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W&T Offshore Inc, Company Intelligence Report - Product Image

W&T Offshore Inc, Company Intelligence Report

  • ID: 2051237
  • June 2012
  • 105 pages
  • GlobalData

W&T Offshore Inc, Company Intelligence Report

Summary

W&T Offshore Inc (W&T) is an independent energy company actively involved in the acquisition, exploitation, exploration and development of crude oil and natural gas resources in the US. The company’s E&P activities are concentrated in both offshore and onshore areas of the US. W&T’s offshore operations are primarily focused on the Gulf of Mexico (GoM), and the company held varying working interests in the GoM, as of the end of 2011. The company operated primarily within offshore areas since its inception, before entering into onshore areas through acquisitions in 2010. The company further expanded its presence in onshore areas with an acquisition in the Permian basin of West Texas in Q2 2011. Currently, W&T holds an average net total of 173,165 acres in onshore areas as of the end of 2011.

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals READ MORE >

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1
1

1.1 List of Tables
1.2 List of Figures
2 W&T Offshore Inc, Company Overview
Source: GlobalData; Company Source
3 W&T Offshore Inc, Investment Summary
3.1 Blending Organic and Inorganic Growth to Improve its Operational Performance
3.1.1 Shifting Towards Onshore Assets to Offset Production Decline
3.1.2 Still Mapping Offshore Opportunities; Equipped with Experience and Expertise
3.2 Mahogany Field – Matured Asset; Nonetheless to Contribute to W&T’s Reserves and Production
3.2.1 Gulf of Mexico, Fiscal System
4 W&T Offshore Inc., SWOT Analysis
4.1 Strengths
4.1.1 Technical Expertise in Handling Offshore Projects
4.2 Weakness
4.2.1 Consistently Lowest Reserve Life Index during the Last Five Years
4.2.2 Relatively Lower Operational Matrix compared to Peer Group
4.3 Opportunities
4.3.1 High Potential to Increase Production through Inorganic Growth
4.3.2 Rising Deepwater E&P Activities
4.4 Threats
4.4.1 Higher Risk Associated with Deepwater Drilling Projects
4.4.2 Moving towards Onshore Projects May Increase Difficulties
5 W&T Offshore Inc., Goals and Strategies
5.1 Strategic Target; Growth Plan for 2012
5.1.1 Augment Reserves by 18% Over 2011 Reserve Base
5.1.2 Aims to Increase Production by at Least 5% Over 2011 Levels
5.1.3 Maximize Operating Margins to Enhance Shareholders’ Value
6 W&T Offshore Inc, Production Overview
6.1 Production Profile
6.2 Assets Portfolio
6.2.1 Offshore Assets
6.2.2 Onshore Assets
7 W&T Offshore Inc, Exploration and Development Overview
8 W&T Offshore Inc, Capital Expenditure
8.1 Costs Incurred
9 W&T Offshore Inc, Acreage
10 W&T Offshore Inc, M&A Highlights
11 W&T Offshore Inc, Forecast Production and Financial Statements
11.1 Income Statement (2009–2016)
11.2 Balance Sheet (2009–2016)
11.3 Cash Flow Statement (2009–2016)
11.4 Financial Ratios
12 W&T Offshore Inc, Valuation
12.1 Net Asset Value
13 W&T Offshore Inc, Peer Comparision
13.1 Share Price Performance
13.2 Operational and Financial Performance
13.3 Key Financial and Operational Ratio
14 W&T Offshore, Inc., Detailed Operational and Financial Metrics
14.1 W&T Offshore, Inc., Total Oil and Gas, Reserves and Production
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011
14.2 W&T Offshore, Inc., Crude Oil/Liquids Production and Reserve
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011
14.2.2 Crude Oil Production and Reserves By Country/Region, 2007-2011
14.2.3 Crude Oil/Liquids Reserve Changes, 2007-2011
14.3 W&T Offshore, Inc., Natural Gas Production and Reserve
14.3.1 Natural Gas Production and Reserve Trend, 2007-2011
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2007-2011
14.3.3 Natural Gas Reserve Changes, 2007-2011
14.4 W&T Offshore, Inc., Total Crude Oil and Natural Gas Reserves Life Index
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011
14.5 W&T Offshore, Inc., E&P Costs Trends
14.5.1 Upstream Capital Expenditure, 2007-2011
14.5.2 Acquisition Costs By Country/Region, 2007-2011
14.5.3 Exploration and Development Costs, By Country/Region, 2007-2011
14.6 W&T Offshore, Inc., Oil and Gas Cost Per boe, $/boe
14.6.1 Oil and Gas Cost Per boe, $/boe, 2007-2011
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011
14.7 W&T Offshore, Inc., Reserve Replacement Ratio
14.7.1 Oil and Gas Production Replacement Ratio, 2007-2011
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011
14.8 W&T Offshore, Inc., Results of Oil & Gas Operations Trend
14.8.1 Oil and Gas Revenue and Expenses, 2007-2011
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011
14.9 W&T Offshore, Inc., Oil and Gas Revenue and Expenses, Per boe
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2007-2011
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011
14.10 W&T Offshore, Inc., Oil and Gas Performance Metrics
14.11 W&T Offshore, Inc., Land Holdings and Well Data
14.11.1 Gross and Net Developed and Undeveloped Acreage, 2007-2011
14.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011
14.12 W&T Offshore, Inc., Well Statistics
14.12.1 Producible Oil and Gas Well, 2007-2011
14.12.2 Producible Oil and Gas Well, By Country/Region, 2007-2011
14.12.3 Exploration and Development Wells Drilled, 2007-2011
14.12.4 Exploration and Development Wells Drilled, By Country/Region, 2007-2011
15 Appendix
15.1 Abbreviations
15.2 Methodology
15.2.1 Coverage
15.2.2 Secondary Research
15.2.3 Primary Research
15.3 Contact Us
15.4 Disclaimer

