HOUSTON - W&T Offshore, Inc. (NYSE: WTI), an independent oil and natural gas producer, announced the appointment of George J. Hittner as the new Executive Vice President, General Counsel, and Corporate Secretary, effective as of Monday. Hittner's extensive background includes roles in legal, corporate, and legislative sectors.
Hittner, who founded his law firm in 2017, previously held the position of general counsel and corporate secretary at Verra Mobility (NASDAQ:VRRM) Corporation (NASDAQ: VRRM), a leader in traffic safety equipment in North America. His experience also includes serving as a White House appointee at the U.S. Department of Labor and the U.S. Department of Transportation. His legal career began in Texas, focusing on business litigation and employment and labor law.
Tracy W. Krohn, Chairman and CEO of W&T Offshore, expressed enthusiasm for Hittner joining the team, noting his over two decades of experience as an asset for the company's strategic goals.
Hittner has received recognition for his legal expertise, including being named Litigator of the Year by the Arizona chapter of the Association of Corporate Counsel in 2013. His academic credentials include degrees from Texas A&M University, The University of Texas School of Law, The University of Texas Lyndon B. Johnson School of Public Affairs, and The University of Virginia Darden (NYSE:DRI) School of Business.
W&T Offshore specializes in operations offshore in the Gulf of Mexico and has expanded through acquisitions, exploration, and development. As of June 30, 2024, the company had interests in 63 fields and approximately 678,100 gross acres spanning the outer continental shelf off the coasts of Louisiana, Texas, Mississippi, and Alabama.
This announcement is based on a press release statement from W&T Offshore, Inc.
In other recent news, W&T Offshore Inc., a Houston-based energy company, reported significant developments from its 2024 annual meeting of shareholders. The shareholders elected six directors, including new independent director, Mr. John D. Buchanan, and passed all proposals on the agenda. The voting results indicated a strong majority in favor of each nominee.
In addition to electing directors, shareholders approved the compensation of the company's named executive officers on an advisory basis. Ernst & Young LLP was ratified as the company's independent registered public accountants for the year ending December 31, 2024, with an overwhelming majority of votes.
These recent developments underscore W&T Offshore's commitment to its governance decisions and executive compensation practices. The appointment of Mr. Buchanan, who brings over three decades of legal expertise in the energy and banking sectors, further strengthens the company's board. His distinguished career includes roles with ExxonMobil (NYSE:XOM) Corporation, Comerica (NYSE:CMA) Inc., and the Federal Reserve Bank of Dallas.
InvestingPro Insights
As W&T Offshore, Inc. (NYSE: WTI) welcomes George J. Hittner to its executive team, investors and stakeholders are closely monitoring the company's financial health and market performance. According to InvestingPro data, W&T Offshore currently has a market capitalization of approximately $337.05 million. The company's Price to Earnings (P/E) ratio stands at -13.3, reflecting market skepticism about its profitability in the near term. This is further emphasized by a Price to Book (P/B) ratio of 67.34, which is considered high and may suggest that the stock is overvalued compared to the company's actual net assets.
InvestingPro Tips highlight that W&T Offshore is trading at a high EBIT valuation multiple and is not profitable over the last twelve months as of Q2 2024. Additionally, analysts do not anticipate the company will be profitable this year, with net income expected to drop. These insights are critical for investors considering the company's future in light of its recent executive appointment. For those seeking a more comprehensive analysis, there are numerous additional InvestingPro Tips available at https://www.investing.com/pro/WTI.
While the company has demonstrated a quarterly revenue growth of 13.14% in Q2 2024, its revenue growth over the last twelve months has decreased by 21.82%. This mixed financial picture underscores the importance of strategic leadership in navigating the challenges ahead for W&T Offshore. With Hittner's legal and corporate expertise now part of the team, the company aims to bolster its position and achieve its strategic goals in the competitive oil and natural gas sector.
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