W&T Offshore Q2 2026 profit, cash flow and dividend

Q: How did W&T Offshore (WTI) perform financially in Q2 2026?

W&T Offshore reported total revenues of $162,619 thousand and net income of $12,561 thousand, or $0.08 diluted EPS, for Q2 2026, compared with losses in both Q1 2026 and Q2 2025.

Q: How did WTI’s Q2 2026 results compare to Q2 2025?

Versus Q2 2025, W&T Offshore’s revenues rose 33% to $162,619 thousand and net income improved from a $20,884 thousand loss to a $12,561 thousand profit. Adjusted EBITDA increased 54% to $54,409 thousand.

Q: What Free Cash Flow and Adjusted EBITDA did WTI report for Q2 2026?

For Q2 2026, W&T Offshore generated Free Cash Flow of $31,383 thousand and Adjusted EBITDA of $54,409 thousand. Free Cash Flow rose 50% from Q1 2026 and 776% from Q2 2025, while Adjusted EBITDA was flat sequentially but up 54% year over year.

Q: What is WTI’s liquidity and leverage position as of June 30, 2026?

As of June 30, 2026 W&T Offshore had available liquidity of $194.1 million, including $150.7 million in cash and $43.4 million of revolver availability. Net Debt was $200,893 thousand, with Net Debt to trailing twelve-month Adjusted EBITDA at 1.2x.

Q: What dividend did W&T Offshore (WTI) declare for the third quarter of 2026?

The board declared a third quarter 2026 dividend of $0.01 per share, payable on August 26, 2026 to shareholders of record on August 19, 2026, continuing the company’s cash return to shareholders.

Q: What production guidance did WTI provide for Q3 and full-year 2026?

For Q3 2026, W&T Offshore guided to 3,063–3,385 MBoe of production (33.3–36.8 MBoe/d). Full-year 2026 guidance is 12,227–13,560 MBoe, implying average daily volumes of 33.5–37.2 MBoe/d.

Q: What 2026 capital and plugging spending did W&T Offshore forecast?

For full-year 2026, W&T Offshore expects capital expenditures of $19.5–24.5 million and plugging and abandonment spending of $34.0–42.4 million, with spending anticipated toward the higher end of these ranges.

W&T Offshore reported strong second-quarter 2026 results, with total revenues of about $162.6 million, up 8% sequentially and 33% year over year.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

W&T Offshore reported strong second-quarter 2026 results, with total revenues of about $162.6 million, up 8% sequentially and 33% year over year. Net income was $12.6 million, or $0.08 per diluted share, compared with losses in both the prior quarter and prior-year period. Adjusted EBITDA was $54.4 million and Free Cash Flow was $31.4 million; for the first half of 2026 the company generated almost $110 million of Adjusted EBITDA and over $50 million of Free Cash Flow while reducing Net Debt.

Production was 3.16 million Boe, near flat year over year, but the average realized price per Boe rose 11% from the first quarter to $50.23. Lease operating expenses per Boe fell versus a year ago and came in below the low end of guidance, while Adjusted G&A declined slightly versus the first quarter as a share of volumes. As of June 30, 2026, available liquidity was $194.1 million, including $150.7 million of cash, with Net Debt of $200.9 million and Net Debt to trailing twelve-month Adjusted EBITDA of 1.2x. The board declared a third-quarter 2026 dividend of $0.01 per share and issued guidance for slightly higher third-quarter production and higher 2026 capital and plugging spending toward the high end of prior ranges.

Positive

Returned to profitability in Q2 2026 with net income of roughly $12.6 million and diluted EPS of $0.08, versus losses in both Q1 2026 and Q2 2025.
Generated substantial Free Cash Flow of about $31.4 million in Q2 2026 and lowered Net Debt to $200.9 million, bringing Net Debt to trailing Adjusted EBITDA down to 1.2x.

Negative

None.

