WTI News & Events

Reports Q3 revenue $127.515M vs $121.372M last year. Tracy Krohn, W&T's Chairman of the Board and Chief Executive Officer, commented, "We remain committed to executing our strategic vision and are delivering strong results, including production growth of 6% and Adjusted EBITDA growth of 11% quarter-over-quarter. In addition, we continue to grow our cash position and reduce our Net Debt, which is down almost $60 million from year-end 2024. Operationally, we have seen strong production since bringing on the remaining two fields from the Cox acquisition, which has allowed us to increase production each quarter thus far in 2025. Acquisitions remain a key component of our success, and it is our ability to integrate and enhance the assets that we acquire that has allowed us to successfully operate for over 40 years. Our balance sheet has continued to strengthen in 2025 with the successful issuance of new 10.75% Notes, a new revolving credit facility and material cash additions through a non-core disposition and an insurance settlement. We have approximately $125 million in cash on our balance sheet and remain prepared to take advantage of potential acquisitions."

W&T Offshore announced that U.S. Magistrate Judge Dena Palermo recommended denying two surety companies motions for preliminary injunction, through which they collectively asked for full monetization of over $100M dollars. The Court found, in relevant part, the sureties failed to demonstrate they would suffer irreparable harm if their cash collateral demands were not granted. Key highlights relating to the ruling include: Sureties' motion for preliminary injunction, which would have required W&T to immediately post collateral, was categorically recommended to be denied; Sureties failed to carry a clear burden of proof to establish irreparable harm necessary to obtain a preliminary injunction; Ruling results in all current collateral requests by sureties being effectively nullified; The company will not be required to post collateral (if at all) until a determination on the merits of the pending lawsuit with the remaining surety providers; The previously-announced settlement agreement, together with this favorable Court ruling, represent significant positive outcomes for W&T. Tracy Krohn, W&T's Chairman and CEO stated, "We are very pleased with the Magistrate Judge's recommendation that the Sureties' preliminary injunction motions be denied. This vindicates W&T's decision to aggressively defend against unlawful predatory business practices. W&T looks forward to a day when independent operators can once again operate in the Gulf of America unhampered by collusion and unlawful pressures exerted by sureties' unfettered market power. We could not be more pleased with the Court's decision preventing unnecessary and unjustified collateral demands by abusive surety providers."