W&T Offshore receives $58.5M insurance settlement, sells non-core interest for $12.3M

W&T OFFSHORE INC

Signed PSA to sell non-core Garden Banks interest with 195 Boe/d (72% oil) for $12.3M; expects close Jan 2025.
West Delta 73 field (acquired Jan 2024) expected back online by mid-Q2 2025 after resolution with pipeline operator.
Main Pass 108 & 98 fields (shut-in since June 2024 due to third-party operator) expected to return by early Q2 2025.
Insurance settlement of $58.5M from 2023 casualty loss at Mobile Bay well scheduled to be received in Jan 2025.
Presidential ban on new offshore drilling has no impact as W&T has no affected production or leases.

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