Filing Explained

For the third quarter, the company expects lease operating costs to rise because about $3 million of projects moved from the second quarter and about $2 million moved forward from the fourth quarter; full-year capital and plugging spending is expected near the high end of guidance.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenues: $162,619 thousand Net income: $12,561 thousand Diluted EPS: $0.08 per share +5 more

8 metrics

Total revenues $162,619 thousand Three months ended June 30, 2026; up 8% sequentially and 33% year over year.

Net income $12,561 thousand Q2 2026 consolidated net income after losses in Q1 2026 and Q2 2025.

Diluted EPS $0.08 per share Net income per diluted share for the quarter ended June 30, 2026.

Adjusted EBITDA $54,409 thousand Non-GAAP Adjusted EBITDA for Q2 2026; 54% higher than Q2 2025.

Free Cash Flow $31,383 thousand Free Cash Flow in Q2 2026; 50% above Q1 2026 and 776% above Q2 2025.

Available liquidity $194.1 million As of June 30, 2026, including $150.7 million cash and $43.4 million revolver availability.

Net Debt $200,893 thousand Net Debt at June 30, 2026; Net Debt to trailing twelve-month Adjusted EBITDA was 1.2x.

Quarterly dividend $0.01 per share Third quarter 2026 cash dividend payable August 26, 2026 to holders of record August 19, 2026.

Key Terms

Adjusted EBITDA, Free Cash Flow, asset retirement obligations, plugging and abandonment, +1 more

5 terms

Adjusted EBITDA financial

"with Adjusted EBITDA of $54.4 million, and Free Cash Flow"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Free Cash Flow financial

"Adjusted EBITDA of $54.4 million, and Free Cash Flow of $31.4 million"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

asset retirement obligations financial

"Asset retirement obligations accretion | 8,776"

Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.

plugging and abandonment financial

"Non-ARO plugging and abandonment costs | 13,856"

Net Debt financial

"Net Debt of $200.9 million and Net Debt to trailing"

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did W&T Offshore (WTI) perform financially in Q2 2026?

W&T Offshore reported total revenues of $162,619 thousand and net income of $12,561 thousand, or $0.08 diluted EPS, for Q2 2026, compared with losses in both Q1 2026 and Q2 2025.

How did WTI’s Q2 2026 results compare to Q2 2025?

Versus Q2 2025, W&T Offshore’s revenues rose 33% to $162,619 thousand and net income improved from a $20,884 thousand loss to a $12,561 thousand profit. Adjusted EBITDA increased 54% to $54,409 thousand.

What Free Cash Flow and Adjusted EBITDA did WTI report for Q2 2026?

For Q2 2026, W&T Offshore generated Free Cash Flow of $31,383 thousand and Adjusted EBITDA of $54,409 thousand. Free Cash Flow rose 50% from Q1 2026 and 776% from Q2 2025, while Adjusted EBITDA was flat sequentially but up 54% year over year.

What is WTI’s liquidity and leverage position as of June 30, 2026?

As of June 30, 2026 W&T Offshore had available liquidity of $194.1 million, including $150.7 million in cash and $43.4 million of revolver availability. Net Debt was $200,893 thousand, with Net Debt to trailing twelve-month Adjusted EBITDA at 1.2x.

What dividend did W&T Offshore (WTI) declare for the third quarter of 2026?

The board declared a third quarter 2026 dividend of $0.01 per share, payable on August 26, 2026 to shareholders of record on August 19, 2026, continuing the company’s cash return to shareholders.

What production guidance did WTI provide for Q3 and full-year 2026?

For Q3 2026, W&T Offshore guided to 3,063–3,385 MBoe of production (33.3–36.8 MBoe/d). Full-year 2026 guidance is 12,227–13,560 MBoe, implying average daily volumes of 33.5–37.2 MBoe/d.

What 2026 capital and plugging spending did W&T Offshore forecast?

For full-year 2026, W&T Offshore expects capital expenditures of $19.5–24.5 million and plugging and abandonment spending of $34.0–42.4 million, with spending anticipated toward the higher end of these ranges.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/05/2026 - 04:53 PM Accepted by SEC EDGAR 08/05/2026 - 04:53 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 5, 2026

W&T Offshore, Inc.
(Exact name of registrant as specified in its charter)

	1-32414
	(Commission File Number)
Texas		72-1121985
(State or Other Jurisdiction of Incorporation)		(IRS Employer Identification No.)

