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W&T Offshore

W&T Offshore Inc is an oil and gas exploration and production company. The company's exploration operations are focused in the Gulf of Mexico, where it drills for oil and gas. The company engages in both deepwater drilling and shallow-water shelf drilling. W&T Offshore extracts crude oil, natural gas, and natural gas liquids, which are then sold directly at the wellhead. Overall, crude oil accounts for the majority of company's revenue, with natural gas accounting for a much smaller portion.

W&T Offshore Inc

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W&T Offshore shares are trading lower after the company reported worse-than-expected Q4 financial results.

"As we progress through 2025 with a stronger balance sheet, we remain poised to take advantage of potential acquisitions that will be accretive to our stakeholders. We remain committed to enhancing shareholder value and returning value to our shareholders through the quarterly dividend in place since November 2023," the company said.

News

Guidance

W&T Offshore Expects Capital Expenditure Budget For 2025 Of $34M - $42M

W&amp;T Offshore (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTI#NYSE">WTI</a>) reported quarterly losses of $(0.18) per share which missed the analyst consensus estimate of $(0.14) by 28.57 percent. This is a 200 percent decrease over losses of $(0.06) per share from the same period last year. The company reported quarterly sales of $120.34 million which missed the analyst consensus estimate of $126.09 million by 4.56 percent. This is a 9.06 percent decrease over sales of $132.34 million the same period last year.

Earnings

Earnings Misses

W&T Offshore Q4 2024 Adj EPS $(0.18) Misses $(0.14) Estimate, Sales $120.34M Miss $126.09M Estimate

