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 extended its credit agreement's maturity again, to April 30, 2024; the facility's lender was by now Calculus Lending, LLC, a single non-bank lender in place of the multi-bank syndicate the agreement once had.
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 extended its undrawn credit agreement's maturity by one month (to January 31, 2024), the first in what became a long run of short monthly extensions rather than a full multi-year 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 the company's first-ever quarterly cash dividend, an initial $0.01 per share, marking a shift toward returning cash to shareholders on the strength of its balance sheet.
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 pushed back the deadlines in their September purchase agreement by only a few days, a short technical extension that preceded the deal's collapse a week later.
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 issued $275 million of new 11.75% second-lien notes due 2026 and combined the proceeds with cash on hand to redeem all $625 million of its 9.75% second-lien notes due 2023 ahead of maturity - refinancing about half the balance with cash and half by rolling into shorter-dated, higher-coupon 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.