5718 Westheimer Road, Suite 700 Houston, Texas 77057
(Address of Principal Executive Offices)

713.626.8525
(Registrant’s Telephone Number, Including Area Code)

N/A
(Former Name or Former Address, If Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, par value $0.00001		WTI		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On August 5, 2026, W&T Offshore, Inc. (the “Company”) issued a press release reporting on financial and operational results for the second quarter ended June 30, 2026. A copy of the press release, dated August 5, 2026, is furnished herewith as Exhibit 99.1.

This information, including Exhibit 99.1, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless specifically incorporated by reference in a document filed under the Securities Act of 1933, as amended, or the Exchange Act. By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by Item 2.02.

Item 9.01

Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press release dated August 5, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	W&T OFFSHORE, INC. (Registrant)


Dated: August 5, 2026	By:	/s/ Sameer Parasnis
	Name:	Sameer Parasnis
	Title:	Executive Vice President and Chief Financial Officer

Exhibit 99.1



		PRESS RELEASE
FOR IMMEDIATE RELEASE

W&T Offshore Announces Second Quarter 2026 Results and

Declares Dividend for Third Quarter of 2026

HOUSTON, August 5, 2026 – W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company,” “we” or “us”) today reported operational and financial results for the second quarter of 2026 and declared a third quarter 2026 dividend of $0.01 per share.

This press release includes non-GAAP financial measures, including Adjusted Net Income (Loss), Adjusted EBITDA, Free Cash Flow, Adjusted General and Administrative Expenses and Net Debt, which are reconciled to the most comparable GAAP measures in the accompanying tables to this press release under “Non-GAAP Information.”

Second Quarter 2026 Highlights

●

Produced 34.7 thousand barrels of oil equivalent per day (“MBoe/d”) (49% liquids), at the midpoint of the Company’s guidance and up 3% from the same period in 2025;

●

Incurred $71.6 million in lease operating expenses, below the lower end of guidance;

●

Reported net income of $12.6 million, or $0.08 per diluted share, up significantly from a net loss of $22.5 million, or $(0.15) per diluted share, in the first quarter of 2026;

●

Adjusted Net Incometotaled $3.5 million, or $0.02 per diluted share, compared with an Adjusted Net Loss of $5.1 million, or $(0.03) per diluted share, in the first quarter of 2026;

●

Increased Free Cash Flow by 50% to $31.4 million compared with $21.0 million in the first quarter of 2026;

●

Generated Adjusted EBITDA of $54.4 million, with $108.9 million of Adjusted EBITDA generated in the first half of 2026;

●

Adjusted General and Administrative Expenses decreased 5% to $16.4 million compared with $17.4 million in the first quarter of 2026;

●

Grew unrestricted cash and cash equivalents 15% to $150.7 million from $130.9 million at March 31, 2026, which resulted in a 9% decrease in Net Debt to $200.9 million from $220.3 million at March 31, 2026;

●

Ended the second quarter of 2026 with total available liquidity of $194.1 million, which positions the Company well to pursue organic growth initiatives and acquisition opportunities;

●

As the previously disclosed surety lawsuits continue to progress, W&T is working with damages experts to quantify our claims. While the results of the surety lawsuits remain uncertain, and there can be no assurance of a successful result, management believes, based in part on the preliminary report of the damages experts, that the Company, assuming we prevail in the litigation (including on our antitrust claims), would possibly have claims against the sureties that could reach hundreds of millions of dollars, and these damages would be statutorily trebled. This estimate reflects management's current assessment and may change as the damages analysis and litigation proceed;

●

Paid 11^th consecutive quarterly dividend of $0.01 per share on May 18, 2026 and declared a quarterly dividend of $0.01 per share for the third quarter of 2026, payable on August 26, 2026 to shareholders of record on August 19, 2026.

