olivLaw · US equity research
W&T Offshore, Inc. WTI
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
W&T Offshore is an independent oil and natural gas producer with operations almost entirely in the Gulf of America, focused on existing fields with low decline and on property acquisitions. In the second quarter of 2026 the company reported production of 34.7 MBoe/d and Adjusted EBITDA of 54.4 million USD, as oil prices eased after the reopening of the Strait of Hormuz.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, W&T Offshore, Inc. (WTI) stock was 3.21 USD (−9.32% on the day), with market capitalisation 497.2 m USD, dividend yield 1.24%, beta 0.40, 52-week range 1.50–4.91 USD. Latest reported quarter (Q3 2026): revenue of 167.1 m USD (+31.0% YoY), net income of -13.6 m USD, diluted EPS -0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.7
- weak (30–45)
- Bollinger (20, 2)
- 3.33 – 4.36
- below the lower band · %B -0.12 · band width 26.8%
- SMA 50 / 200
- 3.80 / 3.44
- mixed trend
- MACD (12, 26, 9)
- -0.03 / 0.05
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.8% | −1.1% | −9.7 pp | — |
| 3 months | −1.2% | −0.5% | −0.8 pp | — |
| 6 months | −16.0% | +4.4% | −20.4 pp | — |
| Year to date | +96.9% | +12.3% | +84.6 pp | — |
| 1 year | +62.9% | +13.5% | +49.4 pp | +16.0% |
| 3 years | −23.9% | +76.4% | −100.3 pp | +3.6% |
| 5 years | −23.2% | +63.7% | −86.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 120.3 m | 129.9 m | 122.4 m | 127.5 m | 121.7 m | 150.0 m | 162.6 m | 167.1 m |
| Operating income | -17.0 m | -8.2 m | -12.9 m | -12.6 m | -19.1 m | 14.6 m | 22.6 m | 11.8 m |
| Depreciation & amortisation | 38.2 m | 32.9 m | 26.4 m | 28.6 m | 28.5 m | 27.3 m | 25.6 m | 28.3 m |
| Pre-tax income | -25.2 m | -35.2 m | -23.3 m | -15.5 m | -25.2 m | -19.9 m | 11.2 m | -13.2 m |
| Income tax | -1.8 m | -4.6 m | -2.4 m | 56.0 m | 1.9 m | 2.6 m | -1.4 m | 498.0 k |
| Net income | -23.4 m | -30.6 m | -20.9 m | -71.5 m | -27.1 m | -22.5 m | 12.6 m | -13.6 m |
| Diluted EPS | -0.16 ≈ | -0.21 | -0.14 | -0.48 | -0.18 ≈ | -0.15 | 0.08 | -0.09 |
| Operating cash flow | -4.3 m | -3.2 m | 28.0 m ≈ | 26.5 m ≈ | 25.9 m | 2.6 m | 33.3 m ≈ | 36.6 m ≈ |
| Dividends paid | 1.5 m | 1.5 m | 1.5 m ≈ | 1.5 m ≈ | 1.5 m | 1.5 m | 1.6 m ≈ | 1.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 580.7 m | 534.9 m | 346.6 m | 558.0 m | 921.0 m | 532.7 m | 525.3 m | 501.5 m |
| Revenue YoY | +19.2% | −7.9% | −35.2% | +61.0% | +65.1% | −42.2% | −1.4% | −4.5% |
| Net income | 248.8 m | 74.1 m | 37.8 m | -41.5 m | 231.1 m | 15.6 m | -87.1 m | -150.1 m |
| Net income YoY | +212.3% | −70.2% | −49.0% | −209.8% | unavailable | −93.3% | −658.7% | unavailable |
| Diluted EPS | unavailable | 0.52 | 0.26 | -0.29 | 1.59 | 0.11 | -0.59 | -1.01 |
| Diluted EPS YoY | unavailable | unavailable | −50.0% | −211.5% | unavailable | −93.1% | −636.4% | unavailable |
| net % | 42.8% | 13.9% | 10.9% | -7.4% | 25.1% | 2.9% | -16.6% | -29.9% |
| Free cash flow | 305.0 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 140.6 m USD
- Financial debt
- 350.8 m USD
- Net debt
- 210.3 m USD
- Equity
- -199.8 m USD
- Total assets
- 955.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.02x
- ROE
- unavailable
- ROA
- -14.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 346.6 m | 558.0 m | 921.0 m | 532.7 m | 525.3 m | 501.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | 801.0 k | 189.7 m | 454.1 m | 29.5 m | -42.2 m | -52.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 97.8 m | 90.5 m | 107.1 m | 114.7 m | 143.0 m | 116.4 m | SEC (XBRL)· 16 Mar 2026verified |
