Key Highlights

  • Premarket shares fell 1.18% to $3.35 after W&T Offshore closed at $3.39 on June 15.
  • Monday’s decline reached 16.5%, with approximately 6.3 million shares changing hands.
  • First-quarter production averaged 36,200 barrels of oil equivalent per day.
  • March-end net debt stood at $220.3 million, with leverage at 1.5 times adjusted EBITDA.

W&T Offshore Inc. (NYSE:WTI) shares moved lower before the June 16 opening bell, extending a sharp decline from the previous session as falling crude oil prices weighed on offshore oil and gas producers.

The stock traded around $3.35 in premarket activity, down 1.18% from its June 15 close of $3.39. W&T Offshore had fallen $0.67, or 16.5%, during Monday’s regular session after opening at $3.47 and trading between $3.38 and $3.54.

The latest move followed a retreat in oil prices as reduced concerns about near-term supply disruption weakened sentiment across exploration and production stocks. W&T generates most of its revenue from crude oil, natural gas and natural gas liquids produced from offshore properties in the Gulf of America.

Lower commodity prices can reduce realised revenue even when production remains stable. The company has partly limited that exposure through oil hedges, including collars and swaps covering portions of its expected 2026 output.

W&T reported first-quarter production of 36,200 barrels of oil equivalent per day, broadly unchanged from the fourth quarter and 19% higher than a year earlier. Liquids represented approximately 52% of total output.

Adjusted EBITDA reached about $55 million, more than double the previous quarter, while free cash flow improved to $21 million from negative $11.2 million in the fourth quarter. The company also reported lower base lease operating costs.

Balance-sheet obligations remained significant. W&T ended March with $130.9 million in unrestricted cash, $351.2 million in total debt and $220.3 million in net debt.

Available liquidity stood at $174.8 million, including borrowing capacity under its revolving credit facility. The company maintained its planned 2026 capital expenditure range of $19.5 million to $24.5 million, excluding acquisitions.

The stock’s June 15 close left W&T Offshore with a market value of about $504 million. Shares have traded between $1.50 and $5.08 during the past 52 weeks.