W&T Offshore Inc Valuation Report, June 2010 - Strategic and Operational Analysis


#28827

115pages

GlobalData

$ 3500

In Stock


W&T Offshore Inc (W&T) is an independent energy company actively involved in the acquisition, exploitation, exploration and development of crude oil and natural gas resources in the Gulf of Mexico (GoM) in the US. The company has acquired significant technical expertise in the GoM as it has been operating in this region since its inception. This region has high production rates associated with hydrocarbon deposits and provides the company with prospects to achieve a high return on investments. W&T is continuing its focus on the conventional shelf in order to develop capital projects that generate high returns in both the deep water and deep shelf of the GoM

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis. 
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies. 
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets. 
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies by using different valuation techniques. 
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities.
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table Of Contents

1 Table of contents 3
1.1 List of Tables 6
1.2 List of Figures 7

2 W&T Offshore Inc, Company Overview 9

3 W&T Offshore Inc, Watchlist for 2010 12

4 W&T Offshore Inc, Investment Summary 13
4.1 Less Dependence on External Funds; Utilizing Operating Cash Flows to Meet Its Capex Requirements 13
4.2 Utilizing Historical Expertise in Acquisitions to Acquire Potential Assets 15
4.3 Declining Acreage Posing Threat to RP Ratio; Better Acreage Portfolio Compared to its Peers 16
4.4 Liquidity Constraints; Improving Global Economies are Likely to Strengthen W&Ts Liquidity Position Going Forward 18
4.5 Mahogany Ship Shoal 349 Matured Asset; Nonetheless to Contribute to W&Ts Reserve and Production 19
4.5.1 Gulf of Mexico, Fiscal System 20

5 W&T Offshore Inc, SWOT Analysis 21
5.1 Strengths 21
5.1.1 Technical Expertise in Gulf of Mexico Region 21
5.1.2 Strong Asset Portfolio in Gulf of Mexico 21
5.2 Weakness 21
5.2.1 Low Reserve Production (R/P) Ratio Indicating Less Reserves Being Added 21
5.2.2 Declining Financial Margins 21
5.3 Opportunities 21
5.3.1 Expansion through Inorganic Growth 21
5.3.2 Rising Deep Water E&P Activities 22
5.4 Threats 22
5.4.1 Higher Risk Associated With Deepwater Drilling Projects 22
5.4.2 Less Diversified Portfolio 22

6 W&T Offshore Inc, Goals and Strategies 23
6.1 W&T Continues to Build Reserves through Acquisitions in Outer Continental Shelf (OCS) Region 23
6.2 W&T Maintained Sustainable Liquidity; Striving To Improve Margins By Divesting NonCore Assets and Cost Reduction Initiatives 23

7 W&T Offshore Inc, Production Overview 24
7.1 Production Profile 24
7.2 Assets Portfolio 25
7.2.1 Mahogany Ship Shoal 349 25
7.2.2 Main Pass 108 Field 25
7.2.3 Brazos A133 Field 26
7.2.4 East Cameron 321 Field 26
7.2.5 Daniel Boone Green Canyon Block 646 26
7.3 Costs Incurred 27

8 W&T Offshore Inc, Exploration and Development Overview 28

9 W&T Offshore Inc, M&A Highlights 30

10 W&T Offshore Inc, Outlook 31

11 W&T Offshore Inc, Forecasted Production and Financial Statements 32
11.1 Income Statement (20072014E) 33
11.2 Balance Sheet (20072014E) 34
11.3 Cash Flow Statement (20072014E) 35
11.4 Financial Ratios 36

12 W&T Offshore Inc, Valuation 38
12.1 Net Asset Value 38

13 W&T Offshore Inc, Peer Comparision 42
13.1 Share Price Performance 42
13.2 Operational and Financial Performance 43
13.3 Key Financial and Operational Ratio 46

14 W&T Offshore Inc, Key Risks 48
14.1 Political Instability 48
14.2 Fluctuating Crude Oil and Natural Gas Prices 48
14.3 Reserves and Drilling operations 48
14.4 Competition 48

