W&T Offshore Enters Material Definitive Agreement

TL;DR

W&T Offshore just signed a big deal, watch their financials.

AI Summary

W&T Offshore, Inc. entered into a Material Definitive Agreement on May 29, 2024, related to a financial obligation. The filing details this agreement and its implications for the company's financial standing.

Why It Matters

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

Risk Assessment

Risk Level: medium — Entering into new material definitive agreements can introduce financial risks or opportunities that require careful monitoring.

Key Players & Entities

• W&T Offshore, Inc. (company) — Registrant
• May 29, 2024 (date) — Date of earliest event reported

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, 2023, the Company had $4.4 million outstanding in letters of credit which

Filing Documents

• tm2415755d1_8k.htm (8-K) — 26KB
• tm2415755d1_ex10-1.htm (EX-10.1) — 52KB
• 0001104659-24-066706.txt ( ) — 255KB
• wti-20240529.xsd (EX-101.SCH) — 3KB
• wti-20240529_lab.xml (EX-101.LAB) — 33KB
• wti-20240529_pre.xml (EX-101.PRE) — 22KB
• tm2415755d1_8k_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On May 29, 2024, W&T Offshore, Inc. (together with its guarantor subsidiaries, the "Company") entered into an Eighteenth Amendment to the Sixth Amended and Restated Credit Agreement (the "Eighteenth Amendment") dated as of May 29, 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 Eighteenth Amendment, which became effective as of May 29, 2024, amends the Sixth Amended and Restated Credit Agreement dated as of October 18, 2018 to extend the maturity date from May 31, 2024 to June 30, 2024. As of March 31, 2024, there were no borrowings outstanding under the Credit Agreement and no borrowings had been incurred under the Credit Agreement during the three months ended March 31, 2024. As of March 31, 2024 and December 31, 2023, the Company had $4.4 million outstanding in letters of credit which have been cash collateralized. The foregoing description of the Eighteenth Amendment does not purport to be complete and is qualified in its entirety by reference to the Eighteenth 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 Eighteenth Amendment to the Sixth Amended and Restated Credit Agreement, dated as of May 29, 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: May 30, 2024 By: /s/ Sameer Parasnis Name: Sameer Parasnis Title: Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR