W&T Offshore Enters Material Definitive Agreement, New Obligation

TL;DR

**W&T Offshore just took on a new financial obligation, watch for details on its impact.**

AI Summary

W&T Offshore, Inc. filed an 8-K on January 2, 2024, reporting a material definitive agreement and the creation of a direct financial obligation on December 29, 2023. This filing indicates the company has entered into a significant new financial commitment, which could impact its balance sheet and future financial performance. Investors should pay attention to the details of this agreement, as it could affect the company's debt levels and profitability, potentially influencing stock valuation.

Why It Matters

This filing signals a new financial commitment for W&T Offshore, Inc., which could alter its financial health and future operational flexibility. Understanding the nature of this obligation is crucial for assessing the company's risk profile and potential for shareholder returns.

Risk Assessment

Risk Level: medium — The creation of a direct financial obligation introduces new liabilities, which could increase the company's debt burden and financial risk if not managed effectively.

Analyst Insight

A smart investor would monitor W&T Offshore's subsequent filings (like 10-K or 10-Q) for specific details regarding the nature, terms, and financial impact of this new material definitive agreement and direct financial obligation to fully assess its implications.

Key Players & Entities

• W&T Offshore, Inc. (company) — the registrant filing the 8-K
• December 29, 2023 (date) — date of the earliest event reported
• January 2, 2024 (date) — date the 8-K was filed

Forward-Looking Statements

• W&T Offshore will provide more details about the 'Material Definitive Agreement' and 'Direct Financial Obligation' in its next quarterly or annual report. (W&T Offshore, Inc.) — high confidence, target: Q1 2024 Earnings Report

FAQ

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 WTI New York Stock Exchange Item
• $4.4 million — and December 31, 2022, the Company had $4.4 million outstanding in letters of credit which

Filing Documents

• tm2333891d1_8k.htm (8-K) — 27KB
• tm2333891d1_ex10-1.htm (EX-10.1) — 56KB
• 0001104659-24-000384.txt ( ) — 260KB
• wti-20231229.xsd (EX-101.SCH) — 3KB
• wti-20231229_lab.xml (EX-101.LAB) — 33KB
• wti-20231229_pre.xml (EX-101.PRE) — 22KB
• tm2333891d1_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On December 29, 2023, W&T Offshore, Inc. (together with its guarantor subsidiaries, the "Company") entered into a Thirteenth Amendment to the Sixth Amended and Restated Credit Agreement (the "Thirteenth Amendment") dated as of December 29, 2023, among the Company, certain of its guarantor subsidiaries, Alter Domus (US) LLC, as administrative agent, and certain of the Company's lenders and other parties thereto (as heretofore amended, the "Credit Agreement"). The Thirteenth Amendment, which became effective as of December 29, 2023, amends the Sixth Amended and Restated Credit Agreement dated as of October 18, 2018 to extend the maturity date from January 3, 2024 to January 31, 2024. As of September 30, 2023, there were no borrowings outstanding under the Credit Agreement and no borrowings had been incurred under the Credit Agreement during the nine months ended September 30, 2023. As of September 30, 2023 and December 31, 2022, the Company had $4.4 million outstanding in letters of credit which have been cash collateralized. The foregoing description of the Thirteenth Amendment does not purport to be complete and is qualified in its entirety by reference to the Thirteenth Amendment, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference herein.

03 Creation of a Direct Financial Obligation or an Obligation

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 above hereby is incorporated into this Item 2.03 by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibits are included as part of this Current Report on Form 8-K: Exhibit Number Description 10.1 Thirteenth Amendment to the Sixth Amended and Restated Credit Agreement, dated as of December 29, 2023, by and among W&T Offshore, Inc., the guarantor subsidiaries party thereto, Alter Domus (US) LLC, and the various agents and lenders and other parties thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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) Dated: January 2, 2024 By: /s/ Jonathan Curth Name: Jonathan Curth Title: Executive Vice President, General Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR