W&T Offshore converts credit facility to $50M reserve-based loan, drops cash sweep, raises restricted payments to $15M

W&T OFFSHORE INC

Second Amendment to Credit Agreement on Oct 1, 2026 converts W&T's revolver to a reserve-based facility: $50.0M initial borrowing base, $100.0M aggregate maximum, maturing July 28, 2028.
Facility drops the 75% excess cash flow sweep, quarterly clean-down, and $100.0M minimum PDP PV-10 asset coverage covenant; restricted payments basket raised 50% to $15.0M from $10.0M.
Pricing and covenants unchanged: SOFR floor 3.00%, margins 3.750%-4.750%, max net leverage 2.50x, min current ratio 1.00x; no amendment fees, only customary admin-agent expense reimbursement.
Macquarie Bank exited as lender; Canadian Imperial Bank of Commerce (CIBC) rejoined with a $10.0M commitment (20% of elected commitments). Continuing lenders kept full commitments.
CEO Tracy W. Krohn cites total liquidity of ~$234M entering Q4 2026; borrowing now conditioned on consolidated cash not exceeding greater of $10.0M and 10% of borrowing base.

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