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

|About: W&T Offshore, Inc. (WTI)|By:, SA News Editor

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.