W&T Offshore, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
March 05, 2024 at 04:58 pm EST
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W&T Offshore, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 132.34 million compared to USD 189.7 million a year ago. Net loss was USD 0.443 million compared to net income of USD 43.45 million a year ago.
For the full year, revenue was USD 532.66 million compared to USD 921 million a year ago. Net income was USD 15.6 million compared to USD 231.15 million a year ago. Basic earnings per share from continuing operations was USD 0.11 compared to USD 1.61 a year ago. Diluted earnings per share from continuing operations was USD 0.11 compared to USD 1.59 a year ago.
W&T Offshore, Inc. is an independent oil and natural gas producer. The Company is engaged in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. It has a working interest in over 53 offshore producing fields in federal and state waters (which include 44 fields in federal waters and nine in state waters). The Company has under lease approximately 597,100 gross acres (440,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 435,600 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 8,000 gross acres in Alabama onshore. The Company's wholly owned subsidiaries consists of Aquasition Energy, LLC, Aquasition, LLC, Aquasition II, LLC, Aquasition III, LLC, Aquasition IV, LLC, Aquasition V, LLC, Green Hell, LLC, Seaquester, LLC, Seaquestration, LLC, and W & T Energy VI, LLC.
W&T OFFSHORE, INC. 
