Intrinsic value of W&T Offshore - WTI

Previous Close

$8.85

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$8.85

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of WTI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -21.10
  21.80
  20.12
  18.61
  17.25
  16.02
  14.92
  13.93
  13.04
  12.23
  11.51
  10.86
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
  5.79
Revenue, $m
  400
  593
  713
  845
  991
  1,150
  1,321
  1,505
  1,701
  1,909
  2,129
  2,360
  2,603
  2,856
  3,121
  3,397
  3,685
  3,984
  4,294
  4,617
  4,953
  5,302
  5,664
  6,041
  6,433
  6,841
  7,266
  7,708
  8,169
  8,649
  9,150
Variable operating expenses, $m
 
  1,079
  1,296
  1,537
  1,802
  2,091
  2,403
  2,738
  3,095
  3,473
  3,873
  4,294
  4,735
  5,196
  5,678
  6,180
  6,702
  7,246
  7,812
  8,399
  9,010
  9,644
  10,304
  10,989
  11,702
  12,444
  13,217
  14,021
  14,859
  15,733
  16,644
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  607
  1,079
  1,296
  1,537
  1,802
  2,091
  2,403
  2,738
  3,095
  3,473
  3,873
  4,294
  4,735
  5,196
  5,678
  6,180
  6,702
  7,246
  7,812
  8,399
  9,010
  9,644
  10,304
  10,989
  11,702
  12,444
  13,217
  14,021
  14,859
  15,733
  16,644
Operating income, $m
  -207
  -486
  -584
  -692
  -812
  -942
  -1,082
  -1,233
  -1,393
  -1,564
  -1,744
  -1,933
  -2,132
  -2,339
  -2,556
  -2,782
  -3,018
  -3,263
  -3,517
  -3,782
  -4,057
  -4,342
  -4,639
  -4,948
  -5,269
  -5,603
  -5,951
  -6,313
  -6,690
  -7,084
  -7,494
EBITDA, $m
  5
  -417
  -501
  -594
  -697
  -809
  -929
  -1,059
  -1,197
  -1,343
  -1,498
  -1,660
  -1,831
  -2,009
  -2,196
  -2,390
  -2,592
  -2,802
  -3,021
  -3,248
  -3,484
  -3,729
  -3,984
  -4,250
  -4,525
  -4,812
  -5,111
  -5,422
  -5,746
  -6,084
  -6,436
Interest expense (income), $m
  97
  54
  27
  38
  50
  63
  78
  93
  110
  128
  146
  166
  187
  209
  232
  256
  281
  307
  334
  362
  391
  422
  453
  486
  520
  556
  593
  631
  671
  713
  756
Earnings before tax, $m
  -292
  -539
  -611
  -730
  -862
  -1,005
  -1,160
  -1,326
  -1,503
  -1,691
  -1,890
  -2,099
  -2,319
  -2,549
  -2,788
  -3,038
  -3,299
  -3,570
  -3,851
  -4,144
  -4,448
  -4,764
  -5,093
  -5,434
  -5,789
  -6,159
  -6,544
  -6,944
  -7,361
  -7,796
  -8,250
Tax expense, $m
  -43
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -249
  -539
  -611
  -730
  -862
  -1,005
  -1,160
  -1,326
  -1,503
  -1,691
  -1,890
  -2,099
  -2,319
  -2,549
  -2,788
  -3,038
  -3,299
  -3,570
  -3,851
  -4,144
  -4,448
  -4,764
  -5,093
  -5,434
  -5,789
  -6,159
  -6,544
  -6,944
  -7,361
  -7,796
  -8,250

