Earnings Releases·Oct 29, 2026, 4:50 PM ET

W&T Offshore — Third Quarter 2026 Earnings Summary

Revenue increased 31% year-over-year to $167.1 million, while net loss narrowed significantly to $13.6 million ($0.09/share) from $71.5 million in Q3 2025; Adjusted EBITDA rose 30% to $51.1 million and Free Cash Flow turned positive at $33.2 million.
Full-year 2026 production guidance stands at 12,227–13,560 MBoe, with Q4 guidance of 2,945–3,250 MBoe reflecting a 2,600 Boe/d reduction due to Hurricane Isaias and planned turnarounds.
Capital expenditures guidance for 2026 is $35.0–$38.0 million, driven by pulling forward 2027 projects to capitalize on higher commodity prices, while lease operating expenses per Boe decreased 6% to $21.82.
The company converted its credit facility to a reserve-based lending structure effective October 1, 2026, increasing the annual restricted payments basket for shareholder returns by 50% to $15.0 million and eliminating excess cash flow sweep covenants.
Liquidity strengthened with unrestricted cash up 27% to $191.3 million and total available liquidity reaching $234.7 million, though the company faces ongoing Surety lawsuits with potential non-recurring legal costs of $2.9–$3.2 million in Q4.