W&T Offshore Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported revenues of $104.064 million against $196.8 million a year ago. Operating loss was $60.82 million against $30.543 million a year ago. Loss before income tax expense was $88.4 million against $50.7 million a year ago. Net loss was $51.61 million against $33.4 million a year ago. Basic and diluted loss per common share was $0.68 against $0.44 a year ago. Net loss excluding special items was $33.437 million or $0.44 per basic and diluted share against $40.46 million or $0.54 per basic and diluted share a year ago. EBITDA was $37.4 million against $100.4 million a year ago. Adjusted EBITDA was $36.534 million against $89.6 million a year ago. Revenues decreased due to the steep decline in commodity prices. Crude oil prices were down $33.73 per barrel, or 47.7%, between the two quarters.

For the year, the company reported revenues of $507.3 million against $948.71 million a year ago. Operating loss was $1,145.703 million against operating income of $62.1 million a year ago. Loss before income tax expense was $1,247.702 million against $16.120 million a year ago. Net loss was $1,044.718 million against $11.7 million a year ago. Basic and diluted loss per common share was $13.76 against $0.16 a year ago. Net cash provided by operating activities was $132.554 million against $473.973 million a year ago. Investment in oil and natural gas properties and equipment were $230.2 million against $554.4 million a year ago. Purchases of furniture, fixtures and other were $1.3 million against $3.340 million a year ago. Net loss excluding special items was $223.3 million or $2.94 per basic and diluted share against $14.53 million or $0.20 per basic and diluted share a year ago. EBITDA was $230.812 million against $573.2 million a year ago. Adjusted EBITDA was $224.98 million against $569.211 million a year ago. Cash flows declined as revenues were $441.4 million lower in the 2015 period compared to the 2014 period.

Production for the fourth quarter of 2015 averaged 44,790 barrels of oil equivalent per day (4.1 million Boe for the quarter), 56.7% of which was oil and liquids. Oil production increased 7.9% for the fourth quarter of 2015 compared to the fourth quarter of 2014, while natural gas production decreased 18.6% as continued focus on oil related projects.

For the fourth quarter ended December 31, 2015, the company reported ceiling test write-down of oil and natural gas properties of $32.4 million.

The company provided production and tax rate guidance for the first quarter and full year 2016. For the quarter, the company expects to report Oil and NGLs production of 2.3 MMBbls to 2.5 MMBbls, natural gas of 9.8 bcf to 10.8 bcf. Total production expected in the range of 23.2 bcfe to 25.6 bcfe. Total production expected in the range of 3.9 MMBoe to 4.3 MMBoe.

For the first quarter 2016, the company expects income tax rate to be 5.4%.

For the full-year 2016, the company expects to report Oil and NGLs production of 8.5 MMBbls to 9.3 MMBbls, natural gas of 37.9 bcf to 41.9 bcf. Total production expected in the range of 88.8 bcfe to 98.2 bcfe. Total production expected in the range of 14.8 MMBoe to 16.4 MMBoe. However, unplanned downtime, pipeline maintenance, and well performance are factors leading to lower estimated production in 2016 from 2015.

For the full year 2016, the company expects income tax rate to be 5.4%. The company's capital expenditure budget for 2016 is currently set at $15 million, which excludes approximately $84 million for plug and abandonment activities and is expected to be funded with cash on hand and cash flow from operating activities.