W&T Offshore Announces Final Fourth Quarter and Full Year 2025 Results, Including Year-End 2025 Proved Reserves and Provides Guidance for 2026
Rhea-AI Summary
W&T Offshore (NYSE: WTI) reported final Q4 and full‑year 2025 results and 2026 guidance on March 16, 2026. Key metrics: full‑year production of 34.0 MBoe/d (50% liquids), year‑end proved reserves of 121.0 MMBoe with PV‑10 $1.1B, Adjusted EBITDA of $129.6M, unrestricted cash of $140.6M and Net Debt reduced to $210.3M.
The company reported a full‑year net loss of $150.1M and Adjusted Net Loss of $55.1M, capital expenditures of $54.8M, completion of Cox acquisition production projects, added oil hedges for 2026, and declared a Q1 2026 dividend of $0.01 per share.
Positive
- Full‑year production 34.0 MBoe/d (50% liquids)
- Proved reserves 121.0 MMBoe with PV‑10 of $1.1B
- Adjusted EBITDA $129.6M for 2025
- Unrestricted cash increased to $140.6M at year‑end 2025
- Net Debt reduced to $210.3M (down $73.9M YoY)
- Capital expenditures $54.8M, below guidance and focused on production enhancements
Negative
- Net loss $150.1M for full year 2025
- Adjusted Net Loss $55.1M for full year 2025
- Lease operating expenses $298.8M for full year 2025
News Market Reaction – WTI
On the day this news was published, WTI gained 0.65%, reflecting a mild positive market reaction. Argus tracked a peak move of +3.9% during that session. Argus tracked a trough of -7.7% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $3M to the company's valuation, bringing the market cap to $501M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
WTI fell 6.27% while key peers were mixed: BRY up 1.56%, and HUSA, PNRG, INR, SJT down modestly (0.2–1.37%). The direction and magnitude point to a stock-specific reaction rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| 2026-03-05 | Dividend declaration | Positive | +11.7% | Ninth consecutive quarterly dividend of $0.01 per share for Q1 2026. |
| 2026-03-04 | Earnings timing change | Neutral | -4.1% | Rescheduled Q4 and full-year 2025 earnings release and conference call. |
| 2026-02-27 | Earnings timing set | Neutral | +3.5% | Announced initial timing for Q4 and full-year 2025 earnings release and call. |
| 2025-11-05 | Q3 2025 earnings | Positive | -1.5% | Reported Q3 2025 results with higher production and dividend declaration. |
| 2025-10-23 | Q3 call timing | Neutral | +6.7% | Set schedule for Q3 2025 earnings release and conference call. |
Recent news shows mostly divergences: neutral or positive items have often produced price moves in the opposite direction, with only the latest dividend headline aligning with a positive reaction.
Over the past several months, W&T Offshore has focused on earnings communications and dividends. In Q3 2025, it reported higher production and Adjusted EBITDA alongside a net loss, while maintaining a $0.01 quarterly dividend. Multiple releases simply set or adjusted earnings call timing with limited fundamental detail, yet those often produced sizable price moves. Dividend declarations have been a recurring theme since November 2023, including the ninth consecutive dividend in Q1 2026. Today’s full-year 2025 earnings and reserve update fit into this pattern of ongoing capital return alongside persistent net losses and leverage management efforts.
Market Pulse Summary
This announcement detailed W&T Offshore’s 2025 performance, highlighting higher production of 34.0 MBoe/d, year-end proved reserves of 121.0 MMBoe, and a PV-10 of $1.1 billion, alongside a full-year net loss of $150.1 million and revenues of $501.5 million. Investors may track how Net Debt at $210.3 million, Adjusted EBITDA of $129.6 million, and ongoing capital expenditures influence future cash generation. Comparing upcoming results to these baselines will be critical for assessing operational consistency and balance sheet progress.
Key Terms
adjusted ebitda financial
free cash flow financial
net debt financial
pv-10 financial
costless collar financial
swap financial
asset retirement obligations accretion financial
derivative contracts financial
AI-generated analysis. Not financial advice.
HOUSTON, March 16, 2026 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company,” “we” or “us”) today reported final operational and financial results for the fourth quarter and full year 2025, including the Company’s year-end 2025 reserve report. Detailed guidance for the first quarter of 2026 and full year 2026 was also provided. The Company issued Preliminary Estimated Financial Information for the Year Ended December 31, 2025 in a Form 8-K filed with the Securities and Exchange Commission on March 9, 2026.
This press release includes non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, Free Cash Flow, Net Debt and PV-10, which are described and reconciled to the most comparable GAAP measures in the accompanying tables to this press release under “Non-GAAP Information.”
