W&T Offshore Receives Final Trial Court Judgment in Lawsuit
W&T Offshore, Inc. (WTI)
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Source: PR Newswire
HOUSTON, June 1, 2017 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) today reported that it has received a final trial court judgment from the U.S. District Court for the Southern District of Texas directing the company to pay Apache Corp. $43.2 million, plus $4.4 million in prejudgment interest, attorney's fees and costs assessed in the judgment. The judgment stems from a previously disclosed lawsuit that Apache filed in December 2014 regarding a dispute about Apache's use of drilling rigs instead of a previously contracted intervention vessel for the plugging and abandonment of three deepwater wells in the Mississippi Canyon area of the Gulf of Mexico. W&T contends that the costs to use the drilling rigs were unnecessary and unreasonable but that Apache chose to use the rigs without W&T's consent because they otherwise would have been idle at Apache's expense. W&T believes the use of the rigs was in bad faith, as found by the jury, and in breach of the applicable joint operating ag
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Analyst Actions
- 1/23/24 - Stifel
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Sec Filings
- 4/16/24 - Form 3
- 4/11/24 - Form 8-K
- 3/28/24 - Form 8-K
- WTI's page on the SEC website