W&T Offshore eyeing shopping spree

by on July 31, 2012 4:40 pm BST

“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 was largely undrawn and can be used for an acquisition.