Key highlights for the fourth quarter of 2025, the full year 2025 and since year-end 2025 include:
- Grew production in full year 2025 to 34.0 thousand barrels of oil equivalent per day (“MBoe/d”) (
50% liquids), or 12.4 million barrels of oil equivalent (“MMBoe”), within the Company’s guidance;- Increased production in fourth quarter of 2025 to 36.2 MBoe/d (
52% liquids), above the midpoint of guidance, with average December production of 37.7 MBoe/d; - Completed all production enhancements and brought online all fields associated with the Cox acquisition;
- Increased production in fourth quarter of 2025 to 36.2 MBoe/d (
- Reported year-end 2025 proved reserves at SEC pricing of 121.0 MMBoe, with a standardized measure of discounted future net cash flows of
$651.3 million and a present value of estimated future oil and natural gas revenues, minus direct expenses, discounted at a10% annual rate (“PV-10”) of$1.1 billion ; - Reported PV-10 of proved developed producing (“PDP”) reserves of
$829.2 million for year-end 2025 compared with PV-10 of PDP reserves of$549.8 million for year-end 2024 PDP; - Incurred lease operating expenses (“LOE”) of
$298.8 million in full year 2025, near the midpoint of W&T’s guidance;- Reduced LOE per barrel of oil equivalent (“Boe”) by
4% in the fourth quarter of 2025 compared with third quarter of 2025, or an absolute cost of$74.6 million for the fourth quarter, below the midpoint of guidance;
- Reduced LOE per barrel of oil equivalent (“Boe”) by
- Invested
$54.8 million in capital expenditures in 2025, below the bottom end of the Company’s guidance range, with investments focused on production enhancement projects;- Spent
$19.8 million on capital expenditures to develop an alternative route for production from the West Delta 73 field. The investment is expected to generate more than$60 million of undiscounted incremental cash flow based on 1P reserve volumes by reducing pipeline transportation costs beginning in the first quarter of 2026. Had this arrangement been in place during 2025, W&T would have realized savings in excess of$5.75 per barrel;
- Spent
- Continued to strengthen the Company’s balance sheet and improve financial stability;
- Increased unrestricted cash and cash equivalents by
$31.6 million to$140.6 million at year-end 2025 compared with$109.0 million at year-end 2024; - Reduced total debt and Net Debt to
$350.8 million and$210.3 million , respectively, at December 31, 2025 from total debt and Net Debt of$393.2 million and$284.2 million at December 31, 2024; - Generated net cash from operating activities of
$25.9 million in the fourth quarter of 2025 and$77.2 million for the full year 2025;
- Increased unrestricted cash and cash equivalents by
- Reported net loss for full year 2025 of
$150.1 million , or$(1.01) per diluted share and fourth quarter 2025 net loss of$27.1 million , or$(0.18) per diluted share;- Reported Adjusted Net Loss for full year 2025 of
$55.1 million , or$(0.37) per diluted share and fourth quarter 2025 Adjusted Net Loss of$20.5 million , or$(0.14) per diluted share;
- Reported Adjusted Net Loss for full year 2025 of
- Generated Adjusted EBITDA of
$129.6 million and$23.0 million for full year 2025 and fourth quarter 2025, respectively; - Added oil hedges in January 2026 and February 2026 including:
- Costless collar for 2,000 Bbls/d for March 2026 through December 2026, with a floor price of
$55.35 per Bbl and a ceiling price of$68.60 per Bbl; - Costless collar for 2,000 Bbls/d for March 2026 through December 2026, with a floor price of
$57.00 per Bbl and a ceiling price of$70.20 per Bbl; - Swap for 2,000 Bbls/d for April 2026 through December 2026 with a price of
$64.53 per Bbl;
- Costless collar for 2,000 Bbls/d for March 2026 through December 2026, with a floor price of
- Paid ninth consecutive quarterly dividend of
$0.01 per common share in November 2025; and - Declared first quarter 2026 dividend of
$0.01 per share, which will be payable on March 26, 2026 to stockholders of record on March 19, 2026.
Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We continue to deliver strong results by executing on our strategic vision, which has allowed us to improve our balance sheet and enhance our financial flexibility. We increased production every quarter in 2025 and had an exit rate in December of approximately 37,000 Boe per day, despite only spending
Krohn added, “As we begin 2026 with positive momentum and a strong balance sheet, we remain poised to take advantage of potential acquisitions that we believe could be accretive to our stakeholders, with over
Krohn continued, “The DOI has proposed updates intended to reduce certain regulations applicable to the offshore oil and natural gas industry. The proposed changes would roll back requirements from a 2024 rule that would have required companies to set aside about
Production, Prices and Revenue: Production for the fourth quarter of 2025 was 36.2 MBoe/d, above the midpoint of the Company’s fourth quarter guidance, and an increase of
In January and February 2026, certain offshore operations were temporarily impacted by extreme cold weather, an effect more than offset by higher realized natural gas prices. Operations have since normalized, and the production guidance below reflects these temporary shut-ins.
W&T’s average realized price per Boe before realized derivative settlements was
Revenues for the fourth quarter of 2025 were
Lease Operating Expenses: LOE, which includes base lease operating expenses, insurance premiums, workovers and facilities maintenance expenses, was
Gathering, Transportation Costs and Production Taxes: Gathering, transportation costs and production taxes totaled
Depreciation, Depletion and Amortization (“DD&A”): DD&A was
Asset Retirement Obligations Accretion: Asset retirement obligations accretion was
General & Administrative Expenses (“G&A”): G&A was
Derivative Gain, net: In the fourth quarter of 2025, W&T recorded a net gain of
Interest Expense: Net interest expense in the fourth quarter of 2025 was
Income Tax Expense (Benefit): W&T recognized an income tax expense of
Balance Sheet and Liquidity: As of December 31, 2025, W&T had available liquidity of
Capital Expenditures and Asset Retirement Obligation Settlements: Capital expenditures on an accrual basis in the fourth quarter of 2025 were
Cash Dividend Policy
The Company paid its fourth quarter 2025 dividend of
The Board of Directors declared a first quarter 2026 dividend of
Full Year-End 2025 Financial Review
W&T reported a net loss for the full year 2025 of
Production for 2025 averaged 34.0 MBoe/d for a total of 12.4 MMBoe, comprised of 5.1 MMBbls of oil, 1.1 MMBbls of NGLs and 36.9 Bcf of natural gas. Full year 2024 production averaged 33.3 MBoe/d or 12.2 MMBoe in total and was comprised of 5.3 MMBbls of oil, 1.2 MMBbls of NGLs and 34.3 Bcf of natural gas.
For the full year 2025, W&T’s average realized sales price per barrel of crude oil was
For the full year 2025, LOE was
Gathering, transportation, and production taxes totaled
For the full year 2025, G&A was
OPERATIONS UPDATE
Well Recompletions and Workovers
During the fourth quarter of 2025, W&T performed 15 low cost, low risk workovers and one recompletion that exceeded expectations and positively impacted production and revenue for the quarter. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.
Year-End 2025 Proved Reserves
The Company’s year-end 2025 SEC proved reserves were 121.0 MMBoe, compared with 127.0 MMBoe at year-end 2024. In 2025, W&T recorded positive price revisions of 13.3 MMBoe, which were offset by 6.8 MMBoe of negative performance revisions. Notably, PV-10 for PDP reserves increased by
The SEC twelve-month first day of the month average spot prices used in the preparation of the report for year-end 2025 were
Approximately
| Oil | NGLs | Natural Gas | PV-10(2) | ||||||||||||
| (MMBbls) | (MMBbls) | (Bcf) | MMBoe | ($MM) | |||||||||||
| Proved reserves as of December 31, 2024 | 51.6 | 13.0 | 374.4 | 127.0 | $ | 1,229.5 | |||||||||
| Revisions of previous estimates | (7.7 | ) | (0.2 | ) | 85.8 | 6.5 | |||||||||
| Sale of minerals in place | (0.1 | ) | — | — | (0.1 | ) | |||||||||
| Production | (5.1 | ) | (1.1 | ) | (36.9 | ) | (12.4 | ) | |||||||
| Proved reserves as of December 31, 2025 | 38.7 | 11.7 | 423.3 | 121.0 | $ | 1,115.3 | |||||||||
| (1) | Volumetric estimates of probable reserves are inherently more uncertain of being recovered than comparable measures for proved reserves. Estimates of probable reserve volumes have not been adjusted for risk due to this uncertainty of recovery. |
| (2) | PV-10 for this presentation excludes any provisions for asset retirement obligations or income taxes. |
Regulatory Update
In March 2026, the Bureau of Ocean Energy Management (“BOEM”) published a proposed rule setting forth amendments to the existing financial assurance regulatory framework. The proposed rule would, among other things, (i) permit BOEM to consider the financial strength of predecessors with joint and several liability when determining whether supplemental financial assurance is required, (ii) revise the level of BSEE probabilistic estimates of decommissioning cost used for determining the amount of supplemental financial assurance required from P70 to P50, (iii) provide BOEM with discretion, in circumstances where decommissioning is scheduled to occur within one year of a supplemental financial assurance demand, to accept third-party decommissioning contracts or decommissioning schedules in lieu of requiring new supplemental financial assurance, (iv) eliminate the requirement that a lessee challenging a supplemental financial assurance demand post an appeal bond equal to the amount of the demand in order to obtain a stay pending appeal, and (v) explicitly recognize dual-obligee bonds (which identify multiple obligees) as an acceptable form of financial assurance. The proposed rule is subject to a 60-day public comment period, which is expected to end on May 8, 2026.
First Quarter and Full Year 2026 Production and Expense Guidance
The guidance for the first quarter and full year 2026 in the table below represents the Company’s current expectations. Please refer to the section entitled “Forward-Looking and Cautionary Statements” below for risk factors that could impact guidance.
| Production | First Quarter 2026 | Full Year 2026 |
| Oil (MBbls) | 1,210 – 1,340 | 4,710 – 5,210 |
| NGLs (MBbls) | 400 – 450 | 1,620 – 1,820 |
| Natural gas (MMcf) | 8,405 – 9,305 | 35,380 – 39,180 |
| Total equivalents (MBoe) | 3,011 – 3,341 | 12,227 – 13,560 |
| Average daily equivalents (MBoe/d) | 33.5 – 37.1 | 33.5 – 37.2 |
| Expenses | First Quarter 2026 | Full Year 2026 |
| Lease operating expense ($MM) | 63.4 – 70.4 | 264.7 – 294.7 |
| Gathering, transportation & production taxes ($MM) | 8.2 – 9.2 | 33.3 – 37.3 |
| General & administrative – cash ($MM) | 15.2 – 17.0 | 63.2 – 70.2 |
| DD&A and accretion ($ per Boe) | 10.25 – 11.35 |
| Capex and P&A | Full Year 2026 | |
| Capital expenditures ($MM) | 19.5 – 24.5 | |
| Plugging & Abandonment ($MM) | 34.0 – 42.4 |
W&T expects substantially all income taxes in 2026 to be deferred. In late 2025, W&T entered into a new NGL processing contract at Mobile Bay that offers certain concessions if natural gas prices decrease. For 2026, this will result in increased gathering and transportation costs compared to 2025, which will be partially offset by higher NGL yields.