Management Commentary

Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “The second quarter of 2026 was another successful quarter of operational and financial results, with Adjusted EBITDA of $54.4 million, and Free Cash Flow of $31.4 million. In the first half of 2026, we generated almost $110 million of Adjusted EBITDA, and over $50 million in Free Cash Flow, all while decreasing our Net Debt position. We continue to strengthen our balance sheet, while adding financial flexibility that should allow us to continue to evaluate accretive acquisition opportunities. Acquisitions remain a key component of our success, and it is our ability to integrate and enhance the assets that we acquire that has allowed us to grow reserves and production over the past 40 years.

Operationally, we reported production at the midpoint of our guidance range and benefited from strong realized pricing in the second quarter. Our average realized price per BOE was up 11% compared to the first quarter of 2026. Additionally, our LOE costs were below the low end of our guidance range, which demonstrates our commitment to cost efficient operations. With consistent production, increasing realized pricing and continued cost control, we believe that we are well positioned operationally and financially to deliver robust results in the second half of 2026. I believe the market is beginning to reflect our strong results in our increased share price, but with the Free Cash Flow generation and our continued commitment to dividends, I believe that we are still significantly undervalued. We remain committed to operational excellence, enhancing shareholder value and believe that W&T is on the right path for success well into the future.”

Second Quarter 2026 Results

Key Financial Highlights


		Three Months Ended								Three Months Ended
		June 30,			March 31,					June 30,
($ in thousands, except per share amounts)		2026			2026			% Change		2025			% Change
Total revenues		$	162,619		$	150,019		8%		$	122,367		33%
Net income (loss)			12,561			(22,530)		156%			(20,884)		160%
Net income (loss) per diluted share			0.08			(0.15)		153%			(0.14)		156%
Adjusted Net Income (Loss)			3,530			(5,132)		169%			(11,799)		130%
Adjusted Net Income (Loss) per diluted share			0.02			(0.03)		165%			(0.08)		128%
Free Cash Flow			31,383			20,958		50%			3,583		776%
Adjusted EBITDA			54,409			54,540		(0)%			35,240		54%
Capital expenditures, accrual basis			10,358			7,230		43%			10,445		(1)%
Asset retirement obligation settlements			3,437			17,166		(80)%			12,207		(72)%

Operating Data


	Three Months Ended					Three Months Ended
	June 30,		March 31,			June 30,
	2026		2026		% Change	2025		% Change
Net sales volumes:
Oil (MBbls) ⁽¹⁾		1,213		1,296	(6)%		1,259	(4)%
NGLs (MBbls)		329		425	(23)%		245	34%
Natural gas (MMcf) ⁽²⁾		9,689		9,223	5%		9,285	4%
Total oil equivalent (MBoe) ⁽³⁾		3,157		3,259	(3)%		3,052	3%

Average daily equivalent sales (MBoe/d)		34.7		36.2	(4)%		33.5	3%

Average realized sales prices (before the impact of derivative settlements):
Oil ($/Bbl) ⁽⁴⁾	$	99.30	$	69.52	43%	$	63.55	56%

NGLs ($/Bbl)	18.35	16.26	13%	19.24	(5)%
Natural gas ($/Mcf) ⁽⁵⁾	3.31	5.41	(39)%	3.75	(12)%
Oil equivalent ($/Boe) ⁽⁶⁾	50.23	45.08	11%	39.16	28%

(1)	MBbls — thousands of barrels of oil, condensate or NGLs

(2)	MMcf — million cubic feet

(3)	MBoe — thousand barrels of oil equivalent

(4)	Bbl — barrels of oil, condensate or NGLs

(5)	Mcf — thousand cubic feet

(6)	Boe — barrels of oil equivalent

Operating Expenses


	Three Months Ended					Three Months Ended
	June 30,		March 31,			June 30,
	2026		2026		% Change	2025		% Change

	(in thousands)
Lease operating expenses	$	71,563	$	66,114	8%	$	76,924	(7)%
Lease operating expenses per Boe		22.67		20.29	12%		25.20	(10)%
Gathering, transportation and production taxes		6,565		8,654	(24)%		5,499	19%
Gathering, transportation and production taxes per Boe		2.08		2.66	(22)%		1.80	16%
Depreciation, depletion, and amortization		25,578		27,265	(6)%		26,446	(3)%
Depreciation, depletion, and amortization per Boe		8.10		8.37	(3)%		8.67	(7)%
General and administrative expenses		27,508		24,833	11%		17,670	56%
General and administrative expenses per Boe		8.71		7.62	14%		5.79	50%
Adjusted General and Administrative Expenses		16,446		17,390	(5)%		14,796	11%
Adjusted General and Administrative Expenses per Boe		5.21		5.34	(2)%		4.85	7%

Lease operating expenses for the second quarter of 2026 were below the low end of guidance due to timing of facility and workover expense projects, which resulted in some of these expenses getting deferred to third quarter 2026.

Gathering, transportation and production taxes for the second quarter were below the low end of guidance due to the Williams Mobile Bay Gas Processing Facility being down the entire month of April for planned maintenance. W&T’s natural gas volumes stayed online during this period but bypassed the plant.

General and administrative expenses for the second quarter were up compared with the first quarter of 2026 as a result of an increase in non-cash share-based compensation costs driven by a higher share price used to value certain of the Company’s share-based compensation awards that are marked-to-market at the end of each reporting period.

Capital Expenditures, Asset Retirement Obligation Settlements and Decommissioning Obligation Settlements


	Three Months Ended					Three Months Ended
	June 30,		March 31,			June 30,
	2026		2026		% Change	2025		% Change

	(in thousands)
Capital expenditures (accrual basis)	$	10,358	$	7,230	43%	$	10,445	(1)%
Asset retirement obligation settlements		3,437		17,166	(80)%		12,207	(72)%
Decommissioning obligation settlements ⁽¹⁾		1,196		1,695	(29)%		62	1,829%

⁽¹⁾	Settlement of decommissioning obligations as a result of working interest partners or counterparties of divestiture transactions that were unable to perform the required abandonment obligations due to bankruptcy or insolvency.

Balance Sheet and Liquidity

As of June 30, 2026, W&T had available liquidity of $194.1 million comprised of $150.7 million in unrestricted cash and cash equivalents and $43.4 million of borrowing availability under W&T’s revolving credit facility, based on a borrowing base of $50.0 million and $6.6 million of letters of credit outstanding. As of June 30, 2026, the Company had total debt of $351.6 million, Net Debt of $200.9 million and Net Debt to trailing twelve month Adjusted EBITDA was 1.2 times.

Derivatives

A summary of the Company’s outstanding derivative positions is provided in the investor presentation posted on W&T’s website.

Well Recompletions and Workovers

During the second quarter of 2026, W&T performed three workover projects and one recompletion that positively impacted production. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.

Quarterly Dividend Policy

The Board of Directors declared a third quarter 2026 dividend of $0.01 per share which is to be paid on August 26, 2026 to shareholders of record on August 19, 2026.

Third Quarter and Full Year 2026 Production and Expense Guidance

The guidance for the third 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	Third Quarter 2026	Full Year 2026
Oil (MBbls)	1,215 – 1,340	4,710 – 5,210
NGLs (MBbls)	405 – 450	1,620 – 1,820
Natural gas (MMcf)	8,660 – 9,570	35,380 – 39,180
Total equivalents (MBoe)	3,063 – 3,385	12,227 – 13,560
Average daily equivalents (MBoe/d)	33.3 – 36.8	33.5 – 37.2

Expenses	Third Quarter 2026	Full Year 2026
Lease operating expense ($MM)	73.0 – 81.0	264.7 – 294.7
Gathering, transportation and production taxes ($MM)	8.8 – 9.7	33.3 – 37.3
Adjusted General and Administrative Expenses ($MM)	17.2 – 19.0	63.2 – 70.2
Depreciation, depletion, amortization and accretion ($ per Boe)		10.25 – 11.35



Capital Expenditures and Plugging and Abandonment		Full Year 2026
Capital expenditures ($MM)		19.5 – 24.5
Plugging and Abandonment ($MM)		34.0 – 42.4

Third quarter 2026 production is expected to be slightly higher than second quarter. Third quarter lease operating expenses will be higher than second quarter due to approximately $3 million of facility and workover expense projects being deferred from second quarter to third quarter and approximately $2 million of workover projects moving forward from fourth quarter to third quarter. Full year 2026 capital expenditures and plugging and abandonment are expected to be towards the higher end of guidance based on acceleration of certain projects in the current supportive commodity price environment.

Conference Call Information

W&T will hold a conference call to discuss its financial and operational results on Thursday, August 6, 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 June 30, 2026, the Company had working interests in 48 fields in federal and state waters (which include 41 fields in federal waters and seven in state waters). The Company has under lease approximately 591,000 gross acres (457,100 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 449,200 gross acres on the conventional shelf, approximately 136,200 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
		June 30,			March 31,			June 30,
		2026			2026			2025
Revenues:
Oil		$	120,454		$	90,103		$	80,014
NGLs			6,037			6,911			4,715
Natural gas			32,093			49,887			34,802
Other			4,035			3,118			2,836
Total revenues			162,619			150,019			122,367

Operating expenses:
Lease operating expenses			71,563			66,114			76,924
Gathering, transportation and production taxes			6,565			8,654			5,499
Depreciation, depletion, and amortization			25,578			27,265			26,446
Asset retirement obligations accretion			8,776			8,517			8,681
General and administrative expenses			27,508			24,833			17,670
Total operating expenses			139,990			135,383			135,220

Operating income (loss)			22,629			14,636			(12,853)

Interest expense, net			9,231			9,186			9,005
Loss on extinguishment of debt			—			—			—
Derivative loss (gain), net			1,917			24,513			(12,047)
Other expense, net			287			831			13,455
Income (loss) before income taxes			11,194			(19,894)			(23,266)
Income tax (benefit) expense			(1,367)			2,636			(2,382)
Net income (loss)		$	12,561		$	(22,530)		$	(20,884)

Net income (loss) per common share:
Basic		$	0.08		$	(0.15)		$	(0.14)
Diluted		$	0.08		$	(0.15)		$	(0.14)

Weighted average common shares outstanding:
Basic			149,705			148,778			147,847
Diluted			157,657			148,778			147,847


W&T OFFSHORE, INC.
Consolidated Balance Sheets
(In thousands)
(Unaudited)

		June 30,		March 31,		December 31,
		2026		2026		2025
Assets
Current assets:
Cash and cash equivalents		$	150,683	$	130,919	$	140,558
Restricted cash			—		—		62
Accounts receivable:
Oil, natural gas liquids and natural gas sales			67,094		72,400		59,633
Joint interest, net			25,581		27,592		24,473
Prepaid expenses and other current assets			19,433		18,449		14,543
Total current assets			262,791		249,360		239,269

Oil and natural gas properties and other, net			641,718		655,086		662,082
Restricted deposits for asset retirement obligations			24,122		24,351		24,026
Deferred income taxes			88		63		35
Other assets			30,795		30,292		30,395
Total assets		$	959,514	$	959,152	$	955,807

Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable		$	88,750	$	90,637	$	98,406
Accrued liabilities			37,540		62,362		39,809
Undistributed oil and natural gas proceeds			63,269		61,590		59,065
Advances from joint interest partners			2,267		2,275		2,394
Current portion of asset retirement obligations			24,411		25,471		26,147
Current portion of long-term debt, net			8,158		8,309		8,458
Total current liabilities			224,395		250,644		234,279

Asset retirement obligations			548,824		540,568		535,704
Long-term debt, net			343,418		342,879		342,355
Other liabilities			14,529		21,070		15,781

Commitments and contingencies			24,549		25,745		27,440

Shareholders’ deficit:
Preferred stock			—		—		—
Common stock			2		2		2
Additional paid-in capital			621,460		606,888		604,732
Retained deficit			(793,496)		(804,477)		(780,319)
Treasury stock			(24,167)		(24,167)		(24,167)
Total shareholders’ deficit			(196,201)		(221,754)		(199,752)
Total liabilities and shareholders’ deficit		$	959,514	$	959,152	$	955,807


W&T OFFSHORE, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Three Months Ended
	June 30,			March 31,			June 30,
	2026			2026			2025
Operating activities:
Net income (loss)	$	12,561		$	(22,530)		$	(20,884)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion		34,354			35,782			35,127
Share-based compensation		11,062			7,443			2,874
Amortization of debt issuance costs		794			779			740
Derivative loss (gain), net		1,917			24,513			(12,047)
Derivative premium payment		(7,300)			—			—
Derivative cash (settlements) receipts, net		(13,846)			318			8,241
Deferred income tax benefit		(26)			(27)			(2,312)
Changes in operating assets and liabilities:
Accounts receivable		7,318			(15,887)			2,041
Prepaid expenses and other current assets		(632)			(2,914)			238
Accounts payable, accrued liabilities and other		(9,443)			(7,760)			26,151
Asset retirement obligation settlements		(3,437)			(17,166)			(12,207)
Net cash provided by operating activities		33,322			2,551			27,962

Investing activities:
Investment in oil and natural gas properties and equipment		(8,631)			(10,127)			(10,422)
Acquisition of property interests		—			—			(311)
Proceeds from sale of oil and natural gas properties		—			—			(19)
Purchases of furniture, fixtures and other		—			(203)			(11)
Net cash (used in) provided by investing activities		(8,631)			(10,330)			(10,763)

Financing activities:
Repayments of long-term debt		(275)			(275)			(275)
Debt issuance costs		65			(159)			(436)
Payment of dividends		(1,618)			(1,488)			(1,499)
Other		(3,099)			—			(199)
Net cash used in financing activities		(4,927)			(1,922)			(2,409)
Change in cash, cash equivalents and restricted cash		19,764			(9,701)			14,790
Cash, cash equivalents and restricted cash, beginning of period		130,919			140,620			107,485
Cash, cash equivalents and restricted cash, end of period	$	150,683		$	130,919		$	122,275

NON-GAAP INFORMATION

This release may include the use of various measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) such as, but not limited to, Adjusted General and Administrative Expenses, Adjusted Net Income (Loss), Adjusted EBITDA, Free Cash Flow and Net Debt. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations for non-GAAP measures to GAAP measures are included at the end of this release.

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including Adjusted General and Administrative Expenses, Adjusted Net Income (Loss) and Adjusted EBITDA) and liquidity (Free Cash Flow and Net Debt) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables it to evaluate its operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that Free Cash Flow is an important supplemental measure of its cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

Reconciliation of General and Administrative Expenses to Adjusted General and Administrative Expenses


	Three Months Ended
	June 30,		March 31,		June 30,
	2026		2026		2025

	(in thousands)
General and administrative expenses	$	27,508	$	24,833	$	17,670
Non-cash share-based compensation expense		(11,062)		(7,443)		(2,874)
Adjusted General and Administrative Expenses	$	16,446	$	17,390	$	14,796

Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)


	Three Months Ended
	June 30,		March 31,		June 30,
	2026		2026		2025

		(in thousands, except per share amounts)
		(Unaudited)
Net income (loss)	$	12,561	$	(22,530)	$	(20,884)
Selected items:
Unrealized commodity derivative (gain) loss, net		(11,774)		21,835		(2,554)
Allowance for credit losses		120		170		197
Non-recurring legal and IT-related costs		15		(66)		48
Non-ARO plugging and abandonment costs		—		—		13,856
Other		207		84		(47)
Tax effect of selected items ⁽¹⁾		2,401		(4,625)		(2,415)
Adjusted Net Income (Loss)	$	3,530	$	(5,132)	$	(11,799)

Net income (loss) per common share (diluted)	$	0.08	$	(0.15)	$	(0.14)
Total adjustments per share, net of income tax		(0.06)		0.12		0.06
Adjusted Net Income (Loss) per common share (diluted)	$	0.02	$	(0.03)	$	(0.08)

Weighted average shares outstanding (diluted)		157,657		148,778		147,847

⁽¹⁾ Selected items were tax effected with the Federal Statutory Rate of 21% for each respective period.

Reconciliation of Net Income (Loss) to Adjusted EBITDA


	Three Months Ended
	June 30,		March 31,		June 30,
	2026		2026		2025

	(in thousands)
	(Unaudited)
Net income (loss)	$	12,561	$	(22,530)	$	(20,884)
Interest expense, net		9,231		9,186		9,005
Income tax (benefit) expense		(1,367)		2,636		(2,382)
Depreciation, depletion and amortization		25,578		27,265		26,446
Asset retirement obligations accretion		8,776		8,517		8,681
Unrealized commodity derivative (gain) loss, net		(11,774)		21,835		(2,554)
Allowance for credit losses		120		170		197
Non-cash share-based compensation		11,062		7,443		2,874
Non-ARO plugging and abandonment costs		15		(66)		48
Non-ARO P&A costs		—		—		13,856
Other		207		84		(47)
Adjusted EBITDA	$	54,409	$	54,540	$	35,240

Reconciliation of Cash Flow from Operating Activities to Free Cash Flow


		Three Months Ended
		June 30,		March 31,		June 30,
		2026		2026		2025

		(in thousands)
		(Unaudited)
Net cash provided by operating activities		$	33,322	$	2,551	$	27,962
Allowance for credit losses			120		170		197
Amortization of debt issuance costs			(794)		(779)		(740)
Non-recurring legal and IT-related costs			15		(66)		48
Current tax (benefit) expense ⁽¹⁾			(1,341)		2,663		(70)
Change in derivatives receivable (payable) ⁽²⁾			155		(2,996)		1,252
Derivative premium payment			7,300		—		—
Non-ARO plugging and abandonment costs			—		—		13,856
Changes in operating assets and liabilities, excluding asset retirement obligation settlements			2,757		26,561		(28,430)
Capital expenditures, accrual basis ⁽³⁾			(10,358)		(7,230)		(10,445)
Other			207		84		(47)
Free Cash Flow		$	31,383	$	20,958	$	3,583


⁽¹⁾	Income tax (benefit) expense	$	(1,367)	$	2,636	$	(2,382)
	Less: Deferred income tax benefit		(26)		(27)		(2,312)
	Current tax (benefit) expense	$	(1,341)	$	2,663	$	(70)

⁽²⁾	Derivatives receivable (payable), end of period	$	(2,523)	$	(2,678)	$	1,562
	Derivatives payable (receivable), beginning of period		2,678		(318)		(310)
	Change in derivatives receivable (payable)	$	155	$	(2,996)	$	1,252

⁽³⁾	Investment in oil and natural gas properties and equipment	$	(8,631)	$	(10,127)	$	(10,422)
	Less: change in accrual for capital expenditures		1,727		(2,897)		23
	Capital expenditures, accrual basis	$	(10,358)	$	(7,230)	$	(10,445)

Reconciliation of Total Debt to Net Debt


		June 30,		March 31,		December 31,
($ in thousands)		2026		2026		2025
Current portion of long-term debt		$	8,158	$	8,309	$	8,458
Long-term debt			343,418		342,879		342,355
Total debt			351,576		351,188		350,813
Cash and cash equivalents			(150,683)		(130,919)		(140,558)
Net Debt		$	200,893	$	220,269	$	210,255


CONTACT:	Al Petrie	Sameer Parasnis
	Investor Relations Coordinator	Executive VP and CFO
	investorrelations@wtoffshore.com	sparasnis@wtoffshore.com
	713-297-8024	713-513-8654

Source: View Original Filing on SEC EDGAR

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