W&T Offshore, Inc. announced on October 1, 2026, the execution of the Second Amendment to its Credit Agreement. The amendment converts the company’s existing revolving credit facility into a conventional reserve-based lending (RBL) structure. The facility, effective as of the amendment date, is governed by Texas Capital Bank as administrative agent and lender, alongside other participating lenders.
Under the new terms, the facility has an aggregate maximum credit amount of $100.0 million, with an initial aggregate elected commitment amount of $50.0 million. The borrowing base is subject to the proved reserves attributable to the company’s oil and gas properties. The initial borrowing base is set at $50.0 million, equal to the elected commitments, and will be redetermined semi-annually on or around May 1 and November 1 of each year, beginning November 1, 2026.
The amendment removes several restrictive financial covenants previously in place. Specifically, the company is no longer required to maintain a proved developed producing (PDP) PV-10 asset coverage of at least $100.0 million, nor is it subject to a monthly excess cash flow sweep of 75% or a quarterly clean-down of revolving loans. Additionally, the annual cap on restricted payments was increased from $10.0 million to $15.0 million.
The company also reported that Canadian Imperial Bank of Commerce, New York Branch, replaced Macquarie Bank Limited as a lender, assuming a $10.0 million elected commitment. As of the amendment's effective date, the company stated it had total liquidity of approximately $234 million.
