Q1 26 EPS
$-0.15
MISS 850.00%
Est. $0.02
Q1 26 Revenue
$150.0M
BEAT +11.50%
Est. $134.5M
vs S&P Since Q1 26
-13.7%
TRAILING MARKET
WTI -11.3% vs S&P +2.3%
Market Reaction
Did WTI Beat Earnings? Q1 2026 Results
W&T Offshore delivered a split verdict for Q1 2026, posting revenue of $150.02 million that topped the $134.55 million consensus by 11.50% and climbed 15.5% year over year, yet swinging to a GAAP loss of $0.15 per diluted share against an expected ga… Read more W&T Offshore delivered a split verdict for Q1 2026, posting revenue of $150.02 million that topped the $134.55 million consensus by 11.50% and climbed 15.5% year over year, yet swinging to a GAAP loss of $0.15 per diluted share against an expected gain of $0.02, an 850.00% miss driven largely by a $24.51 million net derivative loss, including $21.84 million in unrealized losses on open hedging contracts. Beneath the headline loss, the operational picture was notably firmer, with adjusted EBITDA reaching $54.54 million and free cash flow turning positive at $20.96 million as sharply higher oil and gas realizations, combined with lease operating expenses falling to $66.11 million below guidance, reinforced the company's cost-reduction progress. Production held at 36.2 MBoe/d, toward the high end of guidance. Looking ahead, Q2 2026 output guidance of 32.8 to 36.5 MBoe/d reflects a temporary dip tied to a planned Mobile Bay processing facility turnaround, while full-year production guidance stands at 33.5 to 37.2 MBoe/d. The board declared an eleventh consecutive quarterly dividend of $0.01 per share.
Key Takeaways
- • Production of 36.2 MBoe/d toward the high end of guidance, up 19% year-over-year
- • Higher realized oil prices at $69.52/bbl vs $57.39/bbl in Q4 2025
- • Higher natural gas prices at $5.41/Mcf vs $3.83/Mcf in Q4 2025
- • LOE reduced 22% year-over-year on a per-Boe basis to $20.29
- • Cost savings and synergies from previous acquisitions
- • Favorable commodity price-driven input costs reducing base LOE
WTI Forward Guidance & Outlook
Q2 2026 production guidance is 32.8–36.5 MBoe/d, temporarily lower due to a planned third-party Mobile Bay processing facility turnaround expected to complete by early to mid-May. Q2 LOE is expected to step up to approximately $77 million at midpoint due to accelerated well enhancement and facilities projects aimed at boosting second-half 2026 production. Full-year 2026 production guidance is 33.5–37.2 MBoe/d. Full-year capital expenditures are guided at $19.5–$24.5 million, excluding potential acquisitions. Plugging & abandonment costs are expected at $34.0–$42.4 million for full year 2026. Full-year LOE guidance is $264.7–$294.7 million. The company expects substantially all 2026 income taxes to be deferred. Management continues to examine accretive acquisition opportunities and believes W&T is well positioned to deliver robust results in 2026.
WTI YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
WTI Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report another strong quarter of operational and financial results, with Adjusted EBITDA of approximately $55 million, an increase of 137% compared to the fourth quarter of 2025. We reported production toward the high end of our guidance range and flat compared to the fourth quarter of 2025, despite some adverse weather impacts in early 2026. We were also able to lower our base LOE costs. We continue to capture cost savings and synergies from previous acquisitions.”
— Tracy W. Krohn, Q1 2026 Earnings Press Release
WTI Earnings Trends
WTI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WTI EPS Trend
Earnings per share: estimate vs actual
WTI Revenue Trend
Quarterly revenue: estimate vs actual
WTI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.02 | $-0.15 | -850.00% | $150.0M | +11.50% |
| Q4 25 MISS FY | $-0.12 | $-0.14 | -20.69% | $121.7M | -0.62% |
| FY Full Year | — | $-0.37 | — | $501.5M | — |
| Q3 25 BEAT | $-0.07 | $-0.05 | +29.87% | $127.5M | +0.89% |
| Q2 25 BEAT | $-0.17 | $-0.14 | +17.65% | $122.4M | -5.11% |
| Q1 25 BEAT | $-0.15 | $-0.13 | +13.33% | $129.9M | +4.81% |