<h3>Companies Reporting Before The Bell</h3>
• Sphere Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPHR#NYSE">SPHR</a>) is expected to report earnings for its second quarter. 
• TG Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGTX#NASDAQ">TGTX</a>) is expected to report quarterly earnings at $0.08 per share on revenue of $99.36 million. 
• Plug Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) is estimated to report quarterly loss at $0.19 per share on revenue of $274.06 million. 
• Burford Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUR#NYSE">BUR</a>) is projected to report quarterly earnings at $0.59 per share on revenue of $216.00 million. 
• Avadel Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVDL#NASDAQ">AVDL</a>) is estimated to report quarterly loss at $0.04 per share on revenue of $52.70 million. 
• Mersana Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRSN#NASDAQ">MRSN</a>) is projected to report quarterly loss at $0.16 per share on revenue of $7.64 million. 
• AG Mortgage IT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MITT#NYSE">MITT</a>) is estimated to report quarterly earnings at $0.20 per share on revenue of $17.01 million. 
• Syndax Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDX#NASDAQ">SNDX</a>) is likely to report quarterly loss at $1.07 per share on revenue of $21.98 million. 
• Nomad Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOMD#NYSE">NOMD</a>) is estimated to report quarterly earnings at $0.38 per share on revenue of $796.56 million. 
• Ocular Therapeutix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCUL#NASDAQ">OCUL</a>) is projected to report quarterly loss at $0.22 per share on revenue of $16.89 million. 
• BioLife Solns (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLFS#NASDAQ">BLFS</a>) is expected to report quarterly loss at $0.03 per share on revenue of $22.77 million. 
• Surgery Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGRY#NASDAQ">SGRY</a>) is projected to report quarterly earnings at $0.49 per share on revenue of $828.01 million. 
• N-able (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NABL#NYSE">NABL</a>) is projected to report quarterly earnings at $0.08 per share on revenue of $113.77 million. 
• Ready Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RC#NYSE">RC</a>) is estimated to report quarterly earnings at $0.26 per share on revenue of $55.44 million. 
• Hut 8 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>) is likely to report quarterly loss at $0.35 per share on revenue of $25.62 million. 
• Stereotaxis (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/STXS#AMEX">STXS</a>) is expected to report quarterly loss at $0.06 per share on revenue of $6.42 million. 
• Sunnova Energy Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOVA#NYSE">NOVA</a>) is likely to report quarterly loss at $0.67 per share on revenue of $234.99 million. 
• GEO Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEO#NYSE">GEO</a>) is likely to report earnings for its fourth quarter. 
• Fortrea Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTRE#NASDAQ">FTRE</a>) is likely to report quarterly earnings at $0.37 per share on revenue of $703.90 million. 
• California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) is expected to report quarterly earnings at $1.02 per share on revenue of $904.91 million. 
<h3>Companies Reporting After The Bell</h3>
• NuScale Power (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>) is estimated to report quarterly loss at $0.12 per share on revenue of $1.07 million. 
• B. Riley Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RILY#NASDAQ">RILY</a>) is likely to report earnings for its fourth quarter. 
• ADMA Biologics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADMA#NASDAQ">ADMA</a>) is projected to report quarterly earnings at $0.16 per share on revenue of $113.40 million. 
• Ekso Bionics Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EKSO#NASDAQ">EKSO</a>) is expected to report quarterly loss at $0.08 per share on revenue of $5.30 million. 
• GigaCloud Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GCT#NASDAQ">GCT</a>) is projected to report quarterly earnings at $0.88 per share on revenue of $288.33 million. 
• Smart Sand (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SND#NASDAQ">SND</a>) is likely to report quarterly earnings at $0.09 per share on revenue of $65.90 million. 
• OFS Capital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OFS#NASDAQ">OFS</a>) is estimated to report quarterly earnings at $0.23 per share on revenue of $10.30 million. 
• Fractyl Health (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GUTS#NASDAQ">GUTS</a>) is likely to report earnings for its fourth quarter. 
• Crawford &amp; Company Common Stock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRD#NYSE">CRD</a>) is estimated to report quarterly earnings at $0.23 per share on revenue of $334.82 million. 
• MRC Global (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRC#NYSE">MRC</a>) is projected to report quarterly earnings at $0.08 per share on revenue of $726.90 million. 
• W&amp;T Offshore (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTI#NYSE">WTI</a>) is expected to report quarterly loss at $0.25 per share on revenue of $130.04 million. 
• Dave (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAVE#NASDAQ">DAVE</a>) is estimated to report quarterly earnings at $1.08 per share on revenue of $95.23 million. 
• AST SpaceMobile (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>) is expected to report quarterly loss at $0.15 per share on revenue of $1.88 million. 
• Ranger Energy Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNGR#NYSE">RNGR</a>) is projected to report quarterly earnings at $0.18 per share on revenue of $142.60 million. 
• James River Gr Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JRVR#NASDAQ">JRVR</a>) is projected to report quarterly loss at $0.46 per share on revenue of $159.91 million. 
• Emergent BioSolutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EBS#NYSE">EBS</a>) is likely to report quarterly loss at $0.08 per share on revenue of $270.50 million. 
• Repay Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RPAY#NASDAQ">RPAY</a>) is expected to report quarterly earnings at $0.25 per share on revenue of $82.56 million. 
• Viant Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DSP#NASDAQ">DSP</a>) is expected to report quarterly earnings at $0.21 per share on revenue of $83.91 million. 
• GitLab (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTLB#NASDAQ">GTLB</a>) is expected to report quarterly earnings at $0.23 per share on revenue of $206.48 million. 
• Crawford &amp; Company Common Stock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRD#NYSE">CRD</a>) is projected to report quarterly earnings at $0.24 per share on revenue of $334.82 million. 
• Biodesix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BDSX#NASDAQ">BDSX</a>) is expected to report quarterly loss at $0.06 per share on revenue of $19.83 million. 
• Intrepid Potash (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPI#NYSE">IPI</a>) is likely to report quarterly loss at $0.05 per share on revenue of $53.44 million. 
• Senseonics Holdings (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/SENS#AMEX">SENS</a>) is projected to report quarterly loss at $0.03 per share on revenue of $7.79 million. 
• Quantum-Si (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QSI#NASDAQ">QSI</a>) is estimated to report quarterly loss at $0.19 per share on revenue of $1.29 million. 
• NCR Atleos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NATL#NYSE">NATL</a>) is estimated to report quarterly earnings at $1.02 per share on revenue of $1.10 billion. 
• Heidrick &amp; Struggles Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSII#NASDAQ">HSII</a>) is expected to report quarterly earnings at $0.63 per share on revenue of $263.33 million. 
• Concentra Group Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CON#NYSE">CON</a>) is likely to report quarterly earnings at $0.17 per share on revenue of $463.65 million. 
• ThredUp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TDUP#NASDAQ">TDUP</a>) is estimated to report quarterly loss at $0.13 per share on revenue of $70.65 million. 
• Okta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>) is expected to report quarterly earnings at $0.74 per share on revenue of $669.10 million. 
• Kayne Anderson BDC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBDC#NYSE">KBDC</a>) is estimated to report earnings for its fourth quarter. 
• BRC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRCC#NYSE">BRCC</a>) is expected to report quarterly loss at $0.05 per share on revenue of $106.20 million. 
• Whitestone REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSR#NYSE">WSR</a>) is expected to report quarterly earnings at $0.26 per share on revenue of $38.39 million. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Earnings Scheduled For March 3, 2025

