W&T Offshore Inc, Company Intelligence Report

W&T Offshore Inc, Company Intelligence Report

Summary

W&T Offshore Inc (W&T) is an independent energy company actively involved in the acquisition, exploitation, exploration and development of crude oil and natural gas resources in the US. The company’s Exploration and Production (E&P) activities are concentrated in both offshore and onshore areas in the US. W&T’s offshore operations are primarily focused in the Gulf of Mexico (GoM), and as of December 31, 2010, the company holds varying working interest in around 67 offshore fields in GoM. The company operated primarily within offshore areas since its inception, before entering into onshore areas through acquisitions in 2010. The company further expanded its presence in onshore areas with the acquisition in the Permian basin of west Texas in Q2, 2011. Currently, W&T holds a net 173,000 acres in onshore areas. The figure below shows the company’s operational map.

Scope

• Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
• Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
• SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
• Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
• Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
• M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
• Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
• Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
• Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

• Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
• Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
• Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
• Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

Contents

1 TABLE OF CONTENTS

1.1 List of Tables
1.2 List of Figures

2 W&T OFFSHORE INC, COMPANY OVERVIEW

3 W&T OFFSHORE INC, INVESTMENT SUMMARY

3.1 Blending Organic and Inorganic Growth to Improve its Operational Performance
  3.1.1 Shifting Towards Onshore Assets to Offset Production Decline
  3.1.2 Still Mapping Offshore Opportunities; Equipped with Experience and Expertise
3.2 Declining Acreage Posing Threat to RP Ratio; Better Acreage Portfolio Compared to its Peers
3.3 Mahogany Field – Matured Asset; Nonetheless to Contribute to W&T’s Reserve and Production
  3.3.1 Gulf of Mexico, Fiscal System

4 W&T OFFSHORE INC, SWOT ANALYSIS

4.1 Strengths
  4.1.1 Technical Expertise in Handling Offshore Projects
4.2 Weakness
  4.2.1 Consistent Decline in Production Volumes
  4.2.2 Relatively Lower Operational Matrix as Compared to Peer Group
4.3 Opportunities
  4.3.1 High Potential to Increase Production through Inorganic Growth
  4.3.2 Rising Deep Water E&P Activities
4.4 Threats
  4.4.1 Higher Risk Associated With Deepwater Drilling Projects
  4.4.2 Moving towards Onshore Projects May Increase Difficulties

5 W&T OFFSHORE INC, GOALS AND STRATEGIES

5.1 Focus on the Development of Onshore Areas, Maintaining Offshore Assets Portfolio

6 W&T OFFSHORE INC, PRODUCTION OVERVIEW

6.1 Production Profile
6.2 Assets Portfolio
  6.2.1 Offshore Assets
  6.2.2 Onshore Assets

7 W&T OFFSHORE INC, EXPLORATION AND DEVELOPMENT OVERVIEW

8 CAPITAL EXPENDITURE

8.1 Costs Incurred

9 ACREAGE

10 W&T OFFSHORE INC, M&A HIGHLIGHTS

11 W&T OFFSHORE INC, FORECAST PRODUCTION AND FINANCIAL STATEMENTS

11.1 Income Statement (2008–2015)
11.2 Balance Sheet (2008–2015)
11.3 Cash Flow Statement (2008–2015)
11.4 Financial Ratios

