W&T Offshore Inc (WTI) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the W&T Offshore second-quarter 2024 conference call.

歡迎參加 W&T Offshore 2024 年第二季電話會議。

(Operator Instructions) This conference is being recorded.

（操作員指示）本次會議正在錄製中。

And a replay will be made available on the company's website following the call.

電話會議結束後，公司網站上將提供重播。

I would now like to turn the conference over to Al Petrie, Investor Relations Coordinator.

我現在想將會議交給投資人關係協調員 Al Petrie。

Thank you, operator.

謝謝你，接線生。

And on behalf of the management team, I'd like to welcome all of you to today's conference call to review W&T Offshore's second-quarter 2024 financial and operational results.

我謹代表管理團隊歡迎大家參加今天的電話會議，回顧 W&T Offshore 2024 年第二季的財務和營運表現。

Before we begin, I would like to remind you that our comments may include forward-looking statements.

在我們開始之前，我想提醒您，我們的評論可能包含前瞻性陳述。

It should be noted that a variety of factors could cause W&T's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements.

應指出的是，多種因素可能導致 W&T 的實際結果與這些前瞻性陳述中表達的預期結果或期望有重大差異。

Today's call may also contain certain non-GAAP financial measures.

今天的電話會議也可能包含某些非公認會計準則財務指標。

Please refer to the earnings release that we issued yesterday for disclosures on forward-looking statements and reconciliations of non-GAAP measures.

請參閱我們昨天發布的收益報告，以了解前瞻性陳述的揭露和非公認會計準則措施的調節。

With that, I'd like to turn the call over to Tracy Krohn, our Chairman and CEO.

說到這裡，我想將電話轉給我們的董事長兼執行長 Tracy Krohn。

Thanks, Al.

謝謝，艾爾。

Good day to everyone.

祝大家有美好的一天。

And thanks for joining us on our conference call today.

感謝您參加今天的電話會議。

So with me are William Williford, our Executive Vice President and Chief Operating Officer; Sameer Parasnis, our Executive Vice President and Chief Financial Officer; and Trey Hartman, our Vice President and Chief Accounting Officer.

和我在一起的還有我們的執行副總裁兼營運長 William Williford； Sameer Parasass，我們的執行副總裁兼財務長；以及我們的副總裁兼首席會計官 Trey Hartman。

They'll be available to answer questions later during the call.

他們稍後將在通話期間回答問題。

So in the second quarter, we continued to report very solid operational and financial results.

因此，在第二季度，我們繼續報告非常穩健的營運和財務表現。

Our focus on generating free cash flow while maintaining and optimizing our assets, including the assets we acquired in Q1, allow us to generate free cash flow of $18.7 million.

我們專注於產生自由現金流，同時維護和優化我們的資產，包括我們在第一季收購的資產，使我們能夠產生 1,870 萬美元的自由現金流。

For the past 6.5 years, every quarter, we've generated positive free cash flow because we operate very efficiently and know that cash is paramount to our success.

在過去 6.5 年裡，每個季度我們都產生了正的自由現金流，因為我們營運非常高效，並且知道現金對我們的成功至關重要。

Our balance sheet continues to reflect this as we deliver strong production and meaningful adjusted EBITDA.

我們的資產負債表繼續反映了這一點，因為我們提供了強勁的生產和有意義的調整後 EBITDA。

So in the second quarter, we had a number of accomplishments that demonstrated how successfully we are doing on our strategy.

因此，在第二季度，我們取得了許多成就，證明了我們在策略上的成功程度。

First, we reported production of 34,900 barrels of oil equivalent per day, so at the midpoint of our guidance range and virtually flat to Q1.

首先，我們報告的日產量為 34,900 桶油當量，處於我們指引範圍的中點，幾乎與第一季持平。

Next, we generated solid adjusted EBITDA of $45.9 million.

接下來，我們實現了 4590 萬美元的穩定調整後 EBITDA。

We remain focused on cost control with the absorption of recent acquisitions, thus in the second quarter.

我們仍然專注於成本控制，吸收最近的收購，因此在第二季。

We recorded lease operating expenses below the low end of our guidance.

我們記錄的租賃營運費用低於我們指導的下限。

So we continue to realize synergies from our January 2024 property acquisition and deferred some workovers and facilities maintenance expenses as well.

因此，我們繼續實現 2024 年 1 月收購房產的協同效應，並推遲了一些修井和設施維護費用。

Also, we generated strong free cash flow, allowing us to increase our cash and cash equivalents at the end of the second quarter by 30%, totaled $123 million and decreased our net debt by 9% to $268.5 million.

