| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 162.62 | 8.4% | 32.9% |
| Total Income | 162.62 | 8.4% | 32.9% |
| Expenditure | 139.99 | 3.4% | 3.5% |
| PBT | 11.19 | 156.3% | 148.1% |
| Net Profit | 12.56 | 155.8% | 160.2% |
| OPM | 13.91% | 4.16pp | 24.42pp |
| NPM | 7.72% | 22.74pp | 24.79pp |
| EPS | 0.08 | 153.3% | 157.1% |
W&T Offshore Announces Second Quarter 2026 Results
06 Aug 2026 · 6 Aug, 2:29 am
Summary
W&T Offshore reported strong operational and financial results for the second quarter of 2026, with net income of $12.6 million and Adjusted EBITDA of $54.4 million. Free Cash Flow saw a significant 50% increase to $31.4 million, and Net Debt decreased by 9% to $200.9 million, supported by a 15% rise in cash reserves. Production was up 3% year-over-year, and the company declared its third quarter dividend.
Key Highlights
- 1
W&T Offshore reported net income of $12.6 million, or $0.08 per diluted share, a significant improvement from a net loss of $22.5 million in the first quarter of 2026.
- 2
Adjusted Net Income totaled $3.5 million, or $0.02 per diluted share, compared to an Adjusted Net Loss of $5.1 million in the prior quarter.
- 3
Free Cash Flow increased by 50% to $31.4 million in the second quarter of 2026, up from $21.0 million in the first quarter.
- 4
Adjusted EBITDA was $54.4 million for the second quarter of 2026, with $108.9 million generated in the first half of the year.
- 5
The Company grew unrestricted cash and cash equivalents by 15% to $150.7 million, resulting in a 9% decrease in Net Debt to $200.9 million.
- 6
Production averaged 34.7 thousand barrels of oil equivalent per day, up 3% from the same period in 2025.
- 7
The Board of Directors declared a third quarter 2026 dividend of $0.01 per share.
Management Comments
Tracy W. Krohn
The second quarter of 2026 was another successful quarter of operational and financial results, with Adjusted EBITDA of $54.4 million, and Free Cash Flow of $31.4 million. In the first half of 2026, we generated almost $110 million of Adjusted EBITDA, and over $50 million in Free Cash Flow, all while decreasing our Net Debt position. We continue to strengthen our balance sheet, while adding financial flexibility that should allow us to continue to evaluate accretive acquisition opportunities. Acquisitions remain a key component of our success, and it is our ability to integrate and enhance the assets that we acquire that has allowed us to grow reserves and production over the past 40 years. Operationally, we reported production at the midpoint of our guidance range and benefited from strong realized pricing in the second quarter. Our average realized price per BOE was up 11% compared to the first quarter of 2026. Additionally, our LOE costs were below the low end of our guidance range, which demonstrates our commitment to cost efficient operations. With consistent production, increasing realized pricing and continued cost control, we believe that we are well positioned operationally and financially to deliver robust results in the second half of 2026. I believe the market is beginning to reflect our strong results in our increased share price, but with the Free Cash Flow generation and our continued commitment to dividends, I believe that we are still significantly undervalued. We remain committed to operational excellence, enhancing shareholder value and believe that W&T is on the right path for success well into the future.
Informational and educational content only. Not investment advice.