W&T Offshore Inks Material Agreement, New Financial Obligation

TL;DR

**W&T Offshore just took on new debt or a big contract, watch for financial impact.**

AI Summary

W&T Offshore, Inc. filed an 8-K on January 26, 2024, to report entering into a material definitive agreement and creating a direct financial obligation. This filing indicates that the company has undertaken a new financial commitment, which could impact its balance sheet and future cash flow. For investors, this matters because new financial obligations can affect the company's profitability, its ability to fund operations or dividends, and its overall financial health, potentially influencing stock valuation.

Why It Matters

This filing signals W&T Offshore has taken on new debt or a significant contractual commitment, which could alter its financial risk profile and future earnings potential.

Risk Assessment

Risk Level: medium — The creation of a direct financial obligation introduces new liabilities and potential interest expenses, increasing the company's financial risk.

Analyst Insight

Investors should monitor W&T Offshore's upcoming financial statements for details on the nature and terms of this new financial obligation to assess its impact on the company's debt levels and cash flow.

Key Players & Entities

• W&T Offshore, Inc. (company) — the registrant filing the 8-K
• January 26, 2024 (date) — date of earliest event reported
• 5718 Westheimer Road, Suite 700 Houston, Texas 77057 (address) — principal executive offices of W&T Offshore, Inc.

Forward-Looking Statements

• W&T Offshore's Q1 2024 earnings report will reflect the impact of this new financial obligation. (W&T Offshore, Inc.) — medium 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

• tm243462d2_8k.htm (8-K) — 26KB
• tm243462d2_ex10-1.htm (EX-10.1) — 48KB
• 0001104659-24-007296.txt ( ) — 252KB
• wti-20240126.xsd (EX-101.SCH) — 3KB
• wti-20240126_lab.xml (EX-101.LAB) — 33KB
• wti-20240126_pre.xml (EX-101.PRE) — 22KB
• tm243462d2_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On January 26, 2024, W&T Offshore, Inc. (together with its guarantor subsidiaries, the "Company") entered into a Fourteenth Amendment to the Sixth Amended and Restated Credit Agreement (the "Fourteenth Amendment") dated as of January 26, 2024, 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 Fourteenth Amendment, which became effective as of January 26, 2024, amends the Sixth Amended and Restated Credit Agreement dated as of October 18, 2018 to extend the maturity date from January 31, 2024 to February 29, 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 Fourteenth Amendment does not purport to be complete and is qualified in its entirety by reference to the Fourteenth 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 Fourteenth Amendment to the Sixth Amended and Restated Credit Agreement, dated as of January 26, 2024, 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 26, 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