W&T Offshore Provides Updates on Recent Developments

Core Viewpoint - W&T Offshore, Inc. is optimistic about its financial and operational outlook for 2025, driven by strategic asset sales and the anticipated return to production of key fields [2][3]. Financial Updates - The company sold non-core interests in Garden Banks Blocks 385 and 386 for $12.3 million, with net production of approximately 195 Boe/d, which is expected to positively impact the balance sheet [3][6]. - A cash settlement of$58.5 million is expected to be received in January 2025 related to a casualty loss at the Mobile Bay 78-1 well [6][7]. Operational Developments - W&T expects to restart production at the West Delta 73 field by mid-second quarter of 2025, following a resolution with the third-party pipeline operator [4]. - The Main Pass 108 and 98 fields, which have been shut in since June 2024, are projected to return to production by early second quarter of 2025, contingent on obtaining necessary governmental approvals [5][6]. Production Metrics - Prior to being shut in, the Main Pass fields averaged a combined production of 6.1 MMcfe/d (78% gas) in June 2024 [6]. - The Mobile Bay net production, excluding certain fields, averaged around 72.8 MMcfe/d (81% gas) from October 2023 to September 2024 [7]. Regulatory Environment - A recent Presidential ban on new offshore oil and gas drilling does not affect W&T's operations, as the company has no production or leases impacted by this action [8].