Conference Call Information: W&T will hold a conference call to discuss its financial and operational results on Tuesday, March 17, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested parties may dial 1-844-739-3797. International parties may dial 1-412-317-5713. Participants should request to connect to the “W&T Offshore Conference Call.” This call will also be webcast and available on W&T’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of December 31, 2025, the Company had working interests in 49 fields in federal and state waters (which include 42 fields in federal waters and seven in state waters). The Company has under lease approximately 624,700 gross acres (490,200 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 477,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the Company’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, projected costs, industry conditions, potential acquisitions, the outcomes and impact of ongoing litigation, the impact of potential regulatory changes, the impact of and integration of acquired assets, future production, probable reserves, capital expenditures associated with producing reserves, future expenses and indebtedness are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.
These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.
Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, NGLs and natural gas, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.
| W&T OFFSHORE, INC. | |||||||||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||
| December 31, | September 30, | December 31, | Year Ended December 31, | ||||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Revenues: | |||||||||||||||||||||
| Oil | $ | 75,984 | $ | 84,131 | $ | 86,778 | $ | 327,845 | $ | 395,620 | |||||||||||
| NGLs | 6,884 | 4,000 | 6,713 | 20,371 | 27,978 | ||||||||||||||||
| Natural gas | 36,637 | 37,400 | 24,203 | 143,948 | 90,877 | ||||||||||||||||
| Other | 2,208 | 1,984 | 2,651 | 9,298 | 10,786 | ||||||||||||||||
| Total revenues | 121,713 | 127,515 | 120,345 | 501,462 | 525,261 | ||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| Lease operating expenses | 74,630 | 76,215 | 64,259 | 298,781 | 281,488 | ||||||||||||||||
| Gathering, transportation and production taxes | 8,767 | 5,818 | 5,912 | 25,743 | 28,177 | ||||||||||||||||
| Depreciation, depletion, and amortization | 28,488 | 28,580 | 38,208 | 116,405 | 143,025 | ||||||||||||||||
| Asset retirement obligations accretion | 8,306 | 8,002 | 8,157 | 33,381 | 32,374 | ||||||||||||||||
| General and administrative expenses | 20,618 | 21,510 | 20,799 | 79,955 | 82,391 | ||||||||||||||||
| Total operating expenses | 140,809 | 140,125 | 137,335 | 554,265 | 567,455 | ||||||||||||||||
| Operating loss | (19,096 | ) | (12,610 | ) | (16,990 | ) | (52,803 | ) | (42,194 | ) | |||||||||||
| Interest expense, net | 9,000 | 8,998 | 10,226 | 36,495 | 40,454 | ||||||||||||||||
| Loss on extinguishment of debt | — | — | — | 15,015 | — | ||||||||||||||||
| Derivative (gain) loss, net | (195 | ) | (4,108 | ) | 2,113 | (13,593 | ) | (3,589 | ) | ||||||||||||
| Other (income) expense, net | (2,707 | ) | (2,017 | ) | (4,118 | ) | 8,415 | 18,071 | |||||||||||||
| Loss before income taxes | (25,194 | ) | (15,483 | ) | (25,211 | ) | (99,135 | ) | (97,130 | ) | |||||||||||
| Income tax expense (benefit) | 1,933 | 55,991 | (1,849 | ) | 50,927 | (9,985 | ) | ||||||||||||||
| Net loss | $ | (27,127 | ) | $ | (71,474 | ) | $ | (23,362 | ) | $ | (150,062 | ) | $ | (87,145 | ) | ||||||
| Net loss per common share (basic and diluted) | $ | (0.18 | ) | $ | (0.48 | ) | $ | (0.16 | ) | $ | (1.01 | ) | $ | (0.59 | ) | ||||||
| Weighted average common shares outstanding (basic and diluted) | 148,777 | 148,589 | 147,365 | 148,207 | 147,133 | ||||||||||||||||
| W&T OFFSHORE, INC. | |||||||||||||||
| Condensed Operating Data | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| December 31, | September 30, | December 31, | Year Ended December 31, | ||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net sales volumes: | |||||||||||||||
| Oil (MBbls) | 1,324 | 1,302 | 1,263 | 5,115 | 5,255 | ||||||||||
| NGLs (MBbls) | 414 | 280 | 273 | 1,139 | 1,212 | ||||||||||
