W&T Offshore Inc.’s (NYSE: WTI) borrowing base under its revolving bank credit facility has been reduced to $150 million from $350 million, effective March 23. In February, the company drew $340 million on its revolving bank credit facility and now has borrowings of $191 million in excess of the redetermined borrowing base.
Excess borrowings are required to be repaid in three equal monthly installments. W&T currently has a cash balance of $431 million.
W&T Offshore is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico.