W&T Offshore, Inc. (NYSE:WTI) reported upbeat earnings for its first quarter, while sales missed views.
The Houston-based company revealed Produced 53,553 barrels of oil equivalent per day (“Boe/d”), or 4.9 million Boe (48% liquids), in the first quarter of 2020, near the high end of W&T’s guidance range, reflecting a 61% increase from the first quarter of 2019 and slightly higher than the fourth quarter of 2019.
WTI also reported net income of $66.0 million or $0.46 per share and adjusted net income of $5.8 million or $0.04 per share in the first quarter of 2020.
The company also generated significant Adjusted EBITDA of $62.1 million for the first quarter of 2020, despite a lower pricing environment; it also recorded strong cash flow from operating activities of $84.3 million in the first quarter.
Said CEO Tracy Krohn, "Since the formation of W&T in 1983, we have been able to persevere through multiple pricing downturns in the past because our focus and strategy is to maximize cash flow generation and continuously improve the profitability of our assets, at any commodity price.
"We are very pleased that, thus far, none of our onshore or offshore employees have tested positive for COVID-19. However, the global COVID-19 pandemic coupled with supply and demand imbalances have created an environment of uncertainty across the oil sector and temporarily reduced oil prices to unprecedented low levels."
WTI shares opened Tuesday up five cents, or 2%, to $2.61.
