W&T OFFSHORE, INC._March 31, 2026

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, 2026

☐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 April 30, 2026, there were 148,777,698 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, 2026 and December 31, 2025	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025	2
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2026 and 2025	3
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	4
	Notes to Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	Controls and Procedures	21

PART II – OTHER INFORMATION		22

Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults Upon Senior Securities	22
Item 4.	Mine Safety Disclosures	22
Item 5.	Other Information	22
Item 6.	Exhibits	22

SIGNATURE		24

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,
	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	130,919	$	140,558
Restricted cash		—		62
Accounts receivable:
Oil, natural gas liquids and natural gas sales		72,400		59,633
Joint interest, net of allowance for credit losses of $10,606 and $10,529, respectively		27,592		24,473
Prepaid expenses and other current assets		18,449		14,543
Total current assets		249,360		239,269

Oil and natural gas properties and other, net of accumulated depreciation, depletion and amortization of $8,500,446 and $8,473,181, respectively		655,086		662,082
Restricted deposits for asset retirement obligations		24,351		24,026
Deferred income taxes		63		35
Other assets		30,292		30,395
Total assets	$	959,152	$	955,807
Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable	$	90,637	$	98,406
Accrued liabilities		62,362		39,809
Undistributed oil and natural gas proceeds		61,590		59,065
Advances from joint interest partners		2,275		2,394
Current portion of asset retirement obligations		25,471		26,147
Current portion of long-term debt, net		8,309		8,458
Total current liabilities		250,644		234,279

Asset retirement obligations		540,568		535,704
Long-term debt, net		342,879		342,355
Other liabilities		21,070		15,781

Commitments and contingencies		25,745		27,440

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; 151,647 shares issued		2		2
Additional paid-in capital		606,888		604,732
Retained deficit		(804,477)		(780,319)
Treasury stock: 2,869 shares, at cost		(24,167)		(24,167)
Total shareholders’ deficit		(221,754)		(199,752)
Total liabilities and shareholders’ deficit	$	959,152	$	955,807

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,
	2026		2025
Revenues:
Oil	$	90,103	$	87,716
NGLs		6,911		4,772
Natural gas		49,887		35,109
Other		3,118		2,270
Total revenues		150,019		129,867

Operating expenses:
Lease operating expenses		66,114		71,012
Gathering, transportation and production taxes		8,654		5,659
Depreciation, depletion, and amortization		27,265		32,891
Asset retirement obligations accretion		8,517		8,392
General and administrative expenses		24,833		20,157
Total operating expenses		135,383		138,111

Operating income (loss)		14,636		(8,244)

Interest expense, net		9,186		9,492
Loss on extinguishment of debt		—		15,015
Derivative loss, net		24,513		2,757
Other expense (income), net		831		(316)
Loss before income taxes		(19,894)		(35,192)
Income tax expense (benefit)		2,636		(4,615)
Net loss	$	(22,530)	$	(30,577)

Net loss per common share (basic and diluted)	$	(0.15)	$	(0.21)

Weighted average common shares outstanding (basic and diluted)		148,778		147,598

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

W&T OFFSHORE, INC.

Condensed Consolidated Statements of Changes in Shareholders’ Equity

(In thousands)

(Unaudited)


		Common Stock					Additional											Total
		Outstanding					Paid-In			Retained			Treasury Stock					Shareholders’
		Shares		Value			Capital			Deficit			Shares		Value			Deficit
Balances at December 31, 2025		148,778		$	2		$	604,732		$	(780,319)		2,869		$	(24,167)		$	(199,752)
Cash dividends		—			—			—			(1,628)		—			—			(1,628)
Share-based compensation		—			—			2,156			—		—			—			2,156
Net loss		—			—			—			(22,530)		—			—			(22,530)
Balances at March 31, 2026		148,778		$	2		$	606,888		$	(804,477)		2,869		$	(24,167)		$	(221,754)


		Common Stock					Additional											Total
		Outstanding					Paid-In			Retained			Treasury Stock					Shareholders’
		Shares		Value			Capital			Deficit			Shares		Value			Equity (Deficit)
Balances at December 31, 2024		147,374		$	2		$	595,407		$	(623,819)		2,869		$	(24,167)		$	(52,577)
Cash dividends		—			—			—			(1,506)		—			—			(1,506)
Share-based compensation		—			—			2,087			—		—			—			2,087
Share-based compensation common stock issuances		269			—			—			—		—			—