此外，我們還產生了強勁的自由現金流，使我們在第二季末的現金和現金等價物增加了 30%，總計 1.23 億美元，並將淨債務減少了 9%，達到 2.685 億美元。

We continued returning cash to our shareholders, paying our third consecutive quarterly dividend and announced the third quarter 2024 payment will occur later this month.

我們繼續向股東返還現金，連續第三次支付季度股息，並宣布將於本月稍後支付 2024 年第三季股息。

Last, we saw meaningful increases in our midyear SEC proved reserve support generated by our Netherland, Sewell & Associates.

最後，我們看到年中 SEC 證明的儲備支持由荷蘭 Sewell & Associates 提供的顯著增加。

Crude reserves increased 15% to 141.9 million barrels of oil equivalent, and the PV-10 of those reserves increased 28% to $1.4 billion.

原油儲量增加 15%，達到 1.419 億桶油當量，其中 PV-10 儲量增加 28%，達到 14 億美元。

So this is evidence of our ability to execute operationally, and this continues to help us build cash, reduce net debt, and further strengthen our balance sheet.

因此，這是我們執行營運能力的證據，這將繼續幫助我們累積現金、減少淨債務並進一步加強我們的資產負債表。

We're in a very good financial position midway through 2024, and we remain focused on operational execution to build on these solid results.

到 2024 年中期，我們的財務狀況非常好，我們將繼續專注於營運執行，以鞏固這些紮實的成果。

So with over 40 years of experience integrating acquisitions into our asset base, we've proven that incurring near-term costs are well worth it to realize the long-term potential of newly acquired assets that continue to generate cash flow for us for many years to come.

因此，憑藉 40 多年將收購整合到我們的資產基礎中的經驗，我們已經證明，為了實現新收購資產的長期潛力，付出短期成本是非常值得的，這些資產多年來將繼續為我們產生現金流來。

Regarding the Cox asset acquisition, we continue to make good progress integrating these new assets into W&T.

關於 Cox 資產收購，我們在將這些新資產整合到 W&T 方面繼續取得良好進展。

During the second quarter, we successfully negotiated a new beneficial agreement with a gas processor at Mobile Bay 916 and returned the field to production on May 27 at rates consistent with expectations.

第二季度，我們與莫比爾灣 916 的一家天然氣處理廠成功談判達成了一項新的有利協議，並於 5 月 27 日以符合預期的速度恢復了該油田的生產。

With the return of that field production, four of the six Cox fields recently acquired are now on production.

隨著油田生產的恢復，最近收購的六個考克斯油田中有四個現已投入生產。

For the two remaining shut-in fields, we continue to work in parallel path on each expert their return to production, either through existing sales routes or alternative sales routes.

對於剩下的兩個關閉油田，我們繼續以並行的方式讓每個專家恢復生產，無論是透過現有的銷售路線還是替代的銷售路線。

We believe this short-term delay is necessary to shore up the longer-term viability of these fields.

我們認為，這種短期的延遲對於支撐這些油田的長期生存能力是必要的。

So in addition to the production boost from these new assets during the second quarter of 2024, we performed three workovers and two recompletions that positively impacted production for the quarter.

因此，除了 2024 年第二季這些新資產帶來的產量成長之外，我們還進行了三次修井和兩次重新完井，這對本季的產量產生了正面影響。

We were able to maintain production virtually flat in Q1 2024, while only spending $8.8 million in capital expenditures.

2024 年第一季度，我們的產量幾乎保持不變，而資本支出僅為 880 萬美元。

These type of operations are a (inaudible) for us and help offset our normal decline.

這些類型的業務對我們來說是（聽不清楚），有助於抵消我們的正常下滑。

So in our earnings release, we provided our third quarter guidance and updated our full year 2024 expectations.

因此，在我們的財報發布中，我們提供了第三季指引並更新了 2024 年全年預期。

We're projecting third quarter production to be around 32,900 barrels of oil per day, which reflects the impact of third-party pipeline issues due to the Cox bankruptcy.

我們預計第三季產量約為每天 32,900 桶石油，這反映了 Cox 破產導致的第三方管道問題的影響。

So for the full year 2024, we adjusted our guidance to take into account these third quarter matters as well as the delays we've experienced in restoring production at a couple of the Cox fields we acquired in January.

