W&T Offshore Announces Second Quarter 2025 Results, Declares Dividend for Third Quarter of 2025 and Celebrates 20 Year Anniversary on New York Stock Exchange
W&T Offshore (NYSE:WTI) reported Q2 2025 results, showing a 10% production increase to 33.5 MBoe/d compared to Q1 2025. The company reported a net loss of $20.9 million ($0.14 per share), improving from Q1's $30.6 million loss. Adjusted EBITDA grew 9% to $35.2 million.
Key financial metrics include $120.7 million in unrestricted cash, reduced total debt of $350.1 million, and Net Debt of $229.4 million. The company declared a $0.01 per share dividend for Q3 2025. Mid-year SEC proved reserves stood at 123.0 MMBoe with a PV-10 value of $1.2 billion.
Notable operational achievements include successful completion of nine workovers, positive surety settlement agreements, and strategic hedging additions for oil production.
W&T Offshore (NYSE:WTI) ha riportato i risultati del secondo trimestre 2025, mostrando un aumento della produzione del 10% a 33,5 MBoe/giorno rispetto al primo trimestre 2025. La società ha registrato una perdita netta di 20,9 milioni di dollari (0,14 dollari per azione), migliorando rispetto alla perdita di 30,6 milioni del primo trimestre. L'EBITDA rettificato è cresciuto del 9%, raggiungendo 35,2 milioni di dollari.
I principali indicatori finanziari includono 120,7 milioni di dollari in liquidità non vincolata, un debito totale ridotto a 350,1 milioni di dollari e un debito netto di 229,4 milioni di dollari. La società ha dichiarato un dividendo di 0,01 dollari per azione per il terzo trimestre 2025. Le riserve certificate a metà anno secondo la SEC ammontano a 123,0 MMBoe con un valore PV-10 di 1,2 miliardi di dollari.
Tra i risultati operativi di rilievo si segnalano il completamento con successo di nove lavori di manutenzione, accordi positivi di risoluzione di garanzie e aggiunte strategiche di coperture per la produzione di petrolio.
W&T Offshore (NYSE:WTI) informó los resultados del segundo trimestre de 2025, mostrando un aumento de producción del 10% hasta 33,5 MBoe/d en comparación con el primer trimestre de 2025. La compañía reportó una pérdida neta de 20,9 millones de dólares (0,14 dólares por acción), mejorando respecto a la pérdida de 30,6 millones del primer trimestre. El EBITDA ajustado creció un 9% hasta 35,2 millones de dólares.
Las métricas financieras clave incluyen 120,7 millones de dólares en efectivo sin restricciones, una deuda total reducida a 350,1 millones de dólares y una deuda neta de 229,4 millones de dólares. La compañía declaró un dividendo de 0,01 dólares por acción para el tercer trimestre de 2025. Las reservas probadas a mitad de año según la SEC fueron de 123,0 MMBoe con un valor PV-10 de 1,2 mil millones de dólares.
Entre los logros operativos destacados se incluyen la finalización exitosa de nueve trabajos de mantenimiento, acuerdos positivos de liquidación de garantías y adiciones estratégicas de coberturas para la producción de petróleo.
W&T Offshore (NYSE:WTI)는 2025년 2분기 실적을 발표하며 2025년 1분기 대비 생산량이 10% 증가한 33.5 MBoe/일을 기록했습니다. 회사는 2,090만 달러(주당 0.14달러)의 순손실을 보고했으며, 이는 1분기 3,060만 달러 손실에서 개선된 수치입니다. 조정 EBITDA는 9% 증가한 3,520만 달러를 기록했습니다.
주요 재무 지표로는 1억 2,070만 달러의 제한 없는 현금, 총 부채가 3억 5,010만 달러로 감소했으며 순부채는 2억 2,940만 달러입니다. 회사는 2025년 3분기 배당금으로 주당 0.01달러를 선언했습니다. 연중 중간 SEC 인증 매장량은 1억 2,300만 MMBoe이며 PV-10 가치는 12억 달러입니다.
주목할 만한 운영 성과로는 9건의 작업 완료, 긍정적인 보증 합의 체결, 유가 생산을 위한 전략적 헤징 추가가 포함됩니다.
W&T Offshore (NYSE:WTI) a publié ses résultats du deuxième trimestre 2025, affichant une augmentation de la production de 10% à 33,5 MBoe/jour par rapport au premier trimestre 2025. La société a enregistré une perte nette de 20,9 millions de dollars (0,14 dollar par action), une amélioration par rapport à la perte de 30,6 millions du premier trimestre. L'EBITDA ajusté a augmenté de 9% pour atteindre 35,2 millions de dollars.
