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W&T Offshore (WTI) investor relations material
W&T Offshore Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved strong operational and financial results in the first nine months of 2025, with consistent quarterly production increases and disciplined capital spending of $42 million year-to-date.
Production increased to 35.6 MBoe/d in Q3 2025, up 6% sequentially and 15% year-over-year, driven by new fields from the Cox acquisition and successful workover projects.
Net loss was $71.5 million, or $(0.48) per diluted share, significantly impacted by a $59.9 million non-cash valuation allowance against deferred tax assets.
Maintained quarterly dividend payments for two years, with eight consecutive dividends and a ninth announced for Q4 2025.
Financial results were impacted by commodity price volatility, production changes, and significant refinancing activities.
Financial highlights
Q3 2025 production rose 6% sequentially to 35,600 BOE/d, near the high end of guidance, and up 15% year-over-year.
Q3 2025 revenue was $127.5 million, up 4% sequentially and 5% year-over-year, driven by higher production volumes despite lower realized prices.
Adjusted EBITDA grew 11% quarter-over-quarter to $39 million, despite lower commodity prices.
Net debt reduced to $225.6 million, down nearly $60 million year-to-date.
Cash and cash equivalents at September 30, 2025, were $124.8 million, with $50 million available under a new credit agreement.
Outlook and guidance
Q4 2025 production guidance midpoint set at 36,000 BOE/d, with per-BOE operating costs expected to decrease further.
Full-year 2025 capital expenditures forecasted at $57–$63 million, reflecting increased investment in midstream infrastructure.
Gathering, transportation, and production taxes guidance for 2025 lowered to $24–$26 million due to less reliance on third-party midstream.
Full-year DD&A guidance reduced by 15% to $11.50–$12.50 per BOE.
Management expects sufficient liquidity for at least the next 12 months, with flexibility to adjust capital expenditures if commodity prices weaken.
Future cash tax impact of deferred tax allowance?
Prioritize organic growth vs. acquisitions?
Drivers for sustained unit cost efficiency?
Future LOE impact from midstream investments
M&A environment and acquisition criteria alignment
2026 production support from workovers/recompletions
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Next W&T Offshore earnings date
Q4 20255 Mar, 2026
Next W&T Offshore earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
W&T Offshore, Inc., an independent oil and natural gas producer, engages in the acquisition, exploration, and development of oil and natural gas properties. The company's principal area of operations is located within 4 Louisiana parishes: Lafourche, St. Charles, Jefferson Davis, and Plaquemines. W&T Offshore, Inc is based in Houston, Texas.
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