W&T Offshore, Inc. Enters into the First Amendment to Fifth Amended and Restated Credit Agreement
Apr 27 15
On April 23, 2015, W&T Offshore Inc. entered into the first amendment to fifth amended and restated credit agreement among the company, as the borrower, Toronto Dominion (Texas) LLC, as the administrative agent, the lenders and other parties thereto. The amendment amended the company's fifth amended and restated credit agreement dated as of November 8, 2013 (the original credit agreement, and the original credit agreement as amended by the amendment, the credit agreement), which provides a secured revolving bank credit facility that matures on November 8, 2018. At March 31, 2015, there were $514 million of borrowings and approximately $0.6 million of letters of credit outstanding under the revolving bank credit facility. The amendment sets the borrowing base as of the date of the amendment at $600 million. The amendment increased the applicable margin applied to borrowings under the credit agreement by 50 basis points (0.5%) on an annual basis such that the LIBOR borrowings are subject to applicable margins ranging from 2.25% to 3.25% and alternate base rate borrowings are subject to applicable margins ranging from 1.25% to 2.25%.
W&T Offshore Inc. Presents at IPAA's OGIS New York, Apr-21-2015 04:30 PM
Mar 18 15
W&T Offshore Inc. Presents at IPAA's OGIS New York, Apr-21-2015 04:30 PM. Venue: Sheraton New York Times Square Hotel, 811 7th Avenue, New York, New York, United States. Speakers: Tracy W. Krohn, Co-Founder, Chairman, Chief Executive Officer and Member of Nominating & Corporate Governance Committee.
W&T Offshore Inc. Presents at 43rd Annual Scotia Howard Weil Energy Conference, Mar-25-2015 08:25 AM
Mar 18 15
W&T Offshore Inc. Presents at 43rd Annual Scotia Howard Weil Energy Conference, Mar-25-2015 08:25 AM. Venue: Roosevelt New Orleans Hotel, 130 Roosevelt Way, New Orleans, Louisiana, United States. Speakers: Jamie L. Vazquez, President.
W&T Offshore Inc. Announces Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Operating and Tax Rate Guidance for the First Quarter and Full Year of 2015
Mar 4 15
W&T Offshore Inc. announced unaudited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's oil production was 1.8 million barrels, up 2.1% over the fourth quarter of 2013. NGL production was 567,000 barrels, down slightly from the fourth quarter of 2013. Natural gas production was 13.1 billion cubic feet Bcf compared to 16.8 Bcf in the fourth quarter of 2013. Natural gas production volumes for the fourth quarter of 2013 were affected by a cumulative volume adjustment associated with previous periods, which resulted in a one-time positive adjustment of 2.6 Bcf in the fourth quarter of 2013.
For the full year, the company's oil production was 7.2 million barrels, up 2.3% over calendar year 2013. NGL production was 2.1 million barrels, up 1.0% over 2013, and natural gas production was 50.1 Bcf, down 6.0% from 2013. The continued focus on increasing oil production over natural gas production was evident in 2014 with successful exploration and development program focused on oil production and through acquisitions.
For the quarter, the company's revenues were $196.7 million compared to $244.9 million in the fourth quarter of 2013. Revenues decreased on a steep decline in crude oil prices, which were down $23.39 per barrel between the two quarters. Adjusted EBITDA was $89.6 million compared to $141.5 million reported for the fourth quarter of 2013. Adjusted EBITDA was lower primarily due to a $48.3 million decrease in revenues and a $3.7 million increase in operating expenses. Net loss was $33.4 million, or $0.44 per basic and diluted common share, compared to $11.9 million, or $0.16 per basic and diluted common share, during the same period in 2013. Excluding special items including derivative gains and losses, net loss was $40.4 million, or a loss of $0.53 per basic and diluted common share. This compares to a fourth quarter 2013 net loss, excluding special items, of $5.7 million, or $0.08 per basic and diluted common share. Earnings excluding special items were down primarily due to a $48.3 million decrease in revenues driven by a 10% decline in realized prices, lower production volumes, and a $3.7 million increase in operating expenses $2.2 million increase in gathering, transportation cost and production taxes, $1.8 million in G&A, offset by a $0.3 million decrease in LOE. Capital expenditures were $172.3 million compared to $211.4 million for the same period in 2013. Operating loss was $30,543,000 against operating income of $622,000 a year ago. Loss before income tax expense was $50,655,000 against $18,469,000 a year ago. Net cash provided by operating activities was $86,478,000 against $85,525,000 a year ago. EBITDA was $100,350,000 against $139,106,000 a year ago.
For the full year, the company's revenues were $948.7 million compared to $984.1 million in calendar year 2013. Revenues were lower despite the increase in oil and NGL production on an 11.2% decline in crude oil prices to $90.96 per barrel. Adjusted EBITDA was $569.2 million, a decrease of $37.5 million from the full year of 2013. Net cash provided by operating activities was $511.4 million compared to $561.4 million from the same period in 2013. Capital expenditures were $630.0 million compared to $635.8 million in 2013. Operating income was $62,068,000 against $146,731,000 a year ago. Loss before income tax expense was $16,120,000 against income before income tax expense of $80,096,000 a year ago. Net loss was $11,661,000 or $0.16 per basic and diluted share against net income of $51,322, 000 or $0.68 per basic and diluted share a year ago. Net loss excluding special items was $14,238,000 or $0.19 per basic and diluted share against net income excluding special items of $54,269,000 or $0.72 per basic and diluted share a year ago. EBITDA was $573,176,000 against $607,197,000 a year ago. Although the company's operating results came in as expected, the company's financial results were affected by lower realized oil and NGL prices, which were about 25% lower than last year.
The company provided operating and tax rate guidance for the first quarter and full year of 2015. For the first quarter, the company expects to produce oil and NGLs of 2.2 MMBbls to 2.5 MMBbls, natural gas of 12.0 Bcf to 13.3 Bcf and total production of 25.5 Bcfe to 28.2 Bcfe and 4.2 MMBoe to 4.7 MMBoe.
For the full year, the company expects to produce oil and NGLs of 9.3 MMBbls to 10.3 MMBbls, natural gas of 44.0 Bcf to 48.6 Bcf and total production of 100.0 Bcfe to 110.2 Bcfe and 16.6 MMBoe to 18.4 MMBoe.
For the first quarter, the company expects income tax rate of 35%.
For the full year, the company expects income tax rate of 35%. Capital expenditure budget currently set at $200 million.