W&T Offshore Q1 Profit Beats Estimates

5 May 2010 (Last Updated May 5th, 2010 18:30)

W&T Offshore recorded better-than-expected profits for the first quarter of 2010, aided by an increase in average realised price. Revenue increased 44% to $169.6m, helped by oil and natural gas liquids volumes, beating analysts' estimates of $162.9m. The company's net

W&T Offshore recorded better-than-expected profits for the first quarter of 2010, aided by an increase in average realised price.

Revenue increased 44% to $169.6m, helped by oil and natural gas liquids volumes, beating analysts' estimates of $162.9m.

The company's net income for the quarter stood at $42.3m compared with a net loss of $244.6m a year ago.

During the first quarter, the company's average realised unhedged price increased to $8.50 per thousand cubic feet equivalent (mcfe) compared with $5.48 per mcfe a year ago.

W&T has raised its annual production outlook for 2010 to 70.3 billion cubic feet equivalent (bcfe) to 95.1bcfe, from its prior forecast of 60bcfe to 80bcfe.

The company expects to produce in the range of 18.4bcfe to 20.6bcfe in the second quarter of 2010.