W&T Offshore, Inc. (WTI) Earnings
W&T Offshore, Inc. is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.07. WTI has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -214.1% over the last four).
| 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 | +19.8% |
| Mar 8, 2022 | $0.09 | $0.10 | +11.1% | $166M | +20.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Surety and Litigation Update: • W&T Offshore reached a settlement agreement with two of its largest surety providers in June 2025, resulting in the dismissal of a prior filed lawsuit. • The settlement locks in historical premium rates through the end of 2026, and the company did not agree to the providers' unjustified collateral demands. • Preliminary expert analysis estimates potential damage claims against remaining sureties (if W&T prevails in ongoing litigation) could reach hundreds of millions of dollars; antitrust claims would be statutorily trebled if the company wins. - Operational and Portfolio Positioning: • W&T Offshore is a long-standing profitable independent operator in the Gulf of Mexico, with a decades-long track record of successful asset integration. • The company has solid cash position and strong liquidity, enabling it to evaluate growth opportunities while generating strong free cash flow and adjusted EBITDA. • The company reports that actual produced volumes have consistently exceeded 1P reserve estimates by a wide margin, with actual production reaching approximately double the 1P reserve forecasts over the past 10-15 years. • Annual decommissioning spending typically ranges between $35 million and $45 million, managed judiciously via coordinated planning for supply, personnel and equipment. The company rejects the
Guidance
• The company projects total production will exceed 35,000 barrels of oil equivalent per day in the second half of 2025. • Management expects ongoing surety litigation to conclude within the next two years from the time of the call. • The company reaffirmed that it expects to deliver robust operational and financial results in 2026 and beyond, supported by consistent production, increased realized pricing, and ongoing cost control.
Segment performance
No segmented product financial performance data (absolute revenues, revenue contribution percentages, or overall fiscal results for business segments) was disclosed in this earning call transcript.
Risks & headwinds
• The final outcome of ongoing surety litigation remains uncertain, and there is no guarantee that W&T Offshore will prevail on its claims. Current damage estimates may change as litigation and analysis progress. • W&T Offshore operates in the Gulf of Mexico, which faces ongoing regulatory risk related to decommissioning rules, including proposed programs targeting idled infrastructure that the company opposes. • Oil price volatility creates uncertainty for acquisition valuation, capital planning and hedging strategy.
Analyst Q&A
Q: Now that potential damages from the remaining surety lawsuits have been preliminarily quantified at hundreds of millions of dollars, what is the expected timeline for resolution, and how would a large potential recovery affect the company's capital allocation strategy? /
A: Management expects the remaining litigation to conclude within the next two years. Potential damages could grow to hundreds of millions of dollars, and antitrust claims would automatically be trebled if the company prevails. Management remains encouraged by the evidence collected so far as discovery progresses. /
Q: With strong current cash flow and what the company sees as an undervalued share price, will W&T consider launching a share buyback program while the company awaits attractive acquisition opportunities? /
A: The company has completed buybacks in the past and has also issued dividends to return capital to shareholders. In the current environment, management says it is more likely to prioritize dividend payments, though capital return plans will remain dependent on acquisition and drilling activity. /
Q: Will W&T continue to pursue M&A in the Gulf of Mexico, does the company have a preference between shallow water and deepwater assets, and has recent oil price volatility widened the M&A bid-ask spread? /
A: The company does not prefer shallow or deepwater assets, and only evaluates potential acquisitions based on expected profitability, reserve volumes, cash flow projections, and plugging and abandonment obligations. The bid-ask spread has not changed significantly recently, and M&A evaluation processes remain unchanged. Management is currently prioritizing acquisitions over new drilling, with multiple opportunities under review. /
Q: How does W&T plan to fund future acquisitions, given the company's current cash position, undervalued equity, and access to debt markets? /
A: More capital providers are now willing to invest in Gulf of Mexico oil and gas assets than in the past, as they have recognized the basin's strong cash flow potential. W&T's long, successful operating history in the region gives the company a competitive advantage in accessing funding for attractive acquisitions. The company sees significant ongoing growth opportunities in the Gulf, the second-largest producing basin in the U.S.