W&T Offshore Appoints Sameer Parasnis as Executive Vice President and Chief Financial Officer
HOUSTON, June 22, 2023 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE:WTI) ("W&T" or the "Company") today announced the appointment of Sameer Parasnis to the position of Executive Vice President and Chief Financial Officer, effective July 3, 2023. Mr. Parasnis will report to Tracy Krohn, W&T's Chairman and CEO.
Mr. Parasnis has 25 years of financial and operational experience, of which 20 have been in banking. He has advised companies in the Oil & Gas and Energy Transition industry on equity capital markets, debt capital markets and strategic M&A. Prior to joining W&T, Mr. Parasnis served as Managing Director of Stifel Financial Corporation's Energy & Energy Transition team in Houston. He started his investment banking career at Credit Suisse, where he worked for eight years (inclusive of four years internationally) on several notable domestic and international deals in the oil and gas industry, including initial public offerings, debt high-yield offerings and spinoffs. Mr. Parasnis began his career as a chemical engineer at Reliance Industries Ltd. in 1996 and subsequently transitioned to finance with Citigroup, following his MBA.
"We are excited to welcome Sameer to W&T's senior leadership team," Tracy Krohn commented. "Sameer has served as a trusted financial advisor to W&T over the years on key strategic initiatives of the Company, including our drilling joint venture and corporate debt refinancing in 2018, the non-recourse term loan financing with Munich Re Reserve Risk Financing, Inc. in 2021 as well as our opportunistic At-The-Market equity offering in 2022. We are confident that his experience with both W&T's business and our senior management team will allow a smooth transition into this new role," Tracy added.
Mr. Parasnis is a graduate of the Institute of Chemical Technology in Mumbai, India. He also earned a Master of Business Administration from Southern Methodist University and a Master's in Finance from the London Business School.
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico. As of March 31, 2023, the Company had working interests in 47 fields (39 in federal waters and eight in state waters). The Company has under lease approximately 625,000 gross acres (457,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with 8,000 gross acres in Alabama State waters, 458,000 gross acres on the conventional shelf and 159,000 gross acres in the deepwater. A majority of the Company's daily production is derived from wells it operates. For more information on W&T, please visit the Company's website at www.wtoffshore.com.
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