W&T Offshore, Inc.
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- W&T Offshore, Inc. W&T Offshore, Inc. is an independent oil and natural gas company engaged in the acquisition, exploration, development, and production of oil and natural gas properties primarily in the Gulf of Mexico, the second-largest producing basin in the U.S.; it sells crude oil, condensate, natural gas, and natural gas liquids from its working interests in over 53 offshore producing fields in federal and state waters, including 44 fields in federal waters and nine in state waters, with under lease approximately 597,100 gross acres (440,000 net acres) spanning the outer continental shelf off the coasts of Louisiana, Texas, Mississippi, and Alabama, encompassing approximately 435,600 gross acres on the conventional shelf, 153,500 gross acres in the deepwater, and 8,000 gross acres in Alabama onshore; the company operates a majority of its daily production from these assets, focusing on stacked pay development opportunities, attractive primary production, re-completion projects, workovers, and maintenance in both shelf and deepwater environments; founded in 1983 by Tracy W. Krohn and headquartered in Houston, Texas, W&T Offshore, Inc. trades on the New York Stock Exchange under the ticker WTI since its 2005 initial public offering and maintains wholly owned subsidiaries including Aquasition Energy, LLC, Aquasition, LLC, Aquasition II, LLC, Aquasition III, LLC, Aquasition IV, LLC, Aquasition V, LLC, Green Hell, LLC, Seaquester, LLC, Seaquestration, LLC, and W&T Energy VI, LLC. In recent developments, the company completed an accretive acquisition in January 2024 of six shallow-water fields from entities including Cox Oil Offshore, L.L.C. and Energy XXI GOM, LLC, adding approximately 22 million barrels of oil equivalent in proved reserves for around $104 million combined with a prior fall 2023 purchase, with production ranging from 3,700 to 5,700 BOEPD (68% liquids) and plans for capital-efficient workovers and recompletions to boost output while capturing synergies from proximity to existing operations; in January 2025, it signed a purchase and sale agreement to divest non-core interests in Garden Banks Blocks 385 and 386, producing about 195 BOEPD (72% oil), for $12.3 million effective December 1, 2024, at over $60,000 per flowing barrel; it anticipates West Delta 73 field (acquired January 2024) restarting mid-second quarter 2025, Main Pass 108 and 98 fields (shut-in June 2024) returning early second quarter 2025 after acquiring midstream infrastructure, and receipt of a $58.5 million insurance settlement in January 2025 for the 2023 Mobile Bay 78-1 well casualty loss; third quarter 2025 revenues rose 5% year-over-year to higher than $121.4 million driven by increased production, with adjusted EBITDA up 11% quarter-over-quarter to $39 million, underscoring its strategy of free cash flow generation, margin maximization, and accretive Gulf of Mexico asset transactions unaffected by the January 2025 presidential ban on new offshore drilling in certain U.S. areas.
Company News
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W&T Offshore Announces Timing of Third Quarter 2026 Earnings Release and Conference Call
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