W&T Offshore Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financial Statements and Exhibits
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Item 1.01 Entry into a Material Definitive Agreement.
On January 7, 2025, W&T Offshore, Inc. (the “Company”) entered into a Settlement and Release Agreement (the “Settlement Agreement”) with the underwriters of its energy package insurance policy (the “Insurers”) to settle all claims related to a casualty loss event at the Company’s Mobile Bay 78-1 well that occurred in 2023 following a shut-in of the well in connection with planned maintenance at the Company’s Mobile Bay plant (the “Insurance Claim”). Under the terms of the Settlement Agreement, the Company agreed to resolve the Insurance Claim for total payments by the Insurers of $58.5 million, and the Company expects to receive the settlement funds in January 2025. The settlement payment is required to be paid by the Insurers within 30 days. The Settlement Agreement also contains customary representations, warranties and agreements by the Company and the Insurers.
The foregoing description of the Settlement Agreement does not purport to be complete and is qualified in its entirety by the full text of the Settlement Agreement, a copy of which will be filed by the Company with its Annual Report on Form 10-K for the year ended December 31, 2024.
Item 7.01 Regulation FD Disclosure.
The Company issued a press release on January 8, 2025, attached hereto as Exhibit 99.1, announcing the Settlement Agreement and providing other operational and financial updates on recent developments.
The information in this Item 7.01 of this Current Report on Form 8-K is being “furnished” pursuant to General Instruction B.2 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any Company filing, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are included as part of this Current Report on Form 8-K:
| Exhibit Number | Description | |
| 99.1 | Press release dated January 8, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| 2 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: January 8, 2025 | W&T OFFSHORE, INC. | |
| (Registrant) | ||
| By: | /s/ Sameer Parasnis | |
| Name: | Sameer Parasnis | |
| Title: | Executive Vice President and Chief Financial Officer | |
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