W&T Offshore announces enhancement to capital structure
HOUSTON — W&T Offshore Inc. announced that it has enhanced its capital structure by entering into a transaction with its wholly-owned special purpose vehicles and Munich Re Reserve Risk Financing Inc.
The company transferred 100% of its Mobile Bay Area producing assets and related gas treatment facilities to the SPVs in return for the net cash proceeds from a $215 million first-lien non-recourse term loan to the SPVs provided by MRRF. Through its 100% ownership in the SPVs, W&T retains the upside value in the Mobile Bay Assets.
A portion of the proceeds to the company from the transaction were used to repay the $48 million outstanding balance on its reserve-based lending facility and to enter into commodity hedging contracts related to the anticipated future production of the Mobile Bay Assets.
The majority of the proceeds to W&T are expected to be used for general corporate purposes, including oil and gas acquisitions, development activities and other opportunities to grow W&T’s broader asset base.
The company anticipates an adjustment to its borrowing base under its RBL as a result of the transfer of the Mobile Bay Assets to the SPVs. The combination of the cash provided by the transaction and the amended RBL is expected to provide significant liquidity.
Oil States wins award for Deepsea Mineral Riser System
HOUSTON — Oil States International Inc. announced that it was presented with a Spotlight on New Technology® Award by the 2021 Offshore Technology Conference for its Merlin™ Deepsea Mineral Riser System.
The award recognizes Oil States for their technological advances in support of the developing deepsea minerals industry.
Oil States has adapted its Merlin™ riser and connection system technology to support the rapidly developing industry of deepsea minerals gathering.
Additionally, Oil States announced that its board of directors elected Denise Castillo-Rhodes as a new member. She has been appointed as a class II director with an initial term expiring in May 2024 and will serve on the audit committee.
Optym introduces HaulSuite
DALLAS — Optym introduced HaulSuite, a portfolio of premier optimization solutions for the industry’s leading less-than-truckload carriers.
The HaulSuite portfolio focuses on providing advanced AI-enabled automation and optimization transportation solutions that help save time, reduce costs and improve overall profitability.
A new website, haulsuite.com, showcases three solutions available: RouteMax, HaulPlan and DriverPlan.
The company has also indicated that there are plans to roll out new features and solutions geared towards the LTL market in the near future.
Battalion Oil Corp. announces financial results
HOUSTON — Battalion Oil Corp. announced results of operations for the first quarter. Highlights include the following:
• Completed four DUCs and spud two new wells in Monument Draw during the quarter.
• Improved average completion costs from $575 per lateral foot in 2020 down to $395 per lateral foot in the first quarter.
• Production from recent completions outperforming expectations.
• On track to deliver on production guidance despite operational shut-ins due to Winter Storm Uri
— Submitted Content