Benzinga | May 4, 2021 05:00PM EDT

Recap: W&T Offshore Q1 Earnings

Shares of W&T Offshore (NYSE:WTI) increased in after-market trading after the company reported Q1 results.

Quarterly Results

Earnings per share increased 175.00% year over year to $0.11, which beat the estimate of $0.04.

Revenue of $125,647,000 rose by 1.22% year over year, which beat the estimate of $114,200,000.

Guidance

W&T Offshore Sees Q2 2021 Operating Expenses $44M-$48M; Sees FY21 Operating Expenses $158M-$174M

Technicals

52-week high: $5.00

52-week low: $1.35

Price action over last quarter: down 11.35%

Company Overview

W&T Offshore Inc is an oil and gas exploration and production company. The company's exploration operations are focused in the Gulf of Mexico, where it drills for oil and gas. The company engages in both deepwater drilling and shallow-water shelf drilling. W&T Offshore extracts crude oil, natural gas, and natural gas liquids, which are then sold directly at the wellhead. Overall, crude oil accounts for the majority of the company's revenue, with natural gas accounting for a much smaller portion.