15 W&T Offshore Inc, Detailed Financial and Operational Metrics 49
15.1 W&T Offshore Inc., Results of Oil & Gas Operations per BOE Produced, Q4, 2008Q4, 2009 49
15.1.1 Results of Oil & Gas Operations per BOE Growth Rates, Q4, 2008Q4, 2009 49
15.2 W&T Offshore Inc., Quarterly E&P Costs Trends 50
15.2.1 Upstream Capital Expenditure, Q4, 2008Q4, 2009 50
15.3 W&T Offshore Inc., Quarterly Production Trends 51
15.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008Q4, 2009 51
15.3.2 Total Crude Oil & Natural Gas Production, US, Q4, 2008Q4, 2009 52
15.3.3 Total Crude Oil and Natural Gas Production per Share, Q4, 2008Q4, 2009 53
15.4 W&T Offshore Inc., Crude Oil Production 54
15.4.1 Total Crude Oil Production Trend, Q4, 2008Q4, 2009 54
15.4.2 Crude Oil Production, US, Q4, 2008Q4, 2009 55
15.5 W&T Offshore Inc., Natural Gas Production 56
15.5.1 Total Natural Gas Production Trend, Q4, 2008Q4, 2009 56
15.5.2 Natural Gas Production, US, Q4, 2008Q4, 2009 57
15.6 W&T Offshore Inc., Production and Reserve Trends 58
15.6.1 Total Crude Oil and Natural Gas Production and Reserve Trend, 20042009 58
15.6.2 Total Crude Oil & Natural Gas Production and Reserves, US, 20042009 59
15.6.3 Total Crude Oil and Natural Gas Reserve Changes, 20042009 61
15.7 W&T Offshore Inc., Crude Oil/Liquids Production and Reserves 62
15.7.1 Crude Oil/Liquids Production and Reserve Trend, 20042009 62
15.7.2 Crude Oil Production and Reserves US, 20042009 63
15.7.3 Crude Oil/Liquids Reserve Changes, 20042009 64
15.8 W&T Offshore Inc., Natural Gas Production and Reserve 65
15.8.1 Natural Gas Production and Reserve Trend, 20042009 65
15.8.2 Natural Gas Production and Reserves, US, 20042009 66
15.8.3 Natural Gas Reserve Changes, 20042009 68
15.9 W&T Offshore Inc., Total Crude Oil and Natural Gas Reserves Life Index 69
15.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 20042009 69
15.9.2 Total Crude Oil and Natural Gas Reserves Life Index, US, 20042009 70
15.10 W&T Offshore Inc., E&P Costs Trends 72
15.10.1 Upstream Capital Expenditure, 20042009 72
15.10.2 Acquisition Costs US, 20042009 73
15.10.3 Exploration and Development Costs, US, 20042009 75
15.11 W&T Offshore Inc., Oil and Gas Cost Per Boe, $/boe 77
15.11.1 Oil and Gas Cost Per Boe, $/boe, 20042009 77
15.11.2 Oil and Gas Cost Per Boe, $/boe, US, 20042009 78
15.12 W&T Offshore Inc., Reserve Replacement Ratio 81
15.12.1 Oil and Gas Production Replacement Ratio, 20042009 81
15.12.2 Oil and Gas Production Replacement Ratio, US, 20042009 83
15.13 W&T Offshore Inc., Results of Oil & Gas Operations Trend 87
15.13.1 Oil and Gas Revenue and Expenses, 20042009 87
15.13.2 Oil and Gas Revenue and Expenses, US, 20042009 88
15.14 W&T Offshore Inc., Oil and Gas Revenue and Expenses, Per Boe 92
15.14.1 Oil and Gas Revenue and Expenses, By Boe, 20042009 92
15.14.2 Oil and Gas Revenue and Expenses per Boe, US, 20042009 93
15.15 W&T Offshore Inc., Oil and Gas Performance Metrics 97
15.15.1 Gross and Net Developed and Undeveloped Acreage, 20042009 98
15.15.2 Gross and Net Developed and Undeveloped Acreage, US, 20042009 99
15.16 W&T Offshore Inc., Well Statistics 102
15.16.1 Producible Oil and Gas Wells, 20042009 102
15.16.2 Producible Oil and Gas Wells, US, 20042009 103
15.16.3 Exploration and Development Wells Drilled, 20042009 107
15.16.4 Exploration and Development Wells Drilled, US, 20042009 108
15.16.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 20042009 109
15.16.6 Developed Reserves per Well, US, 20042009 110

