WTI earnings analysis
What we found in WTI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
W&T Offshore's Q1 2026 results showed a significant revenue increase to $150.0 million, surpassing expectations but reported a diluted EPS of $0.0, which was below consensus. Operating cash flow rose to $2.6 million, and the company generated $21 million in free cash flow, despite facing a derivative loss of $24.5 million. The company remains committed to shareholder returns with a declared dividend of $0.01 per share for Q2 2026.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Expectations
- Reported revenue for Q1 2026 was $150.0 million, exceeding estimates of $135.0 million.
- Positive Free Cash Flow
- Generated a free cash flow of $21.0 million, a significant improvement from the previous quarter.
- Increased Production Volumes
- Total production volumes increased to 3,259 MBoe from 2,744 MBoe year-over-year.
- Operating Cash Flow Improvement
- Operating cash flow increased to $2.6 million compared to a net outflow in Q1 2025.
- Dividend Declaration
- Declared a regular quarterly dividend of $0.01 per share for Q2 2026.
- Reduced Operating Expenses
- Operating expenses fell to $135.4 million in Q1 2026 from $138.1 million a year earlier.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Derivative Loss
- Recorded a derivative loss of $24.5 million due to unfavorable movements in derivative contracts.
- Continued Net Loss
- Despite improved revenues, the company reported a diluted EPS of $0.0, continuing to post losses.
- Market Volatility Risks
- Future cash flows and liquidity may be impacted by ongoing volatility and geopolitical tensions affecting oil prices.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.0
What they said about what is next.
The outlook suggests Q2 2026 production may be lower due to maintenance activities.
The filing reads better than the one before it.
What came before.
- 10-K · March 16, 2026
- W&T Offshore (WTI) presents a focused Gulf of America strategy emphasizing free cash flow, low-decline conventional assets and opportunistic acquisitions; the filing states a single reportable segment and ownership…
- 10-Q · August 5, 2025
- W&T Offshore reported Q2 2025 revenue of $122,367,000 (down from $142,757,000 in Q2 2024 and down vs. Q1 2025 implied $129,867,000), an operating loss of $12,853,000 and GAAP diluted loss per share of $0.14. The company…
- 10-K · March 4, 2025
- W&T Offshore positions itself as a Gulf of America-focused, single-segment oil and natural gas producer emphasizing free cash flow, low-decline conventional assets and opportunistic acquisitions. The Form 10-K discloses…
- 10-Q · November 8, 2024
- W&T Offshore reported Q3 revenue of $121,372 (in thousands) versus $142,411 in Q3 2023, driving an operating loss of $(18,964) and a net loss of $(36,921) (diluted EPS $(0.25)). Balance sheet liquidity remained…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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