W&T Offshore, Inc. Announces 2024 Annual Meeting of Shareholders

Ticker: WTI · Form: DEF 14A · Filed: Apr 29, 2024 · CIK: 1288403

W&T Offshore Inc DEF 14A Filing Summary
FieldDetail
CompanyW&T Offshore Inc (WTI)
Form TypeDEF 14A
Filed DateApr 29, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$110,000, $85,000, $70,000, $150,000, $1,150,000
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, Annual Meeting, Shareholder Vote, Virtual Meeting, W&T Offshore

TL;DR

<b>W&T Offshore, Inc. invites shareholders to its virtual 2024 Annual Meeting on June 14, 2024, urging prompt voting.</b>

AI Summary

W&T OFFSHORE INC (WTI) filed a Proxy Statement (DEF 14A) with the SEC on April 29, 2024. W&T Offshore, Inc. will hold its 2024 Annual Meeting of Shareholders on June 14, 2024, at 8:00 a.m. Central Daylight Time. The meeting will be conducted virtually via live webcast at www.virtualshareholdermeeting.com/WTI2024. Shareholders of record as of April 23, 2024, are entitled to vote at the meeting. Proxy materials are being furnished to shareholders on the Internet, with a Notice of Internet Availability sent on or about April 29, 2024. The company urges shareholders to vote their shares promptly via Internet or telephone.

Why It Matters

For investors and stakeholders tracking W&T OFFSHORE INC, this filing contains several important signals. The virtual format aims to provide easier and greater access for shareholders, potentially increasing participation and reducing environmental impact. Furnishing proxy materials online is presented as a more efficient, cost-effective, and environmentally friendly approach compared to traditional mailings.

Risk Assessment

Risk Level: low — W&T OFFSHORE INC shows low risk based on this filing. The filing is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational changes disclosed.

Analyst Insight

Shareholders should review the proxy materials and vote their shares for the upcoming annual meeting to ensure their voice is heard.

Key Numbers

  • June 14, 2024 — Annual Meeting Date (2024 Annual Meeting of Shareholders)
  • 8:00 a.m. Central Daylight Time — Annual Meeting Time (2024 Annual Meeting of Shareholders)
  • April 23, 2024 — Record Date (Shareholders of record entitled to vote)
  • April 29, 2024 — Proxy Material Notice Date (Notice of Internet Availability of Proxy Materials)

Key Players & Entities

  • W&T Offshore, Inc. (company) — Registrant
  • June 14, 2024 (date) — Date of Annual Meeting
  • April 23, 2024 (date) — Record date for voting eligibility
  • April 29, 2024 (date) — Date Notice of Internet Availability was sent
  • Securities and Exchange Commission (regulator) — Governing body for proxy material rules

FAQ

When did W&T OFFSHORE INC file this DEF 14A?

W&T OFFSHORE INC filed this Proxy Statement (DEF 14A) with the SEC on April 29, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by W&T OFFSHORE INC (WTI).

Where can I read the original DEF 14A filing from W&T OFFSHORE INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by W&T OFFSHORE INC.

What are the key takeaways from W&T OFFSHORE INC's DEF 14A?

W&T OFFSHORE INC filed this DEF 14A on April 29, 2024. Key takeaways: W&T Offshore, Inc. will hold its 2024 Annual Meeting of Shareholders on June 14, 2024, at 8:00 a.m. Central Daylight Time.. The meeting will be conducted virtually via live webcast at www.virtualshareholdermeeting.com/WTI2024.. Shareholders of record as of April 23, 2024, are entitled to vote at the meeting..

Is W&T OFFSHORE INC a risky investment based on this filing?

Based on this DEF 14A, W&T OFFSHORE INC presents a relatively low-risk profile. The filing is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational changes disclosed.

What should investors do after reading W&T OFFSHORE INC's DEF 14A?

Shareholders should review the proxy materials and vote their shares for the upcoming annual meeting to ensure their voice is heard. The overall sentiment from this filing is neutral.

How does W&T OFFSHORE INC compare to its industry peers?

W&T Offshore, Inc. operates in the oil and gas exploration and production sector, focusing on offshore assets.

Are there regulatory concerns for W&T OFFSHORE INC?

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, which governs the solicitation of proxies.

