W&T Offshore's shares have risen 16.5% since its second-quarter earnings report, outperforming the S&P 500. The company reported adjusted earnings of 2 cents per share, beating the Zacks Consensus Estimate of break-even, and revenues of $162.62 million, up 32.9% year over year and above expectations. Higher realized oil prices, which jumped 56% to $99.30 per barrel, drove the results, while lease operating expenses fell 7% to $71.56 million. Adjusted EBITDA rose 54% to $54.41 million, and free cash flow increased to $31.38 million. For the third quarter, the company expects production between 33.3 and 36.8 MBoe/d, and it declared a dividend of 1 cent per share. Analysts have revised estimates upward by 14.81% since the report, and the stock holds a Zacks Rank #3 (Hold).
W&T Offshore IncQ2 earnings beat with higher realized oil prices and lower costs
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