W&T Offshore acquires gulf properties from ExxonMobil

July 1, 2019
W&T Offshore Inc. has agreed to acquire interests in and operatorship of oil and gas producing properties in the eastern region of the Gulf of Mexico offshore Alabama and related onshore processing facilities from ExxonMobil Corp. for $200 million.

W&T Offshore Inc. has agreed to acquire interests in and operatorship of oil and gas producing properties in the eastern region of the Gulf of Mexico offshore Alabama and related onshore processing facilities from ExxonMobil Corp. for $200 million.

The deal allows for synergies, consolidations, and cost savings as W&T will become the largest operator in the area, the company said.

The transaction includes working interests in nine shallow-water producing fields and an onshore treating facility that are immediately adjacent to existing properties owned and operated by W&T.

The company will add net proved reserves of 74 million boe, of which 99% are proved developed producing and 22% are liquids as of the Jan. 1 effective date. The assets produced 19,800 net boe/d (25% liquids) in this year’s first quarter.

The transaction is expected to close by Aug. 30.