W&T Offshore Inc: amends credit agreement to $100,000,000 reserve-based facility

What happened

• On Oct 1, 2026, W&T Offshore Inc entered into the Second Amendment to Credit Agreement (the “Amendment”) with Texas Capital Bank, as administrative agent, and certain lenders, which converted the Company’s revolving credit facility into a reserve-based revolving credit facility maturing on the earlier of Jul 28, 2028 and the date that is 6 months prior to the stated maturity date of the Senior Second Lien Notes. The Amended Credit Agreement sets an Aggregate Maximum Credit Amount of $100,000,000 and an initial Aggregate Elected Commitment Amount of $50,000,000, with an initial Borrowing Base of $50,000,000 until the next redetermination.

Key details

• Borrowing base redeterminations: initial Borrowing Base $50,000,000; redetermined semi-annually on or about May 1 and Nov 1 beginning Nov 1, 2026; one interim redetermination permitted by the Company or the Required Lenders. Borrowing availability equals the least of the Borrowing Base, the Aggregate Elected Commitment Amounts and the Aggregate Maximum Credit Amounts. Each borrowing and letter of credit issuance is conditioned on consolidated cash after giving effect not exceeding the greater of $10,000,000 and 10% of the Borrowing Base then in effect.
• Pricing and fees: borrowings at Adjusted Term SOFR (floor 3.00%) plus Applicable Margin or at Base Rate plus Applicable Margin. SOFR loans margin ranges: 3.750% to 4.750% by utilization tier; Base Rate margin ranges: 2.750% to 3.750%; commitment fee rate 0.500%; letter of credit fee ranges: 3.750% to 4.750%.
• Covenants and changes: the Amended Credit Agreement requires a Consolidated Net Leverage Ratio of not greater than 2.50 to 1.00 and a Current Ratio of not less than 1.00 to 1.00 as of the last day of each fiscal quarter. The Company’s annual cap on certain Restricted Payments increased from $10,000,000 to $15,000,000. The Amendment removed certain prior requirements, including the PDP PV-10 covenant of at least $100,000,000 and certain quarterly and Excess Cash Flow prepayment requirements.

Why it may matter

• The filing reports Item 1.01 (entry into a material definitive agreement) describing the Amended Credit Agreement and credit terms, Item 2.03 (creation of a direct financial obligation) related to the credit facility, and Item 7.01 (Regulation FD disclosure) via a press release dated Oct 7, 2026. The filing does not show why the insider traded or why the company acted.