| Natural gas (MMcf) | 9,562 | 10,159 | 8,505 | 36,890 | 34,296 | ||||||||||
| Total oil and natural gas (MBoe)(1) | 3,331 | 3,275 | 2,953 | 12,402 | 12,183 | ||||||||||
| Average daily equivalent sales (MBoe/d) | 36.2 | 35.6 | 32.1 | 34.0 | 33.3 | ||||||||||
| Average realized sales prices (before the impact of derivative settlements): | |||||||||||||||
| Oil ($/Bbl) | $ | 57.39 | $ | 64.62 | $ | 68.71 | $ | 64.09 | $ | 75.28 | |||||
| NGLs ($/Bbl) | 16.62 | 14.29 | 24.59 | 17.88 | 23.08 | ||||||||||
| Natural gas ($/Mcf) | 3.83 | 3.68 | 2.85 | 3.90 | 2.65 | ||||||||||
| Barrel of oil equivalent ($/Boe) | 35.88 | 38.33 | 39.86 | 39.68 | 42.23 | ||||||||||
| Average operating expenses per Boe ($/Boe): | |||||||||||||||
| Lease operating expenses | $ | 22.40 | $ | 23.27 | $ | 21.76 | $ | 24.09 | $ | 23.10 | |||||
| Gathering, transportation and production taxes | 2.63 | 1.78 | 2.00 | 2.08 | 2.31 | ||||||||||
| Depreciation, depletion, and amortization | 8.55 | 8.73 | 12.94 | 9.39 | 11.74 | ||||||||||
| Asset retirement obligations accretion | 2.49 | 2.44 | 2.76 | 2.69 | 2.66 | ||||||||||
| General and administrative expenses | 6.19 | 6.57 | 7.04 | 6.45 | 6.76 | ||||||||||
| (1) | MBoe is determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or NGLs (totals may not compute due to rounding). The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, NGLs and natural gas may differ significantly. The realized prices presented above are volume-weighted for production in the respective period. |
| W&T OFFSHORE, INC. | |||||||||
| Consolidated Balance Sheets | |||||||||
| (In thousands) | |||||||||
| (Unaudited) | |||||||||
| December 31, | December 31, | ||||||||
| 2025 | 2024 | ||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 140,558 | $ | 109,003 | |||||
| Restricted cash | 62 | 1,552 | |||||||
| Receivables: | |||||||||
| Oil and natural gas sales | 59,633 | 63,558 | |||||||
| Joint interest, net | 24,473 | 25,841 | |||||||
| Prepaid expenses and other current assets | 14,543 | 18,504 | |||||||
| Total current assets | 239,269 | 218,458 | |||||||
| Oil and natural gas properties and other, net | 662,082 | 777,741 | |||||||
| Restricted deposits for asset retirement obligations | 24,026 | 22,730 | |||||||
| Deferred income taxes | 35 | 48,808 | |||||||
| Other assets | 30,395 | 31,193 | |||||||
| Total assets | $ | 955,807 | $ | 1,098,930 | |||||
| Liabilities and Shareholders’ Deficit | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 98,406 | $ | 83,625 | |||||
| Accrued liabilities | 39,809 | 33,271 | |||||||
| Undistributed oil and natural gas proceeds | 59,065 | 53,131 | |||||||
| Advances from joint interest partners | 2,394 | 2,443 | |||||||
| Current portion of asset retirement obligations | 26,147 | 46,326 | |||||||
| Current portion of long-term debt, net | 8,458 | 27,288 | |||||||
| Total current liabilities | 234,279 | 246,084 | |||||||
| Asset retirement obligations | 535,704 | 502,506 | |||||||
| Long-term debt, net | 342,355 | 365,935 | |||||||
| Other liabilities | 15,781 | 16,182 | |||||||
| Commitments and contingencies | 27,440 | 20,800 | |||||||
| Shareholders’ deficit: | |||||||||
| Preferred stock | — | — | |||||||
| Common stock | 2 | 2 | |||||||
| Additional paid-in capital | 604,732 | 595,407 | |||||||
| Retained deficit | (780,319 | ) | (623,819 | ) | |||||
| Treasury stock | (24,167 | ) | (24,167 | ) | |||||
| Total shareholders’ deficit | (199,752 | ) | (52,577 | ) | |||||
| Total liabilities and shareholders’ deficit | $ | 955,807 | $ | 1,098,930 | |||||
| W&T OFFSHORE, INC. | ||||||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | Year Ended December 31, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Operating activities: | ||||||||||||||||||||
| Net loss | $ | (27,127 | ) | $ | (71,474 | ) | $ | (23,362 | ) | $ | (150,062 | ) | $ | (87,145 | ) | |||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||
| Depreciation, depletion, amortization and accretion | 36,794 | 36,582 | 46,365 | 149,786 | 175,399 | |||||||||||||||
| Share-based compensation | 3,729 | 3,536 | 3,818 | 12,226 | 10,192 | |||||||||||||||
| Amortization of debt issuance costs | 766 | 766 | 1,117 | 3,371 | 4,562 | |||||||||||||||
