W&T Announces Settlement Agreement with Majority of Surety Providers

Core Viewpoint - W&T Offshore has reached a settlement agreement with two major surety providers, resulting in the dismissal of a lawsuit and the withdrawal of collateral demands, which is expected to positively impact the company's financial stability and stock price [1][2]. Settlement Agreement Highlights - The settlement includes the dismissal of all claims without prejudice and locks in premium rates for existing bonds at historical rates through December 31, 2026, providing consistency in premium expenses [4]. - The two surety providers involved represent nearly 70% of W&T's surety bond portfolio, and the company is not required to provide any collateral [4]. - The surety providers are prohibited from making additional collateral demands until the end of 2026, except under limited circumstances [4]. Company Overview - W&T Offshore is an independent oil and natural gas producer operating in the Gulf of America, with interests in 52 fields and approximately 634,700 gross acres under lease [3]. - The company has a strong cash position and sufficient liquidity to explore growth opportunities, both organically and inorganically [2]. - W&T has a history of responsible operations and has been actively engaged in plugging and abandoning assets while maintaining its negotiated premiums [2].