Home > Market Research > Oil & Gas > W&T OFFSHORE, INCORPORATED Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009

Table of Contents

Market Briefing
Published: November 2009
Pages: 97
Tables: For full details, please email keithw@cmsinfo.com
From: GBP 156.25   Buy Now!
Research from: GlobalData
Sector: Oil & Gas

W&T OFFSHORE, INCORPORATED Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009

Summary

W&T OFFSHORE, INCORPORATED (W&T OFFSHORE) is an independent oil and gas energy company. The company along with its subsidiaries is engaged in the business of acquisition, exploitation, development and exploration of oil and natural gas assets. W&T OFFSHORE’s operations are principally focused in the regions of Gulf of Mexico including the deepwater and deep shelf regions. At present, W&T OFFSHORE has working interests in around 200 fields with proven reserve of 491.1 (billion cubic feet equivalent), which covers over two billion acres in federal and state waters. The company along with its subsidiaries is headquartered in Houston, Texas

GlobalData’s "W&T OFFSHORE, INCORPORATED Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009" is an essential source for key operational data, analysis and strategic insight into the company. The report provides detailed and unique information on the key operational parameters for the last six years. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations. The report is based on publicly available data filed with the US Securities and Exchange Commission (SEC) and other similar agencies worldwide. GlobalData is a premium business intelligence company.

Scope

- Key operational parameters which include production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.
- Analysis of the performance of the company on key valuation multiples such as market capitalization, enterprise value, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), EV / EBITDA, and EV / EBITDA.
- Annual and quarterly information on key operational, valuation and financial parameters. Annual information is for the current and the last five years while the quarterly information is for the current and the last four quarters.
- Detailed crude oil and natural gas reserves and production of the company by country
- In-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net developed and undeveloped acreage position, key costs and revenue information, and performance metrics of the company.

Reasons to buy

- Formulate business strategies through competitor comparison and business performance assessment.
- Rank your performance against oil and gas companies using operational and financial benchmarking metrics.
- Understand and capitalize on the strengths and weaknesses of your competitors
- Scout for potential acquisition targets, with detailed insight into the companies’ operational performance.

Key Information 1
Key Ratios 1
Table Of Contents 2
List of Tables 5
List of Figures 5
W&T OFFSHORE, INCORPORATED, Valuation and Financial Data 7
W&T OFFSHORE, INCORPORATED, Share Price Performance 7
Share Price Performance, Q3, 2008-Q3, 2009 7
W&T OFFSHORE, INCORPORATED, Key Valuation Metrics 8
Key Valuation Metrics, Q3, 2008-Q3, 2009 8
W&T OFFSHORE, INCORPORATED, Key Financials Per Share 9
Key Financials Per Share, Q3, 2008-Q3, 2009 9
W&T OFFSHORE, INCORPORATED, Key Financial Data 10
Key Financial Data, Q3, 2008-Q3, 2009 10
Key Financial Growth Rates, Q3, 2008-Q3, 2009 11
Key Profitability Ratios, Q3, 2008-Q3, 2009 12
W&T OFFSHORE, INCORPORATED, Quarterly Results of Oil & Gas Operations Per BOE Produced 13
Results of Oil & Gas Operations Per BOE Produced, Q3, 2008-Q3, 2009 13
Results of Oil & Gas Operations Per BOE Growth Rates, Q3, 2008-Q3, 2009 13
W&T OFFSHORE, INCORPORATED, Quarterly E&P Costs Trends 14
Upstream Capital Expenditure, Q3, 2008-Q3, 2009 14
W&T OFFSHORE, INCORPORATED, Quarterly Production Trends 15
W&T OFFSHORE, INCORPORATEDTotal Oil and Gas Production 15
Total Crude Oil and Natural Gas Production Trend, Q3, 2008-Q3, 2009 15
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 16
Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 17
W&T OFFSHORE, INCORPORATEDCrude Oil Production 18
Total Crude Oil Production Trend, Q3, 2008-Q3, 2009 18
Crude Oil Production, By Country/Region, Q3, 2008-Q3, 2009 19
W&T OFFSHORE, INCORPORATEDNatural Gas Production 20
Total Natural Gas Production Trend, Q3, 2008-Q3, 2009 20
Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 21
W&T OFFSHORE, INCORPORATED, Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2003-08 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2003-08 23
Total Crude Oil and Natural Gas Reserve Changes, 2003-08 24
Crude Oil/Liquids Production and Reserve 25
Crude Oil/Liquids Production and Reserve Trend, 2003-08 25
Crude Oil Production and Reserves By Country/Region, 2003-08 26
Crude Oil/Liquids Reserve Changes, 2003-08 27
Natural Gas Production and Reserve 28
Natural Gas Production and Reserve Trend, 2003-08 28
Natural Gas Production and Reserves, By Country/Region, 2003-08 29
Natural Gas Reserve Changes, 2003-08 30
Total Crude Oil and Natural Gas Reserves Life Index 31
Total Crude Oil and Natural Gas Reserves Life Index, 2003-08 31
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2003-08 32
W&T OFFSHORE, INCORPORATED, E&P Costs Trends 34
Allocation of the Upstream Capital Expenditure 34
Upstream Capital Expenditure, 2003-08 34
Acquisition Costs By Country/Region, 2003-08 35
Exploration and Development Costs, By Country/Region, 2003-08 36
Oil and Gas Cost Per Boe, $/boe 37
Oil and Gas Cost Per Boe, $/boe, 2003-08 37
Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2003-08 38
W&T OFFSHORE, INCORPORATED, Reserve Replacement Ratio 40
Oil and Gas Production Replacement Ratio 40
Oil and Gas Production Replacement Ratio, 2003-08 40
Oil and Gas Production Replacement Ratio, By Country/Region, 2003-08 42
W&T OFFSHORE, INCORPORATED, Results of Oil & Gas Operations Trend 46
Oil and Gas Revenue and Expenses 46
Oil and Gas Revenue and Expenses, 2003-08 46
Oil and Gas Revenue and Expenses, By Country/Region, 2003-08 47
Oil and Gas Revenue and Expenses, Per Boe 50
Oil and Gas Revenue and Expenses, By Boe, 2003-08 50
Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2003-08 51
Oil and Gas Performance Metrics 53
W&T OFFSHORE, INCORPORATED, Land Holdings and Well Data 54
Developed and Undeveloped Acreage 54
Gross and Net Developed and Undeveloped Acreage, 2003-08 54
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2003-08 55
Well Statistics 57
Producible Oil and Gas Well, 2003-08 57
Producible Oil and Gas Well, By Country/Region, 2003-08 58
Exploration and Development Wells Drilled, 2003-08 62
