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W&T Offshore refinances debt and closes new deals in Gulf of Mexico – CEO

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September 7 (Reuters) – Oil and gas producer W&T Offshore (WTI.N) aims to refinance bonds maturing in late 2023 using a portion of the proceeds from closing profitable hedges, CEO Tracey Krohn said Wednesday.

The company also plans to move into new properties in the US Gulf of Mexico, where it has been operating for 40 years, as it cuts debt and builds cash reserves, Krohn said at the Barclays Energy-Power CEO conference.

Historically, W&T Offshore has acquired assets in the Gulf of Mexico, expanded their operations and used cash flows to pay down debt and finance further acquisitions.

As for the company’s earnings, Cohn said he’s leaning towards dividends rather than share buybacks, noting the sizeable stake held by management.

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Reporting by Gary McWilliams, editing by Deepa Babington.

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