Welcome to our dedicated page for W&T Offshore news (Ticker: WTI), a resource for investors and traders seeking the latest updates and insights on W&T Offshore stock.
W&T Offshore Inc (WTI) is an independent energy company focused on oil and natural gas exploration in the Gulf of Mexico. This page aggregates official press releases, regulatory filings, and operational updates critical for understanding the company's offshore drilling activities and hydrocarbon production strategies.
Investors and analysts will find timely updates on quarterly earnings, asset acquisitions, and technical developments in deepwater drilling operations. All content is sourced directly from company communications and SEC filings to ensure accuracy.
The resource covers key operational areas including exploration permits, production rate changes, environmental compliance updates, and strategic partnerships. Content is organized chronologically to show operational continuity while allowing quick access to specific announcements.
Bookmark this page for streamlined access to W&T Offshore's evolving position in offshore energy markets. Check regularly for updates on drilling innovations, regulatory developments, and production milestones impacting Gulf of Mexico operations.
W&T Offshore (NYSE: WTI) has scheduled its first quarter 2025 earnings announcement and conference call. The company will release its Q1 2025 financial results on Tuesday, May 6, 2025, after NYSE trading hours. A conference call to discuss the results will be held on Wednesday, May 7, 2025, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time).
Interested participants can join the call by dialing (844) 739-3797 for domestic callers or (412) 317-5713 for international callers. The call will also be webcast on the company's website, with an audio replay available afterward.
W&T Offshore (NYSE: WTI) has announced its participation in a Water Tower Research (WTR) fireside chat scheduled for April 7, 2025, at 10:00 AM Central Time. The event will feature a discussion between WTR's Managing Director Jeff Robertson and W&T's Chairman and CEO Tracy Krohn.
The conversation will focus on several key aspects of W&T's operations in the Gulf of America, including:
- Strategy for value creation
- Criteria for attractive asset acquisitions
- Value enhancement through exploitation and cost management
- 2025 production outlook
- Balance sheet management for growth
Interested parties can access the event through advance registration via the provided Zoom link. Both the live discussion and a replay will be available on W&T's website in the Investors section.
W&T Offshore (NYSE: WTI) has announced the promotion of Huan Gamblin to Executive Vice President and Chief Technical Officer. Gamblin, who joined the company in 2020, brings over 20 years of energy industry experience to the role.
Prior to this promotion, Gamblin served as Manager of Acquisition and Divesture and later as Vice President of Business Development at W&T. His previous experience includes positions as Algeria Reservoir Engineering Manager at Occidental Petroleum and various engineering roles at Anadarko Petroleum, working with U.S. onshore, Gulf of America, and international assets.
According to Chairman and CEO Tracy W. Krohn, Gamblin has been instrumental in W&T's acquisitions strategy and will be an integral part of the executive leadership team. Gamblin holds a bachelor's degree in Petroleum Engineering from the University of Texas.
W&T Offshore (NYSE: WTI) reported its Q4 and full-year 2024 results, achieving production of 33.3 MBoe/d (43% oil) for the full year and 32.1 MBoe/d in Q4. The company increased year-end 2024 proved reserves to 127.0 MMBoe, with oil reserves up 39%.
Key financial metrics include a net loss of $87.1 million for 2024 ($0.59 per share) and $23.4 million for Q4 ($0.16 per share). The company generated Adjusted EBITDA of $153.6 million and Free Cash Flow of $44.9 million in 2024.
Notable developments include:
- Acquisition of six shallow water GOA fields for $77.3 million
- Sale of Garden Banks assets for $11.9 million
- Receipt of $58.5 million insurance settlement
- Refinancing of debt with new $350 million 10.75% Senior Notes
- Reduction of gross debt by $39.0 million
The company maintained its quarterly dividend of $0.01 per share, payable March 24, 2025.
