W&T Offshore Q2 Revenue Jumps 33%, Beats Estimates on Higher Prices
WTI has more than doubled off its 52-week low of $1.5.
Summary
W&T Offshore delivered a strong Q2, with revenue rising 33% year-over-year to $162.62 million, beating the $157.46 million consensus. Net income swung to a $12.56 million profit from a loss a year ago, driven by an 11% sequential increase in realized prices and a 3% production gain. Lease operating expenses came in below the low end of guidance, though some costs were deferred to Q3. The company initiated Q3 production guidance of 3.06–3.39 MMBoe and full-year capex of $19.5–$24.5 million, signaling disciplined spending. A $0.01 per share dividend was declared. This follows a wave of insider selling in July, but the operational beat and positive outlook may shift sentiment. The stock closed at $3.42 on August 4, well below the $4.83 median analyst target.
At the time of this announcement, WTI was trading at $3.40 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $483.5M. The 52-week trading range was $1.50 to $5.08. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.