W&T Offshore, Inc. (NYSE:WTI) Q2 2024 Earnings Conference Call August 25, 2024 10:00 AM 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
Jeffrey Robertson - Water Tower Research

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the W&T Offshore Second 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 open 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.

Al Petrie

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 Second 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 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 thanks for joining us on our conference call today. So with me are William Wilford, our Executive Vice President and Chief Operating Officer; Sameer Parasnis, our Executive Vice President 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 in the second quarter, we continued to report very solid operational and financial results. Our focus on generating free cash flow while maintaining and optimizing our assets, including the assets we acquired in Q1 allow us to generate free cash flow of $18.7 million. For the past 6.5 years, every quarter, we’ve generated positive free cash flow because we operate very efficiently and know that cash is paramount to our success. Our balance sheet continues to reflect this as we deliver strong production and meaningful adjusted EBITDA.