HOUSTON, Jan. 08, 2025 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE:WTI) ("W&T" or the "Company") today provided operational and financial updates on recent developments. Recently signed a purchase and sale agreement ("PSA") to sell a non-core interest in Garden Banks Blocks 385 and 386 which included latest net production of approximately 195 barrels of oil equivalent per day ("Boe/d") (72% oil) for $12.3 million;Announces that the West Delta 73 field, which W&T acquired in January 2024, is expected to com ...

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].

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

China may have provided significant support to oil markets, but its economy did not manage to fully recover after the coronavirus pandemic. The country’s economy has two key problems. First, the local population does not want to spend money as much as it used to before the pandemic, and government’s attempts to boost domestic consumption have yielded mixed results.Second, U.S. – China tensions increase month after month. U.S. is an extremely important trade partner for China, and current problems in relatio ...

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...