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  70
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  830
  1,105
  1,327
  1,574
  1,845
  2,141
  2,460
  2,803
  3,168
  3,556
  3,965
  4,396
  4,847
  5,319
  5,812
  6,326
  6,862
  7,418
  7,997
  8,599
  9,224
  9,873
  10,548
  11,250
  11,980
  12,740
  13,531
  14,354
  15,212
  16,106
  17,039
Adjusted assets (=assets-cash), $m
  760
  1,105
  1,327
  1,574
  1,845
  2,141
  2,460
  2,803
  3,168
  3,556
  3,965
  4,396
  4,847
  5,319
  5,812
  6,326
  6,862
  7,418
  7,997
  8,599
  9,224
  9,873
  10,548
  11,250
  11,980
  12,740
  13,531
  14,354
  15,212
  16,106
  17,039
Revenue / Adjusted assets
  0.526
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
Average production assets, $m
  769
  686
  824
  977
  1,145
  1,329
  1,527
  1,740
  1,967
  2,207
  2,461
  2,729
  3,009
  3,302
  3,608
  3,927
  4,260
  4,605
  4,964
  5,338
  5,726
  6,129
  6,548
  6,984
  7,437
  7,909
  8,399
  8,911
  9,443
  9,998
  10,577
Working capital, $m
  -11
  -102
  -123
  -145
  -170
  -198
  -227
  -259
  -293
  -328
  -366
  -406
  -448
  -491
  -537
  -584
  -634
  -685
  -739
  -794
  -852
  -912
  -974
  -1,039
  -1,107
  -1,177
  -1,250
  -1,326
  -1,405
  -1,488
  -1,574
Total debt, $m
  1,021
  505
  705
  927
  1,171
  1,437
  1,725
  2,033
  2,362
  2,711
  3,079
  3,466
  3,873
  4,298
  4,742
  5,204
  5,686
  6,187
  6,708
  7,249
  7,812
  8,396
  9,004
  9,636
  10,293
  10,976
  11,688
  12,429
  13,201
  14,006
  14,846
Total liabilities, $m
  1,489
  994
  1,194
  1,416
  1,661
  1,927
  2,214
  2,523
  2,851
  3,200
  3,568
  3,956
  4,362
  4,787
  5,231
  5,694
  6,175
  6,676
  7,197
  7,739
  8,301
  8,886
  9,494
  10,125
  10,782
  11,466
  12,178
  12,919
  13,691
  14,496
  15,335
Total equity, $m
  -659
  110
  133
  157
  185
  214
  246
  280
  317
  356
  396
  440
  485
  532
  581
  633
  686
  742
  800
  860
  922
  987
  1,055
  1,125
  1,198
  1,274
  1,353
  1,435
  1,521
  1,611
  1,704
Total liabilities and equity, $m
  830
  1,104
  1,327
  1,573
  1,846
  2,141
  2,460
  2,803
  3,168
  3,556
  3,964
  4,396
  4,847
  5,319
  5,812
  6,327
  6,861
  7,418
  7,997
  8,599
  9,223
  9,873
  10,549
  11,250
  11,980
  12,740
  13,531
  14,354
  15,212
  16,107
  17,039
Debt-to-equity ratio
  -1.549
  4.570
  5.310
  5.890
  6.350
  6.710
  7.010
  7.250
  7.450
  7.620
  7.770
  7.890
  7.990
  8.080
  8.160
  8.230
  8.290
  8.340
  8.390
  8.430
  8.470
  8.500
  8.540
  8.560
  8.590
  8.620
  8.640
  8.660
  8.680
  8.700
  8.710
Adjusted equity ratio
  -0.959
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -249
  -539
  -611
  -730
  -862
  -1,005
  -1,160
  -1,326
  -1,503
  -1,691
  -1,890
  -2,099
  -2,319
  -2,549
  -2,788
  -3,038
  -3,299
  -3,570
  -3,851
  -4,144
  -4,448
  -4,764
  -5,093
  -5,434
  -5,789
  -6,159
  -6,544
  -6,944
  -7,361
  -7,796
  -8,250
Depreciation, amort., depletion, $m
  212
  69
  82
  98
  115
  133
  153
  174
  197
  221
  246
  273
  301
  330
  361
  393
  426
  461
  496
  534
  573
  613
  655
  698
  744
  791
  840
  891
  944
  1,000
  1,058
Funds from operations, $m
  -139
  -471
  -528
  -632
  -747
  -872
  -1,007
  -1,152
  -1,307
  -1,471
  -1,644
  -1,827
  -2,018
  -2,218
  -2,428
  -2,646
  -2,873
  -3,109
  -3,355
  -3,610
  -3,875
  -4,151
  -4,438
  -4,736
  -5,046
  -5,368
  -5,704
  -6,053
  -6,417
  -6,797
  -7,192
Change in working capital, $m
  -153
  -18
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -86
Cash from operations, $m
  14
  -453
  -508
  -610
  -722
  -845
  -977
  -1,120
  -1,273
  -1,435
  -1,606
  -1,787
  -1,976
  -2,175
  -2,382
  -2,598
  -2,823
  -3,058
  -3,301
  -3,555
  -3,818
  -4,091
  -4,375
  -4,671
  -4,978
  -5,298
  -5,631
  -5,977
  -6,338
  -6,714
  -7,106
Maintenance CAPEX, $m
  0
  -56
  -69
  -82
  -98
  -115
  -133
  -153
  -174
  -197
  -221
  -246
  -273
  -301
  -330
  -361
  -393
  -426
  -461
  -496
  -534
  -573
  -613
  -655
  -698
  -744
  -791
  -840
  -891
  -944
  -1,000
New CAPEX, $m
  -49
  -123
  -138
  -153
  -168
  -184
  -198
  -213
  -227
  -241
  -254
  -267
  -280
  -293
  -306
  -319
  -332
  -346
  -359
  -373
  -388
  -403
  -419
  -436
  -453
  -472
  -491
  -511
  -533
  -555
  -579
Cash from investing activities, $m
  -82
  -179
  -207
  -235
  -266
  -299
  -331
  -366
  -401
  -438
  -475
  -513
  -553
  -594
  -636
  -680
  -725
  -772
  -820
  -869
  -922
  -976
  -1,032
  -1,091
  -1,151
  -1,216
  -1,282
  -1,351
  -1,424
  -1,499
  -1,579
Free cash flow, $m
  -68
  -632
  -714
  -845
  -988
  -1,143
  -1,309
  -1,486
  -1,674
  -1,872
  -2,081
  -2,300
  -2,529
  -2,769
  -3,018
  -3,278
  -3,548
  -3,829
  -4,121
  -4,424
  -4,740
  -5,067
  -5,407
  -5,761
  -6,130
  -6,513
  -6,912
  -7,328
  -7,761
  -8,213
  -8,685
Issuance/(repayment) of debt, $m
  72
  -487
  200
  222
  244
  266
  287
  308
  329
  349
  368
  387
  406
  425
  444
  463
  482
  501
  521
  541
  563
  585
  608
  632
  657
  684
  712
  741
  772
  805
  839
Issuance/(repurchase) of shares, $m
  0
  1,224
  633
  755
  889
  1,034
  1,192
  1,360
  1,540
  1,730
  1,931
  2,142
  2,364
  2,596
  2,838
  3,090
  3,352
  3,625
  3,909
  4,204
  4,511
  4,829
  5,160
  5,504
  5,862
  6,235
  6,623
  7,026
  7,447
  7,886
  8,343
Cash from financing (excl. dividends), $m  
  53
  737
  833
  977
  1,133
  1,300
  1,479
  1,668
  1,869
  2,079
  2,299
  2,529
  2,770
  3,021
  3,282
  3,553
  3,834
  4,126
  4,430
  4,745
  5,074
  5,414
  5,768
  6,136
  6,519
  6,919
  7,335
  7,767
  8,219
  8,691
  9,182
Total cash flow (excl. dividends), $m
  -15
  105
  119
  132
  145
  158
  170
  183
  195
  207
  218
  230
  241
  252
  263
  274
  286
  297
  309
  321
  334
  347
  360
  375
  390
  405
  422
  439
  458
  477
  498
Retained Cash Flow (-), $m
  133
  -1,224
  -633
  -755
  -889
  -1,034
  -1,192
  -1,360
  -1,540
  -1,730
  -1,931
  -2,142
  -2,364
  -2,596
  -2,838
  -3,090
  -3,352
  -3,625
  -3,909
  -4,204
  -4,511
  -4,829
  -5,160
  -5,504
  -5,862
  -6,235
  -6,623
  -7,026
  -7,447
  -7,886
  -8,343
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  7
  9
  11
  13
  15
  17
  20
  23
  26
  29
  32
  35
  39
  43
  47
  51
  55
  60
  64
  69
  74
  80
  85
  91
  97
  103
  109
  116
  123
  130
Cash available for distribution, $m
 
