W&T Offshore Misses on the Bottom Line
Independent oil and natural gas producer W&T Offshore 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.
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