W&T Offshore (NYSE: WTI) has announced the schedule for its fourth quarter and full year 2024 earnings release and conference call. The company will release its financial results on Monday, March 3, 2025, after NYSE trading hours. A conference call to discuss the results will be held on Tuesday, March 4, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).
Interested participants can join the call by dialing (844) 739-3797, while international callers should use (412) 317-5713. The call will also be webcast on the company's website, with an audio replay available afterward.
W&T Offshore (NYSE: WTI) has announced the closing of its $350 million 10.750% Senior Second Lien Notes due 2029 offering and several financial improvements. The company has:
- Reduced interest rate by 100 basis points from previous 11.750% Senior Second Lien Notes
- Repaid $114.2 million outstanding under the MRE Term Loan
- Secured a new $50 million revolving credit facility through July 2028
- Received $58.2 million from a previously announced $58.5 million insurance settlement
The new notes received improved credit ratings from S&P and Moody's and were significantly oversubscribed, including international investors. The proceeds will be used to purchase outstanding 2026 Senior Second Lien Notes, repay the MRE Term Loan, fund redemption of remaining 2026 notes, and cover related expenses.
W&T Offshore (NYSE: WTI) announced the initial results of its cash tender offer for its 11.750% senior second lien notes due 2026. As of January 27, 2025, the company received sufficient tenders and consents to implement amendments eliminating substantially all restrictive covenants and various events of default in the notes' indenture.
On January 28, 2025, W&T purchased $269,741,000 (98.09%) of the outstanding notes at $1,036.25 per $1,000 principal amount, plus accrued interest. The remaining $5,259,000 in notes can be tendered until February 11, 2025, at $1,006.25 per $1,000 principal amount. Any notes still outstanding by August 1, 2025, will be redeemed at 100% of principal plus accrued interest.
W&T Offshore (NYSE: WTI) has announced the pricing of $350 million in 10.750% senior second lien notes due 2029 at par in a private offering. The closing is expected on January 28, 2025. The company plans to use the proceeds, along with cash on hand, for multiple purposes including: purchasing outstanding 11.750% Senior Second Lien Notes due 2026 through a tender offer, redeeming any remaining 2026 notes after August 1, 2025, repaying the Munich Re Risk Financing term loan, and covering related fees and expenses.
The new notes and related guarantees are being offered exclusively to qualified institutional buyers in the US under Rule 144A and to non-U.S. investors outside the United States under Regulation S. The offering is exempt from registration under the Securities Act of 1933.
W&T Offshore (NYSE: WTI) has initiated a cash tender offer for all outstanding $275 million of its 11.750% Senior Second Lien Notes due 2026. The company is offering $1,036.25 per $1,000 principal amount for notes tendered by January 27, 2025 (Early Tender Payment Deadline), which includes a $30.00 early tender payment. Notes tendered after this deadline but before February 11, 2025 (Expiration Time) will receive $1,006.25 per $1,000.
Alongside the tender offer, W&T is soliciting consents to eliminate substantially all restrictive covenants and certain default provisions in the notes' indenture. The offer is contingent on several conditions, including the issuance of $350 million in new senior second lien notes due 2029. The company plans to redeem any remaining 2026 notes on August 1, 2025.
W&T Offshore (NYSE: WTI) announced several key operational updates. The company signed a PSA to sell its non-core interest in Garden Banks Blocks 385/386, producing 195 Boe/d, for $12.3 million. Two major field developments are expected to resume production: West Delta 73 field by mid-Q2 2025, and Main Pass 108/98 fields by early Q2 2025, with the latter previously producing 6.1 MMcfe/d before being shut-in.
The company will receive a $58.5 million insurance settlement in January 2025 for a casualty loss at Mobile Bay 78-1 well. The recently announced Presidential ban on new offshore drilling will not impact WTI's operations. The Garden Banks sale, effective December 1, 2024, will affect year-end 2024 reserves by approximately 0.12 million barrels of oil equivalent.
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