| Loss on extinguishment of debt | — | — | — | 15,015 | — | |||||||||||||||
| Derivative (gain) loss, net | (195 | ) | (4,108 | ) | 2,113 | (13,593 | ) | (3,589 | ) | |||||||||||
| Derivative cash receipts (settlements), net | 392 | 11,254 | (1,638 | ) | 14,561 | 4,527 | ||||||||||||||
| Deferred income expense (benefit) | 1,866 | 56,637 | (1,941 | ) | 50,674 | (10,077 | ) | |||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable | 1,293 | 3,895 | (17,064 | ) | 5,294 | (19,621 | ) | |||||||||||||
| Prepaid expenses and other current assets | 2,737 | (111 | ) | 1,792 | 3,411 | (1,450 | ) | |||||||||||||
| Accounts payable, accrued liabilities and other | 17,577 | (1,545 | ) | 3,831 | 23,325 | 26,433 | ||||||||||||||
| Asset retirement obligation settlements | (11,892 | ) | (8,895 | ) | (19,348 | ) | (36,765 | ) | (39,692 | ) | ||||||||||
| Net cash provided by (used in) operating activities | 25,940 | 26,537 | (4,317 | ) | 77,243 | 59,539 | ||||||||||||||
| Investing activities: | ||||||||||||||||||||
| Investment in oil and natural gas properties and equipment | (9,769 | ) | (21,794 | ) | (14,124 | ) | (48,650 | ) | (37,357 | ) | ||||||||||
| Acquisition of property interests | — | — | — | (711 | ) | (80,635 | ) | |||||||||||||
| Proceeds from sale of oil and natural gas properties | — | — | — | 11,916 | — | |||||||||||||||
| Insurance proceeds | — | — | — | 58,500 | — | |||||||||||||||
| Purchases of furniture, fixtures and other | — | (7 | ) | (19 | ) | (121 | ) | (185 | ) | |||||||||||
| Distribution from unconsolidated affiliate | — | 927 | — | 927 | — | |||||||||||||||
| Net cash (used in) provided by investing activities | (9,769 | ) | (20,874 | ) | (14,143 | ) | 21,861 | (118,177 | ) | |||||||||||
| Financing activities: | ||||||||||||||||||||
| Proceeds from issuance of long-term debt | — | — | — | 350,000 | — | |||||||||||||||
| Repayments of long-term debt | (275 | ) | (275 | ) | (275 | ) | (385,089 | ) | (1,100 | ) | ||||||||||
| Purchase of government securities in connection with legal defeasance of | — | 541 | — | (5,348 | ) | — | ||||||||||||||
| Premium payments and debt extinguishment costs | — | — | — | (10,230 | ) | — | ||||||||||||||
| Debt issuance costs | (121 | ) | — | (183 | ) | (11,599 | ) | (762 | ) | |||||||||||
| Payment of dividends | (1,499 | ) | (1,515 | ) | (1,475 | ) | (6,006 | ) | (5,902 | ) | ||||||||||
| Other | (3 | ) | (342 | ) | (13 | ) | (767 | ) | (798 | ) | ||||||||||
| Net cash used in financing activities | (1,898 | ) | (1,591 | ) | (1,946 | ) | (69,039 | ) | (8,562 | ) | ||||||||||
| Change in cash, cash equivalents and restricted cash | 14,273 | 4,072 | (20,406 | ) | 30,065 | (67,200 | ) | |||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 126,347 | 122,275 | 130,961 | 110,555 | 177,755 | |||||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 140,620 | $ | 126,347 | $ | 110,555 | $ | 140,620 | $ | 110,555 | ||||||||||
W&T OFFSHORE, INC. AND SUBSIDIARIES
Non-GAAP Information
Certain financial information included in W&T’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures are “Net Debt,” “Adjusted Net Loss,” “Adjusted EBITDA,” “Free Cash Flow” and “PV-10” or are derivable from a combination of these measures. Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Prior period amounts have been conformed to the methodology and presentation of the current period.
We calculate Net Debt as total debt (current and long-term portions), less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations.
Reconciliation of Net Loss to Adjusted Net Loss
Adjusted Net Loss adjusts for certain items that the Company believes affect comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include loss on extinguishment of debt, unrealized commodity derivative (gain) loss, net, allowance for credit losses, non-recurring legal and IT-related costs, non-ARO P&A costs, and other which are then tax effected using the Federal Statutory Rate. Company management believes that this presentation is relevant and useful because it helps investors to understand the net loss of the Company without the effects of certain non-recurring or unusual expenses and certain income or loss that is not realized by the Company.