W&T Offshore Announces Private Offering Of $350M To Replace 2026 Notes And Repay Term Loan

W&T Offshore Sees FY24 Total Equivalents (MBoe) 11,900 – 13,267

W&T Offshore Sees Q4 Total Equivalents (MBoe) 2,927-3,253

W&amp;T Offshore (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTI#NYSE">WTI</a>) reported quarterly losses of $(0.17) per share which beat the analyst consensus estimate of $(0.19) by 10.53 percent. The company reported quarterly sales of $121.372 million which missed the analyst consensus estimate of $122.406 million by 0.84 percent. This is a 14.77 percent decrease over sales of $142.411 million the same period last year.

Earnings Beats

W&T Offshore Q3 2024 Adj. EPS $(0.17) Beats $(0.19) Estimate, Sales $121.372M Miss $122.406M Estimate

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Shares of oil and fossil fuel companies are trading higher following the US presidential election. Investors may be weighing the potential impact of Donald Trump's energy policies on the sector.

W&amp;T Offshore (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTI#NYSE">WTI</a>) is gearing up to announce its quarterly earnings on Thursday, 2024-11-07. Here's a quick overview of what investors should know before the release.
Analysts are estimating that W&amp;T Offshore will report an earnings per share (EPS) of $-0.19.
Investors in W&amp;T Offshore are eagerly awaiting the company's announcement, hoping for news of surpassing estimates and positive guidance for the next quarter.
It's worth noting for new investors that stock prices can be heavily influenced by future projections rather than just past performance.
<h3>Earnings History Snapshot</h3>
In the previous earnings release, the company missed EPS by $0.06, leading to a 4.27% increase in the share price the following trading session.
Here's a look at W&amp;T Offshore's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.01</td>
<td>-0.05</td>
<td>0.01</td>
<td>0.03</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>-0.05</td>
<td>-0.05</td>
<td>-0.06</td>
<td>0.01</td>
</tr>
<tr>
<td>Price Change %</td>
<td>4.0%</td>
<td>-2.0%</td>
<td>-8.0%</td>
<td>-2.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730908906_0.png" alt="eps graph" />
<h3>Performance of W&amp;T Offshore Shares</h3>
Shares of W&amp;T Offshore were trading at $2.25 as of November 05. Over the last 52-week period, shares are down 36.33%. Given that these returns are generally negative, long-term shareholders are likely upset going into this earnings release. 
<a href="https://www.benzinga.com/quote/WTI/earnings">To track all earnings releases for W&amp;T Offshore visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