16 Appendix 112
16.1 Methodology 112
16.1.1 Coverage 112
16.1.2 Secondary Research 112
16.1.3 Primary Research 113
16.2 Data Sources 113
16.2.1 Company Source 113
16.2.2 SEC/Other Regulatory Filings 113
16.2.3 Agency Reports 113
16.2.4 Other Sources 113
16.3 Methodology for Company Valuation 113
16.4 Expert Panel Validation 114
16.5 Units of Measure 114
16.6 About GlobalData 114
16.7 Disclosure 115
16.8 Disclaimer 115

Table 1: W&T Offshore, M&A Transactions, 20052009 15
Table 2: Gulf of Mexico, Crude Oil Royalty, November 2000 onwards 20
Table 3: W&T Offshore Inc, Recent Transactions As A Buyer, 2008 2009 30
Table 4: W&T Offshore Inc, Forecast Production, 20072014E 32
Table 5: GlobalData, Price Forecasts, 2010E2014E 32
Table 6: W&T Offshore Inc, Income Statement ($m), 20072014E 33
Table 7: W&T Offshore Inc, Balance Sheet ($m), 20072014E 34
Table 8: W&T Offshore Inc, Cash Flow Statement ($m), 20072014E 35
Table 9: W&T Offshore Inc, Profitability Ratios, 20072014E 36
Table 10: W&T Offshore Inc, Other Financial Ratios, 20072014E 37
Table 11: GlobalData, Price Forecast, 2010E2014E 38
Table 12: W&T Offshore Inc, Net Asset Value, 2010 39
Table 13: W&T Offshore Inc, Prospective Acreage & Non Proven Reserves, 2010 39
Table 14: W&T Offshore Inc., NPV Per Unit Natural Gas, the US, 2010 40
Table 15: W&T Offshore Inc., NPV Per Unit Crude Oil & NGL, the US, 2010 40
Table 16: W&T Offshore Inc., NPV Per Unit Total Production, the US, 2010 40
Table 17: W&T Offshore Inc, Sensitivity Analysis on Fair Value ($/share), 2010 41
Table 18: W&T Offshore Vs. Peer Group, Operational and Financial Performance, 2009 43
Table 19: W&T Offshore Inc and its Peer Group Comparison, Financial Ratios, 2009 46
Table 20: W&T Offshore Inc., Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008Q4, 2009 49
Table 21: W&T Offshore Inc., Results of Oil & Gas Operations Per BOE Growth Rates, %, Q4, 2008Q4, 2009 49
Table 22: W&T Offshore Inc., Upstream Capital Expenditure, Q4, 2008Q4, 2009 50
Table 23: W&T Offshore Inc., Total Crude Oil and Natural Gas, Production, Q4, 2008Q4, 2009 51
Table 24: W&T Offshore Inc., Total Oil & Gas Production, US, MMBOE, Q4, 2008Q4, 2009 52
Table 25: W&T Offshore Inc., Total Crude Oil and Natural Gas Production Per Share, Q4, 2008Q4, 2009 53
Table 26: W&T Offshore Inc., Total Crude Oil Production, MMbbl, Q4, 2008Q4, 2009 54
Table 27: W&T Offshore Inc., Crude Oil Production, US, MMbbl, Q4, 2008Q4, 2009 55
Table 28: W&T Offshore Inc., Total Natural Gas Production, Bcf, Q4, 2008Q4, 2009 56
Table 29: W&T Offshore Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 58
Table 30: W&T Offshore Inc., Total Crude Oil & Natural Gas Production and Reserves, US, MMboe, 20042009 60
Table 31: W&T Offshore Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 20042009 61
Table 32: W&T Offshore Inc., Crude Oil Production and Reserve Metrics, MMbbl, 20042009 62
Table 33: W&T Offshore Inc., Crude Oil Production and Reserves, US, MMbbl, 20042009 63
Table 34: W&T Offshore Inc., Crude Oil Reserve Changes, MMbbl, 20042009 64
Table 35: W&T Offshore Inc., Natural Gas Production and Reserve Metrics, Bcf, 20042009 65
Table 36: W&T Offshore Inc., Natural Gas Reserve Changes, Bcf, 20042009 68
