W&T Offshore Misses on the Bottom Line

Independent oil and natural gas producer W&T Offshore (NYSE: WTI  ) reported third-quarter results today after the markets closed, showing that it posted net revenues of $244.6 million, a robust 32% increase from the same period in the previous year, and just shy of the $245.1 million Capital IQ consensus estimate.

While adjusted net income came in at $15.5 million, or $0.20 per share, just ahead from $14.4 million, or $0.19 per share, in the same period in 2012, it was $0.05 per share worse than the CapIQ estimates of $0.25 per share.

W&T Offshore says it benefited from higher production of oil and natural gas, and while liquids were essentially unchanged year over year, prices realized were appreciably higher, at an average realized sales price of $58.04 per barrel of oil equivalent.

The oil and gas producer expects to produce between 2.2 million and 2.5 million barrels of oil and natural gas liquids in the fourth quarter and between 9.0 and 9.3 MMBbls for the year, which lowers its top-end guidance by 0.2 MMBbls. Analysts anticipate W&T Offshore will post earnings of $0.25 per share in the fourth quarter on revenues of $245.8 million.

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2716232, ~/Articles/ArticleHandler.aspx, 9/30/2016 6:11:44 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 8 hours ago Sponsored by:
DOW 18,143.45 -195.79 -1.07%
S&P 500 2,151.13 -20.24 -0.93%
NASD 5,269.15 -49.39 -0.93%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/29/2016 4:02 PM
WTI $1.74 Up +0.08 +4.82%
W and T Offshore CAPS Rating: **