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…
Earnings analysis · 10-Q
WTI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.0
What stood out
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Revenue Exceeds Expectations
Reported revenue for Q1 2026 was $150.0 million, exceeding estimates of $135.0 million.
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Positive Free Cash Flow
Generated a free cash flow of $21.0 million, a significant improvement from the previous quarter.
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Increased Production Volumes
Total production volumes increased to 3,259 MBoe from 2,744 MBoe year-over-year.
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Operating Cash Flow Improvement
Operating cash flow increased to $2.6 million compared to a net outflow in Q1 2025.
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Dividend Declaration
Declared a regular quarterly dividend of $0.01 per share for Q2 2026.
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Reduced Operating Expenses
Operating expenses fell to $135.4 million in Q1 2026 from $138.1 million a year earlier.
What to watch
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Significant Derivative Loss
Recorded a derivative loss of $24.5 million due to unfavorable movements in derivative contracts.
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Continued Net Loss
Despite improved revenues, the company reported a diluted EPS of $0.0, continuing to post losses.
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Market Volatility Risks
Future cash flows and liquidity may be impacted by ongoing volatility and geopolitical tensions affecting oil prices.
Management's outlook
The outlook suggests Q2 2026 production may be lower due to maintenance activities.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.