W&T Offshore Inc., Houston, has increased its fourth quarter production guidance following restoration of the majority of production that was shut-in due to storms in the Gulf of Mexico as well as production at Magnolia field that was offline due to extended downtime at a third-party operated platform downstream from the field.
The operator now expects fourth quarter production to average 34,700-36,900 boe/d, of which 34% is estimated to be oil, 11% natural gas liquids, and the balance natural gas. A prior estimate was an average of 31,500-35,000 boe/d.
W&T Offshore produced 34,459 boe/d (48% liquids) in this year’s third quarter, reflecting a 16% decrease from the year ago quarter, primarily due to shut-ins related to the 2020 hurricane season.
The company became the sole owner of Magnolia field earlier this year following deals with ConocoPhillips and Marubeni (OGJ Online, Mar. 5, 2020).