1.1 List of Tables
Table 1: W&T Offshore Inc, Key Events, 2011–2012
Table 2: Gulf of Mexico, Crude Oil Royalty, November 2000 Onwards
Table 3: W&T Offshore Inc, Upstream Growth Profile, MMboe, 2012–2016
Table 4: W&T Offshore Inc, E&P Capital Expenditure by Geography, $m, 2009–2011
Table 5: W&T Offshore Inc, Exploration, Development and Acquisition Costs, $m, 2009–2011
Table 6: W&T Offshore Inc, Reserve Replacement Ratio and Finding and Development Costs, $m, 2009–2011
Table 7: W&T Offshore Inc Vs. Peers, Net Developed and Undeveloped Acres, Acres, 2011
Table 8: W&T Offshore Inc, Recent Transactions As A Buyer, 2006– 2010
Table 9: W&T Offshore Inc, Historic and Forecast Production, 2009–2016
Table 10: GlobalData, Price Forecasts, 2012–2016
Table 11: W&T Offshore Inc, Income Statement ($m), 2009–2016
Table 12: W&T Offshore Inc, Balance Sheet ($m), 2009–2016
Table 13: W&T Offshore Inc, Cash Flow Statement ($m), 2009–2016
Table 14: W&T Offshore Inc, Profitability Ratios, 2009–2016
Table 15: W&T Offshore Inc, Other Financial Ratios, 2009–2016
Table 16: W&T Offshore Inc, Capital Market Ratios, 2010–2012
Table 17: W&T Offshore Inc, Net Asset Value, 2012
Table 18: W&T Offshore Inc, NPV of Oil/NGL Reserves, $/bbl, 2012
Table 19: W&T Offshore Inc, NPV of Natural Gas Reserves, $/Mcf, 2012
Table 20: W&T Offshore Inc, NPV OF Total Oil and Natural Gas Reserves , $/boe, 2012
Table 21: W&T Offshore Inc, Sensitivity Analysis on Fair Value ($ per share), 2012
Table 22: W&T Offshore Vs. Peer Group, Operational and Financial Performance, 2011
Table 23: W&T Offshore Inc and its Peer Group Comparison, Financial Ratios, 2011
Table 24: W&T Offshore, Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011
Table 25: W&T Offshore, Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2007-2011
Table 26: W&T Offshore, Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2007-2011
Table 27: W&T Offshore, Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011
Table 28: W&T Offshore, Inc., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2007-2011
Table 29: W&T Offshore, Inc., Crude Oil Reserve Changes, MMbbl, 2007-2011
Table 30: W&T Offshore, Inc., Natural Gas Production and Reserves Metrics, Bcf, 2007-2011
Table 31: W&T Offshore, Inc., Natural Gas Production and Reserves, By Country/Region, Bcf, 2007-2011
Table 32: W&T Offshore, Inc., Natural Gas Reserve Changes, Bcf, 2007-2011
Table 33: W&T Offshore, Inc., Oil and Gas Reserves Life Index, Years, 2007-2011
Table 34: W&T Offshore, Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2007-2011
Table 35: W&T Offshore, Inc., Upstream Capital Expenditure, $m, 2007-2011
Table 36: W&T Offshore, Inc., Proved and Unproved Acquisition Costs, By Country/Region, $m, 2007-2011
Table 37: W&T Offshore, Inc., Exploration and Development Costs, By Country/Region, $m, 2007-2011
Table 38: W&T Offshore, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011
Table 39: W&T Offshore, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2007-2011
Table 40: W&T Offshore, Inc., Oil and Gas Production Replacement Ratio, %, 2007-2011
Table 41: W&T Offshore, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2007-2011
Table 42: W&T Offshore, Inc., Revenue and Expenses, $m, 2007-2011
Table 43: W&T Offshore, Inc., Revenue and Expenses, By Country/Region, $m, 2007-2011
Table 44: W&T Offshore, Inc., Oil and Gas Revenue and Expenses, $/boe, 2007-2011
Table 45: W&T Offshore, Inc., Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2007-2011
Table 46: W&T Offshore, Inc., Oil and Gas Performance Metrics, 2007-2011
Table 47: W&T Offshore, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011
Table 48: W&T Offshore, Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2007-2011
Table 49: W&T Offshore, Inc., Producible Oil and Gas Wells, 2007-2011
Table 50: W&T Offshore, Inc., Producible Oil and Gas Wells, By Country/Region, 2007-2011
Table 51: W&T Offshore, Inc., Exploratory and Developed Wells, 2007-2011
Table 52: W&T Offshore, Inc., Exploratory and Developed Wells, By Country/Region, 2007-2011

