W&T Offshore (WTI) Q3 2026 earnings summary

Executive summary

• Q3 production averaged 38,196 Boe/d, 9% above guidance midpoint and 4% above the high end; volume rose 10% QoQ.

• Revenue was $167.1M, up 31% YoY; operating income was $11.8M versus a $12.6M loss, while net loss narrowed to $13.6M from $71.5M.

• Adjusted EBITDA was $51.1M, up 30% YoY; 9M Adjusted EBITDA reached $163.9M, up 50%, and Q3 Free Cash Flow was $33.2M.

• Cash was $191.3M, available liquidity was $234.7M, net debt was $160.7M, and net debt/TTM Adjusted EBITDA improved to 0.9x.

Financial highlights

• Q3 oil, NGL, natural gas and other revenue totaled $111.8M, $9.1M, $41.2M and $5.0M, respectively; total revenue increased $39.6M YoY.

• GAAP net loss was $13.6M, or $0.09 per diluted share; Adjusted Net Income was $0.9M, or $0.01 per diluted share.

• Q3 derivative loss was $15.8M, including $9.9M realized and $5.9M unrealized losses; 9M derivative loss was $42.2M.

• 9M operating cash flow was $72.5M versus $51.3M; investing cash use was $27.1M and financing cash flow was positive $5.3M.

• Q3 accrual-basis capital expenditures were $3.1M, down 86% YoY; ARO settlements were $5.9M, down 34% YoY.

Outlook and guidance

• Q4 production guidance is 32.0–35.3 MBoe/d and FY 2026 guidance is 33.5–37.2 MBoe/d; Q4 reflects estimated 2,600 Boe/d of Hurricane Isaias and Mobile Bay turnaround impacts.

• Q4 LOE guidance is $65.4M–$72.3M and FY guidance is $264.7M–$294.7M; Q4 includes an $8.5M net royalty credit, partly offset by accelerated projects.

• FY 2026 capital spending guidance is $35M–$38M after 2027 projects moved into Q4; recompletions and workovers are expected to support production in H1 2027.

• Q4 Adjusted G&A guidance is $16.9M–$18.6M; non-recurring legal costs of $2.9M–$3.2M are incremental.

• Cash, operating cash flow and potential ATM issuance are expected to fund requirements for at least 12 months; capital spending may be reduced if realized prices fall significantly or for a prolonged period.