Form 8-K - Current report
08 Novembre 2023 - 12:52PM
Edgar (US Regulatory)
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0001288403
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2023-11-08
2023-11-08
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 8, 2023
W&T Offshore, Inc.
(Exact name of registrant
as specified in its charter)
Texas |
1-32414 |
72-1121985 |
(State
or Other
Jurisdiction
of Incorporation) |
(Commission
File Number) |
(IRS
Employer
Identification No.) |
5718 Westheimer Road, Suite 700
Houston, Texas 77057
(Address of Principal Executive Offices)
713.626.8525
(Registrant’s Telephone
Number, Including Area Code)
N/A
(Former Name or Former Address, If Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of
each exchange
on which registered |
Common Stock, par value $0.00001 |
|
WTI |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
On November 8, 2023, W&T Offshore, Inc. (the
“Company”) issued a press release announcing a quarterly cash dividend of $0.01 per share of common stock payable on December
22, 2023 to holders of record as of the close of business on November 28, 2023. The press release is attached hereto as Exhibit 99.1 and
incorporated herein by reference.
Item 9.01 |
Financial Statements and Exhibits. |
d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
W&T OFFSHORE, INC.
(Registrant) |
|
|
|
|
|
|
Date: November 8, 2023 |
By: |
/s/ Jonathan Curth |
|
Name: |
Jonathan Curth |
|
Title: |
Executive Vice President, General Counsel and Corporate Secretary |
Exhibit 99.1
FOR
IMMEDIATE RELEASE |
CONTACTS: |
Al Petrie |
Sameer Parasnis |
|
Investor Relations Coordinator |
Executive VP and CFO |
|
investorrelations@wtoffshore.com |
sparasnis@wtoffshore.com |
|
713-297-8024 |
713-513-8654 |
W&T Offshore
Announces Implementation of Quarterly Cash Dividend
HOUSTON,
November 8, 2023 – 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
Offshore
W&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 Statements
This 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.
v3.23.3
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Entity File Number |
1-32414
|
Entity Registrant Name |
W&T Offshore, Inc.
|
Entity Central Index Key |
0001288403
|
Entity Tax Identification Number |
72-1121985
|
Entity Incorporation, State or Country Code |
TX
|
Entity Address, Address Line One |
5718 Westheimer Road
|
Entity Address, Address Line Two |
Suite 700
|
Entity Address, City or Town |
Houston
|
Entity Address, State or Province |
TX
|
Entity Address, Postal Zip Code |
77057
|
City Area Code |
713
|
Local Phone Number |
626.8525
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