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EXHIBIT 99.1
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NEWS RELEASE | |
| Contacts: Janet Yang, Finance Manager investorrelations@wtoffshore.com 713-297-8024 | ||
| Ken Dennard / ksdennard@drg-e.com Lisa Elliott / lelliott@drg-e.com DRG&E / 713-529-6600 | ||
W&T OFFSHORE REPORTS FOURTH QUARTER AND FULL
YEAR 2009 FINANCIAL AND OPERATIONAL RESULTS
HOUSTON — February 25, 2010 — W&T Offshore, Inc. (NYSE: WTI) today announces financial and operational results for the fourth quarter and full year 2009. Some of the highlights include:
| • | Fourth quarter of 2009 net income and earnings per share were $64.0 million and $0.84 per share, respectively, versus a net loss of $851.4 million and loss per share of $11.21 during the fourth quarter of 2008. |
| • | Production for 2009 was 94.8 Bcfe, sold at an average realized price of $6.39 per Mcfe. |
| • | Long-term debt and asset retirement obligations decreased $200.2 million and $199.1 million, respectively. |
| • | Capital budget for 2010 of $450 million, an increase of 63% over 2009 expenditures. |
| • | 77% success in 2009 exploration and development drilling program, including successfully drilling eight of ten exploration wells and two of three development wells. |
| • | LOE decreased $25.8 million for the year through divestitures of non-core assets and cost reduction initiatives. |
Tracy W. Krohn, Chairman and Chief Executive Officer, commented, “In 2009, we focused on analyzing the best investment opportunities, be it drilling, joint ventures or acquisitions, while implementing a profitability initiative and divesting certain non-core assets to improve our margins. As a result, we have identified over 160 prospects that we are tracking in our prospect inventory database, and we significantly reduced both
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The following information was filed by Wt Offshore Inc (WTI) on Thursday, February 25, 2010 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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Ticker: WTI
CIK: 1288403
Form Type: 10-K Annual Report
Accession Number: 0001193125-10-044607
Submitted to the SEC: Mon Mar 01 2010 3:41:37 PM EST
Accepted by the SEC: Mon Mar 01 2010
Period: Thursday, December 31, 2009
Industry: Crude Petroleum And Natural Gas
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