| EBITDA | 98.6 m ≈ | 280.2 m ≈ | 561.2 m ≈ | 144.2 m ≈ | 100.8 m ≈ | 63.6 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Interest expense | 61.5 m | 70.0 m | 69.4 m | 44.7 m | — | — | SEC (XBRL)· 06 Mar 2024verified |
| Pre-tax income | 7.6 m | -49.5 m | 284.8 m | 33.9 m | -97.1 m | -99.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | -30.2 m | -8.1 m | 53.7 m | 18.3 m | -10.0 m | 50.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Net income | 37.8 m | -41.5 m | 231.1 m | 15.6 m | -87.1 m | -150.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | 0.26 | -0.29 | 1.59 | 0.11 | -0.59 | -1.01 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 143.3 m | 142.3 m | 145.1 m | 148.3 m | 147.1 m | 148.2 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 43.7 m | 245.8 m | 461.4 m | 173.3 m | 109.0 m | 140.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 38.8 m | 54.9 m | 66.1 m | 52.1 m | 63.6 m | 59.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 107.2 m | 358.3 m | 570.3 m | 265.0 m | 218.5 m | 239.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 686.9 m | 665.3 m | 735.2 m | 749.1 m | 777.7 m | 662.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 940.6 m | 1.2 bn | 1.4 bn | 1.1 bn | 1.1 bn | 955.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 41.3 m | 67.4 m | 65.2 m | 78.9 m | 83.6 m | 98.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | — | 43.0 m | 582.2 m | 29.4 m | 27.3 m | 8.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Long-term debt | 625.3 m | 687.9 m | 111.2 m | 361.2 m | 365.9 m | 342.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 115.0 m | 324.4 m | 792.3 m | 216.9 m | 246.1 m | 234.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Equity | -208.3 m † | -247.2 m † | 7.6 m † | 31.2 m † | -52.6 m † | -199.8 m † | SEC (XBRL)· 16 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 108.5 m | 133.7 m | 339.5 m | 115.3 m | 59.5 m | 77.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Investing cash flow | -47.6 m | -27.4 m | -95.1 m | -81.6 m | -118.2 m | 21.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -49.6 m | 100.3 m | -28.9 m | -321.7 m | -8.6 m | -69.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividends paid | — | — | — | 1.5 m | 5.9 m | 6.0 m | SEC (XBRL)· 16 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 497.2 m USD
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.28 – 4.10 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA2.28 – 4.10 (Mid 3.67)15 companies used · median multiple 5.2x · quartiles 3.7x – 5.7xAPA, AR, CHRD, CRGY, CRK, EOG, EQT, EXE, FANG, MGY, MTDR, OVV, REPX, TALO, VIST
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -8.4% | 26 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -18.3% | 0 (on a fixed band) | 18% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.2x | 31 (vs peers) | 23% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 43 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 4.7x | 53 (vs peers) | 23% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.2% | 18 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partial18/100 · 1/2 factors with a value
- Valuation· partial53/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
W&T OFFSHORE, INC. (WTI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 501.5 m USD in 2025; YoY growth -4.5%; net margin -8.4%; net debt/EBITDA 1.2x.
