Key Developments: W&T Offshore Inc (WTI)

WTI on New York Consolidated

19.06USD
17 Apr 2014
Price Change (% chg)

$0.41 (+2.20%)
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$18.65
Open
$18.72
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$19.20
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Volume
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$19.88
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Latest Key Developments (Source: Significant Developments)

W&T Offshore Inc declares regular quarterly cash dividend
Friday, 7 Mar 2014 07:00am EST 

W&T Offshore Inc:Declares regular quarterly cash dividend of $0.10 per share.Payable on March 31 to shareholders of record on March 18.  Full Article

W&T Offshore Inc gives Q1, FY 2014 production guidance
Thursday, 6 Mar 2014 05:20pm EST 

W&T Offshore Inc:Expects Q1 2014 total production of 4.3 -- 4.7 (MMBoe).Expects Q1 2014 total production of 25.7 -- 28.4 (Bcfe).Expects FY 2014 total production of 17.1 -- 18.9 (MMBoe).Expects FY 2014 total production of 102.6 -- 113.4 (Bcfe).  Full Article

W&T Offshore Inc declares special cash dividend
Tuesday, 10 Dec 2013 07:00am EST 

W&T Offshore Inc:Says declares a special cash dividend of $0.42 per share, payable to the holders of the Corporation's common shares.Says special dividend will be payable on Dec.27 to shareholders of record on Dec.23.  Full Article

W&T Offshore Inc Enters Into Fifth Amended And Restated Credit Agreement-Form 8-K
Wednesday, 13 Nov 2013 11:51am EST 

W&T Offshore Inc reported in its Form 8-K that on November 8, 2013, the Company entered into a Fifth Amended and Restated Credit Agreement among the Company as the borrower, Toronto Dominion (Texas) LLC as the administrative agent and the lenders party thereto (the Credit Agreement), providing for a revolving bank credit facility (the Revolving Bank Credit Facility) in an amount up to $1.2 billion. The Credit Agreement amended and restated the Company’s Fourth Amended and Restated Credit Agreement, which was originally entered into in May 2011, under which there were $203 million of borrowings outstanding and approximately $0.1 million of letters of credit immediately prior to the effectiveness of the Credit Agreement. Borrowings under the Revolving Bank Credit Facility are secured by the Company’s oil and natural gas properties and are guaranteed by certain of the Company’s wholly owned subsidiaries. Availability under the Revolving Bank Credit Facility is subject to a semi-annual redetermination (Spring and Fall) of the Company’s borrowing base, calculated by the lenders based on their evaluation of the Company’s proved reserves using their own internal criteria, and the Company and the lenders may each request one additional redetermination per year. The initial borrowing base of the Revolving Bank Credit Facility is $800 million. Letters of credit may be issued up to $300 million, provided availability under the Revolving Bank Credit Facility exists.  Full Article

W&T Offshore Inc Declares And Increases Regular Quarterly Cash Dividend
Thursday, 7 Nov 2013 07:30am EST 

W&T Offshore Inc announced that its Board of Directors increased the regular cash quarterly dividend from $0.09 per share to $0.10 per share, payable to the holders of the Corporation's common shares. The dividend will be payable on December 3, 2013, to the shareholders of record on November 18, 2013.  Full Article

W&T Offshore Inc Issues Q4 2013 Production Guidance; Raises Low End Of Prior FY 2013 Production Guidance
Wednesday, 6 Nov 2013 05:20pm EST 

W&T Offshore Inc announced that for the fourth quarter of 2013, it expects total production in a range of 4.4-4.9 MMBoe. For fiscal 2013, it expects production in a range of 17.2-17.7 MMBoe, prior production range was 16.9-17.7 MMBoe.  Full Article

Callon Petroleum Co's Subsidiary Enters Into Agreement With W&T Offshore Inc-Form 8-K
Tuesday, 22 Oct 2013 06:01am EDT 

Callon Petroleum Co reported in its Form 8-K that On October 17, 2013, Callon Petroleum Operating Company, a subsidiary of Callon Petroleum Company (the Company), entered into an agreement with W&T Offshore, Inc. to sell the Company's interests in the Medusa field and Medusa Spar, LLC, and substantially all of the Company's Gulf of Mexico shelf assets, for total cash consideration of $100 million subject to customary purchase price adjustments. The effective date of the transaction will be July 1, 2013, and is expected to close on or before November 30, 2013. The agreement contains customary closing conditions and representation and warranties. Details of the Gulf of Mexico divestiture are as follows: 15% working interest in the Medusa field (Mississippi Canyon blocks 582 and 538), with average net daily production of approximately 1,050 barrels of oil equivalent (88% oil) for the month of September 2013, 10% membership interest in Medusa Spar LLC which owns a 75% interest in the Medusa field’s production facilities, Interests in 10 non-operated Gulf of Mexico shelf fields, with average net daily production of approximately 5.1 million cubic feet of natural gas equivalent (98% natural gas) for the month of September 2013, Total net proved reserves of 4.4 million barrels of oil equivalent (41% proved developed producing) as presented in Callon’s most recent Form 10-K as of December 31, 2012 and Transfer of an estimated $13 million of net plugging and abandonment liabilities.  Full Article

W&T Offshore Inc Announces Sale Of Non-Operated Non-Core Gulf Of Mexico Shelf Asset
Friday, 27 Sep 2013 07:00am EDT 

W&T Offshore, Inc announced that it has sold all of its working interest in West Delta 29 block (OCS 00385) located on the shelf of the Gulf of Mexico to EPL Oil & Gas, Inc. for $21.8 million with an effective date of January 1, 2013, subject to post-Effective Date adjustments. The sale of this non-core asset does not alter our previously issued production or expense guidance.  Full Article

W&T Offshore Inc Declares Regular Quarterly Cash Dividend
Wednesday, 7 Aug 2013 07:08pm EDT 

W&T Offshore Inc announced that its Board of Directors have declared a regular quarterly cash dividend of $0.09 per share, payable to the holders of the Corporation's common shares. The dividend will be payable on September 12, 2013, to the shareholders of record on August 22, 2013.  Full Article

W&T Offshore Inc Issues Q3 2013 Production Guidance; Lowers FY 2013 Production Guidance
Wednesday, 7 Aug 2013 06:59pm EDT 

W&T Offshore Inc announced that for third quarter of 2013 it expects production in a range of 3.7-4.2 MMBoe, Fiscal 2013 production guidance is lowered from a range of 17.0-18.7 MMBoe to a range of 16.9-17.7 MMBoe.  Full Article

W&T ban from bidding for oil could last 3 years, EPA says

Dec 3 - Oil and natural gas producer W&T Offshore Inc's ban from bidding on federal government contracts in the Gulf of Mexico could last up to three years, the U.S. Environmental Protection Agency said on Tuesday.

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