Production, Prices and Revenue: Production for the first quarter of 2024 was 35.1 MBoe/d compared with 34.1 MBoe/d for the fourth quarter of 2023 and 32.5 MBoe/d for the corresponding period in 2023. The increase in production compared to the fourth quarter of 2023 was primarily driven by the inclusion of the Cox acquisition, which closed in January 2024 and was partially offset by natural decline. First quarter 2024 production was comprised of 15.4 thousand barrels per day ("MBbl/d") of oil (44%), 3.8 MBbl/d of natural gas liquids ("NGLs") (11%), and 96.0 million cubic feet per day ("MMcf/d") of natural gas (45%). Production in the second quarter of 2024 will be negatively impacted by planned maintenance which required shut-ins of select fields and is reflected in second quarter guidance.
Second Quarter and Full Year 2024 Production and Expense Guidance
The guidance for the second quarter and full year 2024 in the table below represents the Company's current expectations. Please refer to the section entitled "Forward-Looking and Cautionary Statements" below for risk factors that could impact guidance.
| Production | Second Quarter 2024 | Full Year 2024 |
| Oil (MBbl) | 1,225 – 1,400 | 5,100 – 5,800 |
| NGLs (MBbl) | 280 – 315 | 1,150 – 1,375 |
| Natural gas (MMcf) | 8,800 – 10,060 | 37,000 – 44,500 |
| Total equivalents (MBoe) | 2,972 – 3,392 | 12,417 – 14,592 |
| Average daily equivalents (MBoe/d) | 32.7 – 37.3 | 33.9 – 39.9 |
| Expenses | Second Quarter 2024 | Full Year 2024 |
| Lease operating expense ($MM) | 83.0 – 92.0 | 295.0 – 332.0 |
| Gathering, transportation & production taxes ($MM) | 8.1 – 8.9 | 34.5 – 39.0 |
| General & administrative – cash ($MM) | 13.7 – 15.1 | 59.0 – 66.5 |
| General & administrative – non-cash ($MM) | 2.9 – 3.3 | 12.5 – 14.0 |
| DD&A ($ per Boe) | 11.4 – 12.9 |
W&T expects substantially all taxes in 2024 to be deferred.