Les principaux indicateurs financiers comprennent 120,7 millions de dollars en liquidités non restreintes, une dette totale réduite à 350,1 millions de dollars et une dette nette de 229,4 millions de dollars. La société a déclaré un dividende de 0,01 dollar par action pour le troisième trimestre 2025. Les réserves prouvées à mi-année selon la SEC s'élevaient à 123,0 MMBoe avec une valeur PV-10 de 1,2 milliard de dollars.
Parmi les réalisations opérationnelles notables figurent l'achèvement réussi de neuf travaux de remise en état, des accords positifs de règlement de garanties et des ajouts stratégiques de couvertures pour la production pétrolière.
W&T Offshore (NYSE:WTI) meldete die Ergebnisse für das zweite Quartal 2025 mit einem Produktionsanstieg von 10% auf 33,5 MBoe/Tag im Vergleich zum ersten Quartal 2025. Das Unternehmen verzeichnete einen Nettoverlust von 20,9 Millionen US-Dollar (0,14 US-Dollar pro Aktie), was eine Verbesserung gegenüber dem Verlust von 30,6 Millionen US-Dollar im ersten Quartal darstellt. Das bereinigte EBITDA stieg um 9% auf 35,2 Millionen US-Dollar.
Wichtige Finanzkennzahlen umfassen 120,7 Millionen US-Dollar an uneingeschränkten Barmitteln, eine reduzierte Gesamtschuld von 350,1 Millionen US-Dollar und eine Nettoverschuldung von 229,4 Millionen US-Dollar. Das Unternehmen erklärte eine Dividende von 0,01 US-Dollar pro Aktie für das dritte Quartal 2025. Die von der SEC zum Jahresmitte bestätigten Reserven beliefen sich auf 123,0 MMBoe mit einem PV-10-Wert von 1,2 Milliarden US-Dollar.
Bemerkenswerte operative Erfolge umfassen die erfolgreiche Durchführung von neun Nacharbeiten, positive Einigungen bei Bürgschaften und strategische Absicherungen für die Ölproduktion.
- 10% production increase to 33.5 MBoe/d quarter-over-quarter
- 9% growth in Adjusted EBITDA to $35.2 million
- Strong liquidity position with $120.7 million in unrestricted cash
- Net Debt reduced by $15 million
- Successful settlement with major surety providers, representing 70% of bond portfolio
- Mid-year proved reserves of 123.0 MMBoe with $1.2 billion PV-10 value
- Generated $3.6 million in Free Cash Flow
- Net loss of $20.9 million ($0.14 per share)
- 6% decrease in revenues to $122.4 million quarter-over-quarter
- 16% decline in average realized price per Boe to $39.16
- 8% increase in lease operating expenses to $76.9 million
- Production decrease compared to Q2 2024 (34.9 MBoe/d vs 33.5 MBoe/d)
HOUSTON, Aug. 04, 2025 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company,” “we” or “us”) today reported operational and financial results for the second quarter of 2025, declared a third quarter 2025 dividend of
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 second quarter of 2025 and through the date of this press release include:
- Increased production by
10% over the first quarter of 2025 to 33.5 thousand barrels of oil equivalent per day (“MBoe/d”) (49% liquids), within guidance;- The potential revenue benefit from higher volumes in the second quarter of 2025 versus the first quarter of 2025 was offset by lower prices, which reduced quarter-over-quarter revenues from the sale of oil, natural gas liquids (“NGLs”) and natural gas by
$8.1 million ;
- The potential revenue benefit from higher volumes in the second quarter of 2025 versus the first quarter of 2025 was offset by lower prices, which reduced quarter-over-quarter revenues from the sale of oil, natural gas liquids (“NGLs”) and natural gas by
- Performed nine low cost, low risk workovers that exceeded expectations and positively impacted production and revenue for the quarter;
- Five of the nine workovers were performed in Mobile Bay, W&T’s largest natural gas field, and increased production without drilling any additional wells in this low decline, long life asset;
- Incurred lease operating expenses (“LOE”) of
$76.9 million , within guidance; - Reported net loss of
$20.9 million , or$(0.14) per diluted share, an improvement from a net loss of$30.6 million , or$(0.21) per diluted share, in the first quarter of 2025;- Adjusted Net Loss totaled
$11.8 million , or$(0.08) per diluted share (compared to$19.1 million , or$(0.13) per diluted share in the first quarter of 2025), which primarily excludes the net unrealized gain on outstanding derivative contracts and non-ARO plugging and abandonment costs and the related tax effects;- Non-ARO plugging and abandonment costs relate to the Company’s assumption of the decommissioning obligations of certain counterparties in past divestiture transactions or third parties in existing leases that have filed for bankruptcy protection or undergone associated reorganizations and may not be able to perform required abandonment obligations;
- Adjusted Net Loss totaled
- Grew Adjusted EBITDA by
9% over the first quarter of 2025 to$35.2 million ; - Generated net cash flow from operating activities of
$28.0 million and produced Free Cash Flow of$3.6 million ; - Reported unrestricted cash and cash equivalents of
$120.7 million and lowered total debt to$350.1 million and Net Debt to$229.4 million at June 30, 2025; - Added the following costless collar oil hedge:
