W&T Offshore (WTI) Q4 2025 earnings summary

Executive summary

• Achieved solid operational and financial results in 2025 by focusing on cash flow, optimizing conventional assets, and executing accretive acquisitions.

• Achieved full-year 2025 production of 34.0 MBoe/d (50% liquids), totaling 12.4 MMBoe, within guidance.

• Increased production every quarter in 2025, reaching 36,200 BOE/d in Q4, up from 30,500 BOE/d in Q1, with December averaging 37.7 MBoe/d.

• Enhanced liquidity, reduced net debt, and maintained a consistent dividend policy with nine consecutive quarterly payments.

• Completed all production enhancements and brought online all fields from the Cox acquisition.

Financial highlights

• Adjusted EBITDA for full year 2025 was $130 million.

• Reported full-year 2025 net loss of $150.1 million ($1.01/share); Adjusted Net Loss was $55.1 million ($0.37/share).

• Year-end cash grew by $31 million to nearly $141 million; net debt reduced by $74 million to $210 million.

• Revenues for 2025 were $501.5 million, down from $525.3 million in 2024.

• Year-end 2025 proved reserves were 121 million BOE with a PV-10 of $1.1 billion.

Outlook and guidance

• 2026 production guidance: 33.5–37.2 MBoe/d (full year), with midpoint forecasted at 35,000 BOE/d, assuming no new acquisitions or drilling.

• 2026 capital expenditures projected at $22–42.4 million, less than half of 2025 levels.

• 2026 LOE expected to be lower than 2025, with full year guidance of $264.7–$295 million.

• Plugging and abandonment expenses for 2026 forecasted at $38 million.

• Gathering and transportation costs expected to rise in 2026 due to new NGL processing contract, partially offset by higher NGL yields.