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W&T Offshore

W&T Offshore (WTI) Q2 2026 Earnings

Reported Aug 5, 2026 at 4:53 PM ET · SEC Source

Q2 26 EPS Adjusted

$0.02

MISS 42.86%

Est. $0.04

GAAP EPS of $0.08 includes unrealized commodity derivative gain of $11.774 million, partially offset by non-cash share-based compensation of $11.062 million and other adjustments. Adjusted EPS of $0.02 excludes these items.

Q2 26 Revenue

$162.6M

BEAT +4.39%

Est. $155.8M

vs S&P Since Q2 26

-0.9%

TRAILING MARKET

WTI -0.3% vs S&P +0.6%

Market Reaction

Did WTI Beat Earnings? Q2 2026 Results

W&T Offshore (NYSE: WTI) delivered a mixed second quarter for 2026, posting adjusted EPS of $0.02 and missing the $0.04 consensus estimate by 42.86%, even as revenue of $162.62 million topped expectations by 4.39% and surged 32.9% year-over-year. The… Read more W&T Offshore (NYSE: WTI) delivered a mixed second quarter for 2026, posting adjusted EPS of $0.02 and missing the $0.04 consensus estimate by 42.86%, even as revenue of $162.62 million topped expectations by 4.39% and surged 32.9% year-over-year. The earnings shortfall came despite a dramatic operational improvement, with the company swinging to GAAP net income of $12.56 million from a net loss of $20.88 million in the year-ago period, aided by an $11.77 million unrealized commodity derivative gain that boosted reported results but was stripped from adjusted figures. The core revenue story was driven by a 28% jump in average realized price per BOE to $50.23, with oil revenues alone climbing to $120.45 million from $80.01 million a year ago. Adjusted EBITDA rose 54% year-over-year to $54.41 million, and free cash flow expanded to $31.38 million. Looking ahead, Q3 production guidance of 33.3 to 36.8 MBoe per day holds roughly steady, though operating costs are expected to rise modestly as deferred maintenance projects from Q2 roll into the period.

Key Takeaways

  • • Average realized price per BOE increased 11% sequentially to $50.23 and 28% year-over-year
  • • Oil realized price of $99.30/Bbl, up 43% sequentially and 56% year-over-year
  • • Production of 34.7 MBoe/d at midpoint of guidance, up 3% year-over-year
  • • Lease operating expenses of $71.6 million below low end of guidance due to timing of facility and workover projects
  • • Free Cash Flow increased 50% sequentially to $31.4 million
  • • Net Debt decreased 9% sequentially to $200.9 million

WTI Forward Guidance & Outlook

Q3 2026 production guidance of 33.3–36.8 MBoe/d (slightly higher than Q2). Q3 LOE expected to increase to $73.0–$81.0 million due to ~$3 million of deferred facility/workover projects from Q2 and ~$2 million of workovers accelerated from Q4. Full year 2026 guidance: production of 12,227–13,560 MBoe (33.5–37.2 MBoe/d), capex of $19.5–$24.5 million (expected toward higher end), and plugging and abandonment of $34.0–$42.4 million. Full year LOE of $264.7–$294.7 million. The company highlighted strong positioning for accretive acquisitions with $194.1 million in total available liquidity.

24/7 Wall St

WTI YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

WTI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“The second quarter of 2026 was another successful quarter of operational and financial results, with Adjusted EBITDA of $54.4 million, and Free Cash Flow of $31.4 million. In the first half of 2026, we generated almost $110 million of Adjusted EBITDA, and over $50 million in Free Cash Flow, all while decreasing our Net Debt position.”

— Tracy W. Krohn, Q2 2026 Earnings Press Release

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