28 Aug 2025material agreement● Neutral
W&T amended its at-the-market equity program to add Virtu Americas and drop Stifel Nicolaus as a sales agent, keeping the facility's roughly $83 million of remaining stock-sale capacity intact.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Feb 2025debt financing● NeutralMajor
W&T raised $350 million of 10.75% second-lien notes due 2029 and used the money to clear its old bank facility, the Munich Re Mobile Bay term loan and the rest of its 11.75% 2026 notes. It did not end up free of bank debt: the same day it signed a new $50 million revolver with Texas Capital Bank holding a first claim on the same oil and gas properties, leaving the new notes ranked behind it.
8 Jan 2025material agreement▲ GoodMajor
W&T settled its insurance claim over a 2023 casualty loss at its Mobile Bay 78-1 well for $58.5 million, expected to be paid within 30 days.
2 Jan 2025debt financing● Neutral
W&T extended its still-undrawn credit agreement's maturity again, to January 31, 2025.
1 July 2024auditor change● NeutralMajor
W&T dismissed Ernst & Young as its independent auditor (with no disagreements and clean opinions on its 2022-2023 financials) and engaged Deloitte & Touche to audit fiscal 2024; the same filing also extended its credit agreement's maturity by six months, to December 31, 2024, finally breaking the run of one-month rollovers.
30 May 2024debt financing● Neutral
W&T extended its credit agreement's maturity again, to June 30, 2024.
1 May 2024debt financing● Neutral
W&T extended its credit agreement's maturity again, to May 31, 2024, continuing the run of short monthly rollovers.
28 Mar 2024debt financing● Neutral
W&T signed a Sixteenth Amendment to its credit agreement on March 28, 2024, extending the maturity date from March 28, 2024 to April 30, 2024. No borrowings were outstanding at December 31, 2023, and $4.4 million of letters of credit were cash collateralized.
18 Mar 2024material agreement▲ GoodMajor
W&T deferred about $30.1 million of 2024 principal payments on its Munich Re-financed Mobile Bay term loan (repayments to resume in 2025), a liquidity-easing modification with no change to the loan's rate or 2028 maturity.
1 Mar 2024debt financing● Neutral
W&T extended its undrawn credit agreement's maturity again, to March 28, 2024.
26 Jan 2024debt financing● Neutral
W&T extended its undrawn credit agreement's maturity another month, to February 29, 2024, continuing the pattern of short rollovers rather than a full renewal.
2 Jan 2024debt financing● Neutral
W&T signed a Thirteenth Amendment to its undrawn credit agreement on December 29, 2023, extending maturity by about a month, from January 3, 2024 to January 31, 2024. It was another short extension rather than a full renewal.
15 Dec 2023material agreement▲ GoodMajor
Barely six weeks after the original deal fell through, W&T signed a new, smaller purchase agreement with the same Cox Oil/Energy XXI sellers for most of the same central Gulf of Mexico shelf fields (dropping Eugene Island 24), reviving the acquisition at reduced scope.
8 Nov 2023dividend declaration▲ GoodMajor
W&T's board approved implementing a quarterly cash dividend, with an initial payment of $0.01 per share payable December 22, 2023 to holders of record on November 28. Management said the company's strong cash flow and balance sheet supported returning cash to shareholders.
26 Oct 2023material agreement termination▼ BadMajor
W&T terminated its September 2023 purchase agreement for the Cox Oil/Energy XXI Gulf of Mexico shelf assets after the extended deadline passed without closing.
18 Oct 2023material agreement▼ Bad
W&T and the Cox Oil/Energy XXI sellers amended their purchase agreement on October 13, 2023. The amendment moved the Designation Deadline to October 19 and the Outside Termination Date to October 20, 2023.
29 Sept 2023material agreement▲ GoodMajor
W&T agreed to buy a group of Gulf of Mexico central-shelf fields (Eugene Island 24 and 64, Main Pass 61, Mobile Bay 904 and 916, West Delta 73, South Pass 49) plus a pipeline interest from Cox Oil Offshore and affiliated Energy XXI entities.