  -1,119
  -514
  -623
  -744
  -877
  -1,021
  -1,177
  -1,345
  -1,523
  -1,713
  -1,913
  -2,123
  -2,344
  -2,575
  -2,816
  -3,067
  -3,328
  -3,600
  -3,883
  -4,177
  -4,482
  -4,800
  -5,130
  -5,473
  -5,829
  -6,201
  -6,587
  -6,989
  -7,409
  -7,846
Discount rate, %
 
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.71
  24.89
  26.14
  27.44
  28.81
  30.25
  31.77
  33.36
  35.02
  36.77
  38.61
  40.54
  42.57
  44.70
  46.93
  49.28
  51.75
  54.33
PV of cash for distribution, $m
 
  -988
  -397
  -415
  -421
  -417
  -401
  -376
  -344
  -306
  -266
  -225
  -185
  -148
  -115
  -87
  -63
  -45
  -31
  -21
  -13
  -8
  -5
  -3
  -2
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  7.4
  1.1
  0.2
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

W&T Offshore, Inc. is an independent oil and natural gas producer. The Company is engaged in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. As of December 31, 2016, the Company had interests in offshore leases covering approximately 750,000 gross acres (450,000 net acres) spanning across the Outer Continental Shelf (OCS) off the coasts of Louisiana, Texas, Mississippi and Alabama. Its producing fields are located in federal and state waters in the Gulf of Mexico in water depths ranging from less than 10 feet up to 7,300 feet. Its fields include Ship Shoal 349 Field (Mahogany), Fairway Field, Viosca Knoll 783 Field (Viosca Knoll 783 (Tahoe) and Viosca Knoll 784 (SE Tahoe)), Mississippi Canyon 782 Field (Dantzler), Mississippi Canyon 698 Field (Big Bend), Mississippi Canyon 243 Field (Matterhorn), Ewing Bank 910, Brazos A-133 Field and Viosca Knoll 823 Field (Virgo).

FINANCIAL RATIOS  of  W&T Offshore (WTI)

Valuation Ratios
P/E Ratio -4.9
Price to Sales 3
Price to Book -1.8
Price to Tangible Book
Price to Cash Flow 87
Price to Free Cash Flow -34.8
Growth Rates
Sales Growth Rate -21.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -78.8%
Cap. Spend. - 3 Yr. Gr. Rate -38.4%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity -153.7%
Total Debt to Equity -154.9%
Interest Coverage -2
Management Effectiveness
Return On Assets -16.3%
Ret/ On Assets - 3 Yr. Avg. -21.4%
Return On Total Capital -48.2%
Ret/ On T. Cap. - 3 Yr. Avg. -43.8%
Return On Equity 42%
Return On Equity - 3 Yr. Avg. 4111.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 99.5%
Gross Margin - 3 Yr. Avg. 99.4%
EBITDA Margin 4.3%
EBITDA Margin - 3 Yr. Avg. -28.5%
Operating Margin -51.8%
Oper. Margin - 3 Yr. Avg. -90.4%
Pre-Tax Margin -73%
Pre-Tax Margin - 3 Yr. Avg. -106.9%
Net Profit Margin -62.3%
Net Profit Margin - 3 Yr. Avg. -89.9%
Effective Tax Rate 14.7%
Eff/ Tax Rate - 3 Yr. Avg. 18.7%
Payout Ratio 0%

WTI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WTI stock intrinsic value calculation we used $487 million for the last fiscal year's total revenue generated by W&T Offshore. The default revenue input number comes from 2016 income statement of W&T Offshore. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WTI stock valuation model: a) initial revenue growth rate of 21.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 13.2%, whose default value for WTI is calculated based on our internal credit rating of W&T Offshore, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of W&T Offshore.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WTI stock the variable cost ratio is equal to 181.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for WTI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for W&T Offshore.