- 2,000 barrels per day (“Bbl/d”) for July through December 2025, with a floor price of
$63.00 per Bbl and ceiling price of$77.25 per Bbl;
- 2,000 barrels per day (“Bbl/d”) for July through December 2025, with a floor price of
- Paid seventh consecutive quarterly dividend of
$0.01 per common share in May 2025;- Declared third quarter 2025 dividend of
$0.01 per share, which will be payable on August 25, 2025 to stockholders of record on August 18, 2025;
- Declared third quarter 2025 dividend of
- Reported mid-year SEC proved reserves of 123.0 million barrels of oil equivalent (“MMBoe”), using SEC prices and based on a reserve report prepared by Netherland, Sewell and Associates, Inc. (“NSAI”), and a present value of those SEC proved reserves discounted at
10% (“PV-10”) of$1.2 billion ; and - Announced two positive surety outcomes in June 2025: 1) a settlement agreement with two surety providers representing nearly
70% of W&T’s surety bond portfolio (inclusive of surety providers that were not party to the Company’s litigation) where all claims against W&T were dismissed, without prejudice; and 2) a federal court recommended denial of a preliminary injunction against W&T by two other surety companies.
Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We are delivering strong results including production growth of
“Our 2025 mid-year reserve report generated by NSAI showed net positive revisions of 1.8 MMBoe, which continues to demonstrate the strength of our asset base and our ability to maximize value from our fields. Additionally, we have reached a favorable agreement with our two largest surety providers and preliminary injunction motions against W&T from two additional sureties were recommended denied. These positive surety outcomes, coupled with the promising developments in the regulatory environment driven by the White House’s directives, alleviates some of the uncertainty that has unnecessarily and artificially suppressed our stock price and we expect that this will allow us to deliver more value to our shareholders. We are well positioned to continue to enhance our portfolio through additional accretive acquisition opportunities and are committed to enhancing shareholder value while returning value to our shareholders through the quarterly dividend program.”
Production, Prices and Revenue: Production for the second quarter of 2025 was within the Company’s second quarter guidance at 33.5 MBoe/d, an increase of
W&T’s average realized price per Boe before realized derivative settlements was
Revenues for the second 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) Loss, net: In the second quarter of 2025, W&T recorded a net gain of
A summary of the Company’s outstanding derivative positions is provided in the investor presentation posted on W&T’s website.
Interest Expense: Net interest expense in the second quarter of 2025 was
Other Expense: During the second quarter of 2025, the Company reassessed its non-ARO plugging and abandonment costs and recorded a
Income Tax Benefit: W&T recognized an income tax benefit of
Balance Sheet and Liquidity: As of June 30, 2025, W&T had available liquidity of
Capital Expenditures and Asset Retirement Obligation Settlements: Capital expenditures on an accrual basis in the second quarter of 2025 were
Cash Dividend Policy
The Company paid its second quarter 2025 dividend of
The Board of Directors declared a third quarter 2025 dividend of
Surety Update
As previously announced on June 17, 2025, the Company came to a settlement agreement with two of its largest surety providers which calls for the dismissal of a previously filed lawsuit. The settlement agreement requires the surety providers to withdraw their current collateral demands, and further provides that the surety providers may not make additional collateral demands or increase premiums through December 31, 2026, outside certain limited circumstances involving unlikely events of default. Additionally, premium rates for all existing bonds provided by the two surety providers will be locked in at W&T’s historical rates without increase through December 31, 2026, representing a prolonged rate lock in excess of “ordinary course” rate negotiations, thereby providing consistency and predictability in W&T’s surety premium expense. These two surety providers, together with W&T’s other major surety provider who did not attempt to increase premiums or call for collateral, represent nearly
As previously announced on June 30, 2025, a U.S. Magistrate Judge recommended denying two surety companies motions for preliminary injunction, through which they collectively asked for full monetization of over
OPERATIONS UPDATE
Well Recompletions and Workovers
During the second quarter of 2025, W&T performed nine low cost, low risk workovers that exceeded expectations and positively impacted production and revenue for the quarter. Five of the nine workovers were performed in Mobile Bay, W&T’s largest natural gas field, and increased production without drilling any additional wells in this low decline, long life asset. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.
