HOUSTON — CEO Tracy Krohn said W&T Offshore aims to refinance notes due in late 2023 using some of the proceeds from closing profitable hedges, according to a Sept. 7 Reuters report.
The oil and gas producer also plans to pursue new properties in the US Gulf of Mexico (GoM) where it has operated for 40 years as its trims debt and builds cash reserves, Krohn said at the Barclays CEO Energy-Power Conference.
W&T Offshore historically has acquired assets in the GoM, expanded its production and used the cash flow to pay down debt and finance further acquisitions.
On the company's returns, Krohn said he is leaning toward dividends over share buybacks, noting the sizeable stake held by management.
In early May, W&T Offshore signed a memorandum of understanding with Korea National Oil Corp. The two parties said they would jointly consider and pursue opportunities in upstream oil and gas and other options along the energy value chain in North America.
And in early February, W&T Offshore acquired shallow-water GoM assets from ANKOR E&P Holdings Corp. and KOA Energy LP. The Ship Shoal 230, South Marsh Island 27/Vermilion 191, and South Marsh Island 73 fields are in the central GoM.