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W&T Offshore warns of Q4 loss despite rising production

  • W&T Offshore (WTI) warns it expects to report a net Q4 loss vs. analyst consensus expectations for a $0.19/share gain due to deferred debt costs, an unplanned workover and higher than expected depreciation, depletion and amortization.
  • WTI expects positive earnings for FY 2013, with production estimated to have increased 16% in Q4 to 5.2M and 5% for 2013 to 18M boe.
  • Says it replaced in excess of 100% of 2013 production, year-end 2013 proved reserves were 117M boe, and plans a 2014 capital expenditure budget of $450M.
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