W&T Offshore, Inc. Q3 2026 Earnings Recap

W&T Offshore’s results were mixed, and the stock was roughly flat at +0.5% after earnings. Production and cash generation were supported by workovers and lower downtime, while the company raised 2026 capital spending and noted that Q3 realized prices fell 8% from Q2.

Key Takeaways

• Q3 production averaged 38,200 BOE/d, 4% above the high end of guidance; the company said workovers and a recompletion added more than 2,000 BOE/d.
• Adjusted EBITDA was over $51 million, and free cash flow was $33 million. For the first nine months, Adjusted EBITDA totaled $164 million, up 50% year over year, and free cash flow totaled $89 million.
• W&T reported a GAAP net loss of $13.6 million, or $0.09 per share, including almost $16 million in hedging losses.
• Net debt fell 20% quarter over quarter to $160 million; cash was over $190 million, and trailing-12-month net debt to Adjusted EBITDA was 0.9x.
• The company raised its 2026 capital-spending outlook to $35 million–$38 million, while keeping ARO guidance at $34 million–$42 million. Q3 realized price was $46.13/BOE, down 8% from Q2 but up about 20% from Q3 2025.