12 W&T OFFSHORE INC, VALUATION

12.1 Net Asset Value

13 W&T OFFSHORE INC, PEER COMPARISION

13.1 Share Price Performance
13.2 Operational and Financial Performance
13.3 Key Financial and Operational Ratio

14 W&T OFFSHORE INC, DETAILED OPERATIONAL AND FINANCIAL METRICS

14.1 W&T Offshore Inc, Total Oil and Gas, Reserves and Production
  14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010
  14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010
  14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2006-2010
14.2 W&T Offshore Inc, Crude Oil/Liquids Production and Reserve
  14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2006-2010
  14.2.2 Crude Oil Production and Reserves By Country/Region, 2006-2010
  14.2.3 Crude Oil/Liquids Reserve Changes, 2006-2010
14.3 W&T Offshore Inc, Natural Gas Production and Reserve
  14.3.1 Natural Gas Production and Reserve Trend, 2006-2010
  14.3.2 Natural Gas Production and Reserves, By Country/Region, 2006-2010
  14.3.3 Natural Gas Reserve Changes, 2006-2010
14.4 W&T Offshore Inc, Total Crude Oil and Natural Gas Reserves Life Index
  14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010
  14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010
14.5 W&T Offshore Inc, E&P Costs Trends
  14.5.1 Upstream Capital Expenditure, 2006-2010
  14.5.2 Acquisition Costs By Country/Region, 2006-2010
  14.5.3 Exploration and Development Costs, By Country/Region, 2006-2010
14.6 W&T Offshore Inc, Oil and Gas Cost Per boe, $/boe
  14.6.1 Oil and Gas Cost Per boe, $/boe, 2006-2010
  14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010
14.7 W&T Offshore Inc, Reserve Replacement Ratio
  14.7.1 Oil and Gas Production Replacement Ratio, 2006-2010
  14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010
14.8 W&T Offshore Inc, Results of Oil & Gas Operations Trend
  14.8.1 Oil and Gas Revenue and Expenses, 2006-2010
  14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010
14.9 W&T Offshore Inc, Oil and Gas Revenue and Expenses, Per boe
  14.9.1 Oil and Gas Revenue and Expenses, By boe, 2006-2010
  14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010
14.10 W&T Offshore Inc, Oil and Gas Performance Metrics
14.11 W&T Offshore Inc, Land Holdings and Well Data
  14.11.1 Gross and Net Developed and Undeveloped Acreage, 2006-2010
  14.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2006-2010
14.12 Well Statistics
  14.12.1 Producible Oil and Gas Well, 2006-2010
  14.12.2 Producible Oil and Gas Well, By Country/Region, 2006-2010
  14.12.3 Exploration and Development Wells Drilled, 2006-2010
  14.12.4 Exploration and Development Wells Drilled, By Country/Region, 2006-2010

15 APPENDIX

15.1 Abbreviations
15.2 Methodology
  15.2.1 Coverage
  15.2.2 Secondary Research
  15.2.3 Primary Research
15.3 Contact Us
15.4 Disclaimer

LIST OF TABLES

Table 1: W&T Offshore Inc, Key Events, 2010–2011
Table 2: Gulf of Mexico, Crude Oil Royalty, November 2000 Onwards
Table 3: W&T Offshore Inc, Upstream Growth Profile, MMboe, 2011–2015
Table 4: W&T Offshore Inc, Offshore Exploratory Wells Drilled and Planned, 2011
Table 5: W&T Offshore Inc, E&P Capital Expenditure by Geography, $m, 2008–2010
Table 6: W&T Offshore Inc, Reserve Replacement Ratio and Finding and Development Costs, $m, 2008–2010
Table 7: W&T Offshore Inc Vs. Peers, Net Developed and Undeveloped Acres, Acres, 2010
Table 8: W&T Offshore Inc, Recent Transactions As A Buyer, 2006– 2010
Table 9: W&T Offshore Inc, Historic and Forecast Production, 2008–2015
Table 10: GlobalData, Price Forecasts, 2011–2015
Table 11: W&T Offshore Inc, Income Statement ($m), 2008–2015
Table 12: W&T Offshore Inc, Balance Sheet ($m), 2008–2015
Table 13: W&T Offshore Inc, Cash Flow Statement ($m), 2008–2015
Table 14: W&T Offshore Inc, Profitability Ratios, 2008–2015
Table 15: W&T Offshore Inc, Other Financial Ratios, 2008–2015
Table 16: W&T Offshore Inc, Capital Market Ratios, 2009–2011
Table 17: W&T Offshore Inc, Net Asset Value, 2011
Table 18: W&T Offshore Inc, NPV of Oil/NGL Reserves, $/bbl, 2011
Table 19: W&T Offshore Inc, NPV of Natural Gas Reserves, $/Mcf, 2011
Table 20: W&T Offshore Inc, NPV OF Total Oil and Natural Gas Reserves , $/boe, 2011
Table 21: W&T Offshore Inc, Sensitivity Analysis on Fair Value ($ per share), 2011
Table 22: W&T Offshore Vs. Peer Group, Operational and Financial Performance, 2010
Table 23: W&T Offshore Inc and its Peer Group Comparison, Financial Ratios, 2010
Table 24: W&T Offshore Inc, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Table 25: W&T Offshore Inc, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010
Table 26: W&T Offshore Inc, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010
Table 27: W&T Offshore Inc, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Table 28: W&T Offshore Inc, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010
Table 29: W&T Offshore Inc, Crude Oil Reserve Changes, MMbbl, 2006-2010
Table 30: W&T Offshore Inc, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Table 31: W&T Offshore Inc, Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010
Table 32: W&T Offshore Inc, Natural Gas Reserve Changes, Bcf, 2006-2010
Table 33: W&T Offshore Inc, Oil and Gas Reserves Life Index, Years, 2006-2010
Table 34: W&T Offshore Inc, Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010
Table 35: W&T Offshore Inc, Upstream Capital Expenditure, $m, 2006-2010
Table 36: W&T Offshore Inc, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Table 37: W&T Offshore Inc, Exploration and Development Costs, By Country/Region, $m, 2006-2010
Table 38: W&T Offshore Inc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Table 39: W&T Offshore Inc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010
Table 40: W&T Offshore Inc, Oil and Gas Production Replacement Ratio, %, 2006-2010
Table 41: W&T Offshore Inc, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010
Table 42: W&T Offshore Inc, Revenue and Expenses, $m, 2006-2010
Table 43: W&T Offshore Inc, Revenue and Expenses, By Country/Region, $m, 2006-2010
Table 44: W&T Offshore Inc, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Table 45: W&T Offshore Inc, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010
Table 46: W&T Offshore Inc, Oil and Gas Performance Metrics, 2006-2010
Table 47: W&T Offshore Inc, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Table 48: W&T Offshore Inc, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2006-2010
Table 49: W&T Offshore Inc, Producible Oil and Gas Wells, 2006-2010
Table 50: W&T Offshore Inc, Producible Oil and Gas Wells, By Country/Region, 2006-2010
Table 51: W&T Offshore Inc, Exploratory and Developed Wells, 2006-2010
Table 52: W&T Offshore Inc, Exploratory and Developed Wells, By Country/Region, 2006-2010

