6 Aug 2009material agreement● Neutral
W&T signed its standard indemnification agreement with newly elected director B. Frank Stanley, routine board housekeeping.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 June 2009securities registration● Neutral
W&T OFFSHORE INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
6 May 2009securities registration● Neutral
W&T OFFSHORE INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
9 Mar 2009securities registration● Neutral
W&T OFFSHORE INC registered a securities offering with the SEC using its shelf eligibility.
27 Feb 2009securities registration● Neutral
W&T OFFSHORE INC amended its automatic shelf registration statement.
23 Dec 2008material agreement▼ Bad
Amid the 2008 credit crunch, W&T's lenders raised the interest margin on its revolver by 0.25% but also loosened covenants to permit up to $100 million in stock or note buybacks; the facility remained undrawn.
13 Nov 2008securities registration● Neutral
W&T OFFSHORE INC amended its automatic shelf registration statement.
29 July 2008debt financing▲ Good
W&T extended its revolving credit facility's maturity to 2012 and raised the cap on shareholder distributions/buybacks to $60 million a year; the $500 million facility remained fully undrawn.
14 May 2008material agreement● Neutral
W&T signed its standard indemnification agreement with newly elected director Samir Gibara, routine board housekeeping rather than new company news.
11 Apr 2008substantial holder notice● Neutral
Tracy W. Krohn reported a W&T OFFSHORE INC shareholding of 39,588,307 shares (51.80% of votes) in a periodic institutional filing.
11 Apr 2008substantial holder notice● Neutral
Jerome F. Freel reported a W&T OFFSHORE INC shareholding of 5,087,270 shares (6.66% of votes) in a periodic institutional filing.
7 Nov 2007debt financing▲ Good
W&T's lenders raised its revolving credit borrowing base to $710 million and revolver capacity to $500 million, and waived covenants to allow a one-time $30 million shareholder distribution.
15 June 2007capital raising announcement● NeutralMajor
W&T sold $450 million of 8.25% senior notes due 2014 to investors in a private placement led by Morgan Stanley, closing June 13, 2007. It plans to use substantially all of the net proceeds to repay part of its bank credit facility borrowings, which likely include borrowings tied to the 2006 Kerr-McGee shelf acquisition (inference). The notes are unsecured and guaranteed by seven subsidiaries, so this swaps bank debt for fixed-rate long-term debt rather than adding new spending capacity.
30 Aug 2006asset acquisition disposition▲ GoodMajor
W&T completed a $1.03 billion acquisition of Kerr-McGee's Gulf of Mexico shelf subsidiary, adding interests in roughly 100 fields across 242 offshore blocks. It was the largest deal in the company's history and made W&T the third-largest shelf acreage holder in the Gulf of Mexico.