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November 2 , 2021 W & T OFFSHORE W & T Offshore Announces Third Quarter 2021 Results and Changes to Credit Agreement HOUSTON , Nov. 02 , 2021 ( GLOBE NEWSWIRE ) W & T Offshore , Inc. ( NYSE : WTI ) ( " W & T " or the " Company " ) today reported operational and financial results for the third quarter 2021. The Company also announced it had entered into amendments of its Sixth Amended and Restated Credit Agreement ( the " Credit Agreement " ) to replace its current bank group with a new lender under a revised revolving credit facility . Key highlights included : • Produced 34.8 thousand barrels of oil equivalent per day ( " MBoe / d " ) , or 3.2 million Boe ( 46 % liquids ) , in the third quarter of 2021 , despite deferred production of approximately 5.5 MBoe / d ( 3.4 MBbl / d of oil , 0.4 MBbl / d of NGLs , and 10.3 MMcf / d of natural gas ) due to hurricane downtime ; • Reported net loss of $ 38.0 million or $ 0.27 per share and Adjusted Net Income of $ 0.1 million or $ 0.00 per share in the third quarter of 2021 ; • Generated Adjusted EBITDA¹ of $ 45.3 million for the third quarter of 2021 , and $ 152.6 million for the first nine months of 2021 ; • Reported net cash provided by operating activities of $ 65.1 million in the third quarter of 2021 , and $ 111.3 million for the first nine months of 2021 ; • Entered into amendments of its Credit Agreement to replace its current commercial bank lenders with a new lender and establish a $ 100 million first priority lien secured revolving facility ( " RBL " ) with a borrowing base of $ 50 million provided by Calculus Lending , LLC , an affiliated company of Tracy W. Krohn , Chairman and Chief Executive Officer ; • Finalizing completion operations on the Cota well at East Cameron 338/349 which is expected to be on - line before year - end 2021 ; and Drilling continues on the high potential Flex Trend exploratory well at Mississippi Canyon . Tracy W. Krohn , W & T's Chairman and Chief Executive Officer , stated , " Despite an active hurricane season and deferred production caused by Hurricane Ida , we are pleased with the strong operational and financial results that we delivered in the third quarter . We continued to generate strong Adjusted EBITDA with $ 45.3 million in the third quarter and $ 152.6 million in the first nine months of 2021. The improved commodity price environment and our commitment to expanding margins allowed us to further build our cash position to $ 257.6 million . As a reminder , during the first quarter of this year , we paid down $ 32 million of our