W&T Offshore, Inc. (NYSE:WTI) Q4 2022 Results Conference Call March 8, 2023 10:00 AM ET
Company Participants
Al Petrie - Investor Relations Coordinator
Tracy Krohn - Chairman and Chief Executive Officer
Conference Call Participants
John White - ROTH Capital
Derrick Whitfield - Stifel
Jeff Robertson - Water Tower Research
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the W&T Offshore Fourth Quarter and Full Year 2022 Conference Call. During today’s call, all parties will be in a listen-only mode. [Operator Instructions] This conference call is being recorded, and a replay will be made available on the company's website following the call.
I would now like to turn the conference over to Al Petrie, Investor Relations coordinator.
Al Petrie
Thank you, Joe. And on behalf of the management team, I would like to welcome all of you to today's conference call to review W&T Offshore's fourth quarter and full year 2022 financial and operating results.
Before we begin, I'd like to remind you that our comments may include forward-looking statements. 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.
Today's call may also contain certain non-GAAP financial measures. Please refer to the earnings release that we issued yesterday for disclosures on forward-looking statements and reconciliations of non-GAAP measures.
With that, I'd like to turn the call over to Tracy Krohn, our Chairman and CEO.
Tracy Krohn
Thanks, Al. Good day to everyone, and thank you for joining us for our year-end 2022 conference call. So, with me today are Janet Yang, our Executive VP and Chief Financial Officer; William Williford, our Executive VP and Chief Operating Officer. So, I'm really pleased to report that 2022 is one of the best years in our long and profitable history. Our strategy has always been pretty simple: generate free cash flow, maintain high-quality conventional production and opportunistically capitalize on accretive opportunities to build shareholder value.
So, our ability to integrate producing property acquisitions while maintaining strong operational excellence were significant drivers in our outstanding financial results in 2022. Here are the key things we've accomplished. We reported full year 2022 net income of $231.2 million or $1.59 per share and generated record adjusted EBITDA of $563.7 million and a year-over-year increase of 156%.
We've generated free cash flow -- positive free cash flow for 20 consecutive quarters. And in 2022, we produced $376.4 million of free cash flow, which was more than 4 times what we did in 2021. But we completed two attractive property acquisitions, producing property acquisitions in early 2022, and we've successfully integrated them into our operations, and these acquisitions have already paid out as of August 2022.