1.2 List of Figures
Figure 1: W&T Offshore Inc., Operational Map, 2012
Figure 2: W&T Offshore Inc., Financial and Operational Overview, 2008–2011
Figure 3: W&T Offshore Inc, Share Price Movement, March 2011 – March 2012
Figure 4: W&T Offshore Inc, Development and Exploration Portfolio, 2012
Figure 5: W&T Offshore, Reserve Life Index in Comparison with Peer Group (Years), 2007–2011
Figure 6: W&T Offshore, Oil and Gas Finding and Development Cost, Five Year Average, ($/boe), 2011
Figure 7: W&T Offshore, Reserve Replacement Ratio, Five Year Average, (%), 2011
Figure 8: W&T Offshore Inc, Production Mix, (MMboe), 2008–2016
Figure 9: W&T Offshore Inc, Net Productive, Dry Exploratory and Development Wells, 2008–2011
Figure 10: W&T Offshore Inc., Comparison of Exploration Cost and Reserve Addition, 2008–2011
Figure 11: W&T Offshore Inc, Permian Basin, Operational Map, 2011
Figure 12: W&T Offshore Inc, E&P Capex by Geography, 2009–2011
Figure 13: W&T Offshore Inc, E&P Capex by Activity, 2009–2011
Figure 14: W&T Offshore Inc, Costs Incurred, $m, 2009–2011
Figure 15: W&T Offshore Inc, Reserve Replacement Ratio and Finding and Development Costs, 2009–2011
Figure 16: W&T Offshore Inc Vs. Peers, Total Net Developed and Undeveloped Acres, (‘000 Acres), 2011
Figure 17: W&T Offshore Inc, Net Developed and Undeveloped Acres, Acres, 2008–2011
Figure 18: W&T Offshore Inc and Peer Group Comparison, Share Price Performance, June 2011–June 2012
Figure 19: W&T Offshore Inc, Operational and Financial Parameters in $/boe, 2011
Figure 20: W&T Offshore Inc, Total Reserves and Production, MMboe, 2011
Figure 21: W&T Offshore Inc and Peer Group Comparison, Valuation Ratio, 2011
Figure 22: W&T Offshore, Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011
Figure 23: W&T Offshore, Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2007-2011
Figure 24: W&T Offshore, Inc., Total Oil & Gas Production, By Country/Region, MMboe, 2007-2011
Figure 25: W&T Offshore, Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2011
Figure 26: W&T Offshore, Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011
Figure 27: W&T Offshore, Inc., Oil Reserves, End of Period, By Country/Region, MMbbl, 2007-2011
Figure 28: W&T Offshore, Inc., Oil Production, By Country/Region, MMbbl, 2007-2011
Figure 29: W&T Offshore, Inc., Crude Oil Reserve Changes, MMbbl, 2011
Figure 30: W&T Offshore, Inc., Natural Gas Production and Reserves Metrics, Bcf, 2007-2011
Figure 31: W&T Offshore, Inc., Gas Reserves, End of Period, By Country/Region, Bcf, 2007-2011
Figure 32: W&T Offshore, Inc., Gas Production, By Country/Region, Bcf, 2007-2011
Figure 33: W&T Offshore, Inc., Natural Gas Reserve Changes, Bcf, 2011
Figure 34: W&T Offshore, Inc., Oil and Gas Reserves Life Index, Years, 2007-2011
Figure 35: W&T Offshore, Inc., Gas Reserve Life Index, By Country/Region, Ratio, 2007-2011
Figure 36: W&T Offshore, Inc., Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2007-2011
Figure 37: W&T Offshore, Inc., Oil Reserve Life Index, By Country/Region, Ratio, 2007-2011
Figure 38: W&T Offshore, Inc., Upstream Capital Expenditure, $m, 2007-2011
Figure 39: W&T Offshore, Inc., Proved Acquisition Costs, By Country/Region, $m, 2007-2011
Figure 40: W&T Offshore, Inc., Unproved Acquisition Costs, By Country/Region, $m, 2007-2011
Figure 41: W&T Offshore, Inc., Development Costs, By Country/Region, $m, 2007-2011
