Companies /Energy

W & T Offshore Inc

NYSE: WTI Oil & Gas E&p
$3.58
▼ $0.09 (−2.32%) today
Markets open · 1:34pm ET

Q3 2025 Earnings

Reported Nov 5, 2025, 5:01pm ET · SEC source
$-0.05
Beat +29.87%
EPS · est. $-0.07
$127.5M
Beat +0.89%
Revenue · est. $126.4M
−8.2%
Trailing market
WTI vs S&P since report
3 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−6%−3%0+3%Nov 5Nov 6report 5:01pm ETearnings−0.8%−0.5%
−6%−3%0+3%Nov 5Nov 6earnings−0.8%−0.5%
WTI −0.5%S&P 500 −0.8%
−6%−3%0+3%Nov 5Nov 6report 5:01pm ETearnings−1.5%−0.5%
−6%−3%0+3%Nov 5Nov 6earnings−1.5%−0.5%
WTI −0.5%NASDAQ −1.5%
−4%0+4%+8%Nov 4Nov 13report 5:01pm ETearnings−0.9%−1.5%
−4%0+4%+8%Nov 4Nov 13earnings−0.9%−1.5%
WTI −1.5%S&P 500 −0.9%
−4%0+4%+8%Nov 4Nov 13report 5:01pm ETearnings−2.4%−1.5%
−4%0+4%+8%Nov 4Nov 13earnings−2.4%−1.5%
WTI −1.5%NASDAQ −2.4%
−1.54%
Day of report
+6.25%
Next session
+0.00%
One week
−6.25%
30 days

S&P 500 over the same 30 days: +1.90%.

Did WTI Beat Earnings? Q3 2025 Results

W&T Offshore delivered a better-than-feared third quarter, posting an adjusted loss of $0.05 per share against a consensus estimate of $0.07, a 29.87% beat, while revenue of $127.52 million edged past expectations by 0.89% and climbed 5.1% year-over-year. The real story behind the outperformance was a 15% year-over-year surge in production to 35.6 MBoe/d, fueled by the ongoing integration of Cox acquisition fields and a disciplined workover program that allowed the company to spread fixed costs across higher volumes, driving lease operating expenses down 8% on a per-unit basis to $23.27/Boe. A $59.90 million non-cash deferred tax valuation allowance inflated the GAAP net loss to $71.47 million, obscuring an adjusted EBITDA of $39.05 million that grew 11% sequentially. Looking ahead, W&T guided Q4 production at 34.2 to 37.9 MBoe/d and raised full-year capital expenditure guidance to $57 to $63 million, partly to fund pipeline investments expected to trim future transportation costs, with roughly $125 million in cash available to pursue additional acquisitions.

Key Takeaways
  • Production growth of 6% quarter-over-quarter and 15% year-over-year to 35.6 MBoe/d
  • Cox acquisition fields coming online and contributing to increased production each quarter in 2025
  • Five low-cost workovers and three recompletions that exceeded expectations in Q3 2025
  • LOE per Boe declined 8% sequentially to $23.27/Boe due to higher production volumes
  • Adjusted EBITDA grew 11% sequentially to $39.0 million
  • Net Debt reduced by approximately $58.6 million from year-end 2024

“We remain committed to executing our strategic vision and are delivering strong results, including production growth of 6% and Adjusted EBITDA growth of 11% quarter-over-quarter. In addition, we continue to grow our cash position and reduce our Net Debt, which is down almost $60 million from year-end 2024.”

W&T Offshore CEO, on the earnings call

Forward Guidance & Outlook

W&T provided Q4 2025 production guidance of 34.2–37.9 MBoe/d (average daily equivalents) and full year 2025 production of 32.8–36.3 MBoe/d. Full year 2025 capital expenditures guidance was revised upward to $57–63 million, driven by pipeline investments expected to lower future transportation costs and enhance production. Q4 2025 LOE guidance is $71.0–79.0 million. Gathering, transportation and production taxes guidance for full year 2025 was lowered to $24.0–26.0 million due to lesser reliance on third-party midstream infrastructure. Full year DD&A guidance was reduced to $11.50–$12.50 per Boe. The company expects substantially all 2025 income taxes to be deferred. Management indicated the company remains prepared to pursue potential acquisitions with approximately $125 million in cash on the balance sheet.

WTI YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$-1,200,000,000$-800,000,000$-400,000,000$0$121.4M$127.5MRevenue$-9,444,985$-12,610,000Operating Income$-1,115,039,002$-71,474,000Net Income
$-1,200,000,000$-800,000,000$-400,000,000$0RevenueOperating IncomeNet Income

WTI Revenue by Segment

Oil$84.1M
Natural Gas$37.4M
NGLs$4.0M
Other$2.0M

Figures from SEC filings and company reports. Not investment advice.