因此，對於 2024 年全年，我們調整了指引，以考慮到第三季的問題以及我們在 1 月收購的幾個考克斯油田恢復生產方面遇到的延誤。

We do plan to spend more on lease operating expenses in the third quarter as we undertake some of the projects we deferred earlier in the year.

我們確實計劃在第三季增加租賃營運費用，因為我們承接了今年稍早推遲的一些項目。

However, we lowered our full year estimated total lease operating expense to a range of $280 million to $315 million.

然而，我們將全年預計總租賃營運費用下調至 2.8 億美元至 3.15 億美元之間。

It's a reduction of about 5% at the midpoint to take into account our ability to lower cost and the benefit of synergies from recent acquisitions.

考慮到我們降低成本的能力以及最近收購帶來的協同效應，中位數減少了約 5%。

We have other operations in the area.

我們在該地區還有其他業務。

For CapEx, we continue to expect to invest $35 million to $45 million in 2024, excluding acquisitions.

對於資本支出，我們繼續預期 2024 年將投資 3,500 萬至 4,500 萬美元（不包括收購）。

We incurred about $8.8 million in the second quarter and $11.9 million year-to-date.

我們第二季的支出約為 880 萬美元，今年迄今支出為 1,190 萬美元。

These expenditures are directed primarily to facilities projects in our existing fields and the new fields acquired in late 2023 and early 2024 to maximize and optimize production.

這些支出主要用於我們現有油田以及 2023 年底和 2024 年初收購的新油田的設施項目，以最大限度地提高和優化產量。

So in regards to acquisitions, we've invested $80.6 million so far in 2024, and we've more than replaced reserves.

因此，在收購方面，到 2024 年為止，我們已經投資了 8,060 萬美元，而且我們的儲備超過了替換儲備。

So before I close the call, I would like to tell you about our midyear 2024 reserve report.

因此，在結束通話之前，我想向您介紹我們的 2024 年年中儲備報告。

For midyear 2024, we reported SEC proved reserves of 141.9 million barrels of oil equivalent, which included 21.8 million barrels of oil equivalent and acquisition additions and 3.5 million barrels oil equivalent of positive performance revisions partially offset by a production of 6.3 million barrels of oil equivalent in the first half of 2024.

2024 年中，我們報告SEC 探明儲量為1.419 億桶油當量，其中包括2180 萬桶油當量和收購增量，以及350 萬桶油當量的積極業績修正，部分被630 萬桶油當量的產量所抵銷。

The 21.8 million barrels of oil equivalent due to the acquisition is about 17% higher than what we were anticipating when we initially announced the transaction.

此次收購帶來的 2,180 萬桶石油當量比我們最初宣布交易時的預期高出約 17%。

As you can see, we believe there is tremendous potential in these new assets.

正如您所看到的，我們相信這些新資產具有巨大的潛力。

We're also pleased with this midyear report again that has positive performance revisions.

我們也對這份年中報告再次感到滿意，該報告對業績進行了積極的修正。

So déjà vu all over again.

所以似曾相識的感覺再次出現。

So approximately 47% of midyear 2024 SEC proved reserves were liquids, with 38% crude oil and 9% NGLs and we had 53% natural gas.

因此，2024 年中 SEC 探明儲量中約 47% 是液體，其中 38% 是原油，9% 是液化天然氣，53% 是天然氣。

The increase in liquids percentage was largely due to the acquisition as well, further justifying these accretive acquisitions.

流動資金百分比的增加很大程度上也是由於收購，這進一步證明了這些增值收購的合理性。

Reserves were classified as 54% proved developed producing, 29% proved development nonproducing and 17% proved undeveloped.

儲量分為 54% 探明已開發生產儲量、29% 探明開發非生產儲量和 17% 探明未開發儲量。

The pre-tax PV-10 of the midyear 2024 proved reserves using SEC pricing was $1.4 billion.

根據 SEC 定價，2024 年年中的稅前 PV-10 探明儲量為 14 億美元。

That's an increase of 28% compared with the PV-10 of $1.1 billion at year-end 2023.

與 2023 年底 PV-10 的 11 億美元相比，成長了 28%。

Midyear 2024 proved reserves in PV-10 were based on average SEC 12-month crude oil and natural gas prices of $79.45 per barrel and $2.32 per MMBtu.

2024 年中 PV-10 探明儲量基於 SEC 12 個月原油和天然氣平均價格每桶 79.45 美元和每 MMBtu 2.32 美元。

While year-end 2023 prices were $78.21 per barrel of oil and $2.64 per MMBtu of natural gas.

