W&T Offshore has reported that net income for the third quarter of 2007 was $36.3 million, or $0.48 per share, on revenue of $255.2 million, compared to net income for the same quarter in 2006 of $66.7 million or $0.91 per share.
Net income for the nine months ended September 30, 2007 was $94.9 million, or $1.25 per share, on revenues of $774.3 million, compared to net income of $161 million, or $2.35 per share, on revenues of $536.1 million for the nine-month period in 2006.
Net cash provided by operating activities for the nine months ended September 30, 2007 increased 34% to $472.7 million from $351.5 million in the first nine months of 2006. The increase was due to significantly higher revenues, partially offset by higher operating expenses.
Adjusted EBITDA was $567.6 million for the nine months ended September 30, 2007, compared to $434.1 million for the prior nine-month period in 2006.
For the nine months ended September 30, 2007, total production was 55.5bcf of natural gas sold at an average price of $7.17 per mcf and 6.1MMBbls of oil sold at an average price of $61.49 per Bbl.