Profile: W&T Offshore Inc (WTI)

WTI on New York Consolidated

7.63USD
19 Dec 2014
Price Change (% chg)

$0.90 (+13.37%)
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W&T Offshore, Inc. (W&T) is an independent oil and natural gas producer, engaged in the acquisition, exploration and development of oil and natural gas properties primarily in the Gulf of Mexico and Texas. W&T has acquired rights to explore and develop new prospects and acquired existing oil and natural gas properties in both the deepwater and the deep shelf, while at the same time continuing its focus on the conventional shelf. As of December 31, 2011, the Company’s total proved reserves were 116.9 million barrels of oil equivalent. As of December 31, 2011, approximately 46% of its reserves were classified as proved developed producing, 19% as proved developed non-producing and 35% as proved undeveloped. Classified by product, its reserves as of December 31, 2011 were 44% oil, 15% natural gas liquids (NGLs) and 41% natural gas. In May 2011, the Company acquired various properties and leasehold interests in four counties in the Permian Basin of West Texas. In May 2014, the Company's wholly owned subsidiary, W & T Energy VI, LLC acquired exploration and production properties in the deepwater of the Gulf of Mexico from Woodside Energy (USA) Inc.

As of December 31, 2011, W&T had interests in offshore leases covering approximately 0.8 million gross acres (0.5 million net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama. Onshore, the Company has leasehold interests in approximately 0.2 million gross acres (0.2 million net acres), all of which are in Texas. Approximately 82% of the Company’s total net offshore acreage is developed and approximately 9% of its total net onshore acreage is developed. The Company’s fields are located in the Gulf of Mexico, Alabama and in Texas.

On May 11, 2011, W&T completed the acquisition of approximately 21,900 gross acres (21,500 net acres) of oil and gas leasehold interests in the West Texas Permian Basin from Opal Resources LLC and Opal Resources Operating Company LLC. The proved reserves associated with the Yellow Rose Properties as of the acquisition were approximately 30.1 million barrels of oil equivalent (180.4 billion cubic feet equivalent), consisted of approximately 69% oil, 22% NGLs and 9% natural gas, and approximately 70% of which were classified as proved undeveloped. In August 2011, the Company completed the acquisition of Shell Offshore Inc.’s (Shell) 64.3% interest in the Fairway Field along with a like interest in the associated Yellowhammer gas treatment plant (collectively, the Fairway Properties). The proved reserves associated with the Fairway Properties as of the acquisition were 8.9 million barrels of oil equivalent (53.5 billion cubic feet equivalent), consisted of approximately 72% natural gas, 27% NGLs and less than 1% oil and which are 100% proved developed.

Spraberry Field (Yellow Rose Properties)

The Spraberry field is located in the Permian Basin in West Texas. W&T has a 100% working interest in approximately 21,900 net acres in this field. The field is 150 miles long and 75 miles wide. During the year ended December 31, 2011, 119 wells were drilled on acreage in which the Company had an ownership interest and 118 were successful, including 29 wells it drilled. During 2011, cumulative field production were two million cubic feet equivalent (11 billion cubic feet equivalent) from the Company’s wells. Total proved reserves associated with its interest in the Spraberry field were 28.1 million cubic feet equivalent (168.5 billion cubic feet equivalent) as of December 31, 2011.

Ship Shoal 349 Field

Ship Shoal 349 field is located off the coast of Louisiana, approximately 235 miles southeast of New Orleans, in 375 feet of water. The field area covers Ship Shoal blocks 349 and 359, with a single production platform on Ship Shoal block 349. The Company owns a 100% working interest in this field. During 2011, cumulative field production through was approximately 30 million cubic feet equivalent gross (179 billions of cubic feet equivalent gross). This field is a sub-salt development with five productive horizons below salt at depths ranging to 17,000 feet. As of December 31, 2011, 24 wells were drilled, of which 15 were successful. Total proved reserves associated with its interest in this field were 20.3 million cubic feet equivalent (121.7 billion cubic feet equivalent) as of December 31, 2011.

Viosca Knoll 783 Field

The Viosca Knoll 783 field is located off the coast of Louisiana, approximately 140 miles southeast of New Orleans, in 1,500 to 1,700 feet of water. The field area covers Viosca Knoll blocks 783 and 784, with subsea tiebacks to two platforms in Main Pass 252. The Company has a 70% working interest in Tahoe lease and a 100% working interest in SE Tahoe lease from Shell. During 2011, cumulative field production through was approximately 88 million cubic feet equivalent gross (526 billion cubic feet equivalent gross). The Tahoe field is a supra-salt (above the salt layer) development with two productive horizons at depths ranging to 10,300 feet. The SE Tahoe field is also a supra-salt development with one productive horizon at a depth of 9,325 feet. As of December 31, 2011, 16 wells have been drilled at the Tahoe field, of which eight were successful and one successful well was drilled at the SE Tahoe prospect. During 2011, production from this field, net to its interest, averaged 260 barrels of oil per day, 860 barrels of NGLs per day and 18.9 million cubic feet of natural gas per day, for total production of 4.3 million cubic feet equivalent per day (25.6 million cubic feet per day).

