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W&T Offshore, Inc., Company Intelligence Report

  • ID: 3108756
  • January 2015
  • 149 pages
  • GlobalData
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W&T Offshore, Inc., Company Intelligence Report

Summary

W&T Offshore is Houston-based oil and natural gas company that is actively involved in the exploration, development and acquisition of oil and natural gas properties, located onshore and offshore in the US. W&T Offshore is primarily operating in the Deepwater Gulf Of Mexico (GOM), the GOM shelf, and the Permian Basin of West Texas. As of December 31, 2013, the company’s 1P reserves totaled 119.6 million barrels of oil equivalent (mmboe) and its estimated 2P reserves totaled 169.6 mmboe. W&T Offshore reported overall production of 18 mmboe in 2013, representing an annual increase of around 5% over the 17.1 mmboe of production recorded in 2012.

W&T Offshore possess 268,000 net acres in Deepwater GOM as of November 11, 2014. As of December 31, 2013, the company has 25.2 mmboe of 1P reserves that includes 1.9 mmboe of 1P reserves of Neptune field (acquired from Woodside Energy) and 41.5 mmboe of 2P reserves that includes 3 mmboe of 2P reserves of Neptune field (also acquired from Woodside). As of November 12, 2014, 38% of the company’s total daily production comes from this region. READ MORE >

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1.1 List of Tables
1.2 List of Figures
2 W&T Offshore, Company Overview
3 W&T Offshore, Key Highlights
3.1 Focus on Increasing Reserves through Extensions, Discoveries and Acquisitions
3.2 Deepwater Acquisition to Support Future Production Growth
3.3 Growth Driven by Increased Capital Expenditure for High-Quality and High-Impact Projects
4 W&T Offshore, SWOT Analysis
4.1 Strengths
4.1.1 Presence of Diversified Onshore and Offshore Assets in Three Prolific Basins
4.1.2 Strong Technical Expertise in Executing Offshore Projects
4.2 Weaknesses
4.2.1 Higher Cost Associated with Drilling on the Deep Shelf and in the Deepwater Gulf of Mexico
4.2.2 Low Reserve Life Index
4.3 Opportunities
4.3.1 Substantial Potential for Development of Deepwater Infrastructure to Market its Crude Oil and Natural Gas Efficiently
4.4 Threats
4.4.1 Severe Weather Conditions
5 W&T Offshore, Exploration, Development and Production Overview
5.1 Exploration and Development Profile
5.2 Production Profile
5.3 Asset Profile
5.3.1 Deepwater Gulf of Mexico
5.3.2 Gulf of Mexico Shelf
5.3.3 Permian Basin
6 Capital Expenditure
6.1 Costs Incurred
7 W&T Offshore, Forecast Production and Financial Statements
7.1 Income Statement (2011-2018)
7.2 Balance Sheet (2011-2018)
7.3 Cash Flow Statement (2011-2018)
8 W&T Offshore Valuation
8.1 Net Asset Value Methodology
9 W&T Offshore, Peer Comparison
9.1 Share Price Performance
9.2 Operational and Financial Performance
9.3 Key Financial and Operational Ratio
10 W&T Offshore, Inc., Production and Reserves Trends
10.1 Total Oil and Gas, Reserves and Production
10.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013
10.1.2 Total Crude Oil & Natural Gas Production and Reserves by Country/Region, 2009-2013
10.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013
10.2 Crude Oil/Liquids Production and Reserve
10.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013
10.2.2 Crude Oil Production and Reserves by Country/Region, 2009-2013
10.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013
10.3 Natural Gas Production and Reserve
10.3.1 Natural Gas Production and Reserve Trend, 2009-2013
10.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013
10.3.3 Natural Gas Reserve Changes, 2009-2013
10.4 Total Crude Oil and Natural Gas Reserves Life Index
10.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013
10.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013
11 W&T Offshore, Inc., E&P Costs Trends
11.1 Allocation of the Upstream Capital Expenditure
11.1.1 Upstream Capital Expenditure, 2009-2013
11.1.2 Acquisition Costs by Country/Region, 2009-2013
11.1.3 Exploration and Development Costs, By Country/Region, 2009-2013
11.2 Oil and Gas Cost Per boe, US$/boe
11.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013
11.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013
12 W&T Offshore, Inc., Reserve Replacement Ratio
12.1 Oil and Gas Production Replacement Ratio
12.1.1 Oil and Gas Production Replacement Ratio, 2009-2013
12.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013
13 W&T Offshore, Inc., Results of Oil & Gas Operations Trend
13.1 Oil and Gas Revenue and Expenses
13.1.1 Oil and Gas Revenue and Expenses, 2009-2013
13.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013
13.2 Oil and Gas Revenue and Expenses, Per boe
13.2.1 Oil and Gas Revenue and Expenses, by boe, 2009-2013
13.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013
13.2.3 Oil and Gas Performance Metrics
14 W&T Offshore, Inc., Land Holdings and Well Data
14.1 Developed and Undeveloped Acreage
14.1.1 Gross and Net Developed and Undeveloped Acreage, 2009-2013
14.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013
14.2 Well Statistics
14.2.1 Producible Oil and Gas Well, 2009-2013
14.2.2 Producible Oil and Gas Well, By Country/Region, 2009-2013
14.2.3 Exploration and Development Wells Drilled, 2009-2013
14.2.4 Exploration and Development Wells Drilled, By Country/Region, 2009-2013
15 Appendix
15.1 Abbreviations
15.2 Sources
15.3 Research Methodology
15.3.1 Coverage
15.3.2 Secondary Research
15.3.3 Primary Research
15.4 Disclaimer