Mid-Year 2025 Proved Reserves
As calculated by NSAI, W&T’s independent reserve engineering consultants, proved reserves using SEC pricing methodology totaled 123.0 MMBoe at June 30, 2025, compared with 127.0 MMBoe at year-end 2024. The decrease in proved reserves was primarily driven by 5.8 MMBoe of production in the first half of 2025, partially offset by net positive revisions of 1.8 MMBoe. The mid-year proved reserves, which were
The pre-tax PV-10 of the mid-year 2025 proved reserves using SEC pricing was
Third Quarter and Full Year 2025 Production and Expense Guidance
The guidance for the third quarter and full year 2025 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 | Third Quarter 2025 | Full Year 2025 |
| Oil (MBbl) | 1,320 – 1,460 | 5,150 ‒ 5,690 |
| NGLs (MBbl) | 210 – 235 | 1,020 ‒ 1,140 |
| Natural gas (MMcf) | 9,080 – 10,040 | 34,880 ‒ 38,560 |
| Total equivalents (MBoe) | 3,043 – 3,368 | 11,983 – 13,257 |
| Average daily equivalents (MBoe/d) | 33.1 – 36.6 | 32.8 – 36.3 |
| Expenses | Third Quarter 2025 | Full Year 2025 |
| Lease operating expense ($MM) | 71.5 – 79.3 | 280.0 – 310.0 |
| Gathering, transportation & production taxes ($MM) | 6.7 – 7.5 | 27.1 – 30.1 |
| General & administrative – cash ($MM) | 15.6 – 17.4 | 62.0 – 69.0 |
| DD&A ($ per Boe) | 13.40 – 14.90 | |
W&T expects substantially all income taxes in 2025 to be deferred.
Conference Call Information: W&T will hold a conference call to discuss its financial and operational results on Tuesday, August 5, 2025 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.
W&T Offshore, Inc. Rang New York Stock Exchange Closing Bell on August 4
W&T Offshore, Inc. rang the closing bell at the NYSE in commemoration of twenty years of being listed on the NYSE. The Company has been a publicly traded company since 2005. W&T’s Founder, Chairman, Chief Executive Officer and President, Tracy W. Krohn, rang the bell alongside the board of directors of the Company and other employees.
The closing bell was rung on August 4, 2025, at 4:00 p.m. Eastern Time. Interested parties may review the coverage of the bell ringing as well as a video on demand on the NYSE’s website at nyse.com/bell. Videos and photos of the ceremony will be posted on W&T’s web site under the Investors section and shared on the NYSE and W&T social media channels.
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 June 30, 2025, the Company had working interests in 50 fields in federal and state waters (which include 43 fields in federal waters and seven in state waters). The Company has under lease approximately 629,700 gross acres (491,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 482,200 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, sustainability initiatives, the outcomes and impact of ongoing litigation, the impact of and integration of acquired assets, 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 | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Oil | $ | 80,014 | $ | 87,716 | $ | 110,965 | $ | 167,730 | $ | 217,980 | ||||||||||
| NGLs | 4,715 | 4,772 | 8,160 | 9,487 | 15,629 | |||||||||||||||
| Natural gas | 34,802 | 35,109 | 21,910 | 69,911 | 43,526 | |||||||||||||||
| Other | 2,836 | 2,270 | 1,722 | 5,106 | 6,409 | |||||||||||||||
| Total revenues | 122,367 | 129,867 | 142,757 | 252,234 | 283,544 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Lease operating expenses | 76,924 | 71,012 | 73,987 | 147,936 | 144,817 | |||||||||||||||
| Gathering, transportation and production taxes | 5,499 | 5,659 | 8,578 | 11,158 | 16,118 | |||||||||||||||
| Depreciation, depletion, and amortization | 26,446 | 32,891 | 36,674 | 59,337 | 70,611 | |||||||||||||||
| Asset retirement obligations accretion | 8,681 | 8,392 | 8,400 | 17,073 | 16,369 | |||||||||||||||
| General and administrative expenses | 17,670 | 20,157 | 21,354 | 37,827 | 41,869 | |||||||||||||||