19 May 2023debt financing● Neutral
W&T amended its credit agreement (by now administered by Alter Domus rather than its longtime agent Toronto Dominion) to carve out newly formed guarantor-subsidiary trusts from the collateral package.
30 Jan 2023debt financing● NeutralMajor
W&T closed a $275 million offering of 11.75% senior second lien notes due 2026 and used the proceeds plus cash on hand to redeem all of its outstanding 9.75% second lien notes due 2023. This paid off about half of the old notes with cash and replaced the rest with shorter-dated notes.
18 Mar 2022material agreement● Neutral
W&T set up an at-the-market equity program with Stifel Nicolaus and Roth Capital allowing it to sell up to $100 million of common stock over time, a standard capital-markets facility rather than an immediate capital raise.
25 May 2021material agreement▲ GoodMajor
W&T financed its Mobile Bay Gulf of Mexico assets through new special-purpose subsidiaries (Aquasition LLC and Aquasition II LLC), which took out a non-recourse term loan from Munich Re Reserve Risk Financing secured only by those assets - a financing structure that raised cash without adding recourse debt at the parent level.
12 Jan 2021debt financing▼ Bad
Amid the 2020 oil price collapse's aftermath, W&T's lenders cut its revolver borrowing base to $190 million from $215 million and adjusted hedging requirements.
5 Sept 2019asset acquisition disposition▲ GoodMajor
W&T closed its purchase of ExxonMobil's Alabama offshore Gulf of Mexico properties for $167.6 million cash, taking over nine producing fields and an onshore treating facility.
27 June 2019material agreement▲ GoodMajor
W&T agreed to buy ExxonMobil's Gulf of Mexico Alabama offshore producing properties and operatorship for $200 million, adding an estimated 74 million barrels of oil equivalent in reserves.
24 Oct 2018debt financing▲ GoodMajor
W&T closed its $625 million notes offering, entered a new $250 million bank credit facility, and used the combined proceeds to retire its 1.5-lien and second-lien term loans and redeem all of the 2016 restructuring-era notes (2019, 2020 and 2021 series) - fully exiting the distressed capital structure from the 2016 exchange.
11 Oct 2018material agreement▲ GoodMajor
Two years after its 2016 distressed exchange, W&T priced $625 million of new 9.75% second-lien notes due 2023 and launched tender offers to retire all three note series (2019, 2020, 2021) created in that restructuring - unwinding its distressed capital structure as conditions improved.
13 Sept 2016capital raising announcement▼ BadMajor
W&T completed the debt exchange for its 8.5% notes due 2019, with the filing covering the paperwork. Holders of $710.2 million (about 78.9%) of the $900 million notes swapped them for 60,435,544 new common shares, $159.8 million of new 9.00%/10.75% second lien PIK toggle notes due 2020 and $142.0 million of new 8.50%/10.00% third lien PIK toggle notes due 2021. W&T also took out a new $75 million 1.5 lien term loan at 11% from Cortland Capital Market Services as agent. For shareholders this means dilution from the new shares, more secured debt ranking ahead of the remaining unexchanged notes, and a loan that matures earlier (Feb 28, 2019) if the 2019 notes are not refinanced.
31 Aug 2016debt financing▲ GoodMajor
W&T's exchange offer cleared its lowered 68.5% participation bar, with holders of about 79% ($710 million) of the 8.5% notes due 2019 tendering by the early deadline - the debt-for-equity restructuring succeeding.
16 Aug 2016material agreement▼ BadMajor
W&T sweetened its distressed exchange offer - more shares (76.6 million, up from 62.1 million) and dropped the minimum-tender condition - after initial participation ran short of what was needed.
3 Aug 2016debt financing● NeutralMajor
W&T's lenders conditioned further credit agreement relief on at least 85% of noteholders participating in the exchange offer and on a new $75 million term loan from those noteholders being used to pay down the revolver.