W&T Announces Addition to its Board of Directors
April 11 2024 - 4:45PM
W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”)
today announced that its Board of Directors (the "Board") voted to
expand the size of the Board to six members and appointed Mr. John
D. Buchanan to fill the vacancy on the Board effective April 8,
2024. Mr. Buchanan will stand for election in the upcoming annual
meeting of shareholders. Mr. Buchanan has more than 30 years of
experience as a seasoned oil and gas, commercial and banking
attorney.
Tracy W. Krohn, W&T’s Board Chair and Chief
Executive Officer stated, “We are very pleased to welcome John to
our Board of Directors as a new independent director. Our Board
decided it was appropriate at this time to expand our Board to six
members, of which five are deemed independent directors. John has
extensive legal experience in the energy industry and banking
industry. In addition, he has been a valuable advisor to and served
several Boards for large public companies. Prior to his tenure with
ExxonMobil, John served as legal counsel with multiple large banks
and was in a senior management position with the Federal Reserve
Bank of Dallas. We believe the combination of his energy and
banking expertise, legal acumen, prior board experience and
experience counseling boards of directors will be very valuable for
our Board.”
About Mr. Buchanan
Mr. Buchanan has served in various legal roles
as Chief Legal Officer/General Counsel/Corporate Secretary at
several S&P 500 companies. Mr. Buchanan most recently served at
ExxonMobil Corporation (“Exxon”) as an Assistant General Counsel
from February 2023 to March 2024, where his responsibilities
included handling corporate, regulatory reporting, compliance, and
securities matters for the holding company and its subsidiaries. He
also served as the Secretary to the Exxon Audit Committee and the
Finance Committee. Prior to joining Exxon, Mr. Buchanan served at
Comerica Inc. (“Comerica”) as the Chief Legal Officer/General
Counsel/Corporate Secretary from August 2015 until May 2022, where
he managed the legal division and was responsible for corporate
governance, legal and regulatory functions. He was also a member of
Comerica's Management Executive Committee. Prior to joining
Comerica, Mr. Buchanan was with the Federal Reserve Bank of Dallas,
where he served as Senior Vice President, General Counsel and
Corporate Secretary, a position he held from February 2012 until
August 2015. Mr. Buchanan has held a number of other senior legal
positions over the course of his career, including Executive Vice
President, General Counsel and Corporate Secretary at SouthTrust
Bank from 1996 until 2005, Senior Executive Vice President, General
Counsel and Corporate Secretary at AmSouth Bancorporation from 2005
until 2007 and Senior Executive Vice President, General Counsel and
Corporate Secretary at Regions Financial Corporation from 2007
until 2012. Mr. Buchanan has served on numerous committees and
boards of directors during his career, including the board of
directors for Mercedes Benz US International Inc., with service as
the Chair of the Audit Committee. Prior to his legal career Mr.
Buchanan was a U.S. Army officer, helicopter pilot and paratrooper,
serving with distinction.
Mr. Buchanan holds a Master’s of Laws in
Taxation from New York University School of Law and a Juris
Doctorate degree from the Vanderbilt University School of Law. He
also earned a Bachelor’s degree in Economics from Washington &
Lee University.
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 December 31, 2023, the Company had working interests in 53
fields in federal and state waters (which include 44 fields in
federal waters and nine in state waters). The Company has under
lease approximately 597,100 gross acres (440,000 net acres)
spanning across the outer continental shelf off the coasts of
Louisiana, Texas, Mississippi and Alabama, with approximately
435,600 gross acres on the conventional shelf, approximately
153,500 gross acres in the deepwater and 8,000 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.
Contact: |
Al
Petrie |
Sameer
Parasnis |
|
Investor Relations Coordinator |
Executive VP and CFO |
|
apetrie@wtoffshore.com |
sparasnis@wtoffshore.com |
|
713-297-8024 |
713-513-8654 |
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