The following is a summary of the W&T Offshore, Inc. (WTI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• W&T Offshore reported generating $54.9 million in free cash flow year-to-date.

• Adjusted EBITDA totaled $122 million year-to-date.

• The company's net debt reduced to $266 million, with cash on hand rising to $126.5 million.

• Lease operating expenses were $72.4 million for Q3, below guidance by 6%.

Business Progress:

• W&T Offshore successfully integrated assets acquired in Q1 2024, although only four out of six fields are currently online.

• Enhanced production to 34,000 barrels of oil equivalent per day in October.

• Paid a quarterly dividend in August and announced another for Q4 2024.

• Planned investment of $25 million to $35 million in 2024 to maximize production through facility projects.

Opportunities:

• The company plans to further acquire complementary assets in the Gulf of Mexico to enhance scale and production.

• Potential uptick in acquisition activities expected in the first and second quarters of next year.

Risks:

• Production affected by hurricane-induced shutdowns with potential future disruptions due to ongoing storm risks.

• Regulatory challenges and lawsuits impacting operational decisions and strategies in the Gulf of Mexico.

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