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W&T Offshore Reduces 2020 Capes To $15M-$25M

HOUSTON, March 17, 2020 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE:WTI) today announced that it has reduced its capital expenditure budget for 2020 and that it has added natural gas costless collars to its hedging

Benzinga · 03/17/2020 10:56

HOUSTON, March 17, 2020 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE:WTI) today announced that it has reduced its capital expenditure budget for 2020 and that it has added natural gas costless collars to its hedging portfolio.
 

Tracy W. Krohn, W&T's Chairman and Chief Executive Officer commented, "During our recent earnings conference call, we discussed the significant flexibility we have to adjust our capital spending up or down at any time since we have no long-term rig contract commitments or drilling obligations. Due to the sudden decline in oil prices caused by supply and demand pressures since that call, we have decided to move forward with reducing our 2020 capex to the range of $15 million to $25 million. Because of the low decline profile of our conventional asset portfolio in the Gulf of Mexico, the reduction in our budget has minimal impact on our expected production in 2020 and we are maintaining our prior production guidance."