| Three Months Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | Year Ended December 31, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Net loss | $ | (27,127 | ) | $ | (71,474 | ) | $ | (23,362 | ) | $ | (150,062 | ) | $ | (87,145 | ) | |||||
| Selected items: | ||||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | 15,015 | — | |||||||||||||||
| Unrealized commodity derivative loss (gain), net | 516 | 5,583 | (497 | ) | 2,663 | (710 | ) | |||||||||||||
| Allowance for credit losses | 70 | 156 | 118 | 578 | 558 | |||||||||||||||
| Non-recurring legal and IT-related costs | 613 | (52 | ) | 860 | 1,137 | 5,798 | ||||||||||||||
| Non-ARO P&A costs | 3,927 | — | (2,763 | ) | 17,586 | 20,925 | ||||||||||||||
| Other | (6,406 | ) | (272 | ) | (1,302 | ) | (6,796 | ) | (1,845 | ) | ||||||||||
| Total selected items before tax | (1,280 | ) | 5,415 | (3,584 | ) | 30,183 | 24,726 | |||||||||||||
| Tax effect of selected items(1) | 269 | (1,137 | ) | 753 | (6,338 | ) | (5,192 | ) | ||||||||||||
| Total selected items, net of tax | (1,011 | ) | 4,278 | (2,831 | ) | 23,845 | 19,534 | |||||||||||||
| Impact of valuation adjustments | 7,678 | 59,930 | 161 | 71,166 | 5,953 | |||||||||||||||
| Adjusted net loss | $ | (20,460 | ) | $ | (7,266 | ) | $ | (26,032 | ) | $ | (55,051 | ) | $ | (61,658 | ) | |||||
| Adjusted net loss per common share (basic and diluted) | $ | (0.14 | ) | $ | (0.05 | ) | $ | (0.18 | ) | $ | (0.37 | ) | $ | (0.42 | ) | |||||
| Weighted average shares outstanding (basic and diluted) | 148,777 | 148,589 | 147,365 | 148,207 | 147,133 | |||||||||||||||
| (1) | Selected items were tax effected with the Federal Statutory Rate of |
W&T OFFSHORE, INC. AND SUBSIDIARIES
Non-GAAP Information
Adjusted EBITDA/ Free Cash Flow Reconciliations
The Company also presents non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow. The Company defines Adjusted EBITDA as net loss plus net interest expense, loss on extinguishment of debt, income tax expense (benefit), depreciation, depletion and amortization, ARO accretion, excluding the unrealized commodity derivative (gain) loss, allowance for credit losses, non-cash incentive compensation, non-recurring legal and IT-related costs, non-ARO P&A costs, and other. Company management believes this presentation is relevant and useful because it helps investors understand W&T’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net (loss) income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as W&T calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.
The Company defines Free Cash Flow as Adjusted EBITDA (defined above), less capital expenditures, ARO settlements and net interest expense (all on an accrual basis). For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) and equipment but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures, P&A costs and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition of Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non-GAAP measures reported by other companies. While the Company includes net interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses.
The following table presents a reconciliation of the Company’s net loss, a GAAP measure, to Adjusted EBITDA and Free Cash Flow, as such terms are defined by the Company:
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Net loss | $ | (27,127 | ) | $ | (71,474 | ) | $ | (23,362 | ) | $ | (150,062 | ) | $ | (87,145 | ) | |||||
| Interest expense, net | 9,000 | 8,998 | 10,226 | 36,495 | 40,454 | |||||||||||||||
| Loss on extinguishment of debt | — | — | — | 15,015 | — | |||||||||||||||
| Income tax expense (benefit) | 1,933 | 55,991 | (1,849 | ) | 50,927 | (9,985 | ) | |||||||||||||
| Depreciation, depletion and amortization | 28,488 | 28,580 | 38,208 | 116,405 | 143,025 | |||||||||||||||
| Asset retirement obligations accretion | 8,306 | 8,002 | 8,157 | 33,381 | 32,374 | |||||||||||||||
| Unrealized commodity derivative loss (gain), net | 516 | 5,583 | (497 | ) | 2,663 | (710 | ) | |||||||||||||
| Allowance for credit losses | 70 | 156 | 118 | 578 | 558 | |||||||||||||||
| Non-cash incentive compensation | 3,729 | 3,536 | 3,818 | 12,226 | 10,192 | |||||||||||||||
| Non-recurring legal and IT-related costs | 613 | (52 | ) | 860 | 1,137 | 5,798 | ||||||||||||||
| Non-ARO P&A costs | 3,927 | — | (2,763 | ) | 17,586 | 20,925 | ||||||||||||||
| Other | (6,406 | ) | (272 | ) | (1,302 | ) | (6,796 | ) | (1,845 | ) | ||||||||||
| Adjusted EBITDA | $ | 23,049 | $ | 39,048 | $ | 31,614 | $ | 129,555 | $ | 153,641 | ||||||||||
| Capital expenditures, accrual basis(1) | $ | (13,318 | ) | $ | (22,542 | ) | $ | (12,228 | ) | $ | (54,777 | ) | $ | (28,626 | ) | |||||
| Asset retirement obligation settlements | (11,892 | ) | (8,895 | ) | (19,348 | ) | (36,765 | ) | (39,692 | ) | ||||||||||
