An announcement from W&T Offshore ( (WTI) ) is now available.
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W&T Offshore announced a $58.5 million insurance settlement for a casualty loss at its Mobile Bay 78-1 well. The company is making strategic moves by selling a non-core interest in Garden Banks Blocks 385 and 386 for $12.3 million and plans to bring the West Delta 73 and Main Pass 108 and 98 fields back online by mid-2025. Despite a recent Presidential ban on new offshore drilling, W&T does not anticipate any impact on its operations. These developments are expected to positively impact the company’s balance sheet and production capabilities, reinforcing its strategic focus on cash flow generation and asset value maximization.
More about W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer operating in the Gulf of Mexico. The company is involved in the exploration, development, and acquisition of oil and natural gas properties, with interests in 53 producing offshore fields in federal and state waters. W&T Offshore holds leases across approximately 673,100 gross acres, focusing on the outer continental shelf off the coasts of Louisiana, Texas, Mississippi, and Alabama.
YTD Price Performance: -8.43%
Average Trading Volume: 2,079,261
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $243.1M
For an in-depth examination of WTI stock, go to TipRanks’ Stock Analysis page.