The estimated value range is 2.28–4.10 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.67 USD, the price of 3.21 USD leaves a potential of 14.3% (value / price − 1) and a margin of safety of 12.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -8.4%
- Revenue CAGR 3Y: -18.3%
- Shareholder yield (distributions): 1.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM), FCF yield, Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 199.6 bn | 15.7 | 11.3% | 6.5% | −6.2% | +38% / +33% |
| EOGEog Resources, Inc. | 77.1 bn | 11.4 | 22.5% | 25.4% | −4.5% | +36% / +19% |
| OXYOccidental Petroleum Corporation | 57.3 bn | 8.6 | 18.9% | 33.7% | −1.9% | +37% / −3% |
| FANGDiamondback Energy, Inc. | 51.1 bn | 25.0 | 5.3% | 11.0% | +35.8% | +20% / +18% |
| DVNDevon Energy Corp | 48.5 bn | 10.5 | 11.5% | 16.7% | +7.8% | +19% / −2% |
| EQTEqt Corporation | 32.9 bn | 12.5 | 10.9% | 28.4% | +63.9% | −14% / +31% |
| EXEExpand Energy Corporation | 20.2 bn | 7.6 | 14.6% | 19.8% | +186.3% | −28% / +9% |
| PRPermian Resources Corporation | 18.8 bn | 14.9 | 11.5% | 21.5% | +1.3% | +55% / +71% |
| OVVOvintiv Inc. | 16.8 bn | 12.7 | 12.1% | 12.8% | −2.7% | +53% / +41% |
| APAApa Corporation | 15.6 bn | 9.4 | 25.9% | — | unavailable | +78% / +24% |
| ARAntero Resources Corporation | 11.5 bn | 8.4 | 17.6% | 21.7% | +22.0% | +3% / +58% |
| CHRDChord Energy Corporation | 7.2 bn | 8.9 | 10.3% | 13.4% | −7.1% | +41% / −18% |
| MTDRMatador Resources Company | 6.2 bn | 8.6 | 12.8% | 19.9% | +5.5% | +19% / −13% |
| VISTVista Energy, S.A.B. de C.V. | 5.9 bn | 13.4 | 33.3% | 29.0% | +41.0% | +26% / +101% |
| MGYMagnolia Oil & Gas Corp | 5.5 bn | 13.0 | 20.5% | 28.8% | −0.3% | +1% / +9% |
| CNXCNX Resources Corporation | 5.1 bn | 5.8 | 20.4% | 35.2% | +76.8% | −7% / +72% |
| CRGYCrescent Energy Company | 5.0 bn | 79.8 | 1.3% | 1.3% | +22.1% | +24% / +3% |
| CRCCalifornia Resources Corp | 4.3 bn | — | -15.5% | -18.1% | +14.7% | +1% / −6% |
| HESMHess Midstream LP | 4.1 bn | 10.9 | — | 23.2% | +8.4% | −6% / −2% |
| CRKComstock Resources, Inc. | 3.9 bn | 7.6 | 21.1% | 23.3% | +77.0% | −50% / +36% |
| TALOTalos Energy Inc. | 2.6 bn | — | -18.1% | -18.4% | −9.8% | +36% / +12% |
| KOSKosmos Energy Ltd. | 1.3 bn | — | -58.8% | -27.4% | −23.1% | +101% / −67% |
| REPXRiley Exploration Permian, Inc. | 948.6 m | 9.2 | 16.8% | 17.3% | −4.4% | +57% / +74% |
| AESIAtlas Energy Solutions Inc. | 843.0 m | — | -12.1% | -13.0% | +3.7% | −22% / −61% |
| VTSVitesse Energy, Inc. | 618.1 m | — | -7.6% | -15.4% | +13.2% | −31% / −38% |
1- and 3-year price returns: for WTI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
W&T Offshore is an independent oil and natural gas producer with operations almost entirely in the Gulf of America, focused on existing fields with low decline and on property acquisitions. In the second quarter of 2026 the company reported production of 34.7 MBoe/d and Adjusted EBITDA of 54.4 million USD, as oil prices eased after the reopening of the Strait of Hormuz.
SWOT
Strengths
- A mature, low-decline production base and existing structures give the company a solid position in the Gulf of America 1.
- Free cash flow generation and reduced net debt in the second quarter of 2026 point to prudent balance sheet management 3.
- Decades of experience acquiring and integrating assets give the company an edge in finding opportunities 3.
Weaknesses
Opportunities
- Acquisitions of assets with upside potential could add reserves and production if pricing conditions are favourable 3.
- The surety litigation could yield significant recoveries if the company prevails in court 3.
- A revised BOEM financial assurance framework could lower compliance costs for Gulf operators 1.
Threats
- A prolonged fall in oil prices could force reserve reductions and property impairments 1.
- Tropical storms in the Gulf can halt production and affect platforms the company depends on 1.
- Competition from companies with much greater resources could reduce the company's chances in acquisitions and contracts 1.
Risks
- Oil and gas price volatilityhigh
Prices are volatile and depend on external factors, including OPEC+ policy and geopolitical conflict, which can directly affect revenue and cash flow 12.
- Impairment and reserve reductions at lower priceshigh
If prices fall, the company could be required to reduce reserve estimates or record impairments under the full cost ceiling test 1.
- Dependence on third-party infrastructuremedium
Marketing depends on pipelines and platforms owned by third parties, which can become unavailable for operational or weather reasons 1.
- Climate risk in the Gulfmedium
Summer and fall storms can cause evacuations and shut-ins, and the company has no business interruption insurance 1.
- Financial assurance and surety litigationmedium
Disputes with surety providers and collateral demands can affect liquidity, although the outcome remains uncertain 13.
Investment thesis
What would need to be true (bull case)
- If oil prices stabilise at sustained levels, free cash flow could keep funding the dividend and debt reduction 23.
- Disciplined acquisitions could add reserves and production without costly exploration, using the company's experience with Gulf assets 3.
