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W&T Offshore, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $121.4 million, down from $142.4 million in the same quarter the previous year. The decrease is attributed to reduced production volumes and lower realized prices for oil and natural gas.
Lease operating expenses increased to $72.4 million from $61.8 million, primarily due to higher costs associated with newly acquired fields and increased maintenance activities.
The company reported an operating loss of $18.964 million for the quarter, compared to an operating income of $17.283 million in the previous year.
Net loss for the quarter was $36.921 million, compared to a net income of $2.145 million in the previous year. The loss is attributed to lower revenues and increased operating expenses.
Cash provided by operating activities was $63.856 million, while cash used in investing and financing activities was $104.034 million and $6.616 million, respectively.
As of September 30, 2024, W&T Offshore had $126.5 million in cash and cash equivalents and $50.0 million available under its credit agreement.
The company continues to focus on its operations in the Gulf of Mexico, where it holds interests in 53 producing offshore fields.
W&T Offshore declared a regular quarterly dividend of $0.01 per share for the fourth quarter of 2024, payable on November 29, 2024.
The filing also details various financial instruments, including derivative contracts to manage commodity price risks and debt instruments with a total principal amount of $399.4 million outstanding.
The company is engaged in ongoing legal proceedings related to royalties and bonding disputes, which could impact its financial position.
W&T Offshore is actively managing its asset retirement obligations, with $555.0 million estimated as of September 30, 2024, reflecting the company's ongoing decommissioning efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the W&T Offshore Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.