W&T Offshore | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 150.02 M

Revenue: As of FY2026 Q1, the actual value is USD 150.02 M, beating the estimate of USD 134.55 M.

EPS: As of FY2026 Q1, the actual value is USD -0.15, missing the estimate of USD 0.02.

EBIT: As of FY2026 Q1, the actual value is USD 23.82 M.

W&T Offshore, Inc. reported its financial and operational results for the first quarter ended March 31, 2026.

Revenue

• Total Revenues: $150.0 million in Q1 2026, marking a 23% increase from $121.7 million in Q4 2025, and a 16% increase from $129.9 million in Q1 2025.
  • Oil Revenue: $90.1 million in Q1 2026, compared to $76.0 million in Q4 2025 and $87.7 million in Q1 2025.
  • NGLs Revenue: $6.9 million in Q1 2026, consistent with $6.9 million in Q4 2025, and an increase from $4.8 million in Q1 2025.
  • Natural Gas Revenue: $49.9 million in Q1 2026, up from $36.6 million in Q4 2025 and $35.1 million in Q1 2025.
  • Other Revenue: $3.1 million in Q1 2026, compared to $2.2 million in Q4 2025 and $2.3 million in Q1 2025.

Operational Metrics

• Net Loss: -$22.5 million, or -$0.15 per diluted share, in Q1 2026, an improvement from -$27.1 million, or -$0.18 per diluted share, in Q4 2025.
• Adjusted Net Loss: -$0.7 million, or -$0.00 per diluted share, in Q1 2026, compared to -$20.5 million, or -$0.14 per diluted share, in Q4 2025.
• Adjusted EBITDA: $54.5 million in Q1 2026, representing a 137% increase compared to $23.0 million in Q4 2025.
• Operating Income (Loss): $14.6 million in Q1 2026, a significant improvement from -$19.1 million in Q4 2025 and -$8.2 million in Q1 2025.

Operating Costs

• Lease Operating Expenses (LOE): $66.1 million in Q1 2026, 11% lower than $74.6 million in Q4 2025, and 7% lower than $71.0 million in Q1 2025.
  • LOE per Boe: $20.29 in Q1 2026, compared to $22.40 in Q4 2025 and $25.88 in Q1 2025.
• Gathering, Transportation Costs and Production Taxes: $8.7 million ($2.66 per Boe) in Q1 2026, compared to $8.8 million ($2.63 per Boe) in Q4 2025 and $5.7 million ($2.06 per Boe) in Q1 2025.
• Depreciation, Depletion and Amortization (DD&A): $8.37 per Boe in Q1 2026, compared to $8.55 per Boe in Q4 2025 and $11.99 per Boe in Q1 2025.
• Asset Retirement Obligations Accretion: $2.61 per Boe in Q1 2026, compared to $2.49 per Boe in Q4 2025 and $3.06 per Boe in Q1 2025.
• General & Administrative Expenses (G&A): $24.8 million ($17.4 million cash G&A) in Q1 2026, increased from $20.6 million in Q4 2025 and $20.2 million in Q1 2025.
  • G&A per Boe: $7.62 in Q1 2026, compared to $6.19 in Q4 2025 and $7.35 in Q1 2025.

Cash Flow

• Free Cash Flow: $21.0 million in Q1 2026, a significant improvement from -$11.2 million in Q4 2025.
• Net Cash Provided by (Used in) Operating Activities: $2.6 million provided in Q1 2026, compared to $25.9 million provided in Q4 2025 and -$3.2 million used in Q1 2025.

Unique Metrics

• Total Production: 36.2 MBoe/d in Q1 2026, flat compared to 36.2 MBoe/d in Q4 2025, and up 19% compared to 30.5 MBoe/d in Q1 2025.
  • Oil Production: 14.4 MBbl/d (40% of total) in Q1 2026.
  • NGLs Production: 4.7 MBbl/d (13% of total) in Q1 2026.
  • Natural Gas Production: 102.5 MMcf/d (47% of total) in Q1 2026.
• Average Realized Sales Prices (before derivative settlements) Per Boe: $45.08 in Q1 2026, an increase of 26% from $35.88 in Q4 2025, and a decrease of 3% from $46.50 in Q1 2025.
• Derivative Loss (Gain), net: -$24.5 million net loss in Q1 2026, comprised of -$21.8 million unrealized loss and -$2.7 million realized losses.
• Interest Expense, net: $9.2 million in Q1 2026, compared to $9.0 million in Q4 2025 and $9.5 million in Q1 2025.
• Income Tax Expense (Benefit): $2.6 million expense in Q1 2026, compared to $1.9 million expense in Q4 2025 and -$4.6 million benefit in Q1 2025.
• Unrestricted Cash and Cash Equivalents: $130.9 million at March 31, 2026.
• Total Debt: $351.2 million at March 31, 2026.
• Net Debt: $220.3 million at March 31, 2026.
• Available Liquidity: $174.8 million at March 31, 2026, including $130.9 million in unrestricted cash and cash equivalents and $43.9 million borrowing availability.
• Net Debt to Trailing Twelve Months Adjusted EBITDA: 1.5x at March 31, 2026.
• Capital Expenditures (accrual basis): $7.2 million in Q1 2026.
• Asset Retirement Obligation Settlements: $17.2 million in Q1 2026.
• Dividends: W&T Offshore, Inc. paid $0.01 per common share in March 2026 for the first quarter and declared $0.01 per share for the second quarter 2026, payable May 28, 2026.

Outlook and Guidance

W&T Offshore, Inc. expects second quarter 2026 average daily production to be between 32.8 and 36.5 MBoe/d, with full year 2026 average daily production projected to range from 33.5 to 37.2 MBoe/d. Full year 2026 capital expenditures are anticipated to be between $19.5 million and $24.5 million, alongside plugging & abandonment costs estimated at $34.0 million to $42.4 million. The company also expects substantially all income taxes in 2026 to be deferred.