Corporate tax rate of 27% is the nominal tax rate for W&T Offshore. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WTI stock is equal to 1.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WTI are equal to 115.6%.

Life of production assets of 10 years is the average useful life of capital assets used in W&T Offshore operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WTI is equal to -17.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-574 million for W&T Offshore - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 138 million for W&T Offshore is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of W&T Offshore at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Is Oil Signaling a Bullish Turning Point?   [03:48AM  Investopedia]
▶ Brent premium over WTI hits new three-year high   [Jun-01-18 10:08AM  Reuters]
▶ There's No Reason to Call a Top in the Oil Sector   [May-09-18 11:00AM  TheStreet.com]
▶ Warren Buffett: Why we sold shares in Phillips 66   [May-05-18 03:21PM  Yahoo Finance Video]
▶ W&T: 1Q Earnings Snapshot   [May-02-18 06:54PM  Associated Press]
▶ [$$] HarbourVest-Led Group Teams With W&T Offshore for Drilling Venture   [Mar-12-18 06:46PM  The Wall Street Journal]
▶ W&T Offshore, Inc. to Host Earnings Call   [Mar-01-18 08:15AM  ACCESSWIRE]
▶ W&T posts 4Q profit   [05:01AM  Associated Press]
▶ 3 Beaten-Up Oil Stocks: Are They Bargains?   [Feb-19-18 07:25AM  Motley Fool]
▶ 3 Stocks That Doubled in Just the Last 6 Months   [Jan-31-18 04:33PM  Motley Fool]
▶ New Strong Sell Stocks for January 30th   [Jan-30-18 06:40AM  Zacks]
▶ Why Shares of W&T Offshore, Inc. Popped 16% Today   [Jan-24-18 04:25PM  Motley Fool]
▶ New Strong Sell Stocks for January 17th   [Jan-17-18 06:35AM  Zacks]
▶ Expect crude oil to top out in this range: NSYE trader   [Jan-10-18 01:28PM  Yahoo Finance Video]
▶ Energy ETFs & Stocks Soaring to Start 2018   [Jan-08-18 09:51AM  Zacks]
▶ US Gasoline Inventories Could Pressure Crude Oil Prices   [Jan-05-18 08:17AM  Market Realist]
▶ Crude Oil Futures Hit a 3-Year High   [Jan-04-18 09:15AM  Market Realist]
▶ Should You Buy W&T Offshore Inc (NYSE:WTI) Now?   [Jan-03-18 11:48AM  Simply Wall St.]
▶ OPECs Spare Crude Oil Production Capacity near 7-Month High   [Dec-28-17 08:18AM  Market Realist]
▶ Oil Holds Steady Through Holidays   [03:00PM  Oilprice.com]
▶ W&T Offshore Provides Operations Update   [Dec-21-17 06:30AM  PR Newswire]
▶ Analyzing Saudi Arabias Crude Oil Production Cut Strategy   [Dec-07-17 11:10AM  Market Realist]
▶ The Best-Performing Upstream Stock Year-to-Date   [Dec-06-17 07:34AM  Market Realist]
▶ WTI Crude Oil Futures Hit a High Last Seen in June 2015   [Nov-23-17 12:14PM  Market Realist]
▶ Where Wall Street Thinks W&T Offshore Can Trade in a Year   [Nov-20-17 09:02AM  Market Realist]
▶ Gauging Trends in W&T Offshores Revenues   [Nov-17-17 05:25PM  Market Realist]
▶ Will W&T Offshores Stock Rally Resume?   [02:24PM  Market Realist]
▶ Your Upstream Gainers This Week: Whos Ahead?   [Nov-15-17 01:09PM  Market Realist]
Financial statements of WTI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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