W&T Offshore eyeing shopping spree

W&T Offshore: Checking out assets for sale

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News Wires

 31 July 2012 16:40 GMT

W&T Offshore could spend as much as $3 billion on acquisitions by the end of the year as it is seeing a plethora of assets up for sale, its chief executive said.

"All I know is that we're in a lot of data rooms," Tracy Krohn said on a conference call on Tuesday, according to Reuters.

"There's a lot more assets for sale than have traditionally been in the past. I just have to believe that we'll get our fair share of them."

Shares of the company rose 17% to a near three-month high of $19.29 after the company posted a higher-than-expected quarterly profit on lower costs, the news wire reported.

W&T, valued at about $1.22 billion, said its revolving bank credit facility of $650 million…

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