W&T Offshore, Inc. (NYSE:WTI) Q1 2024 Earnings Conference Call May 10, 2024 5:00 PM ET

Company Participants

Al Petrie - Investor Relations Coordinator
Tracy Krohn - Chairman and CEO
William Williford - Executive VP and Chief Operating Officer
Sameer Parasnis - Executive VP and Chief Financial Officer
Trey Hartman - Vice President and Chief Accounting Officer

Conference Call Participants

John White - Roth Capital
Jeff Robertson - Water Tower Research

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the W&T Offshore First Quarter 2024 Conference Call. During today’s call, all parties will be in a listen-only mode. Following the company’s prepared comments, the 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, sir.

Al Petrie

Thank you, Chuck. 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 2024 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 Friday for disclosures on forward-looking statements and reconciliations of non-GAAP measures.

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

Tracy Krohn

Thanks, Al, and good day to everyone, and thanks for joining us on our conference call. So joining us today are William Williford, our Executive VP and Chief Operating Officer; Sameer Parasnis, our Executive VP and Chief Financial Officer; and Trey Hartman, our Vice President and Chief Accounting Officer. They’ll be available to answer questions later during the call.

So we began 2024 with another quarter of solid operational and financial results while continuing to execute our strategic vision. We focus on generating free cash flow, maintaining and optimizing high quality conventional assets and opportunistically capitalizing on accretive opportunities to build shareholder value.

So we have a strong balance sheet and because of our focused on generating free cash flow, we continue to build cash on hand. We have generated positive free cash flow every quarter for over six years now because we know that cash is king and it provides us an opportunity and the optionality to capitalize on other opportunities.