W&T Offshore, Inc. (NYSE:WTI) Q3 2024 Earnings Conference Call November 8, 2024 10:00 AM ET

Company Participants

Al Petrie - Investor Relations Coordinator
Tracy Krohn - Chairman & CEO

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 Third 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.

Al Petrie

Thank you, Megan. 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 third 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 would 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 on our conference call. So with me today are William Williford, 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're all available to answer questions later during the call.

So we continue to report solid operational and financial results while continuing to execute our strategic vision. Our focus is always on generating free cash flow while maintaining and optimizing our assets, including the assets that we acquired in the first quarter of this year.

Through September 30, 2024, we've generated free cash flow of $54.9 million on a year-to-date basis. For the past seven years, we've generated positive free cash flow, and it's because we operate very efficiently and know that cash is paramount to our success. Our balance sheet continues to improve as we're delivering meaningful adjusted EBITDA, which year-to-date totaled $122 million.