- More flexible financial assurance proposals could reduce costs and pressure on liquidity 1.
What would break the thesis
- EIA projections show lower oil prices in 2027 than in 2026, which could compress margins and cash flow 2.
- Short-lived reserves oblige the company to keep investing to sustain production, which could limit capital returns 1.
- Competition from operators with far greater resources could reduce success in acquisitions and lease sales 1.
What to watch
- Delivery of third quarter 2026 production and expense guidanceQ3 2026
- WTI and Henry Hub price movements against EIA forecastsQ4 2026
- Outcome of surety litigation and any collateral requirements2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
W&T Offshore, Inc. is a Texas corporation engaged in acquiring, exploring and developing oil and natural gas properties, almost entirely in the Gulf of America, on the conventional shelf and in deepwater. As of December 31, 2025 it held working interests in 49 producing fields in federal and state waters 1. Its strategy emphasises free cash flow, a conventional asset base with low decline and opportunistic acquisitions, with prudent balance sheet management 1. Leased acreage stood at approximately 591,000 gross acres at June 30, 2026, down from 624,700 at the end of 2025 12.
Segments
Production and operations in the Gulf of America
The single segment covers production of oil, NGLs and natural gas from Gulf of America fields. In the second quarter of 2026 production was 34.7 MBoe/d, near the midpoint of guidance, and lease operating expenses came in below the low end of the range 3. Full year 2026 production guidance is 12,227 to 13,560 MBoe 3.
Market context
The company's revenues are directly tied to WTI oil and Henry Hub gas prices. In January 2026 the EIA projected a 2026 WTI average of 52.25 USD per barrel 1, but its July 2026 outlook raised the forecast to 68.50 USD per barrel for the rest of 2026 and 60.83 USD per barrel in 2027 2. Henry Hub gas was projected at 3.47 USD per MMBtu for the rest of 2026 2. The company notes that prolonged weak prices could force reserve reductions or impairments 1.
The market is also shaped by geopolitics and regulation. Oil prices fell in June 2026 on expectations of higher supply after a US-Iran memorandum on the Strait of Hormuz, but later attacks in the region brought back volatility 2. On regulation, BOEM published in March 2026 a proposed rule that could reduce supplemental financial assurance requirements for Gulf operators 1.
Trends
- Oil supply after the Strait of Hormuz disruptionheadwind
Resumed supply and inventory build pushed oil prices lower in June 2026, and the EIA expects continued downward pressure, although regional tensions persist 2. If prices stay near the projected levels, revenue per barrel could be lower than in the second quarter.
- Natural gas prices and power sector demandmixed
Record gas production and rising power sector demand could exert moderate downward pressure on Henry Hub prices 2. For a producer where gas is an important share of volumes, this could limit gains.
- More supportive regulation for offshore productiontailwind
Policy changes since 2025 have aimed at easing energy regulation, and the BOEM proposal on financial assurance could lower compliance costs for Gulf operators 1. The final outcome depends on completion of the rule.
- Hurricane risk and operational disruptionheadwind
Gulf hurricanes can force evacuation of personnel and shut-in production, and third-party platforms could be affected 1. The company carries no business interruption insurance, which makes such events more costly 1.
Competitive position
The oil and gas industry is highly competitive, and the company faces large domestic and foreign oil companies with substantially greater financial and technical resources 1. Competition is especially intense in BOEM lease sales, which are awarded by sealed bid to the highest bidder 1. The company argues that its smaller size gives it greater decision-making flexibility and faster adaptation to market changes 1.
The sources identify competitors as major oil companies and other independent producers that bid for properties, drilling equipment and trained personnel 1. On transport and processing, the company relies on third-party infrastructure, and consolidation in the Gulf has reduced the number of midstream counterparties 1.
- Large international oil and gas companies
Companies with substantially greater financial and technical resources that compete for property acquisitions and BOEM lease sales, per the source 1.
- Other independent oil and gas producers
Operators of comparable or larger size competing for the same prospects and assets in the Gulf 1.
- Gulf transport and processing operators
Third-party owners of pipelines and processing platforms on which the company depends for marketing 1.
- Rival bidders for drilling equipment and personnel
Companies that may have more resources to secure equipment and skilled staff, as described in the company's risk factors 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- W&T Offshore (WTI) Turns A Profit While Short Sellers Still CircleYahoo Finance — News · 10 Sept 2026 · EN
The latest news item in our archive is from 10 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report07 Oct 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report07 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report04 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / W&T Offshore, Inc. · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / W&T Offshore, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / W&T Offshore, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.