W&T Offshore, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

SUBSEQUENT EVENT

SUBSEQUENT EVENT

9 Months Ended

Sep. 30, 2026

NOTE 13 — SUBSEQUENT EVENT

On October 1, 2026, the Company entered into the Second Amendment to the Credit Agreement (the “Amendment”) which amends the Credit Agreement (as amended, the “Amended Credit Agreement”). Pursuant to the Amendment, the Company’s revolving credit facility was converted into a reserve-based revolving credit facility (the “RBL Facility”), maturing on the earlier of July 28, 2028 and the date that is six months prior to the stated maturity date

of the 10.75% Notes, with an aggregate maximum credit amount of $100.0 million and an aggregate elected commitment amount initially set at $50.0 million.

The key highlights of the Amended Credit Agreement are as follows:

●

The RBL Facility is subject to a borrowing base, which is initially set at $50.0 million, equal to the aggregate elected commitment amount, and will be redetermined semi-annually on or around May 1 and November 1 of each year, beginning November 1, 2026. Borrowing availability is limited to the least of the borrowing base, the aggregate elected commitment amount and the aggregate maximum credit amount, and the borrowing base is subject to automatic reduction upon the incurrence of certain additional debt and upon certain asset dispositions and hedge liquidations.

●

The Amended Credit Agreement eliminates the 75% excess cash flow sweep, the requirement to repay all outstanding revolving loans every three months and the $100.0 million minimum PDP PV-10 asset coverage covenant.

●

The Company’s annual cap on certain restricted payments was increased from $10.0 million to $15.0 million.

There were no changes to interest rate margins, the Term SOFR floor, maturity, collateral or the Company’s financial covenants, including a maximum net leverage ratio of 2.50 to 1.00 and a minimum current ratio of 1.00 to 1.00.