W&T Settles With Surety Providers, Locks Premiums Through 2026

(RTTNews) - W&T Offshore, Inc. (WTI) announced it has reached a settlement with its two largest surety providers, resulting in the dismissal of a pending lawsuit.

Under the agreement, the sureties have agreed to withdraw all collateral demands and refrain from seeking additional collateral or increasing premiums until December 31, 2026.

This settlement, covering nearly 70% of W&T's surety bond portfolio, locks in the company's historical premium rates on existing bonds and provides predictability in its premium expenses, while preserving the right for future negotiations under normal circumstances.

In a consolidated statement, W&T's Chairman and CEO, Tracy W. Krohn, emphasized that the settlement underscores the company's strong legal position and commitment to resisting unjust collateral demands. He noted that the agreement validates W&T's longstanding track record of responsible operations in the Gulf of Mexico.

Additionally, the leadership highlighted that the positive regulatory shifts driven by recent White House directives, a strengthened balance sheet, and rising production have alleviated uncertainties that previously dampened the stock price, positioning W&T to deliver increased value to shareholders.

Tuesday, WTI closed at $2.23, marking a 7.73% gain, and rose further in after-hours trading to $2.29, up 2.69% on the NYSE.