W&T Offshore -5.6% after Q4 slumps to a loss on higher operating costs


W&T Offshore (WTI) -5.6% premarket after Q4 earnings swung to a loss despite rising production, due to deferred debt costs, an unplanned workover and higher than expected depreciation, depletion and amortization.

The unplanned operation on the A-12 well at the offshore Mahogany field in Ship Shoal Block 349 to resolve "a casing pressure issue" resulted in additional Q4 cost of $13.6M.

WTI produced an average of 56.1K boe/day during Q4, a 14.4% Y/Y increase; 35% was oil and 54% was natural gas.

Sees Q1 total production of 4.3M-4.7M boe; sees FY 2014 total production of 17.1M-18.9M boe.

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