W&T Offshore (WTI) Q2 2025 earnings summary

Executive summary

• Achieved 10% sequential production growth to 33,500 BOE/d in Q2 2025, driven by workovers and restored acquired fields, while celebrating 20 years as a public company.

• Net loss for Q2 2025 was $20.9 million, improved from Q1 2025, with Adjusted EBITDA up 9% to $35.2 million.

• Revenues declined to $122.4 million in Q2 2025, primarily due to lower realized oil and NGL prices and volumes.

• Major debt refinancing and litigation settlements improved liquidity and reduced collateral risk.

• Declared $0.01/share dividend for Q3 2025, marking the seventh consecutive quarterly payout.

Financial highlights

• Q2 2025 production increased 10% quarter-over-quarter to 33,500 BOE/d, within guidance.

• Q2 2025 revenue was $122.4 million, down 14% year-over-year due to lower realized prices.

• Adjusted EBITDA grew 9% to $35.2 million compared to Q1 2025.

• Unrestricted cash at June 30, 2025, was $120.7 million; liquidity totaled $170.7 million.

• Net debt reduced to $229.4 million at June 30, 2025.

Outlook and guidance

• Q3 2025 production guidance midpoint is 35,000 BOE/d; full-year 2025 guidance is 33,100–36,600 BOE/d.

• Full-year 2025 capital expenditures expected between $34 million and $42 million, excluding acquisitions.

• Management expects current liquidity and cash flows to cover operational and capital needs for at least the next 12 months.

• Cash operating costs for Q3 2025 expected to remain flat, with per-BOE costs projected to decrease due to higher production.

• EIA forecasts lower oil prices for the remainder of 2025 and into 2026, with natural gas prices expected to rise in 2026.