W&T Offshore warns of Q4 loss despite rising production

|About: W&T Offshore, Inc. (WTI)|By:, SA News Editor

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.