W&T Offshore Announces Additional Crude Oil Hedge Positions

HOUSTON, Dec. 05, 2019 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) announced today that the Company has recently added new West Texas Intermediate crude oil hedge positions for the period from June 2020 through December 2020.   These additional positions include:

 

Time Period	Instrument	Volume	Average Price
		Barrels per day	Floor		Ceiling
Jun – Dec '20	WTI Costless Collars	1,000	$45.00		$63.60
	WTI Costless Collars	9,000	$45.00		$63.50
	WTI Calls (long)	10,000	$67.50		$67.50

A complete summary of the Company’s currently outstanding crude oil and natural gas derivative positions is included in the table below.

Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "We are pleased with these additional crude oil hedge positions that enhance our previously-existing positions in 2020.  We believe our expanded hedge portfolio will provide us with increased cash flow stability in 2020 and beyond as we continue to pursue our strategy of being opportunistic while maintaining strong free cash flow.”

W&T OFFSHORE, INC. AND SUBSIDIARIES
Financial Commodity Derivative Positions
As of December 5, 2019
Crude Oil					Natural Gas
Time Period	Instrument	Volume	Average		Time Period	Instrument	Volume	Average
		Bbl/d	Floor	Ceiling			Mcf/d	Floor	Ceiling
4Q19	WTI Swaps	10,000	$60.92	$60.92	12/1/19 - 12/31/2022	HH Calls (Long)	40,000	$3.00	$3.00
	WTI Calls (long)	10,000	$61.00	$61.00
1Q20	WTI Swaps	10,000	$60.92	$60.92
	WTI Calls (long)	10,000	$61.00	$61.00
Apr-May'20	WTI Swaps	10,000	$60.92	$60.92
	WTI Calls (long)	10,000	$61.00	$61.00
Jun - Dec'20	WTI Costless Collars	1,000	$45.00	$63.60
	WTI Costless Collars	9,000	$45.00	$63.50
	WTI Calls (long)	10,000	$67.50	$67.50

About W&T Offshore