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W&T Offshore, Inc. (WTI) USD

Gulf of Mexico shelf and deepwater independent oil and gas producer.

At a glance: strengths & risks
✓Revenue growing (+33% y/y, Q2 2026)✓Margins improving (11%→30%, Q2 2026)✓Commodity price +53% vs 1-yr · +6% vs 3-yr✗Loss-making last FY✗High leverage (3.5x EBITDA)✗Only 10 years of reserves✗Priced above model value

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_WTI

Price chart

4.19 USDDay 7.71%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
4.19 USD · 7.71%
Market cap
617 mln USD

Growth

Δ revenue y/y
32.9%
Δ EBITDA y/y
254.8%

Multiples

P/E (LTM)
—
P/B (FY)
—
P/E (ann.)
12.3x
EV/EBITDA (LTM)
7.1x
EV/EBITDA (ann.)
4.2x

Cash return

Dividend yield
1.0%
FCF yield (LTM)
6.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-66.4%
↓ details

Liquidity

Daily turnover (listing)
18.4 mln USD

Shares: sec_companyfacts/1288403

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK162.6
y/y 32.9%
22.6
y/y —
25.6
y/y -3.2%
48.2
y/y 254.8%
12.6
y/y —
33.3-8.6959.5
y/y -6.3%
196.2
y/y —
-393.3%202.7Link
2026-03-31Q1 2026 (3M)OK150.0
y/y 15.5%
14.6
y/y —
27.3
y/y -17.1%
41.9
y/y 70.0%
-22.5
y/y —
2.6-10.3959.2
y/y -6.4%
-221.8
y/y —
42.8%222.1Link
2025-12-31Q4 2025 (3M)OK121.7
y/y 1.1%
-19.1
y/y -12.4%
28.5
y/y -25.4%
9.4
y/y -55.7%
-27.1
y/y -16.1%
25.9-48.6955.8
y/y -13.0%
-199.8
y/y —
80.6%223.1Link
2025-09-30Q3 2025 (3M)OK127.5
y/y 5.1%
-12.6
y/y —
28.6
y/y -16.4%
16.0
y/y 4.8%
-71.5
y/y —
26.50.0960.6
y/y -14.8%
-172.5
y/y —
69.3%227.4Link
2025-06-30Q2 2025 (3M)OK122.4
y/y -14.3%
-12.9
y/y —
26.4
y/y -27.9%
13.6
y/y -55.3%
-20.9
y/y —
28.0-0.31023.8
y/y -10.9%
-102.7
y/y -2152.4%
90.1%231.1Link
2025-03-31Q1 2025 (3M)OK129.9
y/y -7.8%
-8.2
y/y —
32.9
y/y -3.1%
24.6
y/y -27.4%
-30.6
y/y —
-3.2-0.41024.9
y/y -9.0%
-82.8
y/y -498.8%
180.7%245.8Link
2024-12-31Q4 2024 (3M)OK120.3
y/y -9.1%
-17.0
y/y -1038.2%
38.2
y/y 13.5%
21.2
y/y -40.2%
-23.4
y/y -5173.6%
-4.3-37.41098.9
y/y -1.4%
-52.6
y/y -268.6%
207.3%296.1Link
2024-09-30Q3 2024 (3M)OK121.4
y/y -14.8%
-19.0
y/y -209.7%
34.2
y/y 13.2%
15.2
y/y -67.9%
-36.9
y/y -1821.3%
14.80.01127.3
y/y 0.2%
-31.5
y/y -205.1%
371.5%267.5Link
2024-06-30Q2 2024 (3M)OK142.8
y/y 13.1%
-6.2
y/y -6336.0%
36.7
y/y 30.0%
30.4
y/y 7.6%
-15.4
y/y —
37.4-0.11148.6
y/y 4.2%
5.0
y/y -79.8%
-477.8%270.0Link
2024-03-31Q1 2024 (3M)OK140.8
y/y 6.9%
0.0
y/y -100.0%
33.9
y/y 50.2%
33.9
y/y 3.1%
-11.5
y/y -144.1%
11.6-80.51126.5
y/y 1.5%
20.8
y/y -40.4%
-176.7%297.9Link
2023-12-31Q4 2023 (3M)OK132.3
y/y —
1.8
y/y —
33.7
y/y —
35.5
y/y —
-0.4
y/y —
35.7-9.41114.0
y/y —
31.2
y/y —
51.0%229.5Link
2023-09-30Q3 2023 (3M)OK142.4
y/y —
17.3
y/y —
30.2
y/y —
47.5
y/y —
2.1
y/y —
30.0-36.81125.4
y/y —
30.0
y/y —
10.4%260.7Link
2023-06-30Q2 2023 (3M)OK126.2
y/y —
0.1
y/y —
28.2
y/y —
28.3
y/y —
-12.1
y/y —
26.2-15.61102.2
y/y —
24.8
y/y —
-162.5%267.3Link
2023-03-31Q1 2023 (3M)OK131.7
y/y —
10.3
y/y —
22.6
y/y —
32.9
y/y —
26.0
y/y —
23.4-7.41110.3
y/y —
34.8
y/y —
—266.5Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)10
Long-term debt (incl. LT leases)343
− Cash & equivalents151
Net debt203

