HOUSTON, April 11, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced that its Board of Directors (the "Board") voted to expand the size of the Board to six members and appointed Mr. John D. Buchanan to fill the vacancy on the Board effective April 8, 2024.
Key Points:
- HOUSTON, April 11, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced that its Board of Directors (the "Board") voted to expand the size of the Board to six members and appointed Mr. John D. Buchanan to fill the vacancy on the Board effective April 8, 2024.
- Tracy W. Krohn, W&T’s Board Chair and Chief Executive Officer stated, “We are very pleased to welcome John to our Board of Directors as a new independent director.
- Our Board decided it was appropriate at this time to expand our Board to six members, of which five are deemed independent directors.
- We believe the combination of his energy and banking expertise, legal acumen, prior board experience and experience counseling boards of directors will be very valuable for our Board.”
HOUSTON, March 26, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced its participation in a virtual investor event hosted by Water Tower Research (“WTR”) on Wednesday, March 27, 2024 at 10:00 AM Central.
Key Points:
- HOUSTON, March 26, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced its participation in a virtual investor event hosted by Water Tower Research (“WTR”) on Wednesday, March 27, 2024 at 10:00 AM Central.
- As part of WTR’s ongoing Fireside Chat Series, Jeff Robertson, Managing Director at WTR, will lead an in-depth conversation with Tracy Krohn, W&T’s Founder, Chairman and Chief Executive Officer.
- Included in the discussion will be a variety of important topics, such as capital allocation as a risk management tool to maximize free cash flow; sourcing and transacting on accretive producing asset acquisitions in the Gulf of Mexico; partnership structures to manage risks; and managing the balance sheet for opportunistic acquisitions and returning cash to shareholders.
- Investors and other interested parties can access the event by registering in advance at:
HOUSTON, March 18, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced modifications to the first-lien non-recourse term loan (the “Term Loan”) between its wholly-owned special purpose vehicles (the “SPVs”) and Munich Re Reserve Risk Financing, Inc. ("MRRF"), which is expected to provide additional liquidity to the Company over 2024 without increasing the Company’s net leverage.
Key Points:
- HOUSTON, March 18, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced modifications to the first-lien non-recourse term loan (the “Term Loan”) between its wholly-owned special purpose vehicles (the “SPVs”) and Munich Re Reserve Risk Financing, Inc. ("MRRF"), which is expected to provide additional liquidity to the Company over 2024 without increasing the Company’s net leverage.
- The Term Loan was initially arranged on May 19, 2021 (“Closing Date”) and had a principal balance of $215 million which has been amortized down to around $114 million as of December 31, 2023.
- There have been a few alterations to the Credit Agreement signed by the SPVs and MRRF on May 19, 2021 (the “Original Credit Agreement”).
- Through its 100% ownership in the SPVs, W&T retains the upside value in the Mobile Bay Assets.
HOUSTON, March 11, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (“W&T” or the “Company”) (NYSE: WTI) today announced that the Company is scheduled to participate in the 36th Annual Roth Conference to be held in Dana Point, California from March 17-19, 2024.
Key Points:
- HOUSTON, March 11, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (“W&T” or the “Company”) (NYSE: WTI) today announced that the Company is scheduled to participate in the 36th Annual Roth Conference to be held in Dana Point, California from March 17-19, 2024.
- Tracy W. Krohn, Chairman and Chief Executive Officer and Sameer Parasnis, Executive Vice President and Chief Financial Officer will participate in the Conference and host one-on-one meetings with investors during the event.
- An updated investor presentation will be posted on the Company’s web site at www.wtoffshore.com in the “Investors” section on the “Presentations” page prior to the event.
Acquisition,
Production,
Senior,
Depreciation,
Holy Grail,
Balance sheet,
Joint venture,
ARO,
Free cash flow,
Natural gas,
Cost,
Term loan,
Debt,
British thermal unit,
Capital expenditure,
Table,
Transport,
NGL,
TTM,
Atlas,
GAAP,
Comparable,
Bankruptcy,
GOM,
LOE,
Policy,
Tax,
Public expenditure,
Investment,
Hand,
G&A,
Oil Detailed guidance for the first quarter of 2024 and full year 2024 was also provided, and W&T announced its dividend for the first quarter of 2024.
Key Points:
- Detailed guidance for the first quarter of 2024 and full year 2024 was also provided, and W&T announced its dividend for the first quarter of 2024.
