W&T Offshore Corporate Overview
NON-GAAP RECONCILIATIONS
Twelve Months Ended
December 31,
2022
December 31,
2021
December 31,
2020
December 31,
2019
December 31,
2018
December 31,
2017
December 31,
2016
(In thousands)
(Unaudited)
Net Income (loss)
$
231,149 $
(41,478) $
37,790 $
Interest expense, net
69,441
70,049
61,143
Income tax expense,
(benefit)
53,660
(8,057)
(30,153)
74,086
59,569
(75,194)
$
248,827 $
48,645
535
79,682
45,521
(12,569)
$
(249,020)
92,109
(43,376)
Depreciation, depletion, amortization and accretion
133,630
113,447
120,284
148,498
149,854
155,682
211,609
Unrealized commodity derivative (gain)/loss and effect of derivative
45,475
87,901
20,762
74,914
(50,375)
7,672
premiums, net
Ceiling test write-down
279,063
Allowance for credit losses
(76)
323
(981)
206
730
888
Write-off debt issue costs
1,230
444
1,368
Non-cash incentive compensation
7,922
3,364
3,959
Non-recurring costs related to IT services transition
8,237
Release of restricted funds
Non-ARO P&A costs
Gain on debt transactions
(11,102)
18,402
4,495
Other
Adjusted EBITDA
Investment in oil and natural gas properties, equipment and other
Asset retirement obligation settlements
Interest expense, net
Free Cash Flow
1) Excludes proceeds from asset sales
42 W&T OFFSHORE | NYSE:WTI
(4,104)
126
$
563,736 $
220,298 $
(47,469)
(2,708)
163,391
816
$
282,895 $
(47,109)
(3,982)
347,125
$
(7,811)
6,996
268,389
(123,923)
3,615
$
179,117
(41,632)
(32,060)
(18,162)
(137,905)
(106,191)
(130,981)
(48,702)
(76,225)
(27,309)
(3,339)
(11,443)
(28,617)
(72,409)
(72,320)
(69,441)
(70,049)
(61,463)
(59,569)
(48,645)
(45,521)
(92,109)
$
376,438 $
90,880 $
80,427
$
73,978
$
163,672
$
19,478
$
(34,014)
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