| Total operating expenses | 135,220 | 138,111 | 148,993 | 273,331 | 289,784 | |||||||||||||||
| Operating loss | (12,853 | ) | (8,244 | ) | (6,236 | ) | (21,097 | ) | (6,240 | ) | ||||||||||
| Interest expense, net | 9,005 | 9,492 | 10,164 | 18,497 | 20,236 | |||||||||||||||
| Loss on extinguishment of debt | — | 15,015 | — | 15,015 | — | |||||||||||||||
| Derivative (gain) loss, net | (12,047 | ) | 2,757 | 2,374 | (9,290 | ) | (2,503 | ) | ||||||||||||
| Other expense (income), net | 13,455 | (316 | ) | 1,250 | 13,139 | 6,480 | ||||||||||||||
| Loss before income taxes | (23,266 | ) | (35,192 | ) | (20,024 | ) | (58,458 | ) | (30,453 | ) | ||||||||||
| Income tax benefit | (2,382 | ) | (4,615 | ) | (4,636 | ) | (6,997 | ) | (3,591 | ) | ||||||||||
| Net loss | $ | (20,884 | ) | $ | (30,577 | ) | $ | (15,388 | ) | $ | (51,461 | ) | $ | (26,862 | ) | |||||
| Net loss per common share (basic and diluted) | $ | (0.14 | ) | $ | (0.21 | ) | $ | (0.10 | ) | $ | (0.35 | ) | $ | (0.18 | ) | |||||
| Weighted average common shares outstanding (basic and diluted) | 147,847 | 147,598 | 146,943 | 147,723 | 146,900 | |||||||||||||||
| W&T OFFSHORE, INC. | ||||||||||||||||||||
| Condensed Operating Data | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Net sales volumes: | ||||||||||||||||||||
| Oil (MBbls) | 1,259 | 1,230 | 1,382 | 2,489 | 2,782 | |||||||||||||||
| NGLs (MBbls) | 245 | 200 | 334 | 445 | 677 | |||||||||||||||
| Natural gas (MMcf) | 9,285 | 7,884 | 8,769 | 17,169 | 17,502 | |||||||||||||||
| Total oil and natural gas (MBoe)(1) | 3,052 | 2,744 | 3,177 | 5,796 | 6,376 | |||||||||||||||
| Average daily equivalent sales (MBoe/d) | 33.5 | 30.5 | 34.9 | 32.0 | 35.0 | |||||||||||||||
| Average realized sales prices (before the impact of derivative settlements): | ||||||||||||||||||||
| Oil ($/Bbl) | $ | 63.55 | $ | 71.31 | $ | 80.29 | $ | 67.39 | $ | 78.35 | ||||||||||
| NGLs ($/Bbl) | 19.24 | 23.86 | 24.43 | 21.32 | 23.09 | |||||||||||||||
| Natural gas ($/Mcf) | 3.75 | 4.45 | 2.50 | 4.07 | 2.49 | |||||||||||||||
| Barrel of oil equivalent ($/Boe) | 39.16 | 46.50 | 44.40 | 42.64 | 43.47 | |||||||||||||||
| Average operating expenses per Boe ($/Boe): | ||||||||||||||||||||
| Lease operating expenses | $ | 25.20 | $ | 25.88 | $ | 23.29 | $ | 25.52 | $ | 22.71 | ||||||||||
| Gathering, transportation and production taxes | 1.80 | 2.06 | 2.70 | 1.93 | 2.53 | |||||||||||||||
| Depreciation, depletion, and amortization | 8.67 | 11.99 | 11.55 | 10.24 | 11.07 | |||||||||||||||
| Asset retirement obligations accretion | 2.84 | 3.06 | 2.64 | 2.95 | 2.57 | |||||||||||||||
| General and administrative expenses | 5.79 | 7.35 | 6.72 | 6.53 | 6.57 | |||||||||||||||
| (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) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 120,723 | $ | 109,003 | ||||
| Restricted cash | 1,552 | 1,552 | ||||||
| Receivables: | ||||||||
| Oil and natural gas sales | 58,175 | 63,558 | ||||||
| Joint interest, net | 31,659 | 25,841 | ||||||
| Prepaid expenses and other assets | 25,835 | 18,504 | ||||||
| Total current assets | 237,944 | 218,458 | ||||||
| Oil and natural gas properties and other, net | 674,597 | 777,741 | ||||||
| Restricted deposits for asset retirement obligations | 23,087 | 22,730 | ||||||
| Deferred income taxes | 56,637 | 48,808 | ||||||
| Other assets | 31,561 | 31,193 | ||||||
| Total assets | $ | 1,023,826 | $ | 1,098,930 | ||||
| Liabilities and Shareholders’ Deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 87,158 | $ | 83,625 | ||||
| Accrued liabilities | 25,072 | 33,271 | ||||||
| Undistributed oil and natural gas proceeds | 53,532 | 53,131 | ||||||
| Advances from joint interest partners | 2,430 | 2,443 | ||||||
| Current portion of asset retirement obligations | 31,813 | 46,326 | ||||||
| Current portion of long-term debt, net | 579 | 27,288 | ||||||
| Total current liabilities | 200,584 | 246,084 | ||||||