Net debt / LTM EBITDA: 1.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-100-500501001502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 7.39x of reported net profit; after capex, 2.96x. Loss years (2024, 2025) are left out of the ratio.
year202320242025
cash flow / profit7.39x——
accruals, % of assets-8.9%-13.4%-23.8%
net debt / EBITDA 3.5x · capex 0.6x of depreciation · dividends 86% of free cash flow
● Net debt / EBITDA 3.5x at the last full year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
121 mln boe
2025
Reserve life (R/P)
9.8 yrs
reserves ÷ annual output
Annual production
12.40 mln boe
2025

Production, mln boe

17.05201515.37201614.57201713.33201814.83201915.39202013.91202114.62202212.73202312.18202412.402025

Proved reserves

YearReserves, mln boe
2025121
2024127
2023123
2022165.30
2021157.60
2020144.40
2019157.40
201884
201774.20

Production

YearProduction, mln boeper day, mln boe
20266.42 * (6M)
+10.7%		0.04
202512.40
+1.8%		0.03
202412.18
−4.3%		0.03
202312.73
−13.0%		0.03
202214.62
+5.1%		0.04
202113.91
−9.6%		0.04
202015.39
+3.8%		0.04
201914.83
+11.3%		0.04
201813.33
−8.5%		0.04

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 117spot vs LTM +42%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -66.4% ▼ -0.2 pp 1d

Main driver: Brent +53% vs LTM; revenue ×1.38 vs costs ×1.07; EBITDA 115→207; at 2.5× EV/EBITDA → -66%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+80%116.7276.5181.20+53%+6%
Henry Hub Gas (rev)+20%2.633.383.12-22%-8%
Henry Hub Gas (cost)-5%2.633.383.12-22%-8%
Electricity Spot (cost)-2%265.4077.9264.17+241%-18%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue562
LTM EBITDA115
LTM cash costs (revenue − EBITDA)446
2 · Revenue projection
Revenue multiplier — spot×1.376 (+38%)
= Spot revenue773
Revenue multiplier — 3y price×1.034 (+3%)
= 3-year-price revenue581
3 · Costs projection
Cost multiplier — spot×1.074 (+7%)
= Spot cash costs480
Cost multiplier — 3y price×1.030 (+3%)
= 3-year-price cash costs460
4 · EBITDA projection (revenue − costs)
= Spot EBITDA294
= 3-year-price EBITDA121
Conservative EBITDA = min(spot, avg)207
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.5x
Target EV = EV/EBITDA × conservative EBITDA520
Net debt203
Target market cap = EV − net debt316
Current market cap623

Upside = target market cap ÷ current − 1 = -66.4%

Life of mine: 10 yrs — before haircut -49.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q1141127+11.3%3428+19.9%
2024 Q2143137+4.1%3036-15.7%
2024 Q3121130-6.5%1525-38.4%
2024 Q4120130-7.7%2121+0.3%
2025 Q1130140-7.6%2528-11.8%
2025 Q2122120+1.8%1410+30.6%
2025 Q3128116+10.3%168+101.0%
2025 Q4122119+2.1%99+4.4%
2026 Q1150138+8.6%4225+68.8%
2026 Q2163168-3.2%4856-14.3%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

34.0033.8333.6533.4733.3020242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 9.8 yr

127.0125.5124.0122.5121.020242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-3134121——
2024-12-3133.3127——

2025-12-31 · FY

Production & proved reserves

FY2025 average production and year-end proved reserves per W&T Offshore FY2025 results release.