Table 37: W&T Offshore Inc., Oil and Gas Reserves Life Index, Years, 20042009 69
Table 38: W&T Offshore Inc., Oil and Gas Reserves Life Index, US, Years, 20042009 71
Table 39: W&T Offshore Inc., Upstream Capital Expenditure, $m, 20042009 72
Table 40: W&T Offshore Inc., Proved and Unproved Acquisition Costs, US, $m, 20042009 74
Table 41: W&T Offshore Inc., Exploration and Development Costs, US, $m, 20042009 76
Table 42: W&T Offshore Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 20042009 77
Table 43: W&T Offshore Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, US, 20042009 80
Table 44: W&T Offshore Inc., Oil and Gas Production Replacement Ratio, %, 20042009 81
Table 45: W&T Offshore Inc., 3Year Wt. Avg. Oil and Gas Production Replacement Ratio, US, %, 20042009 86
Table 46: W&T Offshore Inc., Revenue and Expenses, $m, 20042009 87
Table 47: W&T Offshore Inc., Revenue and Expenses, US, $m, 20042009 91
Table 48: W&T Offshore Inc., Oil and Gas Revenue and Expenses, $/Boe, 20042009 92
Table 49: W&T Offshore Inc., Oil and Gas Revenue and Expenses, $/Boe, US, 20042009 96
Table 50: W&T Offshore Inc., Oil and Gas Performance Metrics, 20042009 97
Table 51: W&T Offshore Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 98
Table 52: W&T Offshore Inc., Land Holdings (Developed and Undeveloped Acreage), US, Acres, 20042009 101
Table 53: W&T Offshore Inc., Producible Oil and Gas Wells, 20042009 102
Table 54: W&T Offshore Inc., Producible Oil and Gas Wells, US, 20042009 106
Table 55: W&T Offshore Inc., Exploratory and Developed Wells, 20042009 107
Table 56: W&T Offshore Inc., Exploratory and Developed Wells, US, 20042009 108
Table 57: W&T Offshore Inc., Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 20042009 109
Table 58: W&T Offshore Inc., Developed Reserves per Well, US, Mboe per Well, 20042009 111
Figure 1: W&T Offshore Inc, United States Operations Map, 2010 9
Figure 2: W&T offshore Inc, Financial & Operational Overview, 20062009 10
Figure 3: W&T Offshore Inc, Share Price Movement, April 2009April 2010 11
Figure 4: W&T Offshore Inc, CAPEX Percentage With Operating Cash Flows, 20022009 13
Figure 5: W&T Offshore Inc, CAPEX Comparison Among Peers, 20062009 14
Figure 6: W&T Offshore Inc, Net Developed and Undeveloped Acreage, 20042009 16
Figure 7: W&T Offshore Inc, Peer Group Analysis, 2009 17
Figure 8: W&T Offshore Inc, Liquidity Ratios Comparison With Its Peer Group, 2009 18
Figure 9: W&T Offshore Inc Ship Shoal 349 Mahogany, 2010 19
Figure 10: W&T Offshore Inc, Total Production, MMboe, 2008 2014E 24
Figure 11: W&T Offshore Inc, Total Production By Type, MMboe, 2006 2014E 25
Figure 12: W&T Offshore Inc, Total Cost Incurred, MMboe, 20042009 27
Figure 13: W&T Offshore, Comparison of Exploration Cost and Reserve Addition Through Drill bit, 20052009 28
Figure 14: W&T Offshore, Comparison of Acquisition Costs and Reserve Additions Through Acquisition, 20052009 29
Figure 15: W&T Offshore Inc and Peer Group, Share Price Performance, 20082010 42
Figure 16: W&T Offshore Inc , F&D costs and Reserve Replacement Ratio, 2009 44
Figure 17: W&T Offshore, Operational and Financial Parameters in $/boe, 2009 44
Figure 18: W&T Offshore, Total Reserves and Production, MMboe, 2009 45
