W&T Offshore provided operational and financial updates on recent developments. Recently signed a purchase and sale agreement 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 for $12.3M; Announces that the West Delta 73 field, which W&T acquired in January 2024, is expected to come back online by mid-second quarter 2025; Announces that the Main Pass 108 and 98 fields, which have been shut in since June 2024, are expected to return to production by early second quarter of 2025. Net production at these fields averaged a combined 6.1M cubic feet of natural gas equivalent per day in June 2024 prior to being shut-in due to third-party operator related bankruptcy matters; Scheduled to receive a $58.5M cash insurance settlement payment in January 2025 related to a casualty loss event at its Mobile Bay 78-1 well in 2023; and does not expect any impact on ongoing operations from the Presidential ban announced on January 6, 2025 on new offshore oil and gas drilling.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.