LIST OF FIGURES

Figure 1: W&T Offshore Inc, Operational Map, 2011
Figure 2: W&T offshore Inc, Financial and Operational Overview, 2007–2010
Figure 3: W&T Offshore Inc, Share Price Movement, December, 2010–December, 2011
Figure 4: W&T Offshore Inc, Net Developed and Undeveloped Acreage, 2004–2009
Figure 5: W&T Offshore Inc, Net Developed and Undeveloped Acreage, 2004–2010
Figure 6: W&T Offshore Inc, Peer Comparison of Net Developed and Undeveloped Acreage, 2010
Figure 7: W&T Offshore Inc – Ship Shoal 349 ‘Mahogany Field’, 2010
Figure 8: W&T Offshore, Production Volumes, MMboe, 2007–2010
Figure 9: W&T Offshore, Reserve Life Index in Comparison with Peer Group (Years), 2007–2010
Figure 10: W&T Offshore, Oil and Gas Finding Cost per boe, 3-Year Average, ($/Boe), 2010
Figure 11: W&T Offshore, Reserve Replacement Cost per boe, 3-Year Average, ($/boe), 2010
Figure 12: W&T Offshore Inc, Total Production by Type, MMboe, 2008–2015
Figure 13: W&T Offshore Inc, Production Mix (%), 2008–2015
Figure 14: W&T Offshore Inc, Offshore Areas, Operational Map, 2011
Figure 15: W&T Offshore Inc, Net Productive, Dry Exploratory and Development Wells, 2007–2010
Figure 16: W&T Offshore Inc, Net/Gross Oil and Gas Ratio for Wells, 2007–2010
Figure 17: W&T Offshore Inc, Net Total Oil and Gas Productive and Dry exploratory Wells, 2007–2010
Figure 18: W&T Offshore Inc, Permian Basin, Operational Map, 2011
Figure 19: W&T Offshore Inc, E&P Capex by Asset Type, 2008–2010
Figure 20: W&T Offshore Inc, E&P Capex by Activity, 2008–2010
Figure 21: W&T Offshore Inc, Costs Incurred, $m, 2008–2010
Figure 22: W&T Offshore Inc, Reserve Replacement Ratio and Finding and Development Costs, 2008–2010
Figure 23: W&T Offshore Inc Vs. Peers, Total Net Developed and Undeveloped Acres, Acres, 2010
Figure 24: W&T Offshore Inc, Net Developed and Undeveloped Acres, Acres, 2008–2010
Figure 25: W&T Offshore Inc and Peer Group Comparison, Share Price Performance, January 2010–January 2011
Figure 26: W&T Offshore Inc, Operational and Financial Parameters in $/boe, 2010
Figure 27: W&T Offshore Inc, Total Reserves and Production, MMboe, 2010
Figure 28: W&T Offshore Inc and Peer Group Comparison, Valuation Ratio, 2010
Figure 29: W&T Offshore Inc, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Figure 30: W&T Offshore Inc, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006-2010
Figure 31: W&T Offshore Inc, Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010
Figure 32: W&T Offshore Inc, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010
Figure 33: W&T Offshore Inc, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Figure 34: W&T Offshore Inc, Oil Reserves, End of Period, By Country/Region, MMbbl, 2006-2010
Figure 35: W&T Offshore Inc, Oil Production, By Country/Region, MMbbl, 2006-2010
Figure 36: W&T Offshore Inc, Crude Oil Reserve Changes, MMbbl, 2010
Figure 37: W&T Offshore Inc, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Figure 38: W&T Offshore Inc, Gas Reserves, End of Period, By Country/Region, Bcf, 2006-2010
Figure 39: W&T Offshore Inc, Gas Production, By Country/Region, Bcf, 2006-2010
Figure 40: W&T Offshore Inc, Natural Gas Reserve Changes, Bcf, 2010
Figure 41: W&T Offshore Inc, Oil and Gas Reserves Life Index, Years, 2006-2010
Figure 42: W&T Offshore Inc, Gas Reserve Life Index, By Country/Region, Ratio, 2006-2010
Figure 43: W&T Offshore Inc, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2006-2010
Figure 44: W&T Offshore Inc., Oil Reserve Life Index, By Country/Region, Ratio, 2006-2010
Figure 45: W&T Offshore Inc, Upstream Capital Expenditure, $m, 2006-2010
