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W&T warns it may be blocked from federal contracts, shares -10%

  • W&T Offshore (WTI -10.1%) said Wednesday it is facing suspension from federal contracts due to pollution issues from 2009.
  • The EPA is proposing a three-year debarment from participation in future federal contracts, among other federal benefits; WTI says the actions are undeserved and do not reflect its recent record of responsibility and compliance in its Gulf of Mexico operations.
  • The news prompts CapitalOne to downgrade shares to Neutral from Add.
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