reports
- Jeff Robertson
Estimate Update
We are updating our 2Q24 estimates to reflect actual oil and natural gas prices. Our reference oil price averaged $80.66 during 2Q24, and our reference natural gas price averaged $2.33/MMBtu. For 2Q24, we estimate total revenue of $139.1 million based on estimated average production of ~35.0 MBOE/d, including ~14.1 MB/d of oil. Oil accounts for 41% of our production estimate and 76% of our revenue estimate. Our 2Q24 adjusted EBITDA estimate is $36.2 million, compared to $49.4 million in 1Q24 and...
- Jeff Robertson
Recycling Cash Flow in Acquisitions
We hosted a fireside chat with Chairman, President, and CEO Tracy Krohn on March 27, 2024, to discuss the company’s acquisition-driven strategy in the Gulf of Mexico. This report contains a transcript of the conversation, which can be accessed on demand. Link accessible in our full report. Since September 2023, W&T has closed two producing property acquisitions in the Gulf of Mexico for combined cash considerations of ~$104 million. In the most recent closing, the company acquired six shallow-wa...
Moody's Ratings affirms W&T Offshore's B3 CFR with negative outlook
Moody's Ratings (Moody's) changed W&T Offshore, Inc.'s (W&T) outlook to negative, from stable previously. Concurrently, Moody's affirmed W&T's B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), and Caa1 senior secured second lien notes rating. "The change in W&T's outlook...
- Jeff Robertson
Cox Acquisition Bolsters Free Cash Flow Profile
W&T Offshore closed an acquisition of six operated oil & gas fields in the Gulf of Mexico on January 22, 2024, for $72 million. The acquisition, which was funded with cash on hand, fits management’s philosophy of investing capital in short-cycle opportunities capable of generating free cash flow. The acquired assets include 100% working interests (82% net revenue interests) in six producing fields adjacent to W&T’s existing asset footprint. Estimated production ranged from 3,700-5,700 BOE/d (68%...
- Jeff Robertson
Adjusting Realized 2Q23 Commodity Price Estimates
We are updating our 2Q23 commodity prices and realizations. Our NYMEX reference prices averaged $73.78/barrel of oil and $2.32/MMBtu for natural gas. Our previous estimates were $75/bbl and $2.50/Mcf. We have also lowered our 3Q23 NYMEX reference oil price to $75/bbl from $80/bbl. W&T typically receives a premium natural gas price realization compared to our reference price. We are reducing our realization to a $0.05/Mcf premium from $0.25/Mcf, reflecting 2Q23 market volatility. The 1Q23 premium...
- Jeff Robertson
Building a Lasting Gulf of Mexico Business
We hosted a fireside chat with Tracy Krohn, W&T Offshore’s Founder, Chairman, Chief Executive, and President on June 15, 2023. W&T has operated almost exclusively in the Gulf of Mexico for more than 40 years as a private and public company. This report includes a transcript of the event. Management favors the conventional reservoirs in the Gulf because of their exceptional rock properties combining high porosity with high permeability and strong reservoir drive mechanisms. Our discussion concent...
- Jeff Robertson
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 an...
Moody's upgrades W&T Offshore's CFR to B3 from Caa1; outlook stable
Moody's Investors Service (Moody's) upgraded W&T Offshore, Inc.'s (W&T) Corporate Family Rating (CFR) to B3 from Caa1 and affirmed the Caa1 rating of its $275 million of senior secured second lien notes due 2026. The Speculative Grade Liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The outl...
Moody's rates W&T Offshore's proposed second lien notes Caa1; places C...
Moody's Investors Service (Moody's) assigned a Caa1 rating to W&T Offshore, Inc.'s (W&T) proposed $275 million of senior secured second lien notes due 2026. Concurrently, Moody's placed W&T's Caa1 Corporate Family Rating (CFR) and Caa1-PD Probability of Default Rating (PDR) under review for upgrade....
Moody's announces completion of a periodic review of ratings of W&T Of...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of W&T Offshore, Inc.. Global Credit Research- 11 Aug 2021. New York, August 11, 2021-- Moody's Investors Service has completed a periodic review of the ratings of W&T Offshore, Inc. and other ratings that are associated with the same analytical unit.
