W&T to Pay $500M for Stakes In Six Gassy Offshore Assets

摘要

W&T Offshore Inc. said Thursday it is acquiring stakes in six offshore producing fields in the Gulf of Mexico (GOM) from Shell Offshore Inc. for an estimated $450 million in cash and $50 million in debt. "Withtheproductionfromtheseassetscurrentlyweighted about 37% toward oil on a volume equivalent basis, we can benefit from today's high oil prices, while the reserves are predominately natural gas, which should provide longer term upside," said W&T CEO Tracy W. Krohn.