W&T Offshore Files 8-K with Regulatory Updates

TL;DR

W&T Offshore filed an 8-K on Jan 13, 2025, covering Reg FD, other events, and financials.

AI Summary

W&T Offshore, Inc. filed an 8-K on January 13, 2025, reporting on various events. The filing includes information related to Regulation FD disclosures, other events, and financial statements and exhibits. The company is incorporated in Texas and its principal executive offices are located in Houston.

Why It Matters

This 8-K filing provides important updates and disclosures from W&T Offshore, Inc. to the public and investors regarding company events and financial information.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of corporate events and financial information, not indicating any immediate operational or financial distress.

Key Players & Entities

• W&T Offshore, Inc. (company) — Registrant
• January 13, 2025 (date) — Date of earliest event reported
• Texas (location) — State of Incorporation
• Houston (location) — Address of Principal Executive Offices
• 713.626.8525 (phone_number) — Registrant's Telephone Number

FAQ

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 WTI New York Stock Exchange Indic
• $350 million — subject to market and other conditions, $350 million in aggregate principal amount of senior
• $55.0 million — ureties originally issued approximately $55.0 million in surety bonds on behalf of the Compan
• $13.1 million — ty bonds on behalf of the Company but a $13.1 million bond was cancelled by BOEM when W&T ful
• $111.0 million — ivision. USSIC has issued approximately $111.0 million in surety bonds on behalf of the Compan
• $23.0 million — behalf of the Company and has requested $23.0 million in cash collateral. On November 8, 202
• $0.4 million — ed and unpaid premiums of approximately $0.4 million (the "Applied Litigation"). Applied iss
• $11.3 million — igation"). Applied issued approximately $11.3 million in surety bonds on behalf of the Compan
• $93.5 million — ire claims to have issued approximately $93.5 million in surety bonds on behalf of the Compan
• $183.7 million — against the Company total approximately $183.7 million. In addition, Philadelphia Indemnity In
• $71 million — separately made a collateral demand of $71 million. No legal action has been filed by PIIC
• $254.7 million — the Sureties and PIIC is approximately $254.7 million (the "Demanded Collateral"). On Novemb

Filing Documents

• tm253053d1_8k.htm (8-K) — 42KB
• tm253053d1_ex99-1.htm (EX-99.1) — 10KB
• tm253053d1_ex99-2.htm (EX-99.2) — 162KB
• tm253053d1_ex99-1img001.jpg (GRAPHIC) — 7KB
• tm253053d1_ex99-2img001.jpg (GRAPHIC) — 33KB
• tm253053d1_ex99-2img007.jpg (GRAPHIC) — 13KB
• tm253053d1_ex99-2img004.jpg (GRAPHIC) — 12KB
• tm253053d1_ex99-2img005.jpg (GRAPHIC) — 9KB
• tm253053d1_ex99-2img006.jpg (GRAPHIC) — 7KB
• 0001104659-25-002767.txt ( ) — 533KB
• wti-20250113.xsd (EX-101.SCH) — 3KB
• wti-20250113_lab.xml (EX-101.LAB) — 33KB
• wti-20250113_pre.xml (EX-101.PRE) — 22KB
• tm253053d1_8k_htm.xml (XML) — 4KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure . On January 13, 2025, W&T Offshore, Inc. (the "Company") announced its intention to offer, subject to market and other conditions, $350 million in aggregate principal amount of senior second lien notes due 2029 (the "Notes") in a private offering that is exempt from registration under the Securities Act of 1933, as amended. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated into this Item 7.01 by reference. The press release does not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes, the related guarantees, or any other securities, nor does it constitute an offer to sell, a solicitation of an offer to buy or a sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The Company is providing potential investors in the Notes offering a report prepared by Netherland, Sewell & Associates, Inc. relating to estimates of reserves and future revenue, as of June 30, 2024, to the Company's interest in certain oil and gas properties located in state waters offshore Alabama, Louisiana, and Texas and in federal waters in the Gulf of Mexico. A copy of the report is attached hereto as Exhibit 99.2 and is incorporated into this Item 7.01 by reference. This Current Report on Form 8-K includes "forward-looking statements" within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. All statements, other than historical facts included in this Current Report on Form 8-K, are forward-looking statements, including those relating to the offering of the Notes. All forward-looking statements speak only as of the date of this Current Report on Form 8-K. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, i

01

Item 8.01 Other Events

Risk Factors

Risk Factors The Company is also filing this Current Report on Form 8-K to supplement the risk factors described in Part II, Item 1A of its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 with the following risk factors: We may be required to post cash collateral pursuant to our agreements with sureties under our existing or future bonding arrangements, which could have a material adverse effect on our liquidity and our ability to execute our capital expenditure plan, our ARO plan and comply with our existing debt instruments. Pursuant to the terms of our agreements with various sureties under our existing bonding arrangements, or under any future bonding arrangements we may enter into, we may be required to post collateral. Additional collateral would likely be in the form of cash or letters of credit. We cannot provide assurance that we will be able to satisfy collateral demands for current bonds or for future bonds. On August 14, 2024, the Company filed a complaint seeking declaratory relief (the "Original Complaint") in the U.S. District Court for the Southern District of Texas, Houston Division, against Endurance Assurance Corporation and Lexon Insurance Company (the "Sompo Sureties"), providers of government-required surety bonds that secure decommissioning obligations the Company may have with respect to certain oil and gas assets of the Company (the "Sompo Sureties Litigation"). As described in the Original Complaint, the Company has paid all negotiated premiums associated with the bonds issued by the Sompo Sureties prior to the Original Complaint and has not suffered a material change to its financial status. Despite this, the Sompo Sureties issued written demands to the Company requesting the Company provide collateral to the Sompo Sureties. On October 9, 2024, the Sompo Sureties filed an answer and counterclaim alleging breach of contract due to the Company's failure to provide the collateral demanded by the Sompo Sur

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 99.1 Press release of W&T Offshore, Inc. dated January 13, 2025. 99.2 Report of Netherland, Sewell & Associates, Inc., Independent Petroleum Engineers and Geologists, dated as of June 30, 2024. 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 13, 2025 By: /s/ George Hittner George Hittner, Executive Vice President, General Counsel, & Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR