Boston, MA 03/07/2014 (wallstreetpr) –W&T Offshore, Inc. (NYSE:WTI) which functions in the oil and gas industry as an independent explorer and producer, has a market cap of $1.14 billion. The company has announced cash payment of 10 cents on every share held. The payout will be made March 31, and will capture shareholders invested in the stock as of March 18.
After the dividend payout, the company’s management and shareholders will have a meeting session May 6, from 8 a.m. Central Time. The company just fired these two news releases after it issued earnings performance score card that show it ended fourth quarter in losses and profits narrowed in full-year 2013.
Shares of W&T Offshore, Inc. (NYSE:WTI) could be seen going down by more than 5 percent in the early morning trading.
Fourth quarter and full-year 2013 performance
W&T Offshore, Inc. (NYSE:WTI) had a relatively good fourth quarter and full-year 2013, though loss was still reported in the fourth quarter. The encouraging results were helped by increase in production and the fact that prices also held up high during the quarter and the latter part of the year.
The company provided that total expansion in 2013 was up 5 percent over 2012. That output increase was realized thanks to the 16.3 percent boost in the production of crude oil.
In the fourth quarter, revenue was $244.9 million, coming top of the $237.1 million revenue realized over the same period in 2012. As for the full-year 2013, revenue came in at $984.1 million, exceeding revenue in 2012 by 12.5 percent.
Once again, revenues were higher in the most recent quarter and full-year due to the better production levels and increase in the prices of natural gas.
The higher revenues realized in the fourth quarter and full-year did not have positive impact on the bottom line. Thus, W&T Offshore, Inc. (NYSE:WTI) ended fourth quarter with net loss of $11.9 million, reflecting 16 cents per share. That compared with net income of $16.7 million or 21 cents per share.
In full-year 2013, net income came in at $51.3 million, reflecting 68 cents. That compared with net income of $72 million or 95 cents per share in 2012.
Investor Takeaway
W&T Offshore, Inc. (NYSE:WTI) could not translate the revenue gains in the fourth quarter into profits, although fiscal 2013 held on well. But even with loss in the fourth quarter there is no cause for alarm. You just need to consider that the company had a lot of retooling and operation tweaks in the quarter that affected profits, thus, there are hopes that the coming quarters might be better.