Figure 42: W&T Offshore, Inc., Exploration Costs, By Country/Region, $m, 2007-2011
Figure 43: W&T Offshore, Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011
Figure 44: W&T Offshore, Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 45: W&T Offshore, Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 46: W&T Offshore, Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 47: W&T Offshore, Inc., Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 48: W&T Offshore, Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2007-2011
Figure 49: W&T Offshore, Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 50: W&T Offshore, Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 51: W&T Offshore, Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 52: W&T Offshore, Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 53: W&T Offshore, Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 54: W&T Offshore, Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 55: W&T Offshore, Inc., Revenue and Expenses, $m, 2007-2011
Figure 56: W&T Offshore, Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 57: W&T Offshore, Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 58: W&T Offshore, Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 59: W&T Offshore, Inc., Oil & Gas Revenue, By Country/Region, $m, 2007-2011
Figure 60: W&T Offshore, Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 61: W&T Offshore, Inc., Production Costs, By Country/Region, $m, 2007-2011
Figure 62: W&T Offshore, Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 63: W&T Offshore, Inc., Oil and Gas Revenue and Expenses, $/boe, 2007-2011
Figure 64: W&T Offshore, Inc., Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2007-2011
Figure 65: W&T Offshore, Inc., Lifting Cost per boe, By Country/Region, $/boe, 2007-2011
Figure 66: W&T Offshore, Inc., Annual Net Income per boe, By Country/Region, $/boe, 2007-2011
Figure 67: W&T Offshore, Inc., Oil & Gas Revenue per boe, By Country/Region, $/boe, 2007-2011
Figure 68: W&T Offshore, Inc., Total DD&A per boe, By Country/Region, $/boe, 2007-2011
Figure 69: W&T Offshore, Inc., Total Revenue per boe, By Country/Region, $/boe, 2007-2011
Figure 70: W&T Offshore, Inc., Oil and Gas Performance Metrics, 2007-2011
Figure 71: W&T Offshore, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011
Figure 72: W&T Offshore, Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-2011
Figure 73: W&T Offshore, Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-2011
Figure 74: W&T Offshore, Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2007-2011
Figure 75: W&T Offshore, Inc., Total Net Developed Acreage, By Country/Region, Acres, 2007-2011
Figure 76: W&T Offshore, Inc., Producible Oil and Gas Wells, 2007-2011
Figure 77: W&T Offshore, Inc., Gross Productive Gas Wells, By Country/Region, Number, 2007-2011
Figure 78: W&T Offshore, Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011
Figure 79: W&T Offshore, Inc., Gross Productive Oil Wells, By Country/Region, Number, 2007-2011
Figure 80: W&T Offshore, Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2007-2011
Figure 81: W&T Offshore, Inc., Net Productive Gas Wells, By Country/Region, Number, 2007-2011
Figure 82: W&T Offshore, Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011
Figure 83: W&T Offshore, Inc., Net Productive Oil Wells, By Country/Region, Number, 2007-2011
Figure 84: W&T Offshore, Inc., Exploratory and Developed Wells, 2007-2011

