W&T Offshore 1Q Profit Drops

W&T Offshore Inc. first-quarter profit fell 77 percent, hurt by weaker product prices and higher lease operating costs. The company also cut its full-year production guidance, and its shares sank $3.35, or 10.7 percent, to $27.95 in morning trading. The stock has ranged between $25.76 and $46.50 over the past year, the AP reported. Quarterly earnings dropped to $13 million, or 17 cents per share, from $55.8 million, or 85 cents per share, in the prior-year period. Excluding unrealized gains and losses related to derivative contracts, W&T Offshore said its earnings per share fell to 29 cents from 79 cents. Source: Canadian Business