W&T海底钻探 2024年度报告

Founded in 1983, W&T Offshore, Inc.(“W&T”) is an independent oil andnatural gas producer with offshoreoperations across all water depths in theGulf of America (“GOA”). For more than40 years, we have grown through theright combination of attractive propertyacquisitions, methodical integration andexploitation of those acquisitions, andsuccessful drilling of both developmentand exploration opportunities on ourlegacy fields. 646,200acres Gross GOA acreage as ofyear-end 2024 33.3MBoe/dAverage Daily 2024 Production A majority of our daily production is derived from wells we operateand approximately 94.1% of our net acreage is held by production.In early 2024, we competed an acquisition of six GOA shallowwater fields that increased our net acreage by 97,803 acres. 86% Portion of 2024 ProductionWe Operated As of December 31, 2024, we owned working interests in: •204 offshore structures, 150 of which are located in fields thatwe operate•302 gross productive wells, 260 of which we operate•79% of our average daily production was in shallow waterwhile the balance was in deepwater•52 producing fields, of which 45 were in federal waters andseven were in state waters,•646,200 gross acres of leases•493,000 acres are on the GOA shelf in less than500 feet of water•147,700 acres are in deepwater in 500 feet of wateror greater•5,500 acres are in Alabama state waters. W&T became a public company in 2005 and trades on theNYSE under the symbol “WTI”. In 2024, our ability to execute our strategy continued to deliver positive results that have improved our balance sheet,expanded our high quality, conventional GOA asset base and positioned us for success in 2025 and beyond. Weremain focused on accretive, low-risk acquisitions of producing properties rather than higher-risk drilling in the currentmarket environment. These acquisitions must meet our stringent criteria of generating free cash flow, providing a solidbase of proved reserves with upside potential, and offer the ability for our experienced team to reduce costs. We haveproven our ability to create significant value in the GOA for our shareholders from value derived from numerous prioracquisitions that met those criteria. To My FellowShareholders Tracy W. KrohnFounder, Chairman, Chief Executive Officer and President Our most valuable asset, our people, have done an excellentjob executing on our strategic vision while maintainingthe highest levels of safety and operational excellence.Our ability to deliver low-decline production, meaningfulEBITDA, and seamlessly integrate accretive producingproperty acquisitions has helped W&T grow during our 40-plus year history. We have built a sustainablebusiness with a long-term visionthat is committed to profitability,operational execution, returningvalue to our stakeholders andensuring the safety of ouremployees and contractors. Our proven strategy is simple and effective. We focus ongenerating free cash flow, maintaining and optimizing ourhigh-quality conventional assets, and opportunisticallycapitalizing on accretive opportunities to build shareholdervalue. We have a strong balance sheet and further enhancedit in early 2025. We are in a favorable position today, bothoperationally and financially, thanks in part to the manythings we were able to accomplish in 2024 and thus far in2025. We began 2024 by investing about $77 million of cash onhand to purchase 100% working interests in six shallow Our people have done an excellent job executing ourstrategic vision while maintaining the highest levelsof safety and operational excellence.” water Gulf of America fields which added 21.7 MMBoe of2024 proved reserves. This equates to a price of about $3.38per Boe of reserves booked when accounting for 2024production from the fields. Those properties are adjacent toour existing operations which provides the ability for us tocapture synergies regarding personnel, well optimization,gathering and transport. While we were very busy froma financial and acquisitions standpoint, we also executedoperationally. We delivered strong production, operatedefficiently and generated $154 million in Adjusted EBITDAwith $45 million in Free Cash Flow. In addition, we have paidfive quarterly cash dividends since initiating the dividendpolicy in late 2023 and continued with the payment of thefirst quarter 2025 dividend as well. and significantly oversubscribed offering of $350 million innew second lien notes that decreased our interest rate by100 basis points. This allowed us to redeem our outstanding$275 million of second lien notes and pay off the $114 millionoutstanding under the term loan provided by Munich Rewhich also reduced debt by $39 million. We also enteredinto a new credit agreement for a $50 million revolving creditfacility from a consortium of traditional banks which maturesin July 2028 and replaces the previous credit facility providedby Calculus Lending. Over the years, we have created significant value byintegrating producing prope