Figure 19: W&T Offshore Inc and Peer Group Comparison, Valuation Ratio, 2009 47
Figure 20: W&T Offshore Inc., Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008Q4, 2009 49
Figure 21: W&T Offshore Inc., Upstream Capital Expenditure, $m, Q4, 2008Q4, 2009 50
Figure 22: W&T Offshore Inc., Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2008Q4, 2009 51
Figure 23: W&T Offshore Inc., Total Oil & Gas Production, US, MMBOE, Q4, 2008Q4, 2009 52
Figure 24: W&T Offshore Inc., Total Crude Oil and Natural Gas Production Per Share, Boe/Share, Q4, 2008Q4, 2009 53
Figure 25: W&T Offshore Inc., Total Crude Oil Production, MMbbl, Q4, 2008Q4, 2009 54
Figure 26: W&T Offshore Inc., Crude Oil Production, US, MMbbl, Q4, 2008Q4, 2009 55
Figure 27: W&T Offshore Inc., Total Natural Gas Production, Bcf, Q4, 2008Q4, 2009 56
Figure 28: W&T Offshore Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 58
Figure 29: W&T Offshore Inc., Total Oil & Gas Production (Reserves Reconciliation), US, MMBOE, 20042009 59
Figure 30: W&T Offshore Inc., Total Proved Oil & Gas Reserves, US, MMBOE, 20042009 59
Figure 31: W&T Offshore Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 61
Figure 32: W&T Offshore Inc., Crude Oil Production and Reserve Metrics, MMbbl, 20042009 62
Figure 33: W&T Offshore Inc., Oil Production (Reserves Reconciliation), US, MMbbl, 20042009 63
Figure 34: W&T Offshore Inc., Total Proved Oil Reserves, US, MMbbl, 20042009 63
Figure 35: W&T Offshore Inc., Crude Oil Reserve Changes, MMbbl, 2009 64
Figure 36: W&T Offshore Inc., Natural Gas Production and Reserves Metrics, Bcf, 20042009 65
Figure 37: W&T Offshore Inc., Gas Production (Reserves Reconciliation), US, Bcf, 20042009 66
Figure 38: W&T Offshore Inc., Total Proved Gas Reserves, US, Bcf, 20042009 66
Figure 39: W&T Offshore Inc., Natural Gas Production and Reserves, US, Bcf, 20042009 67
Figure 40: W&T Offshore Inc., Natural Gas Reserve Changes, Bcf, 2009 68
Figure 41: W&T Offshore Inc., Oil and Gas Reserves Life Index, Years, 20042009 69
Figure 42: W&T Offshore Inc., Gas Reserve Life Index, US, Ratio, 20042009 70
Figure 43: W&T Offshore Inc., Oil & Gas Reserve Life Index, US, Ratio, 20042009 70
Figure 44: W&T Offshore Inc., Oil Reserve Life Index, US, Ratio, 20042009 71
Figure 45: W&T Offshore Inc., Upstream Capital Expenditure, $m, 20042009 72
Figure 46: W&T Offshore Inc., Proved Acquisition Costs, US, $m, 20042009 73
Figure 47: W&T Offshore Inc., Unproved Acquisition Costs, US, $m, 20042009 73
Figure 48: W&T Offshore Inc., Development Costs, US, $m, 20042009 75
Figure 49: W&T Offshore Inc., Exploration Costs, US, $m, 20042009 75
Figure 50: W&T Offshore Inc., 3Year Wt. Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 20042009 77
Figure 51: W&T Offshore Inc., 3Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, US, $/BOE, 20042009 78
Figure 52: W&T Offshore Inc., 3Year Wt. Avg. Oil & Gas Finding Cost per boe, US, $/BOE, 20042009 78
Figure 53: W&T Offshore Inc., 3Year Wt. Avg. Reserve Replacement Cost per boe, US, $/BOE, 20042009 79
Figure 54: W&T Offshore Inc., 3Year Wt. Avg. Proved Acquisition Cost per boe, US, $/BOE, 20042009 79
Figure 55: W&T Offshore Inc., 3Year Wt. Avg., Oil and Gas Production Replacement Ratio, %, 20042009 81
Figure 56: W&T Offshore Inc., 3Year Wt. Avg. Gas F&D Production Replacement, US, %, 20042009 83
Figure 57: W&T Offshore Inc., 3Year Wt. Avg. Gas RRC Production Replacement, US, %, 20042009 83
Figure 58: W&T Offshore Inc., 3Year Wt. Avg. Oil & Gas F&D Production Replacement, US, %, 20042009 84
Figure 59: W&T Offshore Inc., 3Year Wt. Avg. Oil & Gas RRC Production Replacement, US, %, 20042009 84
Figure 60: W&T Offshore Inc., 3Year Wt. Avg. Oil F&D Production Replacement, US, %, 20042009 85
Figure 61: W&T Offshore Inc., 3Year Wt. Avg. Oil RRC Production Replacement, US, %, 20042009 85
Figure 62: W&T Offshore Inc., Revenue and Expenses, $m, 20042009 87
Figure 63: W&T Offshore Inc., Depreciation, Depletion & Amortization, US, $m, 20042009 88
Figure 64: W&T Offshore Inc., Income Tax/(Benefit), US, $m, 20042009 88
Figure 65: W&T Offshore Inc., Net Income/Loss, US, $m, 20042009 89
Figure 66: W&T Offshore Inc., Oil & Gas Revenue, US, $m, 20042009 89
Figure 67: W&T Offshore Inc., Pretax Profit, US, $m, 20042009 90
Figure 68: W&T Offshore Inc., Total Expenses, US, $m, 20042009 90
Figure 69: W&T Offshore Inc., Oil and Gas Revenue and Expenses, $/Boe, 20042009 92
Figure 70: W&T Offshore Inc., Income Tax/(Benefit) per boe, US, $/BOE, 20042009 93
Figure 71: W&T Offshore Inc., Lifting Cost per boe, US, $/BOE, 20042009 93
Figure 72: W&T Offshore Inc., Annual Net Income per boe, US, $/BOE, 20042009 94
Figure 73: W&T Offshore Inc., Oil & Gas Revenue per boe, US, $/BOE, 20042009 94
Figure 74: W&T Offshore Inc., Total DD&A per boe, US, $/BOE, 20042009 95
Figure 75: W&T Offshore Inc., Total Revenue per boe, US, $/BOE, 20042009 95
Figure 76: W&T Offshore Inc., Oil and Gas Performance Metrics, 20042009 97
Figure 77: W&T Offshore Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 98
Figure 78: W&T Offshore Inc., Total Gross Undeveloped Acreage, US, Acres, 20042009 99
Figure 79: W&T Offshore Inc., Total Net Undeveloped Acreage, US, Acres, 20042009 99
Figure 80: W&T Offshore Inc., Total Gross Developed Acreage, US, Acres, 20042009 100
Figure 81: W&T Offshore Inc., Total Net Developed Acreage, US, Acres, 20042009 100
Figure 82: W&T Offshore Inc., Producible Oil and Gas Wells, 20042009 102
Figure 83: W&T Offshore Inc., Gross Producible Gas Wells, US, Number, 20042009 103
Figure 84: W&T Offshore Inc., Gross Producible Oil & Gas Wells, US, Number, 20042009 103
Figure 85: W&T Offshore Inc., Gross Producible Oil Wells, US, Number, 20042009 104
Figure 86: W&T Offshore Inc., Net Oil & Gas Wells as % of Gross Oil & Gas Wells, US, %, 20042009 104
Figure 87: W&T Offshore Inc., Net Producible Gas Wells, US, Number, 20042009 105
Figure 88: W&T Offshore Inc., Net Producible Oil & Gas Wells, US, Number, 20042009 105
Figure 89: W&T Offshore Inc., Net Producible Oil Wells, US, Number, 20042009 106
Figure 90: W&T Offshore Inc., Exploratory and Developed Wells, 20042009 107
Figure 91: W&T Offshore Inc., Developed Gas Reserves per Well (MMcf per Well), US, 20042009 110
Figure 92: W&T Offshore Inc., Developed Oil & Gas Reserves per Well (Mboe per Well), US, 20042009 110
Figure 93: W&T Offshore Inc., Developed Oil Reserves per Well (Mbbls per Well), US, 20042009 111