W&T Offshore Reports Fourth Quarter and Full Year 2011 Financial and Operational Results
Friday, Feb 24, 2012
HOUSTON, Feb. 23, 2012 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) today announces financial and operational results for the fourth quarter and full year 2011. Some of the highlights include:
For the quarter, production volumes were 49,800 barrels equivalent per day, or 298.9 MMcfe per day, and represent a 21.5% increase over the same quarter in 2010. Production was split 48% oil and natural gas liquids ("NGLs") and 52% natural gas. Our average realized sales price for oil was$112.01 per barrel and $56.55 per barrel for NGLs.
For the year, production was 46,400 barrels equivalent per day, or 278.2 MMcfe per day, which represents an increase of 16.7% over last year. Production was split 47% oil and NGLs and 53% natural gas. Our average realized sales price for oil was $105.92 per barrel and for NGLs was$55.81 per barrel.
Proved reserves increased 44% to 116.9 million barrels equivalent or 701.1 Bcfe in 2011. Oil and NGLs represent 59% of total proved reserves, up from 47% for the prior year. Our reserve replacement ratio for the year was 312%. The PV-10* of our proved reserves, before considering asset retirement obligations ("ARO"), increased to $3.1 billion, which represents a $1.2 billionincrease over the prior year.
We increased our net onshore acreage position in East and West Texas to 173,000 acres in 2011.
Offshore, we drilled eight wells during 2011, all of which were successful. Three of the wells were exploration wells and five were development wells. Onshore, we drilled 46 wells with a 98% success rate.
Revenue increased $74.9 million to $261.9 million for the quarter and $265.3 million to $971.0 million for the year. For the quarter and total year, 96% and 93%, respectively, of the increase in revenues is attributable to higher oil and NGL prices and volumes.
Operating income increased $46.9 million for the quarter and $162.7 million for the year. The total year operating income of $329.5 million was the highest in the Company's history.
For the quarter, net income increased $25.5 million to $46.1 million and net income, excluding special items, increased $21.8 million to $51.5 million. Earnings per share increased $0.34 to$0.61 per share, representing a 126% increase quarter over quarter, and earnings per share, excluding special items, increased to $0.69 per share or 73% quarter over quarter.
Net income increased $54.9 million to $172.8 million and net income, excluding special items, increased $63.2 million or 54% to $179.9 million for the year. Earnings per share increased $0.71to $2.29 per share and earnings per share, excluding special items, increased $0.81 or 52% to$2.38 per share for the year.
Adjusted EBITDA for the year increased $196.3 million or 44% to $646.5 million. Our Adjusted EBITDA margin increased to 67%.
Paid out a special dividend for the fourth time in five years resulting in a total dividend yield of 3.7% based on the average price of our stock in 2011. Total shareholder return** for the year was approximately 25% and ranked near the top in a list of twenty peer group companies.
SOURCE W&T Offshore, Inc.
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