GlobeNewswire·Oct 7, 2026, 4:45 PM ET

W&T Offshore Completes Conversion of Revolving Credit Facility to Reserve-Based Lending Structure, Enhancing Financial Flexibility

W&T Offshore Inc. entered a Second Amendment to its Credit Agreement with Texas Capital Bank on October 1, 2026, converting its $50.0 million revolving facility into a conventional reserve-based lending facility.
The amended facility features an initial borrowing base of $50.0 million, a fully supported $50.0 million commitment, & an aggregate maximum credit amount of $100.0 million.
The borrowing base will be redetermined semi-annually on May 1 & November 1, with the first redetermination occurring on November 1, 2026.
Restrictive features were removed, including the 75% excess cash flow sweep, the three-month clean-down requirement, & the $100.0 million minimum PDP PV-10 asset coverage covenant.
The annual restricted payments basket increased by 50%, rising from $10.0 million to $15.0 million.
Interest rate margins, the Term SOFR floor, maturity, collateral, & financial covenants including a maximum net leverage ratio of 2.50x & a minimum current ratio of 1.00x remain unchanged.
The lenders did not charge amendment fees, only reimbursing customary administrative agent fees & expenses.
CIBC rejoined the bank group with a $10.0 million commitment, replacing an exiting lender, while all other continuing lenders maintained full commitments.
Management cited the amendment as a key step for improved liquidity management & capital return flexibility, noting total liquidity of approximately $234 million entering the fourth quarter of 2026.