W&T Offshore, Inc.
- Open
- 3.79
- Day high
- 3.85
- Day low
- 3.61
- Prev close
- 3.57
- Volume
- 2.6M
- Mkt cap
- $560M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -2.9
- P/S
- 1.0
- Yield
- 0.81%
- Per share
- $0.03
- ▼Insiders net selling -$1.1M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions accumulating (13F)
W&T Offshore, Inc. (WTI) is a Energy company listed on NYSE. The stock is up 96% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
W&T Offshore, Inc. (WTI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WTI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.04 | $0.02 | -42.9% | $163M | +3.3% |
| May 8, 2026 | $0.02 | $-0.15 | -850.0% | $150M | +8.4% |
| Mar 6, 2026 | $-0.12 | $-0.14 | -21.7% | $122M | -1.6% |
| Nov 5, 2025 | $-0.12 | $-0.05 | +58.3% | $128M | +10.5% |
| Mar 3, 2025 | $-0.17 | $-0.18 | -5.9% | $120M | -4.5% |
| Nov 7, 2024 | $-0.19 | $-0.17 | +10.5% | $121M | -6.7% |
| May 10, 2024 | $-0.05 | $-0.05 | -9.1% | $141M | -1.7% |
| Mar 5, 2024 | $-0.03 | $-0.06 | -100.0% | $132M | -5.0% |
| Aug 1, 2023 | $-0.06 | $-0.08 | -33.3% | $126M | -15.8% |
| Mar 7, 2023 | $0.02 | $0.10 | +400.0% | $190M | +6.4% |
| May 3, 2022 | $0.18 | $0.21 | +16.7% | $191M | +18.2% |
| Mar 8, 2022 | $0.09 | $0.10 | +11.1% | $166M | +21.8% |
WTI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 11, 2026 | Gamblin Huanofficer: EVP & Chief Technical Officer | Option | 8,312 | — |
| Aug 11, 2026 | KROHN TRACY Wdirector, 10 percent owner, officer: Chairman, CEO & President | Option | 132,918 | — |
| Aug 11, 2026 | Parasnis Sameerofficer: EVP & Chief Financial Officer | Tax | 22,066 | $3.43 |
| Aug 11, 2026 | Williford William Jofficer: EVP & Chief Operating Officer | Tax | 22,066 | $3.43 |
| Aug 11, 2026 | Williford William Jofficer: EVP & Chief Operating Officer | Option | 56,075 | — |
| Aug 11, 2026 | Hartman Bart P. IIIofficer: VP & Chief Accounting Officer | Tax | 2,922 | $3.43 |
| Aug 11, 2026 | Hartman Bart P. IIIofficer: VP & Chief Accounting Officer | Option | 7,425 | — |
| Aug 11, 2026 | KROHN TRACY Wdirector, 10 percent owner, officer: Chairman, CEO & President | Tax | 52,304 | $3.43 |
| Aug 11, 2026 | Gamblin Huanofficer: EVP & Chief Technical Officer | Tax | 3,271 | $3.43 |
| Aug 11, 2026 | Parasnis Sameerofficer: EVP & Chief Financial Officer | Option | 56,075 | — |
| Jul 16, 2026 | Boulet Virginiadirector | Sell | 60,000 | $3.54 |
| Jul 16, 2026 | Hittner Georgeofficer: EVP, GC & Corporate Secretary | Sell | 30,000 | $3.53 |
| Jul 16, 2026 | Conwill Daniel O. IVdirector | Sell | 60,000 | $3.41 |
| Jul 16, 2026 | CHANG NANCY Tdirector | Sell | 60,000 | $3.31 |
| Jul 16, 2026 | Parasnis Sameerofficer: EVP & Chief Financial Officer | Sell | 30,000 | $3.56 |
Source: WTI SEC Form 4 filings, latest Aug 11, 2026. For informational purposes only — not investment advice.
See the full WTI insider & 13F page →W&T Offshore, Inc. company profile
Overview
W&T Offshore, Inc. (NYSE:WTI) is an independent oil and natural gas exploration and production company founded in 1983 and headquartered in Houston, Texas. The company went public in 2005 and has built its operations exclusively around the Gulf of Mexico, where it has developed expertise in both shallow water shelf operations and deepwater drilling. W&T Offshore focuses on acquiring, exploring, and developing oil and natural gas properties in federal and state waters of the Gulf of Mexico, operating as a pure-play Gulf of Mexico energy producer with working interests in 43 fields spanning approximately 606,000 gross acres.
