W&T Offshore, Inc. (NYSE:WTI) Q1 2022 Earnings Conference Call May 4, 2022 10:00 AM ET

Company Participants

Brent Collins - Director, IR

Tracy Krohn - Chairman and CEO

Janet Yang - EVP and CFO

William Williford - EVP and COO

Steve Schroeder - SVP and CTO

Conference Call Participants

Michael Scialla - Stifel

John White - ROTH Capital

Michael Scialla - Stifel

Operator

Good day, and welcome to W&T Offshore First Quarter 2022 Earnings Conference Call. [Operator Instructions] At this time, I'd like to turn the conference over to Brent Collins, Director of Investor Relations. Please go ahead.

Brent Collins

Thank you, operator. 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 first quarter 2022 financial and operational 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, Brett. Good day to everyone. And thanks for joining us for our first quarter 2022 conference call.

So with me today are Janet Yang, our Executive Vice President and Chief Financial Officer; William Williford, our Executive Vice President and Chief Operating Officer; and Steve Schroeder, our Senior Vice President and Chief Technical Officer. We are all available to answer questions later on during the call.

So I'm pleased with the very strong operational financial results in the first quarter which provided a solid foundation for an exciting year. Our strategy is simple, generate free cash flow, maintain high quality conventional production and capitalize on the creative opportunities to build shareholder value. So here are all the things we delivered in the quarter.

One, our production was provided guidance. Two, our LOE costs were below the low end of guidance. Three, we grew adjusted EBITDA by 37% to $89.7 million and more than doubled our free cash flow to $46.9 million compared to the fourth quarter. So I would note that this marks the 17th consecutive quarter that W&T has generated free cash flow.