Past year: ▲ 70%(1.63 – 4.21 USD)
Each one in plain English, with the numbers worked through for a shareholder.
25 July 2016material agreement▼ BadMajor
W&T launched a distressed exchange offer for its $900 million of 8.5% notes due 2019, offering holders a mix of new common stock and new second-lien and unsecured PIK toggle notes, backed by holders of 63% of the notes who had already agreed to participate - the resolution to the liquidity crunch triggered by the March 2016 borrowing-base cut.
28 Mar 2016debt financing▼ BadMajor
Days after W&T drew $340 million on its revolver, its lenders slashed the facility's borrowing base to $150 million from $350 million, leaving the company about $191 million over the new limit and required to repay, phase in repayment, or pledge more collateral within days - a sharp liquidity squeeze from the oil price crash.
26 Feb 2016debt financing▼ BadMajor
W&T drew $340 million on its revolving credit facility for general corporate purposes, leaving about $341 million outstanding, while also disclosing ongoing talks with federal regulators (BOEM) over posting additional financial assurances for well plugging and decommissioning costs.
6 Nov 2015financial restatement▼ Bad
W&T restated its unaudited Q1 and Q2 2015 cash flow statements after finding it had misclassified non-cash investing activity between operating and investing cash flows - a technical correction, not a change to reported earnings.
5 Nov 2015debt financing▼ BadMajor
W&T's lenders eliminated the maximum leverage ratio and minimum interest coverage ratio covenants on its revolver and let it repurchase bonds or term loans, but tightened the first-lien leverage ratio - covenant relief that reflects continued financial strain from low oil prices.
21 Oct 2015asset acquisition disposition▲ GoodMajor
W&T closed the sale of its Yellow Rose Permian Basin field to Ajax Resources for $376.1 million and used the proceeds to pay down its revolving credit facility.
3 Sept 2015material agreement▲ GoodMajor
W&T agreed to sell the Yellow Rose Permian Basin field it had bought in 2011 to Ajax Resources for $376.1 million, retaining a 1-4% sliding-scale royalty - a cash-raising divestiture of its Permian growth asset amid the oil price downturn.
14 May 2015material agreement▼ BadMajor
With oil prices still falling, W&T layered a new $300 million second-lien term loan from Morgan Stanley Senior Funding on top of its bank revolver, adding secured debt to shore up liquidity during the downturn.
27 Apr 2015debt financing▼ Bad
As oil prices fell in early 2015, W&T's lenders set its borrowing base at $600 million (against $514 million then drawn) and raised the interest margin by 0.5%, tightening terms compared with the facility's earlier years.
13 Nov 2013debt financing▲ Good
W&T replaced its revolver with a larger $1.2 billion facility (initial $800 million borrowing base), refinancing the prior $900 million agreement which had $203 million drawn.
7 Nov 2013asset acquisition disposition▲ GoodMajor
W&T completed the first closing of its purchase of Gulf of Mexico E&P properties from Callon Petroleum, including a 15% interest in the Medusa field, paying about $76.4 million with a final closing for remaining properties expected later in November 2013.
20 Dec 2012debt financing● Neutral
W&T registered the $300 million add-on notes from its October 2012 offering with the SEC so holders could exchange them for registered notes - the same routine registration-rights formality as the November 2011 filing, not a merger.
25 Oct 2012debt financing● NeutralMajor
W&T closed the $300 million add-on to its 2019 senior notes and signed a registration rights agreement committing it to later register the notes for exchange.
22 Oct 2012material agreement● NeutralMajor
W&T priced an upsized $300 million add-on to its 2019 senior notes (increased from a planned $250 million) at 106% of face value, with proceeds going toward the Newfield acquisition and revolver paydown.
17 Oct 2012debt financing● Neutral
W&T amended its credit agreement to allow it to issue additional senior unsecured debt, clearing the way for a notes add-on to help fund the Newfield acquisition.
12 Oct 2012asset acquisition disposition▲ GoodMajor
W&T closed its acquisition of 78 Gulf of Mexico lease blocks from Newfield Exploration for about $208 million (adjusted from the original $228 million estimate), taking over roughly 90% of the acquired production.
21 Sept 2012material agreement▲ GoodMajor
W&T agreed to buy Newfield Exploration's Gulf of Mexico portfolio - 78 lease blocks (65 deepwater, 10 shelf) across roughly 432,700 gross acres - for $228 million.
4 Nov 2011debt financing● Neutral
W&T registered its $600 million 8.5% notes due 2019 (issued in June 2011) with the SEC so holders could exchange the privately-placed notes for freely tradable registered ones - a routine compliance step required by the notes' registration rights agreement, not a merger.
15 June 2011debt financing▲ GoodMajor
About 90% ($406 million) of W&T's 8.25% notes due 2014 were tendered and repurchased using proceeds from the new 2019 notes, and a supplemental indenture stripped most restrictive covenants from the remaining 2014 notes.
8 June 2011material agreement● NeutralMajor
W&T priced $600 million of new 8.5% senior notes due 2019, with proceeds earmarked to tender for its existing 8.25% notes due 2014 and repay revolver borrowings used for the Permian Basin deal.
13 May 2011asset acquisition disposition▲ GoodMajor
W&T closed its Permian Basin purchase from Opal Resources for $377.8 million, acquiring about 27 million barrels of oil equivalent in proved reserves and roughly 2,950 boe/d of production, marking its entry into the play.
6 May 2011debt financing▲ Good
W&T replaced its credit agreement with a new $900 million revolving facility (initial $525 million borrowing base, rising to $575 million once the Shell acquisition closed), on largely similar terms to the prior facility.
29 Apr 2011material agreement▲ GoodMajor
W&T agreed to buy roughly 21,900 gross acres of Permian Basin (West Texas) leasehold from private sellers for $366.3 million, its first major move outside the Gulf of Mexico.
14 Dec 2010asset acquisition disposition▼ BadMajor
The Shell Offshore deal shrank: BP exercised its preferential purchase right on the Marlin and Dorado fields, so W&T ended up paying about $121.9 million (versus the ~$395 million originally announced) for the remaining Tahoe, SE Tahoe and Droshky interests.
9 Nov 2010asset acquisition disposition▲ GoodMajor
W&T agreed to pay Shell Offshore $395 million for interests in five deepwater Gulf of Mexico fields (Tahoe, SE Tahoe, Marlin, Dorado, Droshky) plus a letter of intent for a sixth shelf field for $55 million more, funded with cash and revolver borrowings.
3 May 2010asset acquisition disposition▲ GoodMajor
W&T closed its purchase of Total's Matterhorn and Virgo field interests for $117.5 million net cash, adding an estimated 11.6 million barrels of oil equivalent in reserves.
8 Apr 2010material agreement▲ GoodMajor
W&T agreed to buy Total E&P USA's interests in three Gulf of Mexico blocks (Matterhorn and Virgo fields) for $150 million, expected to close in Q2 2010.
6 Aug 2009material agreement● Neutral
W&T signed its standard indemnification agreement with newly elected director B. Frank Stanley, routine board housekeeping.
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.
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.
