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WTIBullishCorporate Developmentsnews

High materiality7/10

W&T Offshore Expands Liquidity with Conventional RBL, Extends Shareholder Capacity

Oct 7, 2026, 5:34 PM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

The removal of restrictive cash sweeps and asset coverage tests improves liquidity, enabling greater flexibility for growth capex and shareholder distributions, which can indirectly support oil production and potential WTI price stability if offshore volumes rise.

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What happened, with direct paths to the underlying reporting

W&T Offshore converted its revolver to a conventional reserve-based lending facility, removing the 75% excess cash flow sweep, quarterly clean-down, and asset coverage test. The amended facility provides a $50m borrowing base and up to $100m total capacity, with liquidity around $234m and a higher annual restricted payments cap of $15m, signaling greater financial flexibility to fund growth and shareholder returns without altering pricing or covenants.

W&T Offshore converts revolver to conventional RBL, removing cash sweep and asset tests.
Initial borrowing base $50m, max facility $100m, with semi-annual redeterminations.
Restricted payments cap raised 50% to $15m; no pricing/covenant changes, no amendment fees.
Total liquidity ~ $234m; CIBC rejoined bank group with $10m commitment.

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