W&T Offshore Announces Second Quarter 2026 Results and Declares Dividend for Third Quarter of 2026

About this update from W&t Offshore, Inc.

HOUSTON, Aug. 05, 2026 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company,” “we” or “us”) today reported operational and financial results for the second quarter of 2026 and declared a third quarter 2026 dividend of $0.01 per share. This press release includes non-GAAP financial measures, including Adjusted Net Income (Loss), Adjusted EBITDA, Free Cash Flow, Adjusted General and Administrative Expenses and Net Debt, which are reconciled to the most comparable GAAP measures in the accompanying tables to this press release under “Non-GAAP Information.”Second Quarter 2026 HighlightsProduced 34.7 thousand barrels of oil equivalent per day (“MBoe/d”) (49% liquids), at the midpoint of the Company’s guidance and up 3% from the same period in 2025;Incurred $71.6 million in lease operating expenses, below the lower end of guidance;Reported net income of $12.6 million, or $0.08 per diluted share, up significantly from a net loss of $22.5 million, or $(0.15) per diluted share, in the first quarter of 2026; Adjusted Net Income totaled $3.5 million, or $0.02 per diluted share, compared with an Adjusted Net Loss of $5.1 million, or $(0.03) per diluted share, in the first quarter of 2026;Increased Free Cash Flow by 50% to $31.4 million compared with $21.0 million in the first quarter of 2026;Generated Adjusted EBITDA of $54.4 million, with $108.9 million of Adjusted EBITDA generated in the first half of 2026;Adjusted General and Administrative Expenses decreased 5% to $16.4 million compared with $17.4 million in the first quarter of 2026;Grew unrestricted cash and cash equivalents 15% to $150.7 million from $130.9 million at March 31, 2026, which resulted in a 9% decrease in Net Debt to $200.9 million from $220.3 million at March 31, 2026;Ended the second quarter of 2026 with total available liquidity of $194.1 million, which positions the Company well to pursue organic growth initiatives and acquisition opportunities;As the previously disclosed surety lawsuits continue to progress, W&T is working with damages experts to quantify our claims. While the results of the surety lawsuits remain uncertain, and there can be no assurance of a successful result, management believes, based in part on the preliminary report of the damages experts, that the Company, assuming we prevail in the litigation (including on our antitrust claims), ...

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