W&T Offshore (NYSE: WTI) reported Q2 EPS of $0.24, $0.10 better than the analyst estimate of $0.14. Revenue for the quarter came in at $263 million versus the consensus estimate of $253.76 million.

Tracy W. Krohn, W&T Offshore's Chairman and Chief Executive Officer, stated, "Second quarter production and our averaged realized sales price were much improved over the second quarter last year, as our focus on the production of oil and liquids continues to pay off. With the increase in production for each of the products that we produce and a higher realized sales price, we generated strong cash flow to help fund our substantial inventory of exploration and development opportunities. Recently, the second Dantzler well commenced drilling and we continue to be highly encouraged by the success we are having in the deepwater Gulf of Mexico. For the balance of the year, we will remain active in the deepwater with new wells being added to our 2014 plan. These include exploration wells the Ewing Bank 910, Medusa and Neptune Fields. In addition, development at Big Bend continues and first production from this 2012 deepwater discovery is still slated for the second half of next year. The proximity of Big Bend to the Dantzler field will allow us to leverage this development effort so Dantzler will benefit from the Big Bend production infrastructure. In terms of our onshore activities, we are increasing our 2014 horizontal drilling program with three additional wells at our Yellow Rose field in the Permian Basin of West Texas. Currently, two horizontal Wolfcamp "B" wells and one horizontal lower Spraberry well are being completed and will provide additional key data as we focus on optimizing our drilling and completion operations. The acquisition market also offers interesting opportunities, especially in the deepwater, and we remain active in pursuing transactions to acquire producing properties with substantial upside potential. Our recent purchase of deepwater properties from Woodside is representative of the type of transactions that meet our acquisition criteria. Between the new deepwater wells, the acquisitions that we have already completed and the horizontal prospectivity we see in West Texas, we are increasing our 2014 capital budget by $185 million," he said.

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