Wt Offshore Inc (WTI) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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Produced 34,459 barrels of oil equivalent per day (“Boe/d”), or 3.2 million Boe (48% liquids), in the third quarter of 2020, reflecting a 16% decrease from the third quarter of 2019, primarily due to shut-ins related due to the extraordinary 2020 hurricane season; 

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Experienced no material damage to the Company’s platforms or infrastructure from the series of storms that entered the Gulf of Mexico (“GOM”) from June through October, but expects to incur in the fourth quarter of 2020 approximately $5 million in lease operating expenses (“LOE”) related to repairs and restoring production associated with the multiple shut-ins from the storms; 

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Reported a net loss of $13.3 million or $0.09 per share and Adjusted Net Loss of $19.9 million or $0.14 per share in the third quarter of 2020;

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Generated Adjusted EBITDA of $19.5 million for the third quarter of 2020, despite a significantly lower pricing environment and shut-in production due to hurricane activity,  while capital expenditures were held to just $1.2 million; Free Cash Flow totaled $5.9 million for the quarter;

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Generated Adjusted EBITDA of $123.7 million for the first nine months of 2020 and Free Cash Flow of $61.8 million; 

 
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Consolidating natural gas treatment plants at Mobile Bay late in the fourth quarter of 2020, with expected future cost savings of approximately $5 million per year; and 

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Responded to the current low oil price environment with definitive actions to maintain financial flexibility, protect cash flow and preserve future value:

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Suspended all drilling activities and significantly reduced its estimate of 2020 capital expenditures to $15 million to $25 million (which excludes $28.2 million in working capital changes associated with capital expenditures incurred in 2019 but paid during the nine months ended September 30, 2020);

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Proactively curtailed production at selected oil-weighted fields operated by W&T;

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Implemented reductions in LOE without compromising safety or operational capabilities.