What to Expect from W&T Offshore's Earnings

U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 100 points on Monday.
Shares of Koninklijke Philips N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHG#NYSE">PHG</a>) fell sharply in today's pre-market trading after the company reported third-quarter EPS and sales below estimates and revised its 2024 outlook due to <a href="https://www.benzinga.com/news/earnings/24/10/41570381/dutch-health-tech-firm-philips-q3-earnings-miss-expectations-lowers-annual-forecasts-on-weak-demand">weak demand in China</a>.
On Monday, the company reported third-quarter adjusted EPS of 0.32 euros (or $0.35), missing the consensus of 0.35 euros. The Dutch conglomerate reported sales of 4.38 billion euros ($4.74 billion), down 2% year over year and missing the consensus of 4.54 billion euros.
Koninklijke Philips shares dipped 17.2% to $26.24 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
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<li>Tevogen Bio Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TVGN#NASDAQ">TVGN</a>) shares declined 10.8% to $2.72 after surging 19% on Friday.</li>
<li>Borr Drilling Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BORR#NYSE">BORR</a>) dipped 6.8% to $4.38 in pre-market trading. Borr Drilling announced pricing of offering of additional 10.375% senior secured notes due 2030 for gross proceeds of $175 million.</li>
<li>Bowhead Specialty Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOW#NYSE">BOW</a>) shares fell 5.6% to $27.77 in pre-market trading. Bowhead Specialty priced its 4 million common share secondary offering at $29 per share.</li>
<li>W&amp;T Offshore, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTI#NYSE">WTI</a>) shares fell 5.6% to $2.03 in pre-market trading.</li>
<li>Clear Channel Outdoor Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCO#NYSE">CCO</a>) fell 4.3% to $1.5500 in pre-market trading. Clear Channel Outdoor announced the termination of agreement to sell its business in Spain to a subsidiary of JCDecaux following regulatory review.</li>
<li>Obsidian Energy Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OBE#NYSE">OBE</a>) fell 2.9% to $5.74 in pre-market trading. OBSIDIAN ENERGY will release third quarter 2024 financial and operational results before the markets open on Thursday, Oct. 31.</li>
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Shares of oil and gas companies are trading lower following reports suggesting an impending deal will restart Libyan oil production and exports.

W&amp;T Offshore, Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wti#NYSE">WTI</a>) reported a second-quarter 2024 loss of 5 cents per share (excluding one item), wider than the Zacks Consensus Estimate of a loss of 3 cents. However, the bottom line improved from the year-ago quarter&#39;s reported loss of 8 cents.
Total quarterly revenues of $142.8 million missed the Zacks Consensus Estimate of $152 million. However, the top line increased from $126 million reported in the prior-year quarter.
The weaker-than-expected quarterly earnings were due to low oil-equivalent production and rising operating expenses. This was partially offset by higher average realized prices for oil-equivalent production.
<div class="chart_embed">
<h3>W&amp;T Offshore, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="W&amp;T Offshore, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/71/1723027552.png" style="height:265px; width:573px" title="" />
W&amp;T Offshore, Inc. price-consensus-eps-surprise-chart | W&amp;T Offshore, Inc. Quote
</div>
<h3>Production Statistics</h3>
Production for the quarter averaged 34.9 thousand barrels of oil equivalent per day (MBoe/d), down from 37 MBoe/d in the corresponding period of 2023. The reported metric was lower than our estimate of 37 Mboe/d. The production was negatively impacted by the company&#39;s primary Mobile Bay processing plant getting shut down by the third-party operator to perform a turnaround. The decrease was partially offset by increased production from wells acquired in January 2024 and September 2023.
Oil production totaled 1,382 thousand barrels (MBbls), up from 1,254 MBbls in the year-ago quarter. The figure missed our estimate of 1,387 MBbls.
Natural gas liquids&#39; output totaled 334 MBbls, which decreased from 443 MBbls a year ago but surpassed our estimate of 312 MBbls.
Natural gas production of 8,769 million cubic feet (MMcf) was lower than 10,023 MMcf in the prior-year quarter. The figure missed our estimate of 10,017 MMcf.
<h3>Realized Commodity Prices</h3>
The average realized price for oil in the second quarter was $80.29 per barrel, higher than the year-ago level of $71.76. Our estimate for the same was pegged at $81.46.
The average realized price of NGL increased to $24.43 per barrel from $23.44 in the second quarter of 2023. Our estimate for the same was pinned at $20.69 per barrel.
The average realized price of natural gas in the June-end quarter was $2.50 per thousand cubic feet, up from $2.34 in the corresponding period of 2023 and above our estimate of $2.33.
The average realized price for oil-equivalent output increased to $44.40 per barrel from $36.76 a year ago. The figure also beat our estimate of $42.38.
<h3>Operating Expenses</h3>
Lease operating expenses increased to $23.29 per Boe from $19.60 in the year-ago period. The reported figure was lower than our estimate of $25.98.
Also, general and administrative expenses increased to $6.72 per Boe from $5.16 a year ago. The figure was higher than our estimate of $5.44.
<h3>Cash Flow</h3>
Net cash from operations totaled $37.4 million, up from $26.2 million in the year-ago quarter.
The free cash flow increased to $18.7 million from $9.7 million in the year-earlier quarter.
<h3>Capital Spending &amp; Balance Sheet</h3>
For the reported quarter, W&amp;T Offshore spent $8.8 million on oil and gas resources and equipment.
As of Jun 30, 2024, the company&#39;s cash and cash equivalents amounted to $123.4 million and net long-term debt totaled $376.9 million. The current portion of the long-term debt is $14.9 million.
<h3>Guidance</h3>
For the third quarter of 2024, W&amp;T Offshore expects production to be in the band of 2,842-3,208 Mboe. For 2024, its production is anticipated to be in the 11,900-13,267 Mboe range.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
Currently, WTI carries a Zacks Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>), SM Energy Company&nbsp;and Baker Hughes Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bkr#NASDAQ">BKR</a>). While Sunoco and SM Energy currently sport a Zacks Rank #1 (Strong Buy) each, Baker Hughes carries a Zacks Rank #2 (Buy).
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM&#39;s 2024 EPS is pegged at $7.09. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Baker Hughes, a leading player in the oilfield service sector, is known for its advanced technologies and equipment catering to the needs of upstream companies. The company expects substantial growth from LNG contracts globally due to the strong demand outlook.
The Zacks Consensus Estimate for BKR&#39;s 2024 EPS is pegged at $2.20. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 in the past seven days.
<a href="https://www.zacks.com/stock/news/2318212/w-t-offshore-wti-q2-earnings-lag-estimates-on-lower-production?cid=CS-BENZ-FT-analyst_blog|earnings_article-2318212">To read this article on Zacks.com click here.</a>