| Asset retirement obligations | 524,980 | 502,506 | ||||||
| Long-term debt, net | 349,508 | 365,935 | ||||||
| Other liabilities | 17,464 | 16,182 | ||||||
| Commitments and contingencies | 34,011 | 20,800 | ||||||
| Shareholders’ deficit: | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 2 | 2 | ||||||
| Additional paid-in capital | 599,945 | 595,407 | ||||||
| Retained deficit | (678,501 | ) | (623,819 | ) | ||||
| Treasury stock | (24,167 | ) | (24,167 | ) | ||||
| Total shareholders’ deficit | (102,721 | ) | (52,577 | ) | ||||
| Total liabilities and shareholders’ deficit | $ | 1,023,826 | $ | 1,098,930 | ||||
| W&T OFFSHORE, INC. | ||||||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Operating activities: | ||||||||||||||||||||
| Net loss | $ | (20,884 | ) | $ | (30,577 | ) | $ | (15,388 | ) | $ | (51,461 | ) | $ | (26,862 | ) | |||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||
| Depreciation, depletion, amortization and accretion | 35,127 | 41,283 | 45,074 | 76,410 | 86,980 | |||||||||||||||
| Share-based compensation | 2,874 | 2,087 | 1,386 | 4,961 | 4,418 | |||||||||||||||
| Amortization of debt issuance costs | 740 | 1,099 | 1,044 | 1,839 | 2,336 | |||||||||||||||
| Loss on extinguishment of debt | — | 15,015 | — | 15,015 | — | |||||||||||||||
| Derivative (gain) loss, net | (12,047 | ) | 2,757 | 2,374 | (9,290 | ) | (2,503 | ) | ||||||||||||
| Derivative cash receipts (settlements), net | 8,241 | (5,326 | ) | 2,358 | 2,915 | 4,957 | ||||||||||||||
| Deferred income benefit | (2,312 | ) | (5,517 | ) | (4,324 | ) | (7,829 | ) | (3,591 | ) | ||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable | 2,041 | (1,935 | ) | (7,108 | ) | 106 | (24,470 | ) | ||||||||||||
| Prepaid expenses and other current assets | 238 | 547 | (6,177 | ) | 785 | (5,744 | ) | |||||||||||||
| Accounts payable, accrued liabilities and other | 26,151 | (18,858 | ) | 26,416 | 7,293 | 25,564 | ||||||||||||||
| Asset retirement obligation settlements | (12,207 | ) | (3,771 | ) | (8,209 | ) | (15,978 | ) | (11,997 | ) | ||||||||||
| Net cash provided by (used in) operating activities | 27,962 | (3,196 | ) | 37,446 | 24,766 | 49,088 | ||||||||||||||
| Investing activities: | ||||||||||||||||||||
| Investment in oil and natural gas properties and equipment | (10,422 | ) | (6,665 | ) | (6,576 | ) | (17,087 | ) | (13,656 | ) | ||||||||||
| Acquisition of property interests | (311 | ) | (400 | ) | (120 | ) | (711 | ) | (80,635 | ) | ||||||||||
| Proceeds from sale of oil and natural gas properties | (19 | ) | 11,935 | — | 11,916 | — | ||||||||||||||
| Insurance proceeds | — | 58,500 | — | 58,500 | — | |||||||||||||||
| Purchases of furniture, fixtures and other | (11 | ) | (103 | ) | (73 | ) | (114 | ) | (97 | ) | ||||||||||
| Net cash (used in) provided by investing activities | (10,763 | ) | 63,267 | (6,769 | ) | 52,504 | (94,388 | ) | ||||||||||||
| Financing activities: | ||||||||||||||||||||
| Proceeds from issuance of long-term debt | — | 350,000 | — | 350,000 | — | |||||||||||||||
| Repayments of long-term debt | (275 | ) | (384,264 | ) | (275 | ) | (384,539 | ) | (550 | ) | ||||||||||
| Purchase of government securities in connection with legal defeasance of | — | (5,889 | ) | — | (5,889 | ) | — | |||||||||||||
| Premium payments and debt extinguishment costs | — | (10,230 | ) | — | (10,230 | ) | — | |||||||||||||
| Debt issuance costs | (436 | ) | (11,042 | ) | (93 | ) | (11,478 | ) | (405 | ) | ||||||||||
| Payment of dividends | (1,499 | ) | (1,493 | ) | (1,485 | ) | (2,992 | ) | (2,954 | ) | ||||||||||
| Other | (199 | ) | (223 | ) | (271 | ) | (422 | ) | (754 | ) | ||||||||||
| Net cash used in financing activities | (2,409 | ) | (63,141 | ) | (2,124 | ) | (65,550 | ) | (4,663 | ) | ||||||||||
| Change in cash, cash equivalents and restricted cash | 14,790 | (3,070 | ) | 28,553 | 11,720 | (49,963 | ) | |||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 107,485 | 110,555 | 99,239 | 110,555 | 177,755 | |||||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 122,275 | $ | 107,485 | $ | 127,792 | $ | 122,275 | $ | 127,792 | ||||||||||
