HOUSTON, Sept. 6, 2017 /PRNewswire/ -- W&T
Offshore, Inc. (NYSE: WTI) today announced that W&T experienced
relatively minor impacts from Hurricane Harvey in the Gulf of
Mexico. In total, the Company's deferred production was
approximately 43,000 barrels of oil equivalent and it experienced
no material platform damage resulting from the storm. In
relative terms, this production deferment is immaterial and
represents approximately one day's equivalent production for the
Company.
Tracy W. Krohn, W&T
Offshore's Chairman and Chief Executive Officer, commented, "Our
operations teams were well prepared for the storm and did a great
job avoiding and mitigating issues and re-manning our facilities in
a safe and efficient manner. We are pleased to report that we
sustained essentially no damage to our offshore assets from the
storm and have experienced only a minor amount of deferred
production volume."
In preparation for the storm, W&T temporarily shut-in and
evacuated a small number of its western Gulf of Mexico (GOM) offshore platforms that
were located closer to the Hurricane's projected path. The
vast majority of the Company's other offshore production platforms
and its offshore drilling operations were all on high alert, but
conducted near-normal operations during the storm event and were
relatively impact free with minimal downtime. The Company has
since re-manned and re-started production from its operated
offshore production facilities. One non-operated field
located in the western GOM is being prepared for production
resumption and is anticipated to come back on line soon. The
company experienced no injuries or environmental events and
experienced no material platform damage as a result of the
storm. The company is currently producing at normal pre-storm
production rates.
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas
producer with operations offshore in the Gulf of Mexico and has grown through
acquisitions, exploration and development. The Company
currently has working interests in approximately 50 producing
fields in federal and state waters and has under lease
approximately 730,000 gross acres, including approximately 480,000
gross acres on the Gulf of Mexico Shelf and approximately 250,000
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 Offshore, please visit the Company's website
at www.wtoffshore.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements reflect our current views
with respect to future events, based on what we believe are
reasonable assumptions. No assurance can be given, however, that
these events will occur. These statements are subject to risks and
uncertainties that could cause actual results to differ materially
including, among other things, market conditions, oil and gas price
volatility, uncertainties inherent in oil and gas production
operations and estimating reserves, unexpected future capital
expenditures, competition, the success of our risk management
activities, governmental regulations, uncertainties and other
factors discussed in W&T Offshore's Annual Report on Form 10-K
for the year ended December 31, 2016
and subsequent Form 10-Q reports found at www.sec.gov or at our
website at www.wtoffshore.com under the Investor Relations section.
Investors are urged to consider closely the disclosures and risk
factors in these reports.
CONTACT:
|
Lisa
Elliott Dennard Lascar Associates
lelliott@dennardlascar.com
713-529-6600
|
Danny
Gibbons
SVP & CFO
investorrelations@wtoffshore.com
713-624-7326
|
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SOURCE W&T Offshore, Inc.