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|Manuel Mondragon, Vice President of Finance|
Ken Dennard / email@example.com
|Lisa Elliott / firstname.lastname@example.org|
|DRG&E / 713-529-6600|
W&T OFFSHORE REPORTS ADJUSTED FULL YEAR AND
FOURTH QUARTER 2008 FINANCIAL AND OPERATIONAL
RESULTS AND 2009 CAPITAL EXPENDITURES
HOUSTON February 26, 2009 W&T Offshore, Inc. (NYSE: WTI) today announces financial and operational results for the fourth quarter and full year 2008. Some of the highlights include:
Revenues increased to a record $1.2 billion and EBITDA and Adjusted EBITDA increased to a record $897.4 million and $883.9 million, respectively, for the year
W&T achieved 77% success in its exploration and development drilling program in 2008, including successfully drilling 18 of 24 exploration wells and two of two development wells
W&T replaced 108% of production with the drill bit and acquisitions, excluding revisions and extensions
Tracy W. Krohn, Chairman and Chief Executive Officer, commented, 2008 was a record year for the Company in terms of revenue and EBITDA. We also faced many challenges. The most significant of those challenges included production interruptions from two hurricanes in the Gulf of Mexico and severe commodity price swings that have required us to report a non-cash ceiling test impairment as well as negative revisions to our proved reserves. However, as we enter the first few months of 2009, we remain confident in our ability to build on the Companys long-term track record for successfully finding and purchasing reserves. Also, as production volumes increase and service costs decline, we believe we can continue to generate healthy operating cash flow over time. Furthermore, our strong liquidity position allows us to remain flexible in pursuing various growth alternatives including acquisitions, drilling and other strategic opportunities.
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The following information was filed by Wt Offshore Inc (WTI) on Thursday, February 26, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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