Deepwater Portfolio Expansion and Upside Potential
NON-GAAP RECONCILIATIONS
41
Three Months Ended
Year Ended
December 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
(In thousands)
(Unaudited)
(In thousands)
(Unaudited)
Net Income (loss)
Interest expense, net
$
43,449 $
48,904
$
231,149 $
(41,478)
14,526
19,574
69,441
70,049
Income tax expense, (benefit)
6,859
10,789
53,660
(8,057)
Depreciation, depletion, amortization and accretion
34,246
29,567
133,630
113,447
Unrealized commodity derivative (gain)/loss and effect of derivative premiums, net
(53,132)
(39,471)
45,475
87,901
Allowance for credit losses
43
315
(76)
323
Write-off debt issue costs
989
1,230
Non-cash incentive compensation
2,743
1,585
7,922
3,364
Non-recurring costs related to IT services transition
1,844
8,237
Release of restricted funds
Non-ARO P&A costs
Other
Adjusted EBITDA
15,899
(372)
(11,102)
4,495
46
18,402
(11,102)
(4,495)
(4,104
126
$
66,105 $
65,691
$
563,736 $
220,298
Investment in oil and natural gas properties, equipment and other
Asset retirement obligation settlements
Interest expense, net
Free Cash Flow
W&T OFFSHORE | NYSE:WTI
(11,666)
(16,037)
(41,632)
(32,060)
(14,940)
(7,565)
(76,225)
(27,309)
(14,526)
(19,574)
(69,441)
(70,049)
$
24,973 $
22,515
$
376,438 $
90,880
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