$WTI

W&T OFFSHORE INC

CIK:0001288403|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 162,619	$ 122,367	$ 312,638	$ 252,234
Operating expenses:
Lease operating expenses	71,563	76,924	137,677	147,936
Gathering, transportation and production taxes	6,565	5,499	15,219	11,158
Depreciation, depletion, and amortization	25,578	26,446	52,843	59,337
Asset retirement obligations accretion	8,776	8,681	17,293	17,073
General and administrative expenses	27,508	17,670	52,341	37,827
Total operating expenses	139,990	135,220	275,373	273,331
Operating income (loss)	22,629	(12,853)	37,265	(21,097)
Interest expense, net	9,231	9,005	18,417	18,497
Loss on extinguishment of debt				15,015
Derivative loss (gain), net	1,917	(12,047)	26,430	(9,290)
Other expense, net	287	13,455	1,118	13,139
Income (loss) before income taxes	11,194	(23,266)	(8,700)	(58,458)
Income tax expense (benefit)	(1,367)	(2,382)	1,269	(6,997)
Net income (loss)	$ 12,561	$ (20,884)	$ (9,969)	$ (51,461)
Net income (loss) per common share:
Net income (loss) per common share - Basic (in dollars per share)	$ 0.08	$ (0.14)	$ (0.07)	$ (0.35)
Net income (loss) per common share - Diluted (in dollars per share)	$ 0.08	$ (0.14)	$ (0.07)	$ (0.35)
Weighted average common shares outstanding
Weighted average common shares outstanding - basic (in shares)	149,705	147,847	149,244	147,723
Weighted average common shares outstanding - diluted (in shares)	157,657	147,847	149,244	147,723
Oil
Revenues:
Total revenues	$ 120,454	$ 80,014	$ 210,557	$ 167,730
NGLs
Revenues:
Total revenues	6,037	4,715	12,948	9,487
Natural gas
Revenues:
Total revenues	32,093	34,802	81,980	69,911
Other
Revenues:
Total revenues	$ 4,035	$ 2,836	$ 7,153	$ 5,106

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (9,969)	$ (51,461)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	70,136	76,410
Share-based compensation	18,505	4,961
Amortization of debt issuance costs	1,573	1,839
Loss on extinguishment of debt		15,015
Derivative loss (gain), net	26,430	(9,290)
Derivative premium payment	(7,300)
Derivative cash (settlements) receipts, net	(13,528)	2,915
Deferred income tax benefit	(53)	(7,829)
Changes in operating assets and liabilities:
Accounts receivable	(8,569)	106
Prepaid expenses and other current assets	(3,546)	785
Accounts payable, accrued liabilities and other	(17,203)	7,293
Asset retirement obligation settlements	(20,603)	(15,978)
Net cash provided by operating activities	35,873	24,766
Investing activities:
Investment in oil and natural gas properties and equipment	(18,758)	(17,087)
Acquisition of property interests		(711)
Proceeds from sale of oil and natural gas properties		11,916
Insurance proceeds		58,500
Purchases of furniture, fixtures and other	(203)	(114)
Net cash (used in) provided by investing activities	(18,961)	52,504
Financing activities:
Proceeds from issuance of 10.75% Senior Second Lien Notes		350,000
Repayment of 11.75% Senior Second Lien Notes		(269,830)
Repayment of Term Loan		(114,159)
Repayments of TVPX Loan	(550)	(550)
Purchase of government securities in connection with legal defeasance of 11.75% Senior Second Lien Notes		(5,889)
Premium payments and debt extinguishment costs		(10,230)
Debt issuance costs	(94)	(11,478)
Payment of dividends	(3,106)	(2,992)
Other	(3,099)	(422)
Net cash used in financing activities	(6,849)	(65,550)
Change in cash, cash equivalents and restricted cash	10,063	11,720
Cash, cash equivalents and restricted cash, beginning of year	140,620	110,555
Cash, cash equivalents and restricted cash, end of period	$ 150,683	$ 122,275

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 150,683	$ 140,558
Restricted cash		62
Accounts receivable:
Oil, natural gas liquids and natural gas sales	67,094	59,633
Joint interest, net of allowance for credit losses of $10,629 and $10,529, respectively	25,581	24,473
Prepaid expenses and other current assets	19,433	14,543
Total current assets	262,791	239,269
Oil and natural gas properties and other, net of accumulated depreciation, depletion and amortization of $8,526,024 and $8,473,181, respectively	641,718	662,082
Restricted deposits for asset retirement obligations	24,122	24,026
Deferred income taxes	88	35
Other assets	30,795	30,395
Total assets	959,514	955,807
Current liabilities:
Accounts payable	88,750	98,406
Accrued liabilities	37,540	39,809
Undistributed oil and natural gas proceeds	63,269	59,065
Advances from joint interest partners	2,267	2,394
Current portion of asset retirement obligations	24,411	26,147
Current portion of long-term debt, net	8,158	8,458
Total current liabilities	224,395	234,279
Asset retirement obligations	548,824	535,704
Long-term debt, net	343,418	342,355
Other liabilities	14,529	15,781
Commitments and contingencies	24,549	27,440
Shareholders' deficit:
Preferred stock: $0.00001 par value; 20,000 shares authorized; no shares issued
Common stock: $0.00001 par value; 400,000 shares authorized; 153,785 shares and 151,647 shares issued, respectively	2	2
Additional paid-in capital	621,460	604,732
Retained deficit	(793,496)	(780,319)
Treasury stock: 2,869 shares, at cost	(24,167)	(24,167)
Total shareholders' deficit	(196,201)	(199,752)
Total liabilities and shareholders' deficit	$ 959,514	$ 955,807