Recent Updates — WTI
W&T Offshore amended its Credit Agreement on October 1, 2026, converting its existing $50.0 million revolving credit facility into a conventional reserve-based lending (RBL) facility. The amendment establishes an initial borrowing base of $50.0 million and increases the aggregate maximum credit amount to $100.0 million. Key changes include the elimination of the 75% excess cash flow sweep, quarterly clean-down requirements, and the $100.0 million minimum PDP PV-10 asset coverage covenant. The annual restricted payments basket was increased by 50%, from $10.0 million to $15.0 million. Pricing, financial covenants, and maturity remain unchanged. CIBC replaced an exiting lender with a $10.0 million commitment. W&T Offshore is an independent oil and natural gas producer operating offshore in the Gulf of America.
W&T Offshore, Inc. entered into a First Amendment to the Amended and Restated Employment Agreement with Tracy W. Krohn, its Chief Executive Officer, President, and Chairman of the Board. The amendment establishes that Mr. Krohn’s annual base salary will be no less than $1,000,000, subject to annual review by the Board, with provisions allowing for increases but prohibiting decreases. This compensation adjustment is effective as of April 20, 2023. W&T Offshore operates in the oil and gas industry, focusing on offshore exploration and production.
W&T Offshore reported second quarter 2026 net income of $12.6 million ($0.08 per diluted share), a significant improvement from the first quarter loss of $22.5 million, driven by higher oil prices and lower lease operating expenses. The company produced 34.7 thousand barrels of oil equivalent per day and generated $31.4 million in free cash flow. Additionally, the Board declared a quarterly dividend of $0.01 per share for the third quarter of 2026, payable on August 26, 2026 to shareholders of record on August 19, 2026. W&T Offshore is an independent oil and natural gas producer with offshore operations in the Gulf of America.
W&T Offshore, Inc. held its 2026 annual meeting of shareholders, where shareholders approved an amendment to the 2023 Incentive Compensation Plan to increase the number of common stock shares available for issuance from 10,000,000 to 22,000,000. The meeting also resulted in the election of six directors and the ratification of Deloitte & Touche LLP as the company's independent registered public accountants.