W&T Offshore Reports $150M Revenue in Q1 2026, Net Loss Improves

W&T Offshore, Inc. reported a total revenue of $150.0 million for the first quarter of 2026, marking a 15.5% increase from $129.9 million in the same period of 2025. The revenue growth was driven by higher production volumes, particularly in natural gas, which saw an increase of 14,778 thousand cubic feet, contributing to a significant rise in sales. Oil revenues also increased slightly to $90.1 million from $87.7 million, while natural gas liquids (NGLs) revenues rose to $6.9 million from $4.8 million. Despite the revenue increase, the company reported a net loss of $22.5 million, an improvement from a net loss of $30.6 million in the prior year, resulting in a net loss per share of $0.15 compared to $0.21.

Operationally, W&T Offshore experienced a 18.8% increase in total production volumes, reaching 3.3 million barrels of oil equivalent (MBoe) compared to 2.7 million MBoe in the first quarter of 2025. This increase was attributed to restored production at several key fields, including West Delta 73 and Mobile Bay, which offset some production shut-ins. The company’s average daily equivalent sales also improved, rising to 36,211 Boe/day from 30,489 Boe/day. However, the average realized sales price for oil decreased to $69.52 per barrel from $71.31, while natural gas prices increased to $5.41 per thousand cubic feet from $4.45.

In terms of expenses, W&T Offshore reported total operating expenses of $135.4 million, a decrease from $138.1 million in the previous year. Notably, lease operating expenses fell to $66.1 million from $71.0 million, reflecting successful cost reduction efforts. General and administrative expenses increased to $24.8 million, primarily due to higher share-based compensation costs. The company also recorded a significant derivative loss of $24.5 million, which included both realized and unrealized losses, compared to a much lower derivative loss of $2.8 million in the prior year.

Looking ahead, W&T Offshore remains focused on maintaining liquidity and capital resources to support its operations and potential acquisitions. As of March 31, 2026, the company had $130.9 million in cash and $43.9 million available under its credit agreement. The company plans to incur additional capital expenditures of $12.0 million to $18.0 million for the remainder of 2026, excluding acquisitions. The outlook for oil and natural gas prices remains uncertain, influenced by geopolitical events and market dynamics, but the company is prepared to adjust its capital expenditures in response to market conditions.