W&T Offshore Announces Implementation of Quarterly Cash Dividend
W&T Offshore, Inc. (NYSE: WTI) announced the approval of a quarterly cash dividend of $0.01 per share of common stock, payable on December 22, 2023, to shareholders of record as of November 28, 2023. The decision reflects the company's commitment to free cash flow generation and strong balance sheet, aiming to enhance shareholder returns.
Positive
The company's strong asset base and operational execution have led to a healthy balance sheet with significant cash on hand, indicating financial stability and potential for sustained dividend payments.
11/08/2023 - 06:45 AM
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.
Tracy W. Krohn, W&T’s Board Chair and Chief Executive Officer, commented, “We have maintained our commitment to a highly successful strategy sharply focused on free cash flow generation for many years now. As a result of our strong asset base and operational execution, our balance sheet is in excellent condition with significant cash on hand. We felt now was the right time to return a portion of the strong cash flow we generate each quarter directly to our shareholders to enhance the return on their investment. We are very pleased to implement a cash dividend program with an initial cash payment in December.”
About W&T Offshore W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. As of September 30, 2023, the Company had working interests in 54 fields in federal and state waters (which include 45 fields in federal waters and nine in state waters). The Company has under lease approximately 602,100 gross acres (446,800 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 440,600 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 8,000 gross acres in Alabama onshore. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com .
Forward-Looking and Cautionary Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, including but not limited to, any forward-looking guidance provided herein such as the amount and timing of future dividend payments, reflect our current views with respect to future events, based on what we believe are reasonable estimates and assumptions. No assurance can be given, however, that these events will occur or that our estimates will be correct. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, market conditions, commodity price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, uncertainties of the timing and impact of bringing new wells online and repairing and restoring infrastructure due to hurricane damage, the ability to achieve leverage targets, unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations, uncertainties and other factors described or referenced in W&T’s Annual Report on Form 10-K for the year ended December 31, 2022 and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or on our website at www.wtoffshore.com under the Investor Relations section. Our forward-looking statements in this press release are based upon assumptions made, and information known, by the Company as of the date of this release; it should not be assumed that the Company will undertake to revise or update any such forward-looking statements as such assumptions and information changes, except as required under applicable law. Investors are urged to consider closely the disclosures and risk factors in these reports.
CONTACTS: Al Petrie Investor Relations Coordinator investorrelations@wtoffshore.com 713-297-8024Sameer Parasnis Executive VP and CFO sparasnis@wtoffshore.com 713-513-8654
What did W&T Offshore, Inc. (NYSE: WTI) announce?
W&T Offshore, Inc. announced the approval of a quarterly cash dividend of $0.01 per share of common stock.
When will the dividend be payable?
The dividend will be payable on December 22, 2023.
Who is eligible for the dividend?
Shareholders of record at the close of business on November 28, 2023, are eligible for the dividend.
Why did W&T Offshore, Inc. decide to implement a cash dividend program?
The decision reflects the company's commitment to free cash flow generation and strong balance sheet, aiming to enhance shareholder returns.
WTI Rankings
#4521 Ranked by Stock Gains
WTI Stock Data
Industry
Crude Petroleum and Natural Gas Extraction
Sector
Mining, Quarrying, and Oil and Gas Extraction
Tags
Energy Minerals, Oil & Gas Production
Country
US
City
Houston
About WTI
we are an independent oil and natural gas acquisition, exploitation and exploration company. we are focused primarily in the gulf of mexico area, where we have developed significant technical expertise and where the high production rates associated with hydrocarbon deposits have historically provided us the best opportunity to achieve a rapid payback on our invested capital. we own working interests in approximately 77 fields in federal and state waters, and have interests in leases covering approximately 0.9 million acres. our proved reserves at december 31, 2009 were 371 bcfe, with a pre-tax pv-10 of $890.0 million (including plug and abandonment cost). of those, 76% were proved developed reserves and 45% were natural gas reserves. we are headquartered in houston, texas and trade on the nyse under the symbol "wti". for more information, please visit our website at www.wtoffshore.com