Industry Context

W&T Offshore, Inc. operates in the oil and gas exploration and production sector, focusing on offshore assets.

Regulatory Implications

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, which governs the solicitation of proxies.

What Investors Should Do

  1. Review the proxy statement for details on proposals and director nominees.
  2. Vote your shares by the deadline, utilizing the provided Internet or telephone options.
  3. Attend the virtual annual meeting on June 14, 2024, to participate in shareholder discussions.

Key Dates

  • 2024-06-14: 2024 Annual Meeting of Shareholders — Shareholders will vote on company matters.
  • 2024-04-23: Record Date — Determines eligibility to vote at the Annual Meeting.
  • 2024-04-29: Mailing of Notice of Internet Availability — Informs shareholders how to access proxy materials online.

Year-Over-Year Comparison

This filing is a Definitive Proxy Statement (DEF 14A) for the 2024 Annual Meeting, following the standard disclosure requirements for such events.

Filing Stats: 4,513 words · 18 min read · ~15 pages · Grade level 16.4 · Accepted 2024-04-29 16:56:58

Key Financial Figures

  • $110,000 — etainer for non-employee directors from $110,000 to $85,000 Eliminated individual mult
  • $85,000 — non-employee directors from $110,000 to $85,000 Eliminated individual multiplier for
  • $70,000 — ensation to non-employee directors from $70,000 to $150,000 Reduced CEO annual base s
  • $150,000 — non-employee directors from $70,000 to $150,000 Reduced CEO annual base salary from $
  • $1,150,000 — 0 Reduced CEO annual base salary from $1,150,000 to $800,000 and increased equity-based
  • $800,000 — O annual base salary from $1,150,000 to $800,000 and increased equity-based compensation
  • $11,000 — to pay Georgeson a fee of approximately $11,000, plus reasonable expenses, costs and di

Filing Documents

Legal Proceedings

Legal Proceedings 29 Director Nomination Process 29 Identifying and Evaluating Nominees for Directors 30 Director Compensation 30 TABLE OF CONTENTS 2023 Director Compensation Table 31 Communications with the Board 32 Corporate Responsibility 33 Our 2022 ESG Report 33 Oversight of ESG Issues 33 Shareholder Engagement and Company Responses 34 Human Capital Management 37

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 38 Executive Officers 39 Equity Compensation Plan Information 41 Securities Authorized for Issuance Under Equity Compensation Plans 41 Compensation Discussion and Analysis 42 Introduction 42 Compensation Philosophy and Objectives 43 Shareholder Votes on Executive Compensation and Company Responses 45 Compensation Changes in 2023 46 Role of the Compensation Committee, its Consultants and Management 46 Market Analysis 47 Risk Assessment Related to our Compensation Structure 48 Elements and Purpose of Executive Compensation 49 Compensation Policies 60 Compensation Committee Report 63

Executive Compensation and Related Information

Executive Compensation and Related Information 64 2023 Summary Compensation Table 64 2023 Grants of Plan-Based Awards 65 Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards 66 Outstanding Equity Awards at December 31, 2023 67 Stock Vested Table for 2023 68 Potential Payments Upon Termination or a Change in Control 68 Pay Versus Performance 72 Pay Ratio 77 Audit Committee and Independent Registered Public Accounting Firm 78 Audit Committee Report 78 Principal Accounting Fees and Services 80 Certain Relationships and Related Transactions 81 Shareholder Proposals 83 Incorporation by Reference 83 Other Matters 83 Annex A: Non-GAAP Financial Measures A-1 TABLE OF CONTENTS Proxy Summary This summary highlights information contained elsewhere in this proxy statement and in our other public filings. This summary does not contain all of the information that you should consider, and you should read the entire proxy statement carefully before voting. About Us Founded in 1983, W&T Offshore, Inc. ("W&T" or the "Company") is an independent oil and natural gas producer, active in the acquisition, exploration and development of oil and natural gas properties in the Gulf of Mexico. As of December 31, 2023, the Company holds working interests in 53 offshore producing fields in federal and state waters (44 fields in federal waters and nine in state waters). The Company currently has under lease approximately 597,100 gross acres (440,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 435,600 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and approximately 8,000 gross acres in Alabama state waters. A majority of the Company's daily production is derived from wells it operates. Business Highlights In 2023, we continued to execute on the strategy tha

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