Headquartered in Houston, TX, W&T Offshore, Inc. is a leading oil and natural gas explorer with operations primarily focused on resources located off the coast of Gulf of Mexico. This has enabled the company to develop significant technical expertise in the major prolific oceanic rift basin.
W&T Offshore was founded in 1983. The company’s operations spread over roughly 48 oil and gas offshore fields, covering around 720,000 gross acres (390,000 net acres). Of the total oil fields, 47 are currently online while one is capable of production. These properties are located across the Outer Continental Shelf off the coasts of Alabama, Texas, Louisiana and Mississippi. The company sells its crude oil, natural gas liquids (NGLs) and natural gas at the wellhead at current market prices to third party clients. Also, the company transports its output to “pooling points” where it is sold.
The company’s properties include around 557,000 gross acres on the conventional Shelf as well as about 215,000 gross acres in the Deep-water. Average water depth at the Shelf is 500 feet or less, where the company generates more than 60% of its total daily output. On the other hand, water depth at the Deep-water prospects is more than 500 feet and generates around 40% of the company’s total daily production.
The company has stakes in 123 offshore structures, of which 81 are located at the fields where the company is the operator. Notably, W&T Offshorehas interests in a total of 201 producing wells, of which the company operates on 135 wells.
As of Dec 31, 2020, the company reported proved reserves of 144.4MMBoe, down from the 2019-end level of 157.4 MMBoe. Total proved reserves of the firm comprise roughly 34% liquid.
In 2020, W&T Offshore’s production was recorded at 15,389 thousand barrels of oil equivalent (MBoE), up from 14,831 MBoE in the year-ago period. Of the total production in the quarter, 54% comprised liquids.