A month has gone by since the last earnings report for W&T Offshore (WTI). Shares have added about 0.3% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is W&T due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. W&T Offshore Beats Q4 Earnings & Revenue EstimatesW&T Offshore reported fourth-quarter 2020 adjusted loss (excluding one-time items) of 5 cents per share, narrower than the Zacks Consensus Estimate of a loss of 13 cents. However, in the year-ago period, the company reported earnings of 17 cents per share.Meanwhile, quarterly revenues plunged to $94.7 million from $151.9 million a year ago. The top line, however, beat the Zacks Consensus Estimate of $82 million.The better-than-expected results were supported by lower total costs and expenses, as well as higher natural gas prices. This was partially offset by a decline in average realized prices of liquids and oil equivalent production volumes.Production StatsTotal oil equivalent production averaged 38,261 barrels of oil equivalent per day (Boe/d), down from the year-ago quarter’s 52,773 Boe/d.Oil production was recorded at 1,273 thousand barrels (MBbls), down from the year-ago level of 1,778 MBbls. Natural gas production of 11,174 million cubic feet (MMcf) for the reported quarter was lower than 15,966 MMcf in the year-earlier period. Also, natural gas liquids output totaled 385 MBbls, lower than 415 MBbls a year ago. Of the total production for the quarter, almost 47% comprised liquids.Realized Commodity PricesThe average realized price for oil for the fourth quarter was $42.84 a barrel, lower than the year-ago level of $56.84. The average realized price of NGL dropped to $16.30 from $16.64 per barrel in the prior year. The average realized price of natural gas for the December quarter was $2.63 per thousand cubic feet, up from $2.58 in the comparable period last year. Average realized price for oil equivalent output declined to $25.63 per barrel from $30.75 a year ago.Operating ExpensesLease operating expenses rose to $12.31 per Boe for the fourth quarter from $10.98 a year ago. However, general and administrative expenses declined to $2.18 per Boe from $3.62 in the year-ago period.Overall, total costs and expenses fell to $94.4 million from the year-ago level of $135 million.Cash FlowNet cash used in operations for the fourth quarter was $6.2 million against $45.6 million provided by operations in the year-ago period.Free cash flow for the quarter declined to $14.2 million from $26.8 million in the year-ago quarter.Capital Spending & Balance SheetW&T Offshore spent $3 million capital through the December quarter (excluding acquisitions) on oil and gas resources.As of Dec 31, 2020, the company’s cash and cash equivalents were $43.7 million, down from the third-quarter level of $56.5 million. The upstream firm had $130.6 million of availability under the revolving bank credit facility. Its long-term debt as of the December quarter was recorded at $625.3 million, marginally up from the third-quarter level of $624.7 million.Proved ReservesAs of Dec 31, 2020, the company reported proved reserves of 144.4MMBoe, down from the 2019-end level of 157.4 MMBoe. Total proved reserves of the firm comprise roughly 34% liquid.GuidanceFor 2021, W&T Offshore expects production in the range of 38,000-42,000 Boe/d, indicating a decline from 42,046 Boe/d in 2020. Oil production is expected in the range of 4.97-5.57 MMBbls for 2021. For the January quarter of 2021, production is expected within 37,300-41,300 Boe/d.For 2021, the upstream company expects lease operating expenses in the band of $153-$169 million. General and administrative expenses are expected within $51-$56 million. Capital expenditure for 2021 is expected in the range of $30-$60 million, indicating a significant increase from $17.6 million a year ago.How Have Estimates Been Moving Since Then?It turns out, estimates revision flatlined during the past month. The consensus estimate has shifted 43.59% due to these changes.VGM ScoresCurrently, W&T has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookW&T has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report W&T Offshore, Inc. (WTI): Get Free Report To read this article on Zacks.com click here.