 1,263 MBbls in Q4 2024, and natural gas sales volumes decreased to 7,884 MMcf from 8,505 MMcf[41] - Average realized sales price for oil increased to $71.31 per Bbl in Q1 2025 from$68.71 per Bbl in Q4 2024, while natural gas prices rose to $4.45 per Mcf from$2.85 per Mcf[41] Financial Performance - The company reported a net loss of $30.6 million, or$(0.21) per diluted share, with an Adjusted Net Loss of $19.1 million, or$(0.13) per diluted share[2] - Adjusted EBITDA for Q1 2025 was $32.2 million, a 2$129.9 million, an 8% increase from Q4 2024, but an 8% decrease compared to Q1 2024[6][7] - Operating loss for Q1 2025 was $8.244 million, an improvement from a loss of$16.990 million in the previous quarter[39] - The company reported a net loss of $30,577,000 in Q1 2025, compared to a net loss of$23,362,000 in Q4 2024 and $11,474,000 in Q1 2024[44] - Adjusted net loss for Q1 2025 was$19,084,000, improving from $26,193,000 in Q4 2024[50] Expenses and Liabilities - Lease Operating Expenses (LOE) were$71.0 million, below the low end of guidance, and approximately 11% higher than Q4 2024[8] - Lease operating expenses for Q1 2025 were $71.012 million, up from$64.259 million in the previous quarter[39] - The company’s total current liabilities decreased to $187,931,000 in Q1 2025 from$246,084,000 in Q4 2024[43] - Interest expense, net, was $9,492,000 for the quarter, slightly down from$10,226,000 in the previous quarter[54] Cash Flow and Capital Expenditures - Capital expenditures for Q1 2025 were $8.5 million, with a full-year budget expected between$34 million and $42 million[17][18] - Free Cash Flow improved to$10,483,000 for the three months ended March 31, 2025, compared to a negative Free Cash Flow of $(10,188,000) in the previous quarter[55] - The company generated$63,267,000 in net cash from investing activities in Q1 2025, compared to a net cash used of $14,143,000 in Q4 2024[44] - Proceeds from the issuance of long-term debt amounted to$350,000,000 in Q1 2025, while repayments of long-term debt were $384,264,000[44] Assets and Equity - Total assets decreased to$1,024,946,000 as of March 31, 2025, down from $1,098,930,000 at the end of 2024[43] - Cash and cash equivalents at the end of Q1 2025 were$105,933,000, slightly down from 109,003,000 at the end of Q4 2024[43] - W&T had unrestricted cash and cash equivalents of 105.9 million and Net Debt of $244.1 million as of March 31, 2025[5][19] Dividends - The company declared a second quarter 2025 dividend of$0.01 per share, payable on May 27, 2025[1][5] - The company declared a dividend of $0.01 per share for Q2 2025, to be paid on May 27, 2025[27] Operational Activities - The company performed five workovers in Q1 2025, which positively impacted production, and plans to continue these low-cost operations[28] - Production guidance for Q2 2025 is set at 1,295 to 1,435 MBbl for oil and 8,830 to 9,750 MMcf for natural gas, with total equivalents expected to be between 2,977 and 3,295 MBoe[30] Tax and Regulatory - The company expects to defer substantially all income taxes in 2025[30] - The company reported a current tax expense of$902,000 for the three months ended March 31, 2025, compared to $92,000 in the previous quarter[55]