W&T Offshore Completes $32M Acquisition of Eight Gulf of Mexico Oil and Gas Assets
Portfolio Pulse from Benzinga Newsdesk
W&T Offshore, Inc. (NYSE:WTI) has completed the acquisition of working interests in eight shallow water oil and gas producing assets in the Gulf of Mexico from an undisclosed private seller for a gross consideration of $32 million. The assets were acquired using the company's cash on the balance sheet and are expected to add proved reserves of 3.2 million barrels of oil equivalent.
September 21, 2023 | 10:49 am
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W&T Offshore's acquisition of eight oil and gas assets for $32 million could potentially increase its reserves and production, which may positively impact its stock price.
The acquisition of these assets is significant for W&T Offshore as it not only increases its reserves but also its production capacity. This could lead to increased revenues in the future, which would likely be viewed positively by investors and could lead to an increase in the company's stock price.
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