Exploration and Development Wells Drilled, By Country/Region, 2003-08 63
Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 63
Developed Reserves per Well, By Country/Region, 2003-08 64
Recent Developments 66
License Awards 66
Mar 20, 2009: W&T Offshore Bids On Four Blocks In Central Gulf Of Mexico Lease Sale 208 66
Drilling and Production Updates 66
Feb 06, 2009: W&T Provides 2008 Reserves Update 66
Jan 30, 2008: W&T Provides Update On Year End 2007 Reserves 66
Jan 30, 2008: W&T Provides 2007 Year End Reserves 67
Jan 09, 2008: W&T Provides Operational Update 67
Dec 19, 2007: Entek Provides High Island Production Update 67
Nov 07, 2007: W&T Announces Q4 2007 Production Guidance 68
Financial Announcements 68
Aug 04, 2009: W&T Offshore Reports Revenues Of $150.4 Million In Q2 2009 68
May 05, 2009: W&T Offshore Reports Net Loss Of $231 Million For Q1 2009 69
Feb 27, 2009: W&T Offshore Declares Quarterly Dividend 70
Feb 26, 2009: W&T Offshore Reports 2008 Results 70
Nov 04, 2008: W&T Reports 3Q 2008 Results 71
Nov 04, 2008: W&T Declares Special Dividend 72
Aug 05, 2008: W&T Declares Cash Dividend 72
Aug 05, 2008: W&T Reports 2Q 2008 Results 72
May 07, 2008: W&T Declares Quarterly Dividend 73
May 06, 2008: W&T Declares Q1 2008 Results 74
Feb 28, 2008: W&T Declares Q4 2007 Results 75
Feb 26, 2008: W&T Declares Quarterly Dividend 76
Feb 14, 2008: W&T To Declare Q4 2007 Results 76
Dec 06, 2007: W&T Declares Quarterly Dividend And Special Dividend 76
Nov 07, 2007: W&T Declares Q3 2007 Results 76
Sep 05, 2007: W&T Declares Cash Dividend 77
Aug 07, 2007: W&T Declares Q2 2007 Results 77
May 16, 2007: W&T Declares Dividend 78
May 08, 2007: W&T Declares Q1 2007 Results 78
Mar 08, 2007: W&T Declares Dividend 79
Mar 08, 2007: W&T Declares Q4 2006 Results 79
Dec 11, 2006: W&T Declares Dividend 80
Nov 09, 2006: W&T Declares Q3 2006 Results 80
Oct 11, 2006: W&T Declares Dividend 81
Aug 09, 2006: W&T Declares Q2 2006 Results 81
Jun 28, 2006: W&T Declares Dividend 82
Other Significant Developments 82
May 05, 2009: W&T Offshore Re-elects Board Of Directors 82
Jan 13, 2009: W&T Provides Update On Its 2008 Drilling Activity 83
Sep 25, 2008: W&T Appoints New President 83
Jun 16, 2008: W&T Provides Operational Update 83
May 07, 2008: W&T Announces Board Changes 84
May 18, 2007: W&T Re-elects Board Of Directors 84
Feb 26, 2007: W&T Appoints CFO 84
Jun 08, 2006: W&T CFO Retires 84
May 16, 2006: W&T Re-elects Board Of Directors 84
New Contracts Announcements 84
May 05, 2009: Technip Receives Contract From W&T Offshore For Daniel Boone Field Development In Gulf Of Mexico 84
Oct 02, 2008: Rowan Receives LoI From W&T For Jack-Up Gorilla IV 85
Appendix 86
Methodology 86
Coverage 86
Secondary Research 86
Primary Research 87
Key Economic Assumptions 87
Expert Panel Validation 87
Oil and Gas Reserves 87
Acreage and Well Information 88
Cost Incurred in Oil and Gas Operations 88
Reserves Replacement Ratio 90
Results of Oil & Gas Operations 92
Results of Oil & Gas Operations Per BOE Produced 94
Formula = Total Revenue/Total Oil & Gas ProductionValuation Metrics 95
Net Debt / Cash Flow 95
Market Capitalization 95
EV / EBITDA 96
EV/DACF (Debt Adjusted Cash Flow Multiple) 96
EV/Production 96
EV/Proved Reserve 96
Enterprise Value 96
EBITDA / Share (Diluted) 96
Price / Annualized CFPS 96
Price / Annualized EPS (P/E Ratio) 96
Shares Outstanding (Basic) 96
Shares Outstanding (Diluted) 96
Shares Outstanding 96
Stock Price-to-Cash Flow (at year-end) 96
Stock Price-to-Cash Flow (Quarter-end) 96
Stock Price-to-Net Income (at year-end) 96
Stock Price-to-Net Income (Quarter-end) 97
Stock Price-to-Revenue (at year-end) 97
Stock Price-to-Revenue (Quarter-end) 97
Debt / EV 97
Avg. Net Debt / Boed 97
Capex / Cash Flow 97
Unit Of Measure 97
Disclosure information 97