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W&T Offshore Q2 Earnings Lag Estimates on Lower Production

W&T Offshore shares are trading higher after the company reported better-than-expected Q2 adjusted EPS results.

W&amp;T Offshore (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTI#NYSE">WTI</a>) reported quarterly losses of $(0.05) per share which beat the analyst consensus estimate of $(0.06) by 16.67 percent. This is a 37.5 percent increase over losses of $(0.08) per share from the same period last year. The company reported quarterly sales of $142.757 million which missed the analyst consensus estimate of $148.035 million by 3.57 percent. This is a 13.14 percent increase over sales of $126.181 million the same period last year.

W&T Offshore Q2 2024 Adj. EPS $(0.05) Beats $(0.06) Estimate, Sales $142.757M Miss $148.035M Estimate

W&amp;T Offshore's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTI#NYSE">WTI</a>) short percent of float has risen 3.05% since its last report. The company recently reported that it has 20.10 million shares sold short, which is 20.58% of all regular shares that are available for trading. Based on its trading volume, it would take traders 9.01 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>W&amp;T Offshore Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1715706018_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for W&amp;T Offshore has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing W&amp;T Offshore's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, W&amp;T Offshore's peer group average for short interest as a percentage of float is 3.50%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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How Is The Market Feeling About W&T Offshore?

