W&T Offshore (WTI) Q3 Earnings Beat on Higher Production
W&T Offshore, Inc. WTI reported third-quarter 2019 adjusted earnings (excluding one-time items) of 13 cents per share, beating the Zacks Consensus Estimate of 1 cent but declining from the year-ago figure of 30 cents.
Meanwhile, quarterly revenues decreased to $132.2 million from $153.5 million a year ago. Moreover, the top line missed the Zacks Consensus Estimate of $134 million.
The better-than-expected earnings were supported by higher production volumes, partially offset by a decline in average realized prices and rise in lease operating expenses.
W&T Offshore, Inc. Price, Consensus and EPS Surprise
W&T Offshore, Inc. price-consensus-eps-surprise-chart | W&T Offshore, Inc. Quote
Overall Production Rises
Total oil equivalent production averaged 41,149 barrels of oil equivalent per day (Boe/d), which rose 13% from 36,508 Boe/d in the year-ago quarter. Oil production was recorded at 1.7 million barrels of oil (MMBbls), flat year over year. Natural gas liquids output totaled 283 MBbls, lower than 318 MBbls a year ago. Natural gas production of 10,606 million cubic feet (MMcf) in the reported quarter was higher than 7,939 MMcf in the year-earlier period. Of the total production in the quarter, 53% comprised liquids.
The rise in production was supported by the companys Mobile Bay acquisition from Exxon Mobil Corporation XOM, which added 74 million BOE of net proved reserves to its portfolio. Moreover, W&T ....