1.1 List of Tables
Table 1: W&T Offshore Total Oil and Gas Production Forecast, 2011-2018
Table 2: W&T Offshore, Details of Current Non-Operated Projects, 2014
Table 3: W&T Offshore, Costs Incurred (US$ mil), 2009-2013
Table 4: W&T Offshore, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred (US$/boe), 2010-2013
Table 5: W&T Offshore, Historical and Forecast Production, 2011-2018
Table 6: GlobalData, Price Forecasts, 2014-2018
Table 7: W&T Offshore Income Statement (US$ mil), 2011-2018
Table 8: W&T Offshore, Balance Sheet (US$ mil), 2011-2018
Table 9: W&T Offshore, Cash Flow Statement (US$ mil), 2011-2018
Table 10: W&T Offshore, Peer Group Comparison, Operational and Financial Performance, 2013
Table 11: W&T Offshore, Peer Group Comparison, Total Reserves and Production (mmboe), 2013
Table 12: W&T Offshore, Peer Group Comparison, Financial and Operational Ratios, 2013
Table 13: W&T Offshore, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013
Table 14: W&T Offshore, Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013
Table 15: W&T Offshore, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013
Table 16: W&T Offshore, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013
Table 17: W&T Offshore, Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013
Table 18: W&T Offshore, Inc., Crude Oil Reserve Changes, mmbbl, 2009-2013
Table 19: W&T Offshore, Inc., Natural Gas Production and Reserves Metrics, bcf, 2009-2013
Table 20: W&T Offshore, Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013
Table 21: W&T Offshore, Inc., Natural Gas Reserve Changes, bcf, 2009-2013
Table 22: W&T Offshore, Inc., Oil and Gas Reserves Life Index, Years, 2009-2013
Table 23: W&T Offshore, Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013
Table 24: W&T Offshore, Inc., Upstream Capital Expenditure, US$ mil, 2009-2013
Table 25: W&T Offshore, Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Table 26: W&T Offshore, Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013
Table 27: W&T Offshore, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013
Table 28: W&T Offshore, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013
Table 29: W&T Offshore, Inc., Oil and Gas Production Replacement Ratio, %, 2009-2013
Table 30: W&T Offshore, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013
Table 31: W&T Offshore, Inc., Revenue and Expenses, US$ mil, 2009-2013
Table 32: W&T Offshore, Inc., Revenue and Expenses, By Country/Region, US$ mil, 2009-2013
Table 33: W&T Offshore, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013
Table 34: W&T Offshore, Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013
Table 35: W&T Offshore, Inc., Oil and Gas Performance Metrics, 2009-2013
Table 36: W&T Offshore, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013
Table 37: W&T Offshore, Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013
Table 38: W&T Offshore, Inc., Producible Oil and Gas Wells, 2009-2013
Table 39: W&T Offshore, Inc., Producible Oil and Gas Wells, By Country/Region, 2009-2013
Table 40: W&T Offshore, Inc., Exploratory and Developed Wells, 2009-2013
Table 41: W&T Offshore, Inc., Exploratory and Developed Wells, By Country/Region, 2009-2013

