Initiating Coverage: Cash Provides Flexibility
W&T Offshore is an independent oil and natural gas exploration and production company focused on extracting value from producing assets in the US Gulf of Mexico. The company has plied the Gulf since its founding 40 years ago. High-quality reservoir rock properties and the tendency for reservoirs in the Gulf of Mexico to outperform original reserve estimates are key drivers of management's affinity for the basin. Proved reserves (1P) often expose the company to embedded optionality in probable and possible reserves that can be captured over time through well performance with modest incremental capital investment... Management's interests are highly aligned with common shareholders. Tracy Krohn, Founder, Chairman, Chief Executive Officer, and President, owns ~33% of the outstanding shares.
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