W&T OFFSHORE, INC._March 31, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to ________________

Commission File Number 1-32414

W&T OFFSHORE, INC.

(Exact name of registrant as specified in its charter)


Texas		72-1121985
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

5718 Westheimer Road, Suite 700, Houston, Texas		77057-5745
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (713) 626-8525

Securities registered pursuant to section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.00001	WTI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer	☑
Non-accelerated filer ☐	Smaller reporting company	☐
	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company. Yes ☐ No ☑

As of May 1, 2025, there were 147,651,816 shares outstanding of the registrant’s common stock, par value $0.00001.

Table of Contents

W&T OFFSHORE, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION		1

Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024	2
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2025 and 2024	3
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	4
	Notes to Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	25

PART II – OTHER INFORMATION		26

Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3.	Defaults Upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	26
Item 6.	Exhibits	27

SIGNATURE		28

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

W&T OFFSHORE, INC.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)


	March 31,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	105,933	$	109,003
Restricted cash		1,552		1,552
Accounts receivable:
Oil, natural gas liquids and natural gas sales		64,991		63,558
Joint interest, net of allowance for credit losses of $10,389 and $10,414, respectively		26,884		25,841
Prepaid expenses and other current assets		22,570		18,504
Total current assets		221,930		218,458

Oil and natural gas properties and other, net of accumulated depletion and amortization of $8,389,667 and $8,356,776, respectively		691,788		777,741
Restricted deposits for asset retirement obligations		22,892		22,730
Deferred income taxes		54,332		48,808
Other assets		34,004		31,193
Total assets	$	1,024,946	$	1,098,930
Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable	$	77,978	$	83,625
Accrued liabilities		19,210		33,271
Undistributed oil and natural gas proceeds		58,647		53,131
Advances from joint interest partners		2,432		2,443
Current portion of asset retirement obligations		29,098		46,326
Current portion of long-term debt, net		566		27,288
Total current liabilities		187,931		246,084

Asset retirement obligations		532,753		502,506
Long-term debt, net		349,481		365,935
Other liabilities		17,381		16,182

Commitments and contingencies		20,196		20,800

Shareholders’ deficit:
Preferred stock: $0.00001 par value; 20,000 shares authorized; no shares issued		—		—
Common stock: $0.00001 par value; 400,000 shares authorized; 150,512 shares and 150,243 shares issued, respectively		2		2
Additional paid-in capital		597,271		595,407
Retained deficit		(655,902)		(623,819)
Treasury stock: 2,869 shares, at cost		(24,167)		(24,167)
Total shareholders’ deficit		(82,796)		(52,577)
Total liabilities and shareholders’ deficit	$	1,024,946	$	1,098,930

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

W&T OFFSHORE, INC.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Revenues:
Oil	$	87,716	$	107,015
NGLs		4,772		7,469
Natural gas		35,109		21,616
Other		2,270		4,687
Total revenues		129,867		140,787

Operating expenses:

SEC Form 10-Q filed by W&T Offshore Inc.