W&T Offshore Announces Implementation of Quarterly Cash Dividend
08 Novembre 2023 - 12:45PM
W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”)
today announced that its Board of Directors has approved the
implementation of a quarterly cash dividend payable to holders of
its common stock. The initial cash dividend of $0.01 per share of
common stock will be payable on December 22, 2023, to shareholders
of record at the close of business on November 28, 2023.
Tracy W. Krohn, W&T’s Board Chair and Chief
Executive Officer, commented, “We have maintained our commitment to
a highly successful strategy sharply focused on free cash flow
generation for many years now. As a result of our strong asset base
and operational execution, our balance sheet is in excellent
condition with significant cash on hand. We felt now was the right
time to return a portion of the strong cash flow we generate each
quarter directly to our shareholders to enhance the return on their
investment. We are very pleased to implement a cash dividend
program with an initial cash payment in December.”
About W&T OffshoreW&T
Offshore, Inc. is an independent oil and natural gas producer with
operations offshore in the Gulf of Mexico and has grown through
acquisitions, exploration and development. As of September 30,
2023, the Company had working interests in 54 fields in federal and
state waters (which include 45 fields in federal waters and nine in
state waters). The Company has under lease approximately 602,100
gross acres (446,800 net acres) spanning across the outer
continental shelf off the coasts of Louisiana, Texas, Mississippi
and Alabama, with approximately 440,600 gross acres on the
conventional shelf, approximately 153,500 gross acres in the
deepwater and 8,000 gross acres in Alabama onshore. A majority of
the Company’s daily production is derived from wells it operates.
For more information on W&T, please visit the Company’s website
at www.wtoffshore.com.
Forward-Looking and Cautionary
StatementsThis press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements, including
but not limited to, any forward-looking guidance provided herein
such as the amount and timing of future dividend payments, reflect
our current views with respect to future events, based on what we
believe are reasonable estimates and assumptions. No assurance can
be given, however, that these events will occur or that our
estimates will be correct. These statements are subject to risks
and uncertainties that could cause actual results to differ
materially including, among other things, market conditions,
commodity price volatility, uncertainties inherent in oil and gas
production operations and estimating reserves, uncertainties of the
timing and impact of bringing new wells online and repairing and
restoring infrastructure due to hurricane damage, the ability to
achieve leverage targets, unexpected future capital expenditures,
competition, the success of our risk management activities,
governmental regulations, uncertainties and other factors described
or referenced in W&T’s Annual Report on Form 10-K for the year
ended December 31, 2022 and subsequent Quarterly Reports on Form
10-Q found at www.sec.gov or on our website at www.wtoffshore.com
under the Investor Relations section. Our forward-looking
statements in this press release are based upon assumptions made,
and information known, by the Company as of the date of this
release; it should not be assumed that the Company will undertake
to revise or update any such forward-looking statements as such
assumptions and information changes, except as required under
applicable law. Investors are urged to consider closely the
disclosures and risk factors in these reports.
CONTACTS: |
Al
PetrieInvestor Relations
Coordinatorinvestorrelations@wtoffshore.com713-297-8024 |
Sameer ParasnisExecutive VP and
CFOsparasnis@wtoffshore.com713-513-8654 |
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