W&T Offshore, Inc. is active in the acquisition, exploration and development of oil and natural gas properties in the Gulf of Mexico, the second-largest producing basin in the U.S. The Gulf of Mexico offers unique advantages, and we are uniquely positioned to create value with a diverse portfolio in valuable deepwater projects.
Over four decades in operation, we have developed an impressive portfolio of assets.
Liquids % of mid-year 2024 1P Reserves
3Q 2024 Average Production (52% liquids)
3Q 2024 Adjusted EBITDA1
FY 2023 Adjusted EBITDA1
1. EBITDA and Adjusted EBITDA are non-GAAP financial measures
Our diverse portfolio of operations in the Gulf of Mexico enjoys stacked pay development, attractive primary production, and recompletion opportunities.
View OperationsOur rigorous technical evaluation includes probabilistic risk analysis, AFE costing and economic evaluation to ensure successful execution.
Leads evaluated since 2011
Drilling success rate since 2011
Successful offshore wells drilled since 2011
At W&T Offshore, we grow in opportunistic ways as we maintain a prudent balance sheet and reinvest free cash flow.
We generate cash flow quickly by focusing on projects with a high rate of return and multiple drilling opportunities.
We pursue producing assets that have compelling valuations, upside potential, and optimization opportunities.
We use our Gulf of Mexico expertise along with new technologies to identify and develop projects. We also evaluate joint venture funding potential.
We also use a portion of the free cash flow we generate to reduce our outstanding debt to maintain flexibility for future opportunities.
At W&T Offshore, we have secured a $361.4 MM commitment for the development of 14 pre-identified projects in the Gulf of Mexico.
The program, which can be potentially upsized, covers the total estimated cost of the 14 wells of $336 MM, plus contingency. We’ve drilled and completed ten wells. We initially receive 30% of the net revenues for contributing 20% of the capital expenditures, plus associated leases and access to available infrastructure.
Our share of the well net revenue increases once private investors achieve certain return thresholds. This allows us to develop our high return drilling inventory at a faster pace with reduced capital outlay and the flexibility to make acquisitions and pay down debt. The joint venture structure also expands our access to well-capitalized investors.
Our leadership team has a track record of success in the oil and gas business, much of it concentrated in the Gulf of Mexico.