Production, Prices and Revenue:&nbsp;&nbsp; Production for the first quarter of 2024 was 35.1 MBoe/d compared with 34.1 MBoe/d for the fourth quarter of 2023 and 32.5 MBoe/d for the corresponding period in 2023. The increase in production compared to the fourth quarter of 2023 was primarily driven by the inclusion of the Cox acquisition, which closed in January 2024 and was partially offset by natural decline. First quarter 2024 production was comprised of 15.4 thousand barrels per day ("MBbl/d") of oil (44%), 3.8 MBbl/d of natural gas liquids ("NGLs") (11%), and 96.0 million cubic feet per day ("MMcf/d") of natural gas (45%). Production in the second quarter of 2024 will be negatively impacted by planned maintenance which required shut-ins of select fields and is reflected in second quarter guidance.
&nbsp;
Second Quarter and Full Year 2024 Production and Expense Guidance
The guidance for the second quarter and full year 2024 in the table below represents the Company's current expectations. Please refer to the section entitled "Forward-Looking and Cautionary Statements" below for risk factors that could impact guidance.
<figure class="table"> 
<table>
<tbody>
<tr>
<td>Production</td>
<td>Second Quarter 2024</td>
<td>Full Year 2024</td>
</tr>
<tr>
<td>Oil (MBbl)</td>
<td>1,225 – 1,400</td>
<td>5,100 – 5,800</td>
</tr>
<tr>
<td>NGLs (MBbl)</td>
<td>280 – 315</td>
<td>1,150 – 1,375</td>
</tr>
<tr>
<td>Natural gas (MMcf)</td>
<td>8,800 – 10,060</td>
<td>37,000 – 44,500</td>
</tr>
<tr>
<td>Total equivalents (MBoe)</td>
<td>2,972 – 3,392</td>
<td>12,417 – 14,592</td>
</tr>
<tr>
<td>Average daily equivalents (MBoe/d)</td>
<td>32.7 – 37.3</td>
<td>33.9 – 39.9</td>
</tr>
<tr>
<td>Expenses</td>
<td>Second Quarter 2024</td>
<td>Full Year 2024</td>
</tr>
<tr>
<td>Lease operating expense ($MM)</td>
<td>83.0 – 92.0</td>
<td>295.0 – 332.0</td>
</tr>
<tr>
<td>Gathering, transportation &amp; production taxes ($MM)</td>
<td>8.1 – 8.9</td>
<td>34.5 – 39.0</td>
</tr>
<tr>
<td>General &amp; administrative – cash ($MM)</td>
<td>13.7 – 15.1</td>
<td>59.0 – 66.5</td>
</tr>
<tr>
<td>General &amp; administrative – non-cash ($MM)</td>
<td>2.9 – 3.3</td>
<td>12.5 – 14.0</td>
</tr>
<tr>
<td>DD&amp;A ($ per Boe)</td>
<td>11.4 – 12.9</td>
<td>&nbsp;</td>
</tr>
</tbody>
</table>
</figure>
W&amp;T expects substantially all taxes in 2024 to be deferred.&nbsp;

W&T Offshore Says Production In Q2 2024 Will Be Negatively Impacted By Planned Maintenance Which Required Shut-Ins Of Select Fields And Is Reflected In Q2 Guidance

W&amp;T Offshore (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTI#NYSE">WTI</a>) reported quarterly losses of $(0.05) per share which beat the analyst consensus estimate of $(0.06) by 16.67 percent. This is a 150 percent decrease over losses of $(0.02) per share from the same period last year. The company reported quarterly sales of $140.79 million which beat the analyst consensus estimate of $139.56 million by 0.88 percent. This is a 6.88 percent increase over sales of $131.72 million the same period last year.

W&T Offshore Q1 Adj $(0.05) Beats $(0.06) Estimate, Sales $140.79M Beat $139.56M Estimate

W&amp;T Offshore's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTI#NYSE">WTI</a>) short percent of float has fallen 16.2% since its last report. The company recently reported that it has 19.54 million shares sold short, which is 19.97% of all regular shares that are available for trading. Based on its trading volume, it would take traders 8.56 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>W&amp;T Offshore Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713991511_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for W&amp;T Offshore has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing W&amp;T Offshore's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, W&amp;T Offshore's peer group average for short interest as a percentage of float is 3.46%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(WTI) - Analyzing W&T Offshore's Short Interest

Stifel analyst Derrick Whitfield maintains W&amp;T Offshore (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTI#NYSE">WTI</a>) with a Buy and raises the price target from $7.5 to $7.8.

Price Target

Stifel Maintains Buy on W&T Offshore, Raises Price Target to $7.8

Press Releases

W&T Offshore Announces Proposed Senior Second Lien Notes Offering

W&T Offshore Commences Cash Tender Offer and Consent Solicitation

Financing

W&T Offshore Prices $350 Million Senior Second Lien Notes Offering

W&T Offshore Announces Initial Results of Cash Tender Offer and Consent Solicitation

W&T Offshore Announces Closing of $350 Million Senior Second Lien Notes Offering And Additional Strengthening of Balance Sheet

W&T Offshore Announces Timing of Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

Dividends

W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

Management

W&T Offshore Announces Management Promotion

W&T Offshore to Participate in Water Tower Research Fireside Chat on April 7, 2025

W&T Offshore Announces Timing of First Quarter 2025 Earnings Release and Conference Call

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