W&T Offshore, Inc. engages in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. As of December 31, 2015, the company had interests in offshore leases covering approximately 900,000 gross acres (550,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama. On a gross acreage basis, the conventional shelf constitutes approximately 550,000 acres and deepwater constitutes approximately 350,000 acres of its offshore acreage. Reserves As of December 31, 2015, the company’s total proved reserves were 76.4 million barrels of oil equivalent (MMBoe) or 458.1 billion cubic feet of gas equivalent (Bcfe). Its total proved reserves had an estimated present value of future net revenues discounted at 10% (PV-10). Fields Ship Shoal 349 Field (Mahogany): Ship Shoal 349 field is located off the coast of Louisiana, approximately 235 miles southeast of New Orleans, in 375 feet of water. The field area covers Ship Shoal blocks 349 and 359, with a single production platform on Ship Shoal block 349. Fairway Field: The Fairway field is comprised of Mobile Bay Area blocks 113 (Alabama State Lease #0531) and 132 (Alabama State Lease #0532) and located in 25 feet of water, approximately 35 miles south of Mobile, Alabama. The company acquired its 64.3% working interest, along with operatorship in the Fairway field and the associated Yellowhammer gas processing plant from Shell Offshore, Inc. (Shell) in August 2011 and acquired the remaining working interest of 35.7% in September 2014. Mississippi Canyon 243 Field (Matterhorn): Mississippi Canyon 243 field is located off the coast of Louisiana, approximately 100 miles southeast of New Orleans, in 2,552 feet of water. The field area covers Mississippi Canyon block 243, with a single floating, tension leg production platform. The company acquired a 100% working interest in the field from Total E&P USA Inc. (Total E&P) in 2010. This field is a supra-salt development with 17 productive horizons at depths ranging to 9,850 feet. Viosca Knoll 783 Field (Viosca Knoll 783 Lease (Tahoe) and Viosca Knoll 784 Lease (SE Tahoe)): The Viosca Knoll 783 field is located off the coast of Louisiana, approximately 140 miles southeast of New Orleans, in 1,500 to 1,700 feet of water. The field area covers Viosca Knoll blocks 783 and 784, with subsea tiebacks to two platforms in Main Pass 252. The company acquired a 70% working interest in the Tahoe lease and a 100% working interest in the SE Tahoe lease from Shell in 2010. The company is the operator for these properties. Mississippi Canyon 782 Field (Dantzler): Mississippi Canyon 782 field is located off the coast of Louisiana, approximately 160 miles southeast of New Orleans, in 6,600 feet of water. The field area covers Mississippi Canyon block 782 and 738. The company has a 20% working interest, which is operated by Noble Energy. Main Pass 108 Field: Main Pass 108 field consists of Main Pass blocks 107, 108 and 109. This field is located off the coast of Louisiana approximately 50 miles east of Venice in 50 feet of water. The company acquired its working interests in these blocks, which range from 33% to 100%, in a transaction with Kerr-McGee Oil and Gas Corporation (Kerr-McGee) and the company is the operator for the majority of these properties. Brazos A-133 Field: Brazos A-133 field is located 85 miles east of Corpus Christi, Texas in 200 feet of water. There are five active platforms, three of which are production platforms. Cumulative field production through 2015 is approximately 152.9 MMBoe gross (917.6 Bcfe gross) from the Middle Miocene Tex W and Big Hum sections. The company owns a 50% working interest, of which 25% was obtained through a transaction with Kerr-McGee in 2006 and an additional 25% was obtained through a transaction with Chevron U.S.A. Inc. in 2015. Ewing Bank 910: Ewing Bank 910 is located approximately 68 miles off the Louisiana coast in 560 feet of water. The field area covers Ewing Bank blocks 910 and 954, and South Timbalier block 320. The company owns a 100% working interest in the main field pays, having acquired a 40% working interest from Kerr-McGee in 2006 and the remaining 60% from Petrobras America Inc. in 2014. Two recently successful deep wells are subject to a 50% working interest with Walter Oil and Gas. A single production platform is located on Block 910. Mississippi Canyon 698 Field (Big Bend): Mississippi Canyon 698 is approximately 160 miles southeast of New Orleans in 7,221 feet of water. The field area covers portions of Mississippi Canyon blocks 697, 698, and 742. The company has a 20% working interest, which is operated by Noble Energy. Mississippi Canyon 582 Field (Medusa): Mississippi Canyon 582 field is located off the coast of Louisiana approximately 110 miles south-southeast of New Orleans in 2,200 feet of water. The field area covers Mississippi Canyon blocks 538, 582 and 583. The company acquired a 15% working interest in the field from Callon Petroleum Operating Company in 2013. The Medusa Spar facility is located on Block 582. Production occurs from late Miocene to early Pliocene deep water, channel/levee sand reservoirs. Customers The company sells its crude oil, NGLs and natural gas to third-party customers. In 2015, approximately 50% of the company’s sales were to Shell Trading (US) Co. and 14% to J. P. Morgan. Business Strategy The company’s business strategy is to acquire, explore and develop oil and natural gas reserves on the Outer Continental Shelf. Divestiture In October 2015, the company sold certain onshore oil and natural gas property interests to Ajax Resources, LLC. Regulations The Bureau of Ocean Energy Management and the Bureau of Safety and Environmental Enforcement regulations, pursuant to the Outer Continental Shelf Lands Act, apply to the company’s operations on Federal leases in the Gulf of Mexico. Air emissions from the company’s operations are subject to the Federal Clean Air Act and comparable state and local requirements. History W&T Offshore, Inc. was founded in 1983.
w&t offshore inc
(WTI:New York Consolidated)
Nine Greenway Plaza
Houston, TX 77046
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