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|Janet Yang, Finance Manager|
|FOR IMMEDIATE RELEASEfirstname.lastname@example.org|
|Danny Gibbons, SVP & CFO|
W&T OFFSHORE REPORTS FOURTH QUARTER AND FULL
YEAR 2010 FINANCIAL AND OPERATIONAL RESULTS
HOUSTON March 2, 2011 W&T Offshore, Inc. (NYSE: WTI) today announces financial and operational results for the fourth quarter and full year 2010. Some of the highlights include:
Total proved reserve replacement was 231%. Proved reserves increased 31% from 371.0 Bcfe to 485.4 Bcfe. Oil and natural gas liquids comprise 47% of total proved reserves. Year-end 2010 proved developed reserves increased to 81% of total proved reserves from 76% in 2009. Our PV-10 increased 68% over year-end 2009.
During the fourth quarter, we acquired three deepwater properties from Shell Offshore Inc. at a cost of $10.49 per barrel equivalent or $1.75 per Mcfe for proved reserves.
For the full year 2010, net income increased by $305.8 million to $117.9 million from a net loss of ($187.9) million in 2009. Earnings per share increased $4.09 per share to $1.58 per share in 2010 from a loss in 2009 of ($2.51) per share. Earnings for the year 2010, adjusted to exclude special items, were $1.57 per share compared to a loss of ($1.10) in 2009.
Cash flow from operating activities for the full year 2010 increased $308.5 million, or 197%, to $464.8 million compared to $156.3 million in 2009. Adjusted EBITDA increased by $108.8 million to $450.2 million in 2010 compared to $341.4 million in 2009 and Adjusted EBITDA margin increased to 64% in 2010 compared to 56% in 2009.
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The following information was filed by Wt Offshore Inc (WTI) on Wednesday, March 2, 2011 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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