W&t Stock Earnings Reports

W&T Offshore started 2026 with strong operational and financial performance. Q1 production was ~36.2k BOE/d (near the high end of guidance and flat year-over-year) and realized price/BOE rose to $45.08 (Q1), with March oil at $88.61/bbl. Lease operating expense (LOE) fell 11% to $66 million due to cost-saving initiatives, helping drive $55 million of adjusted EBITDA (highest quarterly level since 2023) and $21 million of free cash flow. Net debt was $220 million with total debt $351 million and liquidity of $175 million. 2026 capital spending remains low: Q1 CapEx $7 million with full-year guidance of $20–25 million (ex-acquisitions); ARO budget unchanged at $34–42 million. Management reiterated full-year production and cost guidance but flagged a planned Mobile Bay gas-processing turnaround in Q3 that will depress Q2 volumes and temporarily raise LOE ($71–79M guidance for Q2). The company emphasizes a capital-light, high-return approach—favoring workovers/recompletions and accretive producing-asset M&A over heavy drilling—and expects to pursue selective acquisitions. Regulatory developments are positive: DOI proposed rolling back aspects of a 2024 bonding rule (potentially lowering industry-wide bonding costs), and W&T reported a favorable district court ruling in ongoing surety litigation (surety collateral demand rejected, appeal pending). Overall, the company highlights strong cash generation, disciplined spending, liquidity to pursue acquisitions, and continued focus on operational execution and decommissioning expertise.