W&T Offshore, Inc. (WTI) Earnings Call Transcripts

W&T Offshore, Inc.'s Latest Earnings Call - Q1 FY2026

W&T Offshore, Inc. reported strong operational and financial results for Q1 2026, meeting or exceeding guidance across multiple metrics. Production was 36,200 barrels of oil equivalent per day, at the higher end of guidance, with realized prices increasing significantly. Revenue and earnings were bolstered by a 26% increase in realized prices and a reduction in lease operating expenses by 11% to $66 million. Adjusted EBITDA reached $55 million, the highest since Q3 2023, and free cash flow improved to $21 million. Management reiterated full-year guidance despite a planned Q2 turnaround impacting production and expenses.

Reported metrics

Guidance from management

Management reiterated unchanged full-year production and cost guidance despite a planned Q2 turnaround impacting production to 34,300 BOE/day and increasing LOE to $71-$79 million.

What management said

Yes. Well, that's always a key factor for us. We've always got a good inventory of things to do. And as we've acquired assets over the years, we take the time to study them and restudy them. And that allows us to continue doing these workovers. So I do expect to see some more of that. We'll ramp up a little bit during the summer because the weather is better and late spring, summer, which is about now. In fact, we'...

Thank you, operator. We appreciate everybody listening. And I look forward to every day. I never know what's going to happen with regard to the markets. And it seems that with the war in Iran, it's been a little bit more difficult to think about it in terms of going forward. On the other hand, we're very pleased that the company is doing well and positioned to do even better. So thank you for listening, and we look f...

What analysts pressed on

Analysts expressed interest in the company's strategy to lean into workovers and the competitive landscape for M&A. Concerns were raised about the timing of converting 2P reserves to PDP and the impact of service costs on the low CapEx guidance.

Main topics on the call

• Production and Pricing — Production was 36,200 barrels of oil equivalent per day, flat with Q4 2025 and at the higher end of guidance. Realized prices increased by 26% from the previous quarter, with March oil prices at $88.61 per barrel.
• Cost Management — Lease operating expenses decreased by 11% to $66 million, below the midpoint of guidance, due to cost-saving initiatives from Q4 2025.
• Adjusted EBITDA and Cash Flow — Adjusted EBITDA was $55 million, the highest since Q3 2023, and free cash flow improved to $21 million, marking a significant improvement from Q4 2025.
• Capital Expenditures and Guidance — Q1 2026 capital expenditures were $7 million, with full-year expectations between $20 million and $25 million. Full-year production and cost guidance remain unchanged despite a planned Q2 turnaround.

Read the full W&T Offshore, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 35 W&T Offshore, Inc. earnings call transcripts on record, spanning March 5, 2020 to August 6, 2026. Based on this history, W&T Offshore, Inc. reports quarterly. The most recent call on file is dated August 6, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

WTI

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

35

First call

March 5, 2020

Most recent

August 6, 2026

Reporting cadence

quarterly