Fairway Field

Fairway consists of Mobile Area blocks 113 (Alabama State Lease #0531) and 132 (Alabama State Lease #0532) and located in 25 feet of water, approximately 35 miles south of Mobile, Alabama. The Company has 64.3% working interest, along with operatorship in the Fairway field, from Shell. As of December 31, 2011, six wells were drilled, all of which were successful. During 2011, cumulative field production was approximately 117 million cubic feet equivalent gross (704 billion cubic feet equivalent gross). This field is a Norphlet sand dune trend development with one producing horizon at an approximate depth of 21,300 feet. During 2011, production from this field, net to its interest, averaged seven barrels of oil per day, 1,365 barrels of NGLs per day and 14.6 million cubic feet of natural gas per day, for total production of 3.8 million cubic feet equivalent per day (22.8 million cubic feet per day).

Main Pass 108 Field

Main Pass 108 field consists of Main Pass blocks 107, 108 and 109. This field is located off the coast of Louisiana approximately 50 miles east of Venice in 50 feet of water. The Company has acquired its working interests in these blocks, which range from 33% to 100%, in a transaction with Kerr-McGee Oil and Gas Corporation. As of December 31, 2011, 42 wells were drilled in this field, of which 34 were successful. During 2011, cumulative field production was approximately 46 million cubic feet equivalent gross (275 billion cubic feet equivalent gross).

Mississippi Canyon 243 Field

Mississippi Canyon 243 field is located off the coast of Louisiana, approximately 100 miles southeast of New Orleans, in 2,552 feet of water. The field area covers Mississippi Canyon block 243, with a single production platform on Mississippi Canyon block 243. The Company has 100% working interest in the field. During 2011, cumulative field production through was approximately 21 million cubic feet equivalent gross (124 billion cubic feet equivalent gross). This field is a supra-salt development with 17 productive horizons at depths ranging to 9,850 feet. As of December 31, 2011, 17 wells were drilled, of which eight were successful. During 2011, production from this field, net to its interest, averaged 3,150 barrels of oil per day, 288 barrels of NGLs per day and 11.4 million cubic feet of natural gas per day, for total production of 5.3 million cubic feet equivalent per day (32.0 million cubic feet per day).

Viosca Knoll 823 Field

Viosca Knoll 823 field is located off the coast of Louisiana, approximately 125 miles southeast of New Orleans, in 1,014 feet of water. The field area covers Viosca Knoll block 823 and Viosca Knoll block 822, with a single production platform on Viosca Knoll block 823. The Company has a 64% working interest in the field. During 2011, cumulative field production was approximately 20 million cubic feet equivalent gross (117 billion cubic feet gross). This field is a supra-salt development with 17 productive horizons at depths ranging to 13,335 feet. As of December 31, 2011, 12 wells were drilled, of which 10 were successful. During 2011, production from this field, net to its interest, averaged 153 barrels of oil per day, 76 barrels of NGLs per day and 5.9 million cubic feet of natural gas per day, for total production of 1.2 million cubic feet equivalent per day (7.3 million cubic feet per day).

Main Pass 98 Field

Main Pass 98 field consists of Main Pass blocks 98 and 180. This field is located off the coast of Louisiana approximately 55 miles east of Venice in 91 feet of water. The Company has a 100% working interest in these blocks from NCX. The productive interval is Middle Miocene Bigenerina Humblei. During 2011, cumulative field production was approximately four million cubic feet equivalent gross (21 billion cubic feet equivalent) gross. As of December 31, 2011, 11 wells were drilled, of which seven were successful. During 2011, production from this field, net to its interest, averaged 371 barrels of oil per day, 113 barrels of NGLs per day and 5.4 million cubic feet of natural gas per day, for total production of 1.4 million cubic feet equivalent per day (8.3 million cubic feet per day).

Brazos A-133 Field

Brazos A-133 field is located 85 miles east of Corpus Christi, Texas in 200 feet of water. There are five active platforms, three of which are production platforms. During 2011, cumulative field production was approximately 144 million cubic feet equivalent gross (861 billion cubic feet equivalent gross) from the Middle Miocene Tex W and Big Hum sections. The bulk of the production is from the Big Hum CM-7 sand, which is a 4-way closure downthrown to the Corsair Fault and bisected by antithetic faults. The top of the CM-7 sand is at a subsea depth of 12,000 feet. As of December 31, 2011, 22 wells were drilled, of which 17 were successful. The Company owns a 25% working interest that was obtained through a transaction with Kerr-McGee. During 2011, production from this field, net to its interest, averaged nine barrels of oil per day and 6.4 million cubic feet of natural gas per day, for total production of 1.1 million cubic feet equivalent per day (6.4 million cubic feet per day).

Main Pass 283 Field

Main Pass 283 field consists of Main Pass blocks 284, 279 and 283 and Viosca Knoll Block 734. This field is located off the coast of Louisiana approximately 75 miles east of Venice in 315 feet of water. The Company has acquired its working interests in these blocks, which range from 50% to 100%, in a transaction with ConocoPhillips. The productive interval ranges in age from Upper Miocene Big A through Middle Miocene Cristellaria I. During 2011, cumulative field production was approximately 28 million cubic feet equivalent gross (168 billion cubic feet equivalent gross). As of December 31, 2011, 18 wells were drilled in this field, of which 14 were successful. During 2011, production from this field, net to its interest, averaged 738 barrels of oil per day, 227 barrels of NGLs and 4 million cubic feet of natural gas per day, for total production of 1.7 million cubic feet equivalent per day (10.5 million cubic feet per day).

Company Address

W&T Offshore Inc

Nine Greenway Plaza, Suite 300
HOUSTON   TX   77046-0908
P: +1713.6268525
F: +1713.6268527

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