W&T Offshore Inc. (NYSE:WTI) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
W&T Offshore Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 62.32% to $0.26 in the quarter versus EPS of $0.69 in the year-earlier quarter.
Revenue: Decreased 9.45% to $237.15 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: W&T Offshore Inc. reported adjusted EPS income of $0.26 per share. By that measure, the company beat the mean analyst estimate of $0.25. It beat the average revenue estimate of $231.01 million.
Quoting Management: Tracy W. Krohn, W&T Offshore’s Chairman and Chief Executive Officer, stated, “In 2012 we successfully executed our capital plan, which was heavily weighted towards development and complemented with exploration projects to drive organic growth in 2013. We converted 50% of our 2011 proved undeveloped reserves to a proved developed status and increased our proved developed crude oil reserves by 51% in 2012. This allowed us to continue to take advantage of the on-going strength in oil prices and the premium we receive for our Gulf Coast production. Additionally, our high value reserves provide a cushion from potential ceiling test impairment issues.”
Key Stats (on next page)…