- We remain committed to enhancing shareholder value and returning value to our shareholders through the quarterly dividend announced in November 2023.
- The W&T year-end 2023 proved reserves do not include the 18.7 MMBoe of proved reserves acquired in early January 2024 for $72 million.
- W&T’s reserve life ratio at year-end 2023, based on year-end 2023 proved reserves and 2023 production, was 9.7 years.
Retrieved on:
Thursday, February 15, 2024
HOUSTON, Feb. 15, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (“W&T” or the “Company”) (NYSE: WTI) today announced the timing of its fourth quarter and full year 2023 earnings release and conference call.
Key Points:
- HOUSTON, Feb. 15, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (“W&T” or the “Company”) (NYSE: WTI) today announced the timing of its fourth quarter and full year 2023 earnings release and conference call.
- The Company also said it has posted the recording of a recent interview with its Chairman and Chief Executive Officer on its website.
- Interested parties may participate by dialing (844) 739-3797. International parties may dial (412) 317-5713.
- The Company has posted to its website, www.wtoffshore.com , a recent interview with its Chairman and Chief Executive Officer, Tracy Krohn, hosted by Jasper Wijk, co-founder of Valpal, an investment advisory and research firm that recently initiated coverage of W&T Offshore.
Hand,
NSAI,
Holy Grail,
Order,
Gulf of Mexico,
Debtor,
Acquisition,
Water,
Bankruptcy,
GOM,
Cryptocurrency HOUSTON, Jan. 22, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (the “Company” or “W&T”) today announced that the Company has completed the accretive acquisition of six fields in shallow waters of the Gulf of Mexico.
Key Points:
- HOUSTON, Jan. 22, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (the “Company” or “W&T”) today announced that the Company has completed the accretive acquisition of six fields in shallow waters of the Gulf of Mexico.
- The final purchase price for the assets was $72.0 million, excluding certain closing costs, which was funded from the Company’s cash on hand.
- Tracy W. Krohn, Chairman, President and CEO, commented, “We are very pleased to announce our second accretive acquisition of GOM producing properties in the last four months.
- As a result of this additional accretive acquisition, W&T plans to invest additional funds for increasing production and reducing costs in these assets long term.
Retrieved on:
Wednesday, November 8, 2023
HOUSTON, Nov. 08, 2023 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced that its Board of Directors has approved the implementation of a quarterly cash dividend payable to holders of its common stock.
Key Points:
- HOUSTON, Nov. 08, 2023 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced that its Board of Directors has approved the implementation of a quarterly cash dividend payable to holders of its common stock.
- The initial cash dividend of $0.01 per share of common stock will be payable on December 22, 2023, to shareholders of record at the close of business on November 28, 2023.
- As a result of our strong asset base and operational execution, our balance sheet is in excellent condition with significant cash on hand.
- We are very pleased to implement a cash dividend program with an initial cash payment in December.”
Retrieved on:
Tuesday, November 7, 2023
HOUSTON, Nov. 07, 2023 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today reported operational and financial results for the third quarter of 2023.
Key Points:
- HOUSTON, Nov. 07, 2023 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today reported operational and financial results for the third quarter of 2023.
- Natural gas prices in the third quarter of 2023 rose 34% from the second quarter of 2023.
- Revenues for the third quarter of 2023 were $142.4 million, which was 13% higher than second quarter 2023 revenue of $126.2 million due primarily to higher realized prices.
- Interest Expense: Net interest expense in the third quarter of 2023 was $9.9 million compared to $10.3 million in the second quarter of 2023 and $16.8 million in the third quarter of 2022.
Retrieved on:
Tuesday, October 24, 2023
HOUSTON, Oct. 24, 2023 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) today announced the timing of its third quarter 2023 earnings release and conference call.
Key Points:
- HOUSTON, Oct. 24, 2023 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) today announced the timing of its third quarter 2023 earnings release and conference call.
- The Company said it will issue its third quarter 2023 earnings release on Tuesday, November 7, 2023, after the close of trading on the NYSE and host a conference call to discuss financial and operational results on Wednesday morning, November 8, 2023, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time.)
- Interested parties may participate by dialing (844) 739-3797. International parties may dial (412) 317-5713.
- Participants should request to be joined to the “W&T Offshore, Inc. Conference Call.” This call will also be webcast and available on W&T Offshore’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.
