W&T Offshore Inc.’s board of directors approved a quarterly cash dividend to holders of its common stock, the company announced Nov. 8.

The initial cash dividend of $0.01 per share of common stock will be payable on Dec. 22 to shareholders of record at the close of business on Nov. 28.

“We have maintained our commitment to a highly successful strategy sharply focused on free cash flow generation for many years now,” Tracy W. Krohn, W&T’s board chair and CEO, said in the press release. “As a result of our strong asset base and operational execution, our balance sheet is in excellent condition with significant cash on hand. We felt now was the right time to return a portion of the strong cash flow we generate each quarter directly to our shareholders to enhance the return on their investment."

W&T Offshore is an independent oil and natural gas producer with operations offshore the Gulf of Mexico.