W&T Offshore Issues 2023 Corporate Sustainabilty Report

Rhea-AI Summary

W&T Offshore (NYSE: WTI) has released its 2023 Corporate Environmental, Social, and Governance (ESG) report, marking its fourth sustainability report. The company has made significant progress in various areas, including shareholder rights, board structure, and environmental initiatives. Key highlights include:

- 26% decrease in total Scope 1 GHG emissions from 2019 to 2023
- 42% reduction in scope 1 GHG production intensity over the past five years
- Improved waste management tracking
- Enhanced shareholder engagement
- Establishment of an ESG Committee chaired by Dr. Nancy Chang

The report demonstrates W&T's commitment to environmental stewardship, sound corporate governance, and positive contributions to employees and communities.

Positive

• 26% decrease in total Scope 1 GHG emissions from 435,000 to 325,000 metric tons of CO2-e (2019-2023)
• 42% reduction in scope 1 GHG production intensity over the past five years
• Establishment of an ESG Committee to oversee sustainability efforts
• Addition of Dr. Nancy Chang to the Board, chairing the Environmental, Safety and Governance committee
• Improved engagement with largest shareholders to ensure long-term alignment

Negative

• None.

HOUSTON, Sept. 19, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (the “Company” or “W&T”) today announced that the Company has issued its 2023 Corporate Environmental, Social, and Governance (“ESG”) report, which is now available on W&T’s website, www.wtoffshore.com, under the “Corporate Responsibility” tab.

Tracy W. Krohn, Chairman and CEO, commented, “We continue to demonstrate our commitment to a high quality, comprehensive ESG effort by issuing our 2023 ESG report. This is our fourth sustainability report and we continue to make strides regarding shareholder rights, board structure and oversight, human rights, labor, health and safety and environmental initiatives. We are constantly improving our capabilities to better allow us to report on an increasing number of SASB standards and GRI standards for the oil and gas sector. W&T’s culture of success and sustainability is built on environmental stewardship, sound corporate governance, and contributing positively to our employees and the communities where we work and operate. In 2023, we added a new Board member, Dr. Nancy Chang, who is the chair of our Environmental, Safety and Governance committee that oversees our ESG efforts. We believe that Dr. Chang will help guide our continuous improvement and assist us in our commitment to the highest standards of ESG and corporate governance. We invite you to review this report to learn more about our sustainability program and our plans for improvement in the future.”

The 2023 ESG report provides detailed information about W&T’s sustainability initiatives and provides important ESG performance data for the five year period from 2019 through 2023.

Highlights of the report include:

• Decreased total Scope 1 GHG emissions 26% from over 435,000 metric tons of CO₂-e in 2019 to 325,000 metric tons of CO₂-e in 2023;
• Decreased scope 1 GHG production intensity by 42% across the past five years;
• Maintained detailed efforts and procedures in place to estimate and track all waste management that is recycled, injected, or sent to landfills;
• Continued reaching out and engaging directly with W&T’s largest shareholders, affirming our commitment to shareholders and ensuring alignment over the long-term; and
• Established an ESG Committee, chaired by Dr. Nancy Chang, which will assist in setting the Company’s general strategy relating to ESG matters and in developing, implementing, and monitoring initiatives and policies based on that strategy.
  

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. As of June 30, 2024, the Company had working interests in 63 fields in federal and state waters (which include 55 fields in federal waters and eight in state waters). The Company has under lease approximately 678,100 gross acres (520,400 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 519,000 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

CONTACTS:	Al Petrie	Sameer Parasnis
	Investor Relations Coordinator	Executive VP and CFO
	investorrelations@wtoffshore.com	sparasnis@wtoffshore.com
	713-297-8024	713-513-8654

FAQ

What are the key achievements in W&T Offshore's (WTI) 2023 ESG report?

W&T Offshore's 2023 ESG report highlights a 26% decrease in total Scope 1 GHG emissions from 2019 to 2023, a 42% reduction in scope 1 GHG production intensity over five years, improved waste management tracking, enhanced shareholder engagement, and the establishment of an ESG Committee chaired by Dr. Nancy Chang.

How has W&T Offshore (WTI) improved its environmental performance according to the 2023 ESG report?

W&T Offshore has significantly improved its environmental performance by reducing total Scope 1 GHG emissions by 26% from 2019 to 2023, decreasing scope 1 GHG production intensity by 42% over five years, and maintaining detailed efforts to track waste management including recycling, injection, and landfill disposal.

What governance changes has W&T Offshore (WTI) implemented as per the 2023 ESG report?

W&T Offshore has implemented several governance changes, including adding Dr. Nancy Chang to the Board as chair of the Environmental, Safety and Governance committee, establishing an ESG Committee to oversee sustainability efforts, and increasing engagement with major shareholders to ensure long-term alignment.

How long has W&T Offshore (WTI) been publishing sustainability reports?

The 2023 ESG report marks W&T Offshore's fourth sustainability report, demonstrating the company's ongoing commitment to transparency and improvement in environmental, social, and governance matters.