Line itemAmount
Crude oil equivalent (net, Mboe/d)34
Proved reserves (net, MMboe)121

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 7, Production Volumes & Average Realized Sales Prices table (wti-20251231x10k.htm). Realised prices are reported before/excluding the effect of derivative settlements.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil5.1 MMBbls64.09 USD/bbl327.866.6%
Natural gas36,890 MMcf3.90 USD/Mcf143.929.2%
NGLs1.1 MMBbls17.88 USD/bbl20.44.1%
Total (implied product revenue)492.1100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)501.5USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)2.9USD mln
Depreciation, depletion & amortization116.4USD mln
General & administrative80USD mln
Income tax expense (benefit)50.9USD mln
Total costs and expenses (consolidated)554.3USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 comparatives per W&T Offshore FY2025 results release.

Line itemAmount
Crude oil equivalent (net, Mboe/d)33.3
Proved reserves (net, MMboe)127

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)525.3USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)2.8USD mln
Depreciation, depletion & amortization143USD mln
General & administrative82.4USD mln
Income tax expense (benefit)-10USD mln
Total costs and expenses (consolidated)567.5USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

No production / reserves detail wired for this fiscal year yet.

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)532.7USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)2.5USD mln
Depreciation, depletion & amortization114.7USD mln
General & administrative75.5USD mln
Interest expense44.7USD mln
Income tax expense (benefit)18.3USD mln
Total costs and expenses (consolidated)503.2USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -5% vs -1% the year before — a -3.1 pp move. 3-year CAGR —.
revenue growth by year: 2024 -1% · 2025 -5%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.7x · target 75th pct (3y) 2.5x · LTM avg 5.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: energy (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Chord Energy CorporationUS8.33.4x
APA CorporationUS17.53.5x
SM Energy CompanyUS9.14.7x
Permian Resources CorporationUS18.35.2x
Ovintiv Inc.US19.25.2x
EQT CorporationUS34.25.9x
Devon Energy CorporationUS38.36.0x
EOG Resources, Inc.US83.66.3x
Antero Resources CorporationUS12.17.2x
Range Resources CorporationUS10.37.7x
Canadian Natural Resources LimitedUS113.18.4x
Diamondback Energy, Inc.US55.310.4x
Group median5.9x
Group average6.2x
This companyUS0.67.1x

Group median 5.9x; this company 7.1x — a 19% premium.

Group average 6.2x; against the average this company is at a 15% premium.

At the adjusted group median the market cap would be -22% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-190.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2026-05-210.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2026-03-190.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2025-11-190.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2025-08-180.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2025-05-200.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2025-03-170.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2024-11-210.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2024-08-200.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2024-05-230.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2024-03-150.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2023-11-270.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.wtoffshore.com/investors/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of W&T Offshore, Inc. (WTI) — from primary filings.

Frequently asked questions

What is W&T Offshore, Inc. (WTI)'s EV/EBITDA?
W&T Offshore, Inc. (WTI) trades at 7.1x EV/EBITDA.
What is W&T Offshore, Inc. (WTI)'s dividend yield?
W&T Offshore, Inc. (WTI)'s trailing 12-month dividend yield is 1.0%.
What is W&T Offshore, Inc. (WTI)'s return on equity (ROE)?
W&T Offshore, Inc. (WTI)'s ROE is 42.8%.
What is W&T Offshore, Inc. (WTI)'s market capitalization?
W&T Offshore, Inc. (WTI)'s market cap is 617 mln USD.

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