W&T Offshore, Inc. reported a total revenue of $129.9 million for the first quarter of 2025, a decrease of 7.8% from $140.8 million in the same period of 2024. The decline in revenue was primarily attributed to lower oil and natural gas sales, with oil revenues falling to $87.7 million from $107.0 million, and natural gas revenues increasing to $35.1 million from $21.6 million. The company experienced a net loss of $30.6 million, compared to a loss of $11.5 million in the prior year, resulting in a net loss per share of $0.21, up from $0.08.
In terms of operational performance, W&T Offshore's production volumes decreased to 2.7 million barrels of oil equivalent (MMBoe) from 3.2 MMBoe year-over-year. This reduction was influenced by deferred production at the Mobile Bay properties due to weather-related issues and shut-ins at several fields. The average realized sales price for oil was $71.31 per barrel, down from $76.44, while natural gas prices rose to $4.45 per thousand cubic feet (Mcf) from $2.48, reflecting a significant increase in demand.
Strategically, the company undertook significant refinancing activities, issuing $350 million in 10.75% Senior Second Lien Notes due in 2029. The proceeds were utilized to repurchase $269.7 million of its 11.75% Notes and to repay $114.2 million of outstanding amounts under a Term Loan. Additionally, W&T Offshore received $58.5 million from insurance claims related to a plant turnaround and $11.9 million from the sale of non-core assets, which were included in its full cost pool.
W&T Offshore's total assets decreased to $1.025 billion as of March 31, 2025, down from $1.099 billion at the end of 2024. The company reported a total shareholders' deficit of $82.8 million, compared to a deficit of $52.6 million at the end of the previous fiscal year. The company’s cash and cash equivalents stood at $105.9 million, with an additional $50 million available under a new credit agreement. Looking ahead, W&T Offshore anticipates that its cash flows from operations and access to equity markets will provide sufficient liquidity to meet its operational needs and support potential growth initiatives.
About W&T OFFSHORE INC
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