W&T Offshore Enters Material Definitive Agreement

TL;DR

W&T Offshore just signed a big deal, filing an 8-K on Feb 28th.

AI Summary

W&T Offshore, Inc. entered into a Material Definitive Agreement on February 28, 2024, related to a direct financial obligation. The company, incorporated in Texas with its principal executive offices in Houston, filed this 8-K report on March 1, 2024.

Why It Matters

This filing indicates a significant new financial commitment or obligation for W&T Offshore, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and new financial obligations can introduce financial risks and operational complexities.

Key Players & Entities

• W&T Offshore, Inc. (company) — Registrant
• February 28, 2024 (date) — Date of earliest event reported
• March 1, 2024 (date) — Filing date
• Texas (location) — State of Incorporation
• Houston (location) — Principal Executive Offices City

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

• tm247071d1_8k.htm (8-K) — 24KB
• tm247071d1_ex10-1.htm (EX-10.1) — 65KB
• 0001104659-24-029966.txt ( ) — 267KB
• wti-20240228.xsd (EX-101.SCH) — 3KB
• wti-20240228_lab.xml (EX-101.LAB) — 33KB
• wti-20240228_pre.xml (EX-101.PRE) — 22KB
• tm247071d1_8k_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On February 28, 2024, W&T Offshore, Inc. (together with its guarantor subsidiaries, the "Company") entered into a Fifteenth Amendment to the Sixth Amended and Restated Credit Agreement (the "Fifteenth Amendment") dated as of February 28, 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 Fifteenth Amendment, which became effective as of February 28, 2024, amends the Sixth Amended and Restated Credit Agreement dated as of October 18, 2018 to extend the maturity date from February 29, 2024 to March 28, 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 Fifteenth Amendment does not purport to be complete and is qualified in its entirety by reference to the Fifteenth 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 Fifteenth Amendment to the Sixth Amended and Restated Credit Agreement, dated as of February 28, 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: March 1, 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