2023 年底石油價格為每桶 78.21 美元，天然氣價格為每 MMBtu 2.64 美元。

We believe we've built a sustainable portfolio of high-performing Gulf of Mexico assets that will continue to provide meaningful cash flow for many years.

我們相信，我們已經建立了一個可持續的墨西哥灣高性能資產組合，該組合將在多年內繼續提供有意義的現金流。

In regard to our ongoing ESG initiatives, we have made a concerted effort in addressing shareholder concerns and improving our ESG metrics.

關於我們正在進行的 ESG 舉措，我們一致努力解決股東的擔憂並改善我們的 ESG 指標。

W&T's culture of success and sustainability is built on environmental stewardship, sound corporate governance and contributing positively to our employees and the communities where we work and operate.

W&T 的成功和永續發展文化建立在環境管理、健全的公司治理以及為我們的員工以及我們工作和營運的社區做出積極貢獻的基礎上。

In 2023, we added a new board member, Dr. Nancy Chang.

2023 年，我們增加了一位新的董事會成員 Nancy Chang 博士。

Nancy is the Chair of our Environmental Safety and Governance Committee that oversees our ESG efforts.

Nancy 是我們環境安全與治理委員會的主席，負責監督我們的 ESG 工作。

Dr. Chang is helping us to guide our continuous improvement and assistance in our commitment to the highest standards of ESG and corporate governance.

張博士正在幫助我們指導我們的持續改進，並協助我們致力於最高標準的 ESG 和公司治理。

Our ongoing commitment will be demonstrated when we issue our 2023 sustainability report in the next few weeks, which will highlight the continued progress we've made on our ESG initiatives.

我們持續的承諾將在未來幾週發布 2023 年永續發展報告時得到體現，該報告將突出我們在 ESG 舉措方面取得的持續進展。

Now, I'd like to sincerely thank our team at W&T as we're well positioned to add value for the remainder of 2024 and into 2025.

現在，我要衷心感謝 W&T 的團隊，因為我們已做好充分準備，能夠在 2024 年剩餘時間和 2025 年增加價值。

Our strong balance sheet and robust cash position enhances our optionality to potentially acquire more complementary Gulf of Mexico assets that would enhance the scale of W&T.

我們強大的資產負債表和強勁的現金狀況增強了我們收購更多互補性墨西哥灣資產的選擇權，從而擴大了 W&T 的規模。

Acquisitions remain a key component of our success and is our ability to integrate and enhance the assets that we acquired that's allowed us to grow reserves and production over the past 40-plus years.

收購仍然是我們成功的關鍵組成部分，也是我們整合和增強所收購資產的能力，這使我們能夠在過去 40 多年中增加儲量和產量。

We'll be rolling out our proposed drilling joint venture for potential investors very soon.

我們很快就會向潛在投資者推出我們擬議的鑽探合資企業。

We'll have more on that in the not-too-distant future.

在不久的將來我們將會有更多相關內容。

So as the company's largest shareholder, I believe W&T is very well positioned to succeed in 2024 and beyond.

因此，作為公司最大的股東，我相信 W&T 完全有能力在 2024 年及以後取得成功。

Our entire management team's interests are highly aligned with those of our shareholders, given our 34% stake in W&T's equity, which is one of the highest of any public E&P company.

我們整個管理團隊的利益與股東的利益高度一致，因為我們持有 W&T 34% 的股權，這是所有上市勘探與生產公司中最高的股權之一。

We're focused on operational excellence, meeting our obligations, helping to serve our communities and maximizing the cash flow potential of our asset base.

我們專注於卓越營運、履行我們的義務、幫助服務我們的社區並最大限度地提高我們資產基礎的現金流潛力。

So with that, operator, we can open the lines for questions.

這樣，接線員，我們就可以打開提問線路了。

(Operator Instructions) John White, ROTH Capital.

（操作員指令）約翰·懷特（John White），羅斯資本（ROTH Capital）。

Good morning.

早安.

Good morning, John.

早安，約翰。

Congratulations on a good quarter and getting the Cox acquisition, further integrated.

恭喜這個季度取得了良好的業績，並實現了對 Cox 的收購，進一步整合。

You addressed my question during your prepared remarks, but I just want to make sure I'm not missing anything.

您在準備好的發言中回答了我的問題，但我只是想確保我沒有遺漏任何內容。

While you've adjusted production and LOE guidance, there's no change to CapEx or asset retirement obligations, correct?