| 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 | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Net loss | $ | (20,884 | ) | $ | (30,577 | ) | $ | (15,388 | ) | $ | (51,461 | ) | $ | (26,862 | ) | |||||
| Loss on extinguishment of debt | — | 15,015 | — | 15,015 | — | |||||||||||||||
| Unrealized commodity derivative (gain) loss, net | (2,554 | ) | (882 | ) | 2,738 | (3,436 | ) | 1,616 | ||||||||||||
| Allowance for credit losses | 197 | 155 | 346 | 352 | 430 | |||||||||||||||
| Non-recurring legal and IT-related costs | 48 | 528 | 4,202 | 576 | 4,960 | |||||||||||||||
| Non-ARO P&A costs | 13,856 | (197 | ) | 1,709 | 13,659 | 7,061 | ||||||||||||||
| Other | (47 | ) | (71 | ) | 304 | (118 | ) | 90 | ||||||||||||
| Tax effect of selected items(1) | (2,415 | ) | (3,055 | ) | (1,953 | ) | (5,470 | ) | (2,973 | ) | ||||||||||
| Adjusted net loss | $ | (11,799 | ) | $ | (19,084 | ) | $ | (8,042 | ) | $ | (30,883 | ) | $ | (15,678 | ) | |||||
| Adjusted net loss per common share (basic and diluted) | $ | (0.08 | ) | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.21 | ) | $ | (0.11 | ) | |||||
| Weighted average shares outstanding (basic and diluted) | 147,847 | 147,598 | 146,943 | 147,723 | 146,900 | |||||||||||||||
(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 (benefit) expense, 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 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 income, a GAAP measure, to Adjusted EBITDA and Free Cash Flow, as such terms are defined by the Company:
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Net loss | $ | (20,884 | ) | $ | (30,577 | ) | $ | (15,388 | ) | $ | (51,461 | ) | $ | (26,862 | ) | |||||
| Interest expense, net | 9,005 | 9,492 | 10,164 | 18,497 | 20,236 | |||||||||||||||
| Loss on extinguishment of debt | — | 15,015 | — | 15,015 | — | |||||||||||||||
| Income tax benefit | (2,382 | ) | (4,615 | ) | (4,636 | ) | (6,997 | ) | (3,591 | ) | ||||||||||
| Depreciation, depletion and amortization | 26,446 | 32,891 | 36,674 | 59,337 | 70,611 | |||||||||||||||
| Asset retirement obligations accretion | 8,681 | 8,392 | 8,400 | 17,073 | 16,369 | |||||||||||||||
| Unrealized commodity derivative (gain) loss, net | (2,554 | ) | (882 | ) | 2,738 | (3,436 | ) | 1,616 | ||||||||||||
| Allowance for credit losses | 197 | 155 | 346 | 352 | 430 | |||||||||||||||
| Non-cash incentive compensation | 2,874 | 2,087 | 1,386 | 4,961 | 4,418 | |||||||||||||||
| Non-recurring legal and IT-related costs | 48 | 528 | 4,202 | 576 | 4,960 | |||||||||||||||
| Non-ARO P&A costs | 13,856 | (197 | ) | 1,709 | 13,659 | 7,061 | ||||||||||||||
| Other | (47 | ) | (71 | ) | 304 | (118 | ) | 90 | ||||||||||||
| Adjusted EBITDA | $ | 35,240 | $ | 32,218 | $ | 45,899 | $ | 67,458 | $ | 95,338 | ||||||||||
| Capital expenditures, accrual basis(1) | $ | (10,445 | ) | $ | (8,472 | ) | $ | (8,781 | ) | $ | (18,917 | ) | $ | (11,937 | ) | |||||
| Asset retirement obligation settlements | (12,207 | ) | (3,771 | ) | (8,209 | ) | (15,978 | ) | (11,997 | ) | ||||||||||
| Interest expense, net | (9,005 | ) | (9,492 | ) | (10,164 | ) | (18,497 | ) | (20,236 | ) | ||||||||||
| Free Cash Flow | $ | 3,583 | $ | 10,483 | $ | 18,745 | $ | 14,066 | $ | 51,168 | ||||||||||
(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 | $ | (10,422 | ) | $ | (6,665 | ) | $ | (6,576 | ) | $ | (17,087 | ) | $ | (13,656 | ) | |||||
| Less: change in accrual for capital expenditures | 23 | 1,807 | 2,205 | 1,830 | (1,719 | ) | ||||||||||||||
| Capital expenditures, accrual basis | $ | (10,445 | ) | $ | (8,472 | ) | $ | (8,781 | ) | $ | (18,917 | ) | $ | (11,937 | ) | |||||
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 | Six Months | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 27,962 | $ | (3,196 | ) | $ | 37,446 | $ | 24,766 | $ | 49,088 | |||||||||
| Allowance for credit losses | 197 | 155 | 346 | 352 | 430 | |||||||||||||||
| Amortization of debt issuance costs | (740 | ) | (1,099 | ) | (1,044 | ) | (1,839 | ) | (2,336 | ) | ||||||||||
| Non-recurring legal and IT-related costs | 48 | 528 | 4,202 | 576 | 4,960 | |||||||||||||||
| Current tax (benefit) expense(1) | (70 | ) | 902 | (312 | ) | 832 | — | |||||||||||||
| Change in derivatives receivable (payable)(1) | 1,252 | 1,687 | (1,994 | ) | 2,939 | (838 | ) | |||||||||||||
| Non-ARO P&A costs | 13,856 | (197 | ) | 1,709 | 13,659 | 7,061 | ||||||||||||||
| Changes in operating assets and liabilities, excluding asset retirement obligation settlements | (28,430 | ) | 20,246 | (13,131 | ) | (8,184 | ) | 4,650 | ||||||||||||
| Capital expenditures, accrual basis | (10,445 | ) | (8,472 | ) | (8,781 | ) | (18,917 | ) | (11,937 | ) | ||||||||||
| Other | (47 | ) | (71 | ) | 304 | (118 | ) | 90 | ||||||||||||
| Free Cash Flow | $ | 3,583 | $ | 10,483 | $ | 18,745 | $ | 14,066 | $ | 51,168 | ||||||||||
(1) A reconciliation of the adjustments used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:
| Current tax (benefit) expense: | ||||||||||||||||||||
| Income tax benefit | $ | (2,382 | ) | $ | (4,615 | ) | $ | (4,636 | ) | $ | (6,997 | ) | $ | (3,591 | ) | |||||
| Less: Deferred income benefit | (2,312 | ) | (5,517 | ) | (4,324 | ) | (7,829 | ) | (3,591 | ) | ||||||||||
| Current tax (benefit) expense: | $ | (70 | ) | $ | 902 | $ | (312 | ) | $ | 832 | $ | — | ||||||||
| Changes in derivatives receivable (payable) | ||||||||||||||||||||
| Derivatives receivable (payable), end of period | $ | 1,562 | $ | 310 | $ | (567 | ) | $ | 1,562 | $ | (567 | ) | ||||||||
| Derivatives payable (receivable), beginning of period | (310 | ) | 1,377 | (1,427 | ) | 1,377 | (271 | ) | ||||||||||||
| Change in derivatives receivable (payable) | $ | 1,252 | $ | 1,687 | $ | (1,994 | ) | $ | 2,939 | $ | (838 | ) | ||||||||
| Reconciliation of PV-10 to Standardized Measure |
The Company also discloses PV-10, which is not a financial measure defined under GAAP. The standardized measure of discounted future net cash flows is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. Company management believes that the non-GAAP financial measure of PV-10 is relevant and useful for evaluating the relative monetary significance of oil and natural gas properties. PV-10 is also used internally when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. Company management believes that the use of PV-10 is valuable because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid. Additionally, Company management believes that the presentation of PV-10 provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. PV-10 is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of the Company’s estimated oil and natural gas reserves. PV-10 should not be considered in isolation or as substitutes for the standardized measure of discounted future net cash flows as defined under GAAP. Investors should not assume that PV-10 of the Company’s proved oil and natural gas reserves represents a current market value of the Company’s estimated oil and natural gas reserves. With respect to PV-10 calculated as of an interim date (i.e., other than year-end), it is not practical for the Company to reconcile the PV-10 of its SEC pricing proved reserves as of June 30, 2025 because GAAP does not provide for disclosure of standardized measure on an interim basis.
| 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 were W&T Offshore's (WTI) key financial results for Q2 2025?
How much did W&T Offshore's (WTI) production increase in Q2 2025?
What is W&T Offshore's (WTI) current dividend and payment schedule?
What is W&T Offshore's (WTI) current liquidity position?
What are W&T Offshore's (WTI) proved reserves as of mid-2025?