Figure 46: W&T Offshore Inc, Proved Acquisition Costs, By Country/Region, $m, 2006-2010
Figure 47: W&T Offshore Inc, Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Figure 48: W&T Offshore Inc, Development Costs, By Country/Region, $m, 2006-2010
Figure 49: W&T Offshore Inc, Exploration Costs, By Country/Region, $m, 2006-2010
Figure 50: W&T Offshore Inc, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Figure 51: W&T Offshore Inc, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 52: W&T Offshore Inc, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 53: W&T Offshore Inc, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 54: W&T Offshore Inc, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 55: W&T Offshore Inc, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010
Figure 56: W&T Offshore Inc, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 57: W&T Offshore Inc, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 58: W&T Offshore Inc, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 59: W&T Offshore Inc, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 60: W&T Offshore Inc, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 61: W&T Offshore Inc, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 62: W&T Offshore Inc, Revenue and Expenses, $m, 2006-2010
Figure 63: W&T Offshore Inc, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 64: W&T Offshore Inc, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 65: W&T Offshore Inc, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 66: W&T Offshore Inc, Oil & Gas Revenue, By Country/Region, $m, 2006-2010
Figure 67: W&T Offshore Inc, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 68: W&T Offshore Inc, Production Costs, By Country/Region, $m, 2006-2010
Figure 69: W&T Offshore Inc, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 70: W&T Offshore Inc, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Figure 71: W&T Offshore Inc, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2006-2010
Figure 72: W&T Offshore Inc, Lifting Cost per boe, By Country/Region, $/boe, 2006-2010
Figure 73: W&T Offshore Inc, Annual Net Income per boe, By Country/Region, $/boe, 2006-2010
Figure 74: W&T Offshore Inc, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 75: W&T Offshore Inc, Total DD&A per boe, By Country/Region, $/boe, 2006-2010
Figure 76: W&T Offshore Inc, Total Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 77: W&T Offshore Inc, Oil and Gas Performance Metrics, 2006-2010
Figure 78: W&T Offshore Inc, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Figure 79: W&T Offshore Inc, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2006-2010
Figure 80: W&T Offshore Inc, Total Net Undeveloped Acreage, By Country/Region, Acres, 2006-2010
Figure 81: W&T Offshore Inc, Total Gross Developed Acreage, By Country/Region, Acres, 2006-2010
Figure 82: W&T Offshore Inc, Total Net Developed Acreage, By Country/Region, Acres, 2006-2010
Figure 83: W&T Offshore Inc, Producible Oil and Gas Wells, 2006-2010
Figure 84: W&T Offshore Inc, Gross Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 85: W&T Offshore Inc, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 86: W&T Offshore Inc, Gross Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 87: W&T Offshore Inc, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2006-2010
Figure 88: W&T Offshore Inc, Net Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 89: W&T Offshore Inc, Net Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 90: W&T Offshore Inc, Net Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 91: W&T Offshore Inc, Exploratory and Developed Wells, 2006-2010 Skip to top