W&T Offshore (WTI) said Wednesday it is set to receive a $58.5 million cash insurance settlement in January for a casualty loss event at its Mobile Bay 78-1 well in the Gulf of Mexico in 2023.

The company also provided recent operational updates, including the expectation that the West Delta 73 field offshore Louisiana, will resume production by mid-Q2, while the Main Pass 108 and 98 fields, shut-in since June 2024, are projected to return to production by early Q2.

W&T said it recently entered into a purchase and sale agreement to sell its non-core stake in Garden Banks Blocks 385 and 386 at the coast of Texas, which produces 195 barrels of oil equivalent per day for $12.3 million, the company said, adding that the sale is expected to impact year-end 2024 reserves by about 120,000 barrels of oil equivalent.

The company does not expect any impact on its ongoing operations from the Presidential ban announced on Monday, which prohibits new offshore oil and gas drilling in certain offshore areas in the US.

Shares of W&T were up 2.5% in recent Wednesday trading.

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