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W&T Offshore reported higher revenue and cash flow but remained unprofitable in the first quarter of 2026. Revenue rose to $150.0 million, up 23% from the prior quarter and 16% from a year earlier, driven by stronger realized prices and 19% higher production of 36.2 MBoe/d.
Lease operating expenses fell to $66.1 million and $20.29 per Boe, reflecting cost savings, while Adjusted EBITDA increased to about $55 million, 137% above the fourth quarter of 2025. The company still posted a net loss of $22.5 million, or $0.15 per share, mainly due to a $24.5 million derivative loss and interest expense.
W&T ended March 31, 2026 with $130.9 million in cash, Net Debt of $220.3 million and Net Debt to trailing Adjusted EBITDA of 1.5x. The board declared a second-quarter 2026 dividend of $0.01 per share and issued 2026 guidance showing planned capital spending of $19.5–$24.5 million and plugging and abandonment outlays of $34.0–$42.4 million.
W&T Offshore, Inc. is asking shareholders to vote at its virtual 2026 Annual Meeting on June 3, 2026, covering board elections, executive pay, auditor ratification and an equity plan amendment. Six directors, including founder and CEO Tracy W. Krohn, are nominated to serve until the 2027 meeting.
Shareholders will cast an advisory “say‑on‑pay” vote on 2025 compensation, which the company describes as heavily equity-based and performance‑linked, and will vote on ratifying Deloitte & Touche LLP as independent auditor for 2026. The proxy highlights extensive shareholder outreach and governance changes, including an ESG Committee and revised pay structures.
The company seeks approval to amend its 2023 Incentive Compensation Plan to increase the common shares authorized for issuance from 10,000,000 to 22,000,000 to continue granting RSUs, PSUs and other awards. As of March 31, 2026, 148,777,698 common shares were outstanding and Krohn controlled about 32.8% of the voting power.
W&T Offshore reported a larger net loss for 2025 but stronger operational metrics and a solid balance sheet. The company posted a full-year 2025 net loss of $150.1 million, or $(1.01) per diluted share, with Adjusted Net Loss of $55.1 million. Adjusted EBITDA was $129.6 million, down from 2024 mainly due to lower realized oil and NGL prices.
Production increased to an average of 34.0 MBoe/d (12.4 MMBoe) in 2025, up from 33.3 MBoe/d, helped by low-cost workovers and projects tied to the Cox acquisition. Year-end 2025 proved reserves were 121.0 MMBoe with a PV-10 of about $1.1 billion, and PDP PV-10 rose by $279.4 million to $829.2 million.
W&T ended 2025 with liquidity of $184.5 million, including $140.6 million in cash and Net Debt of $210.3 million, bringing Net Debt to trailing twelve months Adjusted EBITDA to 1.6x. The company spent $54.8 million in 2025 capital expenditures, kept a quarterly dividend of $0.01 per share, and issued 2026 guidance for average daily production of 33.5–37.2 MBoe/d, LOE of $264.7–$294.7 million, and capital expenditures of $19.5–$24.5 million.
W&T Offshore, Inc. provides its annual overview as an independent oil and gas producer focused on the offshore Gulf of America. The company holds working interests in 49 producing fields in water depths from under 10 feet to 7,300 feet, with 34% of proved reserves expected to be depleted within three years.
Results are heavily concentrated in the Mobile Bay Properties, which supplied about 36% of 2025 production and 20% of revenue, and experienced notable shut-ins. Key risks include volatile commodity prices, hurricane exposure, regulatory and decommissioning requirements, access to third‑party pipelines and platforms, cybersecurity, and high competition for leases.
Non‑affiliate market value was about $162.1 million based on a $1.65 share price, with 148.8 million shares outstanding. The company reports $358.8 million of long‑term debt, including $350 million of 10.75% Senior Second Lien Notes due 2029, and employs roughly 370 people across Texas, Alabama, Louisiana and offshore operations.
W&T Offshore released preliminary 2025 results showing a net loss of $150.1 million, or $(1.01) per diluted share, compared with a net loss of $87.1 million in 2024. Revenue is expected to be $501.5 million, down from $525.3 million, with Adjusted EBITDA slipping to $129.6 million from $153.6 million.
Despite weaker earnings and Free Cash Flow falling to $1.5 million from $44.9 million, production edged up to 34.0 MBoe/d and available liquidity at December 31, 2025 is projected at $184.5 million, including $140.6 million of cash. Net Debt is expected to decline to $210.3 million, a $73.9 million reduction year over year, with Net Debt to Adjusted EBITDA at 1.6x.
W&T Offshore (WTI) reported a wider quarterly loss while modestly growing revenue. For Q3 2025, total revenues were $127.5 million (Q3 2024: $121.4 million) on higher production, but the company posted a net loss of $71.5 million versus a $36.9 million loss a year ago. Production rose to 3,275 MBoe (up 15%), driven by well work and restored output at West Delta 73 and Main Pass 108, while realized oil prices fell and gas prices improved. The quarter included $56.0 million of income tax expense, reflecting a $59.9 million valuation allowance against deferred tax assets.
Cash and cash equivalents were $124.8 million and total debt, net, was $350.4 million at September 30, 2025. In January, the company issued $350.0 million of 10.75% senior second lien notes due 2029 and used proceeds to repay its term loan and retire the 11.75% notes, recording a $15.0 million extinguishment loss. The new $50.0 million revolving credit facility had no borrowings outstanding. Asset retirement obligations ended the quarter at $566.0 million. The board declared a $0.01 per share Q4 2025 dividend, and shares outstanding were 148,777,224 as of October 31, 2025.
W&T Offshore (WTI) furnished an update on its business by issuing a press release covering financial and operational results for the third quarter ended September 30, 2025. The company submitted the release as Exhibit 99.1 to an 8‑K dated November 5, 2025.
The disclosure was made under Item 2.02 and is designated as furnished rather than filed under the Exchange Act. Investors can reference the attached exhibit for the full third‑quarter results and commentary.
Tracy W. Krohn, who serves as Chairman, CEO & President of W&T Offshore Inc. (WTI), reported open-market purchases of common stock on 10/01/2025 and 10/02/2025. The filing lists purchases of 36,842 shares on October 1 at a weighted average price of $1.8446 and 250,000 shares on October 2 at a weighted average price of $1.8372, for 286,842 shares acquired in the reported transactions.
Following these purchases, Mr. Krohn's reported direct beneficial ownership increased to 1,060,198 shares. The filing also discloses indirect holdings of 47,746,394 shares held in various trusts for which he is trustee and beneficiary, and notes the purchase price ranges of $1.82 to $1.85 across the transactions.
Insider transaction summary for W&T Offshore, Inc. (WTI) George Hittner, Executive Vice President, General Counsel and Corporate Secretary, reported a disposal of 2,687 shares of WTI common stock on 09/01/2025 at a price of $1.82 per share. After the sale, Mr. Hittner beneficially owns 100,189 shares directly. The filing explains the shares were withheld to cover taxes related to restricted stock units that vest in twelve equal monthly installments following the grant date. The Form 4 was signed by an attorney-in-fact on 09/02/2025.