| Interest expense, net | (9,000 | ) | (8,998 | ) | (10,226 | ) | (36,495 | ) | (40,454 | ) | ||||||||||
| Free Cash Flow | $ | (11,161 | ) | $ | (1,387 | ) | $ | (10,188 | ) | $ | 1,518 | $ | 44,869 | |||||||
| (1) A reconciliation of the adjustment used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below: | ||||||||||||||||||||
| Capital expenditures, accrual basis reconciliation | ||||||||||||||||||||
| Investment in oil and natural gas properties and equipment | $ | (9,769 | ) | $ | (21,794 | ) | $ | (14,124 | ) | $ | (48,650 | ) | $ | (37,357 | ) | |||||
| Less: acquisition related expenditures included in investment in oil and natural gas properties and equipment | — | — | — | — | (4,929 | ) | ||||||||||||||
| Less: change in accrual for capital expenditures | 3,549 | 748 | (1,896 | ) | 6,127 | (3,802 | ) | |||||||||||||
| Capital expenditures, accrual basis | $ | (13,318 | ) | $ | (22,542 | ) | $ | (12,228 | ) | $ | (54,777 | ) | $ | (28,626 | ) | |||||
The following table presents a reconciliation of cash flow from operating activities, a GAAP measure, to Free Cash Flow, as defined by the Company:
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 25,940 | $ | 26,537 | $ | (4,317 | ) | $ | 77,243 | $ | 59,539 | |||||||||
| Allowance for credit losses | 70 | 156 | 118 | 578 | 558 | |||||||||||||||
| Amortization of debt issuance costs | (766 | ) | (766 | ) | (1,117 | ) | (3,371 | ) | (4,562 | ) | ||||||||||
| Non-recurring legal and IT-related costs | 613 | (52 | ) | 860 | 1,137 | 5,798 | ||||||||||||||
| Current tax (benefit) expense(1) | 67 | (646 | ) | 92 | 253 | 92 | ||||||||||||||
| Change in derivatives receivable (payable)(1) | 318 | (1,563 | ) | (972 | ) | 1,695 | (1,648 | ) | ||||||||||||
| Non-ARO P&A costs | 3,927 | — | (2,763 | ) | 17,586 | 20,925 | ||||||||||||||
| Changes in operating assets and liabilities, excluding asset retirement obligation settlements | (21,606 | ) | (2,239 | ) | 11,441 | (32,030 | ) | (5,362 | ) | |||||||||||
| Capital expenditures, accrual basis | (13,318 | ) | (22,542 | ) | (12,228 | ) | (54,777 | ) | (28,626 | ) | ||||||||||
| Other | (6,406 | ) | (272 | ) | (1,302 | ) | (6,796 | ) | (1,845 | ) | ||||||||||
| Free Cash Flow | $ | (11,161 | ) | $ | (1,387 | ) | $ | (10,188 | ) | $ | 1,518 | $ | 44,869 | |||||||
| (1) A reconciliation of the adjustment used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below: | ||||||||||||||||||||
| Current tax expense (benefit): | ||||||||||||||||||||
| Income tax expense (benefit) | $ | 1,933 | $ | 55,991 | $ | (1,849 | ) | $ | 50,927 | $ | (9,985 | ) | ||||||||
| Less: Deferred income expense (benefit) | 1,866 | 56,637 | (1,941 | ) | 50,674 | (10,077 | ) | |||||||||||||
| Current tax (benefit) expense: | $ | 67 | $ | (646 | ) | $ | 92 | $ | 253 | $ | 92 | |||||||||
| Changes in derivatives receivable (payable) | ||||||||||||||||||||
| Derivatives receivable (payable), end of period | $ | 318 | $ | — | $ | (1,377 | ) | $ | 318 | $ | (1,377 | ) | ||||||||
| Derivatives payable (receivable), beginning of period | — | (1,563 | ) | 405 | 1,377 | (271 | ) | |||||||||||||
| Change in derivatives receivable (payable) | $ | 318 | $ | (1,563 | ) | $ | (972 | ) | $ | 1,695 | $ | (1,648 | ) | |||||||
W&T OFFSHORE, INC. AND SUBSIDIARIES
Non-GAAP Information
Reconciliation of PV-10 to Standardized Measure of Discounted Future Net Cash Flows
The Company also discloses PV-10, which is not a financial measure defined under GAAP. The Company defines PV-10 as the present value of estimated future revenues, discounted at
The following table presents a reconciliation of the standardized measure of discounted future net cash flows relating to the Company’s estimated proved oil and natural gas reserves, a GAAP measure, to PV-10, as defined by the Company (in millions):
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| PV-10 | $ | 1,115.3 | $ | 1,229.5 | ||||
| Future income taxes, discounted at | (130.8 | ) | (154.8 | ) | ||||
| PV-10 before ARO | 984.5 | 1,074.7 | ||||||
| Present value of estimated ARO, discounted at | (333.2 | ) | (334.6 | ) | ||||
| Standardized measure of discounted future net cash flows | $ | 651.3 | $ | 740.1 | ||||
| CONTACT: | Al Petrie | Sameer Parasnis |
| Investor Relations Coordinator | Executive VP and CFO | |
| investorrelations@wtoffshore.com | sparasnis@wtoffshore.com | |
| 713-297-8024 | 713-513-8654 |
FAQ
What did WTI report for production in full year 2025 and Q4 2025?
What are W&T Offshore's year‑end 2025 proved reserves and PV‑10 (WTI)?
How did WTI's balance sheet change at December 31, 2025 (cash and Net Debt)?
What were WTI's 2025 earnings and Adjusted EBITDA results?
Did WTI declare a dividend and what is the Q1 2026 dividend for WTI?