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Table of Contents

List of Tables
W&T OFFSHORE, INCORPORATED, Key Facts 1
W&T OFFSHORE, INCORPORATED, Key Ratios 1
W&T OFFSHORE, INCORPORATED, Key Costs Per Boe, $/boe, 2008 1
W&T OFFSHORE, INCORPORATED, Share Price Performance, Q3, 2008-Q3, 2009 7
W&T OFFSHORE, INCORPORATED, Key Valuation Metrics, Q3, 2008-Q3, 2009 8
W&T OFFSHORE, INCORPORATED, Key Financials Per Share, Q3, 2008-Q3, 2009 9
W&T OFFSHORE, INCORPORATED, Key Financials Per Share Growth Rates, Q3, 2008-Q3, 2009 9
W&T OFFSHORE, INCORPORATED, Key Financial Data, $ Million, Q3, 2008-Q3, 2009 10
W&T OFFSHORE, INCORPORATED, Key Financial Growth Rates, %, Q3, 2008-Q3, 2009 11
W&T OFFSHORE, INCORPORATED, Key Profitability Ratios, %, Q3, 2008-Q3, 2009 12
W&T OFFSHORE, INCORPORATED, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q3, 2008-Q3, 2009 13
W&T OFFSHORE, INCORPORATED, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q3, 2008-Q3, 2009 13
W&T OFFSHORE, INCORPORATED, Upstream Capital Expenditure, Q3, 2008-Q3, 2009 14
W&T OFFSHORE, INCORPORATED, Total Crude Oil and Natural Gas, Production, Q3, 2008-Q3, 2009 15
W&T OFFSHORE, INCORPORATED, Total Oil & Gas Production, By Country/Region, MMBOE, Q3, 2008-Q3, 2009 16
W&T OFFSHORE, INCORPORATED, Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 17
W&T OFFSHORE, INCORPORATED, Total Crude Oil Production, MMbbl, Q3, 2008-Q3, 2009 18
W&T OFFSHORE, INCORPORATED, Crude Oil Production, By Country/Region, MMbbl, Q3, 2008-Q3, 2009 19
W&T OFFSHORE, INCORPORATED, Total Natural Gas Production, Bcf, Q3, 2008-Q3, 2009 20
W&T OFFSHORE, INCORPORATED, Natural Gas Production, By Country/Region, Bcf, Q3, 2008-Q3, 2009 21
W&T OFFSHORE, INCORPORATED, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 22
W&T OFFSHORE, INCORPORATED, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2003-08 23
W&T OFFSHORE, INCORPORATED, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2003-08 24
W&T OFFSHORE, INCORPORATED, Crude Oil Production and Reserves Metrics, MMbbl, 2003-08 25
W&T OFFSHORE, INCORPORATED, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2003-08 26
W&T OFFSHORE, INCORPORATED, Crude Oil Reserve Changes, MMbbl, 2003-08 27
W&T OFFSHORE, INCORPORATED, Natural Gas Production and Reserves Metrics, Bcf, 2003-08 28
W&T OFFSHORE, INCORPORATED, Natural Gas Production and Reserves, By Country/Region, Bcf, 2003-08 29
W&T OFFSHORE, INCORPORATED, Natural Gas Reserve Changes, Bcf, 2003-08 30
W&T OFFSHORE, INCORPORATED, Oil and Gas Reserves Life Index, Years, 2003-08 31
W&T OFFSHORE, INCORPORATED, Oil and Gas Reserves Life Index, By Country/Region, Years, 2003-08 33
W&T OFFSHORE, INCORPORATED, Upstream Capital Expenditure, $ Million, 2003-08 34
W&T OFFSHORE, INCORPORATED, Proved and Unproved Acquisition Costs, By Country/Region, $ Million, 2003-08 35
W&T OFFSHORE, INCORPORATED, Exploration and Development Costs, By Country/Region, $ Million, 2003-08 36
W&T OFFSHORE, INCORPORATED, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2003-08 37
W&T OFFSHORE, INCORPORATED, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 2003-08 39
W&T OFFSHORE, INCORPORATED, Oil and Gas Production Replacement Ratio, %, 2003-08 40
W&T OFFSHORE, INCORPORATED, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2003-08 45
W&T OFFSHORE, INCORPORATED, Revenue and Expenses, $ Million, 2003-08 46
W&T OFFSHORE, INCORPORATED, Revenue and Expenses, By Country/Region, $ Million, 2003-08 49
W&T OFFSHORE, INCORPORATED, Oil and Gas Revenue and Expenses, $/Boe, 2003-08 50
W&T OFFSHORE, INCORPORATED, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 2003-08 52
W&T OFFSHORE, INCORPORATED, Oil and Gas Performance Metrics, 2003-08 53
W&T OFFSHORE, INCORPORATED, Land Holdings (Developed and Undeveloped Acreage), Acres, 2003-08 54
W&T OFFSHORE, INCORPORATED, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2003-08 56
W&T OFFSHORE, INCORPORATED, Producible Oil and Gas Wells, 2003-08 57
W&T OFFSHORE, INCORPORATED, Producible Oil and Gas Wells, By Country/Region, 2003-08 61
W&T OFFSHORE, INCORPORATED, Exploratory and Developed Wells, 2003-08 62
W&T OFFSHORE, INCORPORATED, Exploratory and Developed Wells, By Country/Region, 2003-08 63
W&T OFFSHORE, INCORPORATED, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 63
W&T OFFSHORE, INCORPORATED, Developed Reserves per Well, By Country/Region, Mboe per Well, 2003-08 65

For full details, please email keithw@cmsinfo.com

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