Business
W&T Offshore operates in the upstream oil and gas industry, specifically focused on exploration and production activities in the Gulf of Mexico. The upstream sector involves finding, extracting, and producing crude oil and natural gas from underground reservoirs, as opposed to downstream activities like refining or marketing petroleum products. The company's core business revolves around three main activities. First, acquisition involves purchasing existing oil and gas properties, leases, and working interests from other companies. These transactions allow W&T to expand its resource base without the time and risk associated with exploratory drilling. Second, exploration encompasses the search for new oil and gas reserves through geological surveys, seismic studies, and exploratory drilling to identify commercially viable hydrocarbon deposits. Third, development and production involves drilling production wells, installing necessary infrastructure, and extracting hydrocarbons from proven reserves. W&T's operations are geographically concentrated in the Gulf of Mexico, spanning both shallow water shelf areas (typically less than 200 feet of water depth) and deepwater regions (greater than 200 feet). As of December 2021, the company held working interests across approximately 606,000 gross acres, with roughly 419,000 acres on the Gulf of Mexico Shelf and 187,000 acres in deepwater areas. The company's production portfolio consists of approximately 51% liquids (41% crude oil and 10% natural gas liquids) and 49% natural gas, providing diversification across different hydrocarbon types. The company's proved reserves totaled 127 million barrels of oil equivalent as of 2024, classified as 52% proved developed producing (currently producing wells), 31% proved developed non-producing (wells that could produce but are temporarily shut-in), and 17% proved undeveloped (requiring additional capital investment to bring online). This reserve composition indicates a mature asset base with significant near-term production potential.
Revenue model
W&T Offshore generates revenue through the direct sale of hydrocarbons it extracts from its Gulf of Mexico properties. The company sells three primary products: crude oil, natural gas liquids (NGLs), and natural gas to various purchasers including refineries, petrochemical companies, and natural gas utilities. Revenue fluctuates based on both production volumes and commodity prices, which are largely determined by global and regional market conditions. The company's business model centers on maintaining low-decline, conventional production from mature fields while opportunistically acquiring additional producing assets. This approach provides relatively predictable cash flows compared to exploration-heavy strategies. W&T focuses on assets with established production histories and proven reserves, reducing geological risk while providing immediate cash generation capabilities. Several factors significantly impact W&T's profitability margins. Commodity price volatility represents the most significant external factor, as oil and gas prices directly affect revenue while operating costs remain relatively fixed. The company has implemented hedging strategies, including natural gas price collars, to mitigate some price risk. Operational efficiency improvements, such as optimizing transportation routes and reducing lease operating expenses, directly enhance margins. The company's lease operating expenses were $280-315 million in 2024, representing a significant portion of total costs. Regulatory compliance costs present ongoing margin pressure, particularly regarding environmental regulations, financial assurance requirements, and safety standards in the Gulf of Mexico. The company has benefited from recent regulatory changes under the current administration that reduced certain compliance burdens. Hurricane season disruptions can temporarily shut-in production, as evidenced by approximately 3,500 barrels of oil equivalent per day being offline during Q3 2024 due to weather-related shutdowns. The company's acquisition strategy can enhance margins by adding low-cost production and achieving operational synergies. Recent acquisitions, including the $77 million Cox asset purchase, have provided immediate production increases and reserve additions at attractive per-barrel acquisition costs. Capital allocation discipline remains crucial, as the company focuses on generating free cash flow rather than growth-at-any-cost strategies, maintaining capital expenditures at $34-42 million annually.
