Key Highlights

  • Total revenues rose to $167.1 million from $127.5 million in the third quarter of 2025.
  • Operating income was $11.8 million, against an operating loss of $12.6 million a year earlier.
  • Net loss narrowed to $13.6 million, or $0.09 per share, from $71.5 million, or $0.48.
  • Average realized oil price was $85.06 per barrel, versus $64.62.
  • Cash on hand was $191.3 million at September 30, 2026, with a $0.01 quarterly Dividend declared.

Higher oil prices swing operations into profit

W&T Offshore (NYSE:WTI) is an independent oil and Natural Gas producer focused on exploration, development and Acquisition of properties in the Gulf of America, with working interests in 48 offshore fields as of September 30, 2026. The company filed its Quarterly Report for that period on October 29, 2026.

Total revenues were $167.1 million, up $39.6 million from $127.5 million, or 31.0% on a calculated basis. Oil Revenue grew to $111.8 million from $84.1 million.

Price did most of the work, not volume

Of the $36.6 million increase in oil, NGL and natural gas revenues, $32.4 million came from higher prices and $4.2 million from volume. The average realized oil price rose to $85.06 per barrel from $64.62, while natural gas rose to $4.00 per Mcf from $3.68 and NGLs to $18.92 per barrel from $14.29.

Production was 3,514 MBoe, up 239 MBoe from 3,275 MBoe, mainly from a well recompletion at the Garden Banks 783 field.

Costs: lower Lease operating cost per Boe, higher overhead

Total operating expenses were $155.3 million, up from $140.1 million. Lease operating expenses were $76.7 million, nearly flat, and fell to $21.82 per Boe from $23.27, as base lease Operating Expense dropped $3.2 million on cost reduction efforts begun in the fourth quarter of 2025.

General and administrative expenses rose $10.2 million to $31.7 million, driven by $6.9 million of higher share-based compensation and $2.9 million of higher legal and professional fees.

Derivative losses and tax swing shape the net result

Below the operating line, the company recorded a net derivative loss of $15.8 million, made up of $9.9 million of realized losses and $5.9 million of unrealized losses, versus a $4.1 million gain a year earlier.

The loss before income taxes was $13.2 million, compared with $15.5 million, while income tax expense dropped to $0.5 million from $56.0 million. That tax difference explains most of why the net loss narrowed to $13.6 million from $71.5 million.

For the nine months, revenue growth and Operating Income of $49.1 million, against a loss of $33.7 million, cut the net loss to $23.6 million, or $0.16 per share, from $122.9 million.

Cash, Debt and the dividend

Cash and cash equivalents were $191.3 million at September 30, 2026, up from $140.6 million at year end. Net cash provided by Operating Activities for the nine months was $72.5 million, versus $51.3 million.

Long-term debt, net, was $351.0 million. On October 1, 2026, the company entered an amended Credit agreement converting its revolver into a reserve-based Facility with a maximum credit amount of $100.0 million and an initial elected commitment of $50.0 million.

On October 29, 2026, the board declared a regular quarterly dividend of $0.01 per share, payable November 19, 2026, to stockholders of record on November 12, 2026.

What to watch next

The company said its results depend heavily on production volumes and the prices it receives, which are historically volatile. It cited a forecast that the Spot Price for WTI crude would average $97.00 per barrel in the fourth quarter of 2026 and fall to $80.00 in 2027.