Q2 2024 W&T Offshore Inc Earnings Call Transcript
Key Points
- W&T Offshore Inc (WTI) reported solid operational and financial results for Q2 2024, generating free cash flow of $18.7 million.
- The company achieved production of 34,900 barrels of oil equivalent per day, meeting the midpoint of their guidance range.
- Adjusted EBITDA for the quarter was strong at $45.9 million.
- Lease operating expenses were below the lower end of guidance, reflecting effective cost control and synergies from recent acquisitions.
- The company increased its cash and cash equivalents by about 30% to $123 million and decreased net debt by 9% to $68.5 million.
- Production guidance for Q3 2024 was adjusted to 32,900 barrels of oil per day due to third-party pipeline issues and delays in restoring production at some fields.
- The company plans to spend more on lease operating expenses in Q3 2024 due to deferred projects, which may impact short-term financials.
- There were some unplanned downtime issues with third-party pipelines affecting production.
- The integration of new assets and optimization of transportation routes are ongoing, which may cause temporary operational disruptions.
- Despite positive performance revisions, the company still faces challenges in fully optimizing newly acquired assets.
Ladies and gentlemen, thank you for standing by, and welcome to the W&T Offshore Second Quarter 2024 conference call. During today's call, all parties will be in a listen only mode. Following the Company's prepared comments, the call will be open for questions and answers. During the question and answer session, we ask that you limit your questions to one and a follow-up, you can always rejoin the queue. This conference is being recorded and a replay will be made available on the company's website following the call.
I would now like to turn the call over to Al Petrie, Investor Relations Coordinator.
Thank you, operator. And on behalf of the management team, I'd like to welcome all of you to today's conference call to review W&T Offshore's Second Quarter 2024 financial and operational results.
Before we begin, I would like to remind you that our comments may include forward-looking statements that should be noted that a variety of factors could cause W & T's actual
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