Competitive moat
W&T Offshore operates in a commodity business with limited sustainable competitive advantages, though it possesses several operational strengths that provide modest defensive characteristics. The company's primary competitive position stems from its specialized expertise in Gulf of Mexico operations, particularly in shallow water shelf development and mature field optimization. This regional focus has allowed W&T to develop operational efficiencies, regulatory knowledge, and infrastructure relationships specific to the Gulf of Mexico environment. The company's low-cost operational structure provides some competitive advantage during commodity price downturns. W&T has demonstrated ability to maintain positive cash flows even during challenging price environments, with lease operating expenses managed efficiently across its asset base. The company's focus on mature, low-decline assets provides more predictable production profiles compared to shale operators with high decline rates, though this comes at the cost of limited growth potential. However, W&T faces significant competitive pressures that limit its moat strength. Commodity price exposure remains the dominant factor affecting profitability, with limited ability to influence pricing beyond short-term hedging strategies. The company competes directly with larger integrated oil companies, independent producers, and private equity-backed operators for acquisition opportunities in the Gulf of Mexico, often at a scale disadvantage. Regulatory and environmental risks present ongoing challenges, including potential restrictions related to marine mammal protection (Rice's whale regulations), financial assurance requirements, and evolving environmental compliance standards. While recent regulatory changes have been favorable, the political nature of energy regulation creates uncertainty. The company's geographic concentration in the Gulf of Mexico, while providing operational expertise, also creates vulnerability to regional disruptions including hurricanes, regulatory changes, and infrastructure constraints. Larger competitors with diversified geographic footprints can better withstand regional challenges. Technological disruption from renewable energy sources and potential long-term demand destruction for fossil fuels represent existential threats to the business model, though these impacts are likely to unfold over decades rather than years. The company's mature asset base provides cash generation capabilities during the energy transition period, but offers limited positioning for long-term energy evolution.
Risks & safety
W&T Offshore presents moderate financial risk with improving but still concerning leverage metrics and adequate liquidity position. **Debt and Solvency:** - Total debt of $350 million following recent refinancing (reduced from $393 million) - Net debt of $244 million (total debt minus $106 million cash) - Debt-to-equity ratio of -4.25x (negative due to negative book value) - Successfully refinanced debt in 2024, reducing interest rates by 100 basis points - Eliminated principal payments on Munich Re loan, improving cash flow profile **Liquidity Position:** - Cash and short-term investments: $106 million as of Q1 2025 - Total liquidity of approximately $156 million including credit facilities - Current ratio of 1.18x indicating adequate short-term liquidity - Free cash flow of $10.5 million in Q1 2025, though volatile quarter-to-quarter **Valuation Metrics:** - EV/EBITDA of 16.5x based on Q1 2025 annualized EBITDA (elevated due to low quarterly EBITDA) - Trading at significant discount to book value due to negative equity position - Commodity price sensitivity creates valuation volatility **Other Considerations:** - Negative book value of -$83 million indicates accumulated losses exceed invested capital - Production guidance of 34,000 BOE/day for 2025 provides revenue visibility - Regulatory environment improvements under current administration reduce compliance costs - Hurricane season and operational disruptions create quarterly earnings volatility
Recent development
W&T Offshore has undergone significant strategic evolution over the past few years, shifting from a growth-focused drilling strategy to an acquisition-centered, cash-generation model. The most significant development was the company's strategic pivot toward opportunistic acquisitions rather than high-risk exploratory drilling, reflecting management's response to commodity price volatility and capital market constraints. The company completed two major acquisitions that have reshaped its asset base. In 2023, W&T acquired shallow Gulf of Mexico fields for $27 million, followed by the larger Cox asset acquisition in early 2024 for $77 million, which added six shallow water Gulf of Mexico fields and 21.7 million barrels of oil equivalent in proved reserves. The Cox acquisition has been successfully integrated, with four of six fields currently online and the remaining fields expected to return to production in 2025. Financial restructuring has been a major focus, with W&T successfully refinancing its debt structure in 2024. The company closed $350 million in new second lien notes, reducing interest rates by 100 basis points and eliminating principal payments on its Munich Re loan. This refinancing improved the company's cost of capital and cash flow profile while extending debt maturities. The company has implemented a disciplined capital allocation strategy, maintaining annual capital expenditures at $34-42 million while focusing on workovers, recompletions, and facility optimization rather than new drilling. This approach has enabled W&T to generate consistent free cash flow and initiate a quarterly dividend program, returning capital to shareholders while maintaining financial flexibility. Risk management initiatives have been enhanced through expanded hedging programs, including natural gas price collars to lock in favorable pricing. The company also received a significant $58.5 million insurance settlement, demonstrating the value of comprehensive risk management programs in the Gulf of Mexico operating environment. W&T has explored strategic partnerships, including discussions around potential drilling joint ventures with industry and financial partners. While no definitive agreements have been reached, management continues to evaluate partnership opportunities that could provide access to larger-scale drilling programs while sharing capital requirements and risks.
WTI company profile · for informational purposes only — not investment advice.
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