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W&T Offshore

W&T Offshore (WTI) Q2 2025 Earnings

Reported Aug 4, 2025 at 4:40 PM ET · SEC Source

Q2 25 EPS

$-0.14

BEAT +17.65%

Est. $-0.17

Q2 25 Revenue

$122.4M

MISS 5.11%

Est. $129.0M

vs S&P Since Q2 25

+83.8%

BEATING MARKET

WTI +103.5% vs S&P +19.7%

Market Reaction

Did WTI Beat Earnings? Q2 2025 Results

W&T Offshore delivered a mixed second quarter, posting a narrower-than-expected loss while revenues fell short of estimates and declined sharply from a year ago. The Gulf of Mexico producer reported a GAAP net loss of $0.14 per diluted share, beating… Read more W&T Offshore delivered a mixed second quarter, posting a narrower-than-expected loss while revenues fell short of estimates and declined sharply from a year ago. The Gulf of Mexico producer reported a GAAP net loss of $0.14 per diluted share, beating the consensus estimate of $0.17 by 17.65%, even as revenue of $122.37 million missed the $128.96 million consensus by 5.11% and slid 14.3% year-over-year. The key tension in the quarter was a 10% sequential production increase to 33.5 MBoe/d, driven largely by restored output from the 2024 Cox acquisition fields, being undercut by a 16% drop in average realized prices to $39.16 per Boe, which weighed heavily on the top line. Adjusted EBITDA grew 9% sequentially to $35.24 million, and the company generated $3.58 million in free cash flow, offering some operational encouragement. Looking ahead, W&T guided Q3 production at 33.1 to 36.6 MBoe/d, with remaining Cox fields expected to continue ramping through the second half of 2025.

Key Takeaways

  • • 10% sequential production increase to 33.5 MBoe/d driven by Cox acquisition fields coming online and recovery from Q1 freeze-related shut-ins
  • • Nine low-cost workovers exceeded expectations and positively impacted production and revenue
  • • Five workovers in Mobile Bay increased production without additional drilling
  • • 16% decline in average realized prices to $39.16 per Boe offset volume gains
  • • Derivative gains of $12.0 million including $9.5 million realized and $4.3 million from monetization of natural gas put contracts
  • • G&A decreased to $17.7 million from $20.2 million in Q1 due to lower non-recurring legal and professional fees
  • • DD&A rate decreased to $8.67 per Boe driven by revaluation of asset base with midyear reserve report
24/7 Wall St

WTI YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

WTI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“We are delivering strong results including production growth of 10% and Adjusted EBITDA growth of 9% quarter-over-quarter, all while growing our cash position to over $120 million and reducing our net debt by about $15 million. We took advantage of a temporary spike in oil prices by adding to our crude hedging position to provide some additional downside protection. Operationally, we have brought online the remaining two fields from the Cox acquisition, which we expect will continue to ramp up production into the second half of 2025, as you can see from our third quarter and full year guidance. Acquisitions remain a key component of our success, and it is our ability to integrate and enhance the assets that we acquire that has allowed us to successfully operate for over 40 years. We remain focused on Free Cash Flow and Adjusted EBITDA generation through operational excellence, maximizing production and managing our operating costs. Our balance sheet has continued to strengthen in 2025 with the successful issuance of new 10.75% Notes, a new revolving credit facility and material cash additions through a non-core disposition and an insurance settlement. We have over $120 million in cash on our balance sheet and remain prepared to take advantage of potential acquisitions.”

— Tracy W. Krohn, Q2 2025 Earnings Press Release

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