1.2 List of Figures
Figure 1: W&T Offshore, Financial and Operational Overview, 2010-2013
Figure 2: W&T Offshore, Share Price Movement, December 2013-November 2014
Figure 3: W&T Offshore, 3P Reserves by Basin, US, 2013
Figure 4: W&T Offshore, Acquisition of Assets in the Deepwater Gulf of Mexico, US, 2010-2013
Figure 5: W&T Offshore, Total Capital Expenditure Split (US$ mil), 2014
Figure 6: W&T Offshore, Reserve Life Index (Years) in Comparison with Peer Group, 2013
Figure 7: W&T Offshore, Operational Map, 2014
Figure 8: W&T Offshore, Net Productive and Dry Exploratory and Development Wells, 2009-2013
Figure 9: W&T Offshore, Net Total Dry and Productive Exploratory Wells, 2009-2013
Figure 10: W&T Offshore, Net Developmental and Exploratory Wells Drilled Onshore and Offshore, 2011-2013
Figure 11 W&T Offshore, Production Mix (%), 2011-2018
Figure 12: W&T Offshore, Well Locations in the Deepwater Gulf of Mexico, US, 2014
Figure 13: W&T Offshore, Well Location in the Gulf of Mexico Shelf, US, 2014
Figure 14: W&T Offshore, Mahogany location in the Gulf of Mexico Shelf, US, 2014
Figure 15: W&T Offshore, Well Location in the Gulf of Mexico Shelf, US, 2014
Figure 16: W&T Offshore, Acreage in the Permian Basin, US, 2014
Figure 17: W&T Offshore, Total Capital Expenditure (US$ mil), 2009-2013
Figure 18: W&T Offshore, Costs Incurred (US$ mil), 2009-2013
Figure 19: W&T Offshore, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred (US$/boe), 2010-2013
Figure 20: W&T Offshore and Peers, Relative Share Price Performance Index (%), December 2013-November 2014
Figure 21: W&T Offshore, Financial Parameters, 2010-2013
Figure 22: W&T Offshore and Peer Group, Financial Parameters, 2013
Figure 23: W&T Offshore and Peer Group, F&D Cost and Reserve Replacement Comparison, 2013
Figure 24: W&T Offshore, Peer Group Comparison, Total Reserves and Production (mmboe), 2013
Figure 25: W&T Offshore and Peer Group, Reserve Life Index (Years), 2013
Figure 26: W&T Offshore, Peer Group Comparison, Valuation Ratios, 2013
Figure 27: W&T Offshore, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013
Figure 28: W&T Offshore, Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013
Figure 29: W&T Offshore, Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013
Figure 30: W&T Offshore, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013
Figure 31: W&T Offshore, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013
Figure 32: W&T Offshore, Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013
Figure 33: W&T Offshore, Inc., Oil Production, By Country/Region, mmbbl, 2009-2013
Figure 34: W&T Offshore, Inc., Crude Oil Reserve Changes, mmbbl, 2013
Figure 35: W&T Offshore, Inc., Natural Gas Production and Reserves Metrics, bcf, 2009-2013
Figure 36: W&T Offshore, Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013
Figure 37: W&T Offshore, Inc., Gas Production, By Country/Region, bcf, 2009-2013
Figure 38: W&T Offshore, Inc., Natural Gas Reserve Changes, bcf, 2013
Figure 39: W&T Offshore, Inc., Oil and Gas Reserves Life Index, Years, 2009-2013
Figure 40: W&T Offshore, Inc., Gas Reserve Life Index, By Country/Region, Ratio, 2009-2013
Figure 41: W&T Offshore, Inc., Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2009-2013
Figure 42: W&T Offshore, Inc., Oil Reserve Life Index, By Country/Region, Ratio, 2009-2013
Figure 43: W&T Offshore, Inc., Upstream Capital Expenditure, US$ mil, 2009-2013
Figure 44: W&T Offshore, Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Figure 45: W&T Offshore, Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Figure 46: W&T Offshore, Inc., Development Costs, By Country/Region, US$ mil, 2009-2013
Figure 47: W&T Offshore, Inc., Exploration Costs, By Country/Region, US$ mil, 2009-2013
Figure 48: W&T Offshore, Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013
Figure 49: W&T Offshore, Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 50: W&T Offshore, Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 51: W&T Offshore, Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 52: W&T Offshore, Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013
Figure 53: W&T Offshore, Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 54: W&T Offshore, Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 55: W&T Offshore, Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 56: W&T Offshore, Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 57: W&T Offshore, Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 58: W&T Offshore, Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 59: W&T Offshore, Inc., Revenue and Expenses, US$ mil, 2009-2013
Figure 60: W&T Offshore, Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 61: W&T Offshore, Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 62: W&T Offshore, Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 63: W&T Offshore, Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013
Figure 64: W&T Offshore, Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 65: W&T Offshore, Inc., Production Costs, By Country/Region, US$ mil, 2009-2013
Figure 66: W&T Offshore, Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 67: W&T Offshore, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013
Figure 68: W&T Offshore, Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013
Figure 69: W&T Offshore, Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013
Figure 70: W&T Offshore, Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013
Figure 71: W&T Offshore, Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013
Figure 72: W&T Offshore, Inc., Total DD&A per boe, By Country/Region, US$/boe, 2009-2013
Figure 73: W&T Offshore, Inc., Total Revenue per boe, By Country/Region, US$/boe, 2009-2013
Figure 74: W&T Offshore, Inc., Oil and Gas Performance Metrics, 2009-2013
Figure 75: W&T Offshore, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013
Figure 76: W&T Offshore, Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013
Figure 77: W&T Offshore, Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013
Figure 78: W&T Offshore, Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013
Figure 79: W&T Offshore, Inc., Total Net Developed Acreage, By Country/Region, Acres, 2009-2013
Figure 80: W&T Offshore, Inc., Producible Oil and Gas Wells, 2009-2013
Figure 81: W&T Offshore, Inc., Gross Productive Gas Wells, By Country/Region, Number, 2009-2013
Figure 82: W&T Offshore, Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013
Figure 83: W&T Offshore, Inc., Gross Productive Oil Wells, By Country/Region, Number, 2009-2013
Figure 84: W&T Offshore, Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013
Figure 85: W&T Offshore, Inc., Net Productive Gas Wells, By Country/Region, Number, 2009-2013
Figure 86: W&T Offshore, Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013
Figure 87: W&T Offshore, Inc., Net Productive Oil Wells, By Country/Region, Number, 2009-2013
Figure 88: W&T Offshore, Inc., Exploratory and Developed Wells, 2009-2013

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