W&T Offshore Declares Regular Quarterly Cash Dividend
HOUSTON, May 7, 2013 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) announced today that its Board of Directors increased the regular cash quarterly dividend from $0.08 per share to $0.09 per share, payable to the holders of the Corporation's common shares. The dividend will be payable on June 4, 2013, to the shareholders of record on May 24, 2013.
Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "We are pleased to be able to increase our regular quarterly dividend by 12.5% and continue to reward our shareholders for their ongoing support. We began paying a $0.02 dividend in January 2005 shortly after going public and have been able to grow that amount over the years. This recent increase reflects our continued confidence in W&T Offshore's ability to continue to generate strong cash flow."
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and onshore in both the Permian Basin of West Texas and in East Texas. We have grown through acquisitions, exploration and development and currently hold working interests in approximately 72 offshore fields in federal and state waters (69 producing and three fields capable of producing). W&T currently has under lease over 1.4 million gross acres including over 710,000 gross acres on the Gulf of Mexico Shelf, over 480,000 gross acres in the deepwater and over 220,000 gross acres onshore in Texas. A substantial majority of our daily production is derived from wells we operate offshore. For more information on W&T Offshore, please visit our website at www.wtoffshore.com.
SOURCE W&T Offshore, Inc.