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Blending Organic and Inorganic Growth to Improve its Operational Performance

W&T’s production has been declining consistently during the period 2007–2010 at a compounded average rate of -11.6%. However, the company managed to increase the production by increasing its organic and inorganic activities during 2011. W&T has primarily been present in offshore projects; however, it started focusing on onshore projects after the shut-down in the GoM due to the Deepwater Horizon oil spill. W&T possesses technical expertise in offshore operations, but was compelled to focus on onshore projects due to this event.

Shifting Towards Onshore Assets to Offset Production Decline

W&T has been involved in seeking growth opportunities to drive its future production. In line with this, the company has acquired interest in two major projects, namely the Yellow Rose Project and Terry County in the Permian basin. W&T acquired 21,400 net acres in the Texan counties of Martin, Dawson, Andrews and Gaines in the Permian basin in May 2011. The acquired acreage consists of 91% oil and liquids, currently producing 2,920boe/d. In addition, the transaction agreement includes proved reserves of around 30 MMboe and probable reserves of 25 MMboe. W&T is currently involved in drilling development wells, primarily targeting Wolfberry Trend in Yellow Rose Project. It drilled between 27 and 30 vertical wells in 2011, each costing about $2.1m to drill and complete. W&T also acquired 9,100 net acres in the Terry County project during 2011. The company has raised its working interest in Terry County from 35.6% to 80%. W&T managed to drill 10 wells as of September 30, 2011, and the company has drilled three more wells durimg the end of 2011. Additionally, the company’s 80 acres in the Terry County project added around 11 MMboe of reserves by 2011.

Apart from the West Texas Permian basin projects undergoing development, the company also has other successful prospects, including the Star Project in East Texas. W&T has a 97% working interest in the Star Project, which is expected to hold 300bcfe of resource potential. Recently, the company completed one horizontal exploration well which targets the conventional reservoir.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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