Moody's says W&T Offshore's new term loan is credit negative but ratin...
Announcement: Moody's says W&T Offshore's new term loan is credit negative but ratings not immediately affected. Global Credit Research- 20 May 2021. New York, May 20, 2021-- Moody's Investors Service, commented that W&T Offshore, Inc.' s new term loan financing backed by a carve out of Mobile Bay Area producing assets is credit negative because of the incremental debt.
Moody's upgrades W&T Offshore's CFR to Caa1; changes outlook to stable
Rating Action: Moody's upgrades W&T Offshore's CFR to Caa1; changes outlook to stable. Global Credit Research- 15 Apr 2021. New York, April 15, 2021-- Moody's Investors Service, upgraded W&T Offshore, Inc.' s Corporate Family Rating to Caa1 from Caa2, Probability of Default Rating to Caa1-PD from Caa2-PD and senior secured second lien notes rating to Caa2 from Caa3.
Moody's announces completion of a periodic review of ratings of W&T Of...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of W&T Offshore, Inc.. Global Credit Research- 10 Sep 2020. New York, September 10, 2020-- Moody's Investors Service has completed a periodic review of the ratings of W&T Offshore, Inc. and other ratings that are associated with the same analytical unit.
- MarketLine Department
Energy Xxi Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliance...
Summary Marketline's Energy Xxi Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Energy Xxi Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and ino...
- Jonathan Moreland
BLMN BLOOMIN' BRANDS INC.
WCC WESCO INTERNATIONAL INC.
VSAT VIASAT INC.
SPPI SPECTRUM PHARMACEUTICALS INC.
SAR SARATOGA INVESTMENT CORP.
SAIC SCIENCE APPLICATIONS INTERNATIONAL CORP.
RHP RYMAN HOSPITALITY PROPERTIES INC.
PLAY DAVE & BUSTER'S ENTERTAINMENT INC.
PFG PRINCIPAL FINANCIAL GROUP INC.
MI7 MITCHAM INDUSTRIES
KIRK KIRKLAND'S INC.
HT HERSHA HOSPITALITY TRUST CLASS A
GTIM GOOD TIMES RESTAURANTS INC
GLP GLOBAL PARTNERS LP
ESCA ESCALADE INC.
CLR CONTINENTAL RESOURCES INC.
CASI CASI PHARMACEUTICALS
AZZ AZZ INC.
AXSM AXSOME THERAPEUTICS
ALDX ALDEYRA THERAPEUTICS
OPRX OPTIMIZERX CORP
ATLC ATLANTICUS HOLDINGS CORP
AGX ARGAN INC.
TRC TEJON RANCH CO.
GHC GRAHAM HOLDINGS CO.
EDF STONE HARBOR EMERGING MARKETS INCOME FUND
ZDGE ZEDGE
CNBKA CENTURY BANCORP INC. CL A
OSG OVERSEAS SHIPHOLDING GROUP
GNUS GENIUS BRANDS INTL INC
LPTX LEAP THERAPEUTICS
WTI W&T OFFSHORE
VST INC.
RESI VISTRA CORP.
USM FRONT YARD RESIDENTIAL CORP. CLASS B
IDRA UNITED STATES CELLULAR CORPORATION
CCEL IDERA PHARMACEUTICALS
MGTA CRYO-CELL INTERNATIONAL
PRSP MAGENTA THERAPEUTICS
NGM PERSPECTA
PBYI NGM BIOPHARMACEUTICALS
SSSS INNOVATIVE ACQUISITIONS CORP
ETNB SUTTER ROCK CAPITAL CORP
FRG 89BIO
EVF FRANCHISE GROUP
AXGT EATON VANCE SENIOR INCOME TRUST
PSTI SIO GENE THERAPIES INC
VOXX PLURISTEM THERAPEUTICS INC
TTI AUDIOVOX CORPORATION
HYSR ROPER BROTHERS INC
AWH HYPERSOLAR INC
SPE ASPIRA WOMEN'S HEALTH INC.
FLUX SPECIAL OPPORTUNITIES FUND
INC.
FLUX POWER HOLDINGS INC
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.