W&T OFFSHORE INC

Listed Company

WTICIK 0001288403NYSEAcceleratedSmaller ReportingCrude Petroleum & Natural GasTexasFY ends Dec 31

Period

FY 2025

Revenue

$501.46M

Net Income

$-150.06M

Total Assets

$955.81M

Equity

$-199.75M

Shares Out

148.78M

Op. Cash Flow

$77.24M

Business

W&T Offshore, Inc. is an independent oil and natural gas producer with substantially all operations offshore in the Gulf of America focused on acquisition, exploration, development and production of hydrocarbon properties. The company produces and markets oil, natural gas and natural gas liquids and conducts drilling, recompletions, seismic and reservoir development activities to optimize recoveries. It operates as a single reportable segment with a diversified portfolio across shelf, deep shelf and deepwater projects, holding interests in numerous producing fields and structures. Production is sold to third-party customers and delivered via pipelines and other transportation channels in federal and state Gulf waters.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	501	525	533	921	558
Lease operating expenses	299	281	258	224	175
Gathering, transportation and production taxes	26	28	26	35	28
Depreciation, depletion, and amortization	116	143	115	107	91
Asset retirement obligations accretion	33	32	29	27	23
General and administrative expenses	80	82	76	74	52
Total operating expenses	554	567	503	467	368
Operating (loss) income	−53	−42	29	454	190
Interest expense, net	36	40	45	69	—
Loss on extinguishment of debt	15	—	—	0	0
Derivative gain, net	−14	−4	−55	86	175
Other expense, net	8	18	6	14	−6
(Loss) income before income taxes	−99	−97	34	285	−50
Income tax expense (benefit)	51	−10	18	54	−8
Net (loss) income	−150	−87	16	231	−41
Net (loss) income common share - Basic (in dollars per share)	−1.01	−0.59	0.11	1.61	−0.29
Net (loss) income common share - Diluted (in dollars per share)	−1.01	−0.59	0.11	1.59	−0.29
Weighted average common shares outstanding - basic (in shares)	148	147	146	143	142
Weighted average common shares outstanding - diluted (in shares)	148	147	148	145	142

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	141	109	173	461	246
Restricted cash	62,000	2	4	4	4
Oil, natural gas liquids and natural gas sales	60	64	52	66	55
Joint interest, net	24	26	15	14	10
Prepaid expenses and other current assets	15	19	17	24	43
Total current assets	239	218	265	570	358
Oil and natural gas properties and other, net	662	778	—	—	—
Restricted deposits for asset retirement obligations	24	23	22	21	16
Deferred income taxes	35,000	49	39	57	103
Other assets	30	31	39	48	51
Total assets	956	1,099	1,114	1,432	1,193
Accounts payable	98	84	79	65	67
Accrued liabilities	40	33	32	74	106
Undistributed oil and natural gas proceeds	59	53	42	42	36
Advances from joint interest partners	2	2	3	3	15
Current portion of asset retirement obligations	26	46	32	25	56
Current portion of long-term debt, net	8	27	29	582	43
Total current liabilities	234	246	217	792	324
Asset retirement obligations	536	503	467	441	368
Long-term debt, net	342	366	361	111	688
Other liabilities	16	16	19	59	55
Commitments and contingencies	27	21	18	20	4
Preferred stock: $0.00001 par value; 20,000 shares authorized; no shares issued	—	—	—	—	—
Common stock: $0.00001 par value; 400,000 shares authorized; 151,647 shares and 150,243 shares issued, respectively	2,000	2,000	1,000	1,000	1,000
Additional paid-in capital	605	595	586	577	553
Retained deficit	−780	−624	−531	−545	−776
Treasury stock: 2,869 shares, at cost	−24	−24	−24	−24	−24
Total shareholders' deficit	−200	−53	31	8	−247
Total liabilities and shareholders' deficit	956	1,099	1,114	1,432	1,193

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net (loss) income	−150	−87	16	231	−41
Depreciation, depletion, amortization and accretion	150	175	144	134	113
Share-based compensation	12	10	10	8	3
Amortization of debt issuance costs	3	5	7	8	7
Derivative cash receipts, net	15	5	−9	−42	−81
Deferred income expense (benefit)	51	−10	18	45	−8
Accounts receivable	5	−20	13	−15	−16
Prepaid expenses and other current assets	3	−1	−3	32	−5
Accounts payable, accrued liabilities and other	23	26	8	−24	46
Asset retirement obligation settlements	−37	−40	−34	−76	−27
Net cash provided by operating activities	77	60	115	340	134
Investment in oil and natural gas properties and equipment	−49	−37	−42	−44	−32
Acquisition of property interests	−711,000	−81	−27	−51	−661,000
Proceeds from sale of oil and natural gas properties	12	—	—	—	—
Insurance proceeds	59	—	—	—	—
Purchase of corporate aircraft	—	—	−9	—	—
Purchases of furniture, fixtures and other	−121,000	−185,000	−3	−80,000	2,000
Distribution from unconsolidated affiliate	927,000	—	—	—	—
Net cash provided by (used in) investing activities	22	−118	−82	−95	−27
Repayment of Term Loan	−114	—	−34	−43	−24
Repayments of TVPX Loan	−1	−1	−733,000	—	—
Purchase of government securities in connection with legal defeasance of 11.75% Senior Second Lien Notes	−5	—	—	—	—
Premium payments and debt extinguishment costs	−10	—	—	—	—
Debt issuance costs	−12	−762,000	−7	−2	−10
Payment of dividends	−6	−6	−1	—	—
Other	−767,000	−798,000	−957,000	−716,000	−782,000
Net cash used in financing activities	−69	−9	−322	−29	100
Change in cash, cash equivalents and restricted cash	30	−67	−288	216	206

Filings

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