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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>We are adjusting our 3Q24 production estimates to reflect the expectation that volumes were negatively affected by Hurricane Francine.</li><li>Francine made landfall on September 11, 2024, as a Category 2 storm in Terrebonne Parish, Louisiana, about 30 miles south-southwest of Morgan City.</li><li>The storm’s path through the central Gulf of Mexico resulted in industry-wide temporary production shut-ins.</li></ul>

We are adjusting our 3Q24 production estimates to reflect the expectation that volumes were negatively affected by Hurricane Francine.Francine made landfall on September 11, 2024, as a Category 2 storm in Terrebonne Parish, Louisiana, about 30 miles south-southwest of Morgan City.The storm’s path through the central Gulf of Mexico resulted in industry-wide temporary production shut-ins.

W&T Offshore, Inc. - Adjusting 3Q24 for Hurricane Impact

<ul><li>W&amp;T is progressing with the integration process for the six fields acquired in the $72-million Cox acquisition, which closed in January 2024.</li><li>Production had been restored in four of the six fields acquired in the transaction by the end of 2Q24.</li><li>W&amp;T is working toward new transportation arrangements to return the remaining two fields to production.</li></ul>

W&amp;T is progressing with the integration process for the six fields acquired in the $72-million Cox acquisition, which closed in January 2024.Production had been restored in four of the six fields acquired in the transaction by the end of 2Q24.W&amp;T is working toward new transportation arrangements to return the remaining two fields to production.

W&T Offshore, Inc. - WTI: Estimate Update

<ul><li>We are updating our 2Q24 estimates to reflect actual oil and natural gas prices.</li><li>Our reference oil price averaged $80.66 during 2Q24, and our reference natural gas price averaged $2.33/MMBtu.</li><li>For 2Q24, we estimate total revenue of $139.1 million based on estimated average production of ~35.0 MBOE/d, including ~14.1 MB/d of oil. </li></ul>

We are updating our 2Q24 estimates to reflect actual oil and natural gas prices.Our reference oil price averaged $80.66 during 2Q24, and our reference natural gas price averaged $2.33/MMBtu.For 2Q24, we estimate total revenue of $139.1 million based on estimated average production of ~35.0 MBOE/d, including ~14.1 MB/d of oil. 

<ul><li>W&amp;T Offshore closed an acquisition of six operated oil &amp; gas fields in the Gulf of Mexico on January 22, 2024, for $72 million.</li><li>The acquisition, which was funded with cash on hand, fits management’s philosophy of investing capital in short- cycle opportunities capable of generating free cash flow.</li><li>The acquired assets include 100% working interests (82% net revenue interests) in six producing fields adjacent to W&amp;T’s existing asset footprint.</li></ul>

W&amp;T Offshore closed an acquisition of six operated oil &amp; gas fields in the Gulf of Mexico on January 22, 2024, for $72 million.The acquisition, which was funded with cash on hand, fits management’s philosophy of investing capital in short- cycle opportunities capable of generating free cash flow.The acquired assets include 100% working interests (82% net revenue interests) in six producing fields adjacent to W&amp;T’s existing asset footprint.

W&T Offshore, Inc. - Cox Acquisition Bolsters Free Cash Flow Profile

<ul>
<li>W&amp;T implemented a $0.01 per share quarterly dividend that will be paid on December 22, 2023, to shareholders of record on November 28, 2023.</li>
<li>The dividend reflects management’s focus on generating free cash flow from the asset base that is available for reinvestment, debt reduction, and returns to shareholders.</li>
<li>The annualized yield is currently 1.1%.</li>
</ul>


W&amp;T implemented a $0.01 per share quarterly dividend that will be paid on December 22, 2023, to shareholders of record on November 28, 2023.
The dividend reflects management’s focus on generating free cash flow from the asset base that is available for reinvestment, debt reduction, and returns to shareholders.
The annualized yield is currently 1.1%.


W&T Offshore, Inc. - Cash Flow Supports Dividend Implementation

United States

W&T Offshore, Inc. is an independent oil and natural gas company focused primarily on the Gulf of Mexico area in the United States.

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W&T Offshore (WTI US)

W&T Offshore, Inc. - Adjusting 3Q24 for Hurricane Impact

We are adjusting our 3Q24 production estimates to reflect the expectation that volumes were negatively affected by Hurricane Francine.

Water Tower Research

W&T Offshore, Inc. - WTI: Estimate Update

W&T is progressing with the integration process for the six fields acquired in the $72-million Cox acquisition, which closed in January 2024.

Water Tower Research

W&T Offshore, Inc. - Estimate Update

We are updating our 2Q24 estimates to reflect actual oil and natural gas prices. Our reference oil price averaged $80.66 during 2Q24, and our...

Water Tower Research

W&T Offshore, Inc. - Cox Acquisition Bolsters Free Cash Flow Profile

W&T Offshore closed an acquisition of six operated oil & gas fields in the Gulf of Mexico on January 22, 2024, for $72 million.

Water Tower Research

W&T Offshore, Inc. - Cash Flow Supports Dividend Implementation

W&T implemented a $0.01 per share quarterly dividend that will be paid on December 22, 2023, to shareholders of record on November 28, 2023.

Water Tower Research

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