W&T Offshore, Inc. (NYSE:WTI) Q3 2023 Earnings Conference Call November 8, 2023 10:00 AM ET

Company Participants

Al Petrie - Investor Relations Coordinator

Tracy Krohn - Chairman and Chief Executive Officer

William Williford - Executive Vice President and Chief Operating Officer

Sameer Parasnis - Executive Vice President and Chief Financial Officer

Trey Hartman - Chief Accounting Officer

Conference Call Participants

Nathaniel Pendleton - Stifel

Jeffrey Robertson - Water Tower Research

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the W&T Offshore Third Quarter 2023 Conference Call. During today's call, all parties will be in a listen-only mode. Following the company's prepared comments, this call will be opened for questions and answers. [Operator Instructions] This conference 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. Please go ahead.

Al Petrie

Thank you, Sarah. 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 third quarter 2023 financial and operational results. Before we begin, I would 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 financial measures.

With that, I would like to turn the call over to Tracy Krohn, our Chairman and CEO.

Tracy Krohn

Thanks, Al. Good day, everyone, and thanks for joining us this morning. With me today are William Williford, our Executive VP and Chief Operating Officer; Sameer Parasnis, our Executive VP and Chief Financial Officer; and Trey Hartman, our Chief Accounting Officer. They're all available to answer questions later during the call. But before I get into the operational and financial results, I would like to begin by reviewing our long-standing and successful strategic rationale. Our strategy has always been simple, to generate free cash flow, maintain high-quality conventional production and opportunistically capitalize on accretive opportunities to build shareholder value.

We've delivered 23 consecutive quarters of free cash flow because we prioritize cash flow through our operational and cost-controlling initiatives. We have a prolific asset base that delivers strong production and generates meaningful EBITDA. We have generated positive free cash flow every quarter since the beginning of 2018. And in Q3 2023, we delivered over $25 million in free cash flow.