W & T Offshore Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +4.88%.
Did WTI Beat Earnings? Q4 2025 Results
W&T Offshore closed out the fourth quarter of 2025 with results that fell short on both fronts, posting an adjusted loss of $0.14 per share against a consensus estimate of $0.12, a miss of 20.69%, while revenue of $121.71 million trailed the $122.48 million estimate by 0.62%, though it edged 1.1% higher year-over-year. The central culprit was a sharp decline in realized commodity prices, with the average price per barrel of oil equivalent sliding to $35.88 from $39.86 a year ago, overwhelming an otherwise solid production performance that reached 36.2 MBoe/d, up 13% year-over-year. On a more constructive note, the company's balance sheet continued to improve, with net debt falling by $73.90 million to $210.30 million and cash climbing to $140.56 million, prompting CEO Tracy Krohn to signal readiness for accretive acquisitions; insider share purchases around the time of the report added further color to that confidence. Looking ahead, W&T guided 2026 production at 33.5 to 37.2 MBoe/d with capital expenditures of just $19.50 to $24.50 million, a notably lean spending plan reflecting disciplined capital allocation.
- Production growth to 36.2 MBoe/d in Q4 2025, up 13% year-over-year
- Completion of all production enhancements from Cox acquisition fields
- LOE per Boe reduced 4% sequentially to $22.40 per Boe in Q4
- Capital discipline with $54.8 million total 2025 capex below guidance range
- Lower realized oil prices partially offset by higher natural gas prices and increased production
- West Delta 73 alternative pipeline route expected to reduce transportation costs by over $5.75 per barrel
“We continue to deliver strong results by executing on our strategic vision, which has allowed us to improve our balance sheet and enhance our financial flexibility. We increased production every quarter in 2025 and had an exit rate in December of approximately 37,000 Boe per day, despite only spending $55 million in capital expenditures and not drilling any new wells.”
W&T Offshore CEO, on the earnings call
Forward Guidance & Outlook
W&T provided guidance for Q1 2026 and full year 2026. Full year 2026 production is expected to be 33.5–37.2 MBoe/d (12,227–13,560 MBoe total), with oil at 4,710–5,210 MBbls, NGLs at 1,620–1,820 MBbls, and natural gas at 35,380–39,180 MMcf. Q1 2026 production is guided at 33.5–37.1 MBoe/d, reflecting temporary weather-related shut-ins in January/February offset by higher realized natural gas prices. Full year 2026 capital expenditures are guided at $19.5–$24.5 million, well below 2025 levels, with plugging and abandonment costs of $34.0–$42.4 million. LOE is expected at $264.7–$294.7 million for full year 2026. The company expects substantially all income taxes in 2026 to be deferred. A new NGL processing contract at Mobile Bay will increase gathering and transportation costs but provide higher NGL yields. The company remains positioned for potential accretive acquisitions.
WTI YoY Financials
WTI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.