17. Related Parties

During 2021, 2020 and 2019, there were certain transactions between us and other companies our Chief Executive Officer, Tracy W. Krohn (“CEO”) either controlled or in which he had an ownership interest. Our CEO owns an aircraft that the Company used for business purposes and the CEO used for his personal matters pursuant to his employment contract, and these costs were paid by the Company. Airplane services transactions were approximately $0.6 million, $0.3 million and $1.2 million for the years 2021, 2020 and 2019 respectively.

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Our CEO has ownership interests in certain wells operated by us (such ownership interests pre-date our initial public offering). Revenues are disbursed and expenses are collected in accordance with ownership interest. Proportionate insurance premiums were paid to us and proportionate collections of insurance reimbursements attributable to damage on certain wells were disbursed.

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A company that provides marine transportation and logistics services to W&T employs the spouse of our CEO. The rates charged for these marine and transportation services were generally either equal to or below rates charged by non-related, third-party companies and/or otherwise determined to be of the best value to the Company. Payments to such company totaled $12.0 million, $14.4 million and $22.8 million in 2021, 2020 and 2019, respectively. The spouse received commissions partially based on services rendered to W&T which were approximately $0.1 million in 2021, 2020 and 2019.

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During 2018, an entity controlled by our CEO participated in the Senior Second Lien Note issuance for an $8.0 million principal commitment on the same terms as the other lenders.

During 2021, pursuant to the Ninth Amendment to the Sixth Amended and Restated Credit Agreement, Calculus, an entity indirectly owned and controlled by our CEO, became the sole lender under our Credit Agreement. In relation to the execution of the Ninth Amendment, the Company paid Calculus an arrangement fee of approximately $0.8 million and paid legal fees on behalf of Calculus of approximately $0.2 million. See Note 2 – Debt for information on the related party transaction concerning Calculus.

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See Note 5 – Joint Venture Drilling Program for information on a related party transaction concerning Monza.

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