W&T Offshore Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by W&T Offshore, Inc. on October 18, 2005, regarding events occurring on October 17, 2005. The filing serves as a Regulation FD disclosure to update investors on the Company's operational status following Hurricanes Katrina and Rita.
Key Operational Metrics
The filing focuses on production volumes and drilling success rather than financial statements. Key metrics include:
- Current Production: Approximately 96 million cubic feet of gas equivalent (MMcfe) net per day.
- Production Recovery: Current levels represent 51% of pre-Hurricane Rita production and 39% of pre-Hurricane Katrina production.
- Drilling Program: Since the end of the second quarter, the Company drilled nine wells, eight of which were successful. Six of these successful wells were drilled after Hurricane Katrina.
Material Changes
The primary material change reported is the partial recovery of production capacity following hurricane disruptions. The Company has successfully resumed a significant portion of its pre-storm output and has maintained a high success rate in its exploration and development drilling program during the recovery period.
Guidance, Outlook, and Risks
The filing does not provide specific financial guidance, revenue forecasts, or updated risk factors beyond the operational context of hurricane recovery. Management commentary is limited to the confirmation of production levels and drilling success as detailed in the accompanying press release (Exhibit 99.1).
Investor Verification Checklist
- Verify the exact date and content of the press release dated October 17, 2005 (Exhibit 99.1) for detailed operational data.
- Confirm the specific definition of "pre-Hurricane Rita" and "pre-Hurricane Katrina" production baselines used for the percentage calculations.
- Review subsequent filings for updated production figures and the financial impact of the drilling program on capital expenditures.
- Note that this filing contains no audited financial data, debt levels, or liquidity metrics.