雖然您調整了生產和 LOE 指導，但資本支出或資產報廢義務沒有變化，對嗎？

That is correct.

這是正確的。

Yes.

是的。

We still got a little bit to best for the rest of the year.

在今年剩下的時間裡，我們仍然有一些最好的表現。

Okay.

好的。

And on the drilling joint venture, good to hear progress on that.

在鑽井合資企業方面，很高興聽到這方面的進展。

Will that be composed of industry partners and institutional investors?

由產業夥伴和機構投資者組成嗎？

Yes.

是的。

The point is we haven't completely embedded all the wells that we want to drill and the exact timing on it.

關鍵是我們還沒有完全嵌入我們想要鑽探的所有井以及其確切的時間。

We're still hunting rigs and timing on lifting equipment and whatnot that move platform rig around.

我們仍在尋找起重設備和移動平台鑽孔機之類的鑽孔機和時機。

We're rolling out this joint venture for not just industry partners, but also financial investors as well.

我們不僅面向產業夥伴，也針對金融投資者推出這家合資企業。

As you know, we've done this in the past.

如您所知，我們過去曾這樣做過。

It looks like 6 or 7 wells for sure, and I'll be able to give you more information on the -- that dollar amount of expected -- expenditures going forward in pretty short order here.

它看起來肯定有 6 或 7 口井，我將能夠在很短的時間內為您提供有關預期支出的更多資訊。

That's great to hear.

很高興聽到這個消息。

Congratulations on that also, and I'll turn the call back to the operator.

也恭喜您，我會將電話轉回接線生。

Thank you.

謝謝。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究。

Good morning.

早安.

Tracy, on production, did I hear you right that you all -- that some part of the adjustment is related to some unplanned downtime issues with third-party pipelines.

特雷西，關於生產，我沒聽錯吧——調整的某些部分與第三方管道的一些計劃外停機問題有關。

Yes.

是的。

We're having some sales route difficulties with a couple of the pipeline companies that we're trying to resolve.

我們與幾家管道公司在銷售路線上遇到了一些困難，我們正在努力解決這些問題。

And we have alternatives.

我們還有其他選擇。

So it's just more of a negotiation than anything at this point in time.

因此，目前這更像是一場談判。

And you mentioned on the reserves that the Cox reserves were higher than your original estimates.

您在儲備金方面提到考克斯儲備金高於您最初的估計。

Is that because of data that you had at the time those original estimates were made?

這是因為您在做出最初估計時擁有的數據嗎？

Or are you seeing some outperformance that's leading to performance-related revisions?

或者您是否看到了一些出色的表現，從而導致了與表現相關的修訂？

Yes.

是的。

We are seeing some better performance.

我們看到了一些更好的表現。

Also, we're spending a little time making sure that we have all of our transportation routes streamlined with regard to some of our other fields and areas.

此外，我們還花了一些時間來確保我們的其他一些領域和地區的所有運輸路線都得到簡化。

We're adding people and equipment in some places and reducing people and equipment in others.

我們在某些​​地方增加人員和設備，在其他地方減少人員和設備。

So we're just smoothing out that curve a little bit so that we'll have something that's more reliable and won't have all the spiky type of production that you normally have when we first take something over.

因此，我們只是稍微平滑了這條曲線，以便我們擁有更可靠的東西，並且不會像我們第一次接管某些東西時通常擁有的那樣，產生所有尖峰類型的產品。

Are some of those changes you're making also have a beneficial cost impact?

您所做的一些改變是否也會產生有益的成本影響？

You bet.

你打賭。

Yes.

是的。

We're going to reduce LOE.

我們將減少 LOE。

That's the intent.

這就是意圖。

And we can deal with some of the more tangible transportation issues, one of our biggest costs in the office transportation, boats and helicopters.

我們可以處理一些更具體的交通問題，這是我們在辦公室交通、船隻和直升機方面最大的成本之一。

So getting that lined out and optimize is important in reducing those costs.

因此，列出並優化這些內容對於降低這些成本非常重要。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Okay.

好的。

Well, look, everyone, thank you for listening today.

好吧，各位，謝謝你們今天的收聽。

We appreciate.

我們很感激。

We'll be talking to you very soon, hopefully, with some more good news.

我們很快就會與您交談，希望能帶來更多好消息。

Thanks so much.

非常感謝。

Bye-bye.

再見。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。