W&T Offshore Inc. Shares Rise 4.6% on 4Q Swing to Profit – MarketWatch

By Denny Jacob

W&T Offshore Inc. shares rose 4.6% to $6.18 in Tuesday's after-hours trading session after the oil-and-natural gas producer logged higher revenue and swung to a profit in the fourth quarter.

The company posted net income of $48.9 million, or per-share earnings of 34 cents, for the quarter ended Dec. 31, compared to a net loss of $38 million, or a per-share loss of 27 cents, in the year-ago period. Adjusted per-share earnings were 10 cents. Analysts polled by FactSet expected 3 cents.

Revenue rose to $165.6 million from $133.9 million. Analysts polled by FactSet expected $137.1 million.

W&T Offshore said it increased production by 7% to 3.4 million barrels of oil equivalent per day in the fourth quarter compared to the prior quarter.

"Entering 2022, we are encouraged with the strong pricing environment which, together with the additional production volumes from our recently completed acquisition and our Cota well which was placed online this month, should allow us to generate increased cash flow this year," Chief Executive Tracy Krohn said in prepared remarks.

Write to Denny Jacob at denny.jacob@wsj.com

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W&T Offshore Inc. Shares Rise 4.6% on 4Q Swing to Profit - MarketWatch