W&T Offshore W&T Provides Update on Operations Following Hurricane Harvey
HOUSTON, Sept. 6, 2017 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) today announced that W&T experienced relatively minor impacts from Hurricane Harvey in the Gulf of Mexico. In total, the Company's deferred production was approximately 43,000 barrels of oil equivalent and it experienced no material platform damage resulting from the storm. In relative terms, this production deferment is immaterial and represents approximately one day's equivalent production for the Company.
Tracy W. Krohn, W&T Offshore's Chairman and Chief Executive Officer, commented, "Our operations teams were well prepared for the storm and did a great job avoiding and mitigating issues and re-manning our facilities in a safe and efficient manner. We are pleased to report that we sustained essentially no damage to our offshore assets from the storm and have experienced only a minor amount of deferred production volume."
In preparation for the storm, W&T temporarily shut-in and evacuated a small number of its western Gulf of Mexico (GOM) offshore platforms that were located closer to the Hurricane's projected path. The vast majority of the Company's other offshore production platforms and its offshore drilling operations were all on high alert, but conducted near-normal operations during the storm event and were relatively impact free with minimal downtime. The Company has since re-manned and re-started production from its operated offshore production facilities. One non-operated field located in the western GOM is being prepared for production resumption and is anticipated to come back on line soon. The company experienced no injuries or environmental events and experienced no material platform damage as a result of the storm. The company is currently producing at normal pre-storm production rates.
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. The Company currently has working interests in approximately 50 producing fields in federal and state waters and has under lease approximately 730,000 gross acres, including approximately 480,000 gross acres on the Gulf of Mexico Shelf and approximately 250,000 gross acres in the deepwater. A majority of the Company's daily production is derived from wells it operates. For more information on W&T Offshore, please visit the Company's website at www.wtoffshore.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our current views with respect to future events, based on what we believe are reasonable assumptions. No assurance can be given, however, that these events will occur. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations, uncertainties and other factors discussed in W&T Offshore's Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent Form 10-Q reports found at www.sec.gov or at our website at www.wtoffshore.com under the Investor Relations section. Investors are urged to consider closely the disclosures and risk factors in these reports.
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SOURCE W&T Offshore, Inc.
Released September 6, 2017