W&T Offshore, Inc. reported its operational and financial results for the third quarter of 2026 on October 29, 2026. The company announced that it has declared a quarterly dividend of $0.01 per share for the fourth quarter of 2026. This dividend is payable on November 19, 2026, to shareholders of record as of November 12, 2026.
For the third quarter of 2026, the company produced an average of 38.2 thousand barrels of oil equivalent per day (MBoe/d), which was 10% higher than the second quarter of 2026 and exceeded the midpoint of its guidance. Total revenues for the quarter were $167.1 million, a 3% increase compared to the prior quarter. The company reported a net loss of $13.6 million, or $(0.09) per diluted share. However, on a non-GAAP basis, Adjusted Net Income was $0.9 million, or $0.01 per diluted share.
Adjusted EBITDA for the third quarter of 2026 was $51.1 million, representing a 30% increase compared to the same period in 2025. The company generated $33.2 million in Free Cash Flow for the quarter and $89.3 million for the first nine months of 2026. W&T Offshore noted that it has generated more Adjusted EBITDA in the first nine months of 2026 than it did for the full years of 2025 or 2024.
In terms of balance sheet metrics, unrestricted cash and cash equivalents grew 27% to $191.3 million from $150.7 million at the end of the second quarter. Net debt decreased by 20% to $160.7 million, resulting in a Net Debt to trailing twelve months Adjusted EBITDA ratio of 0.9x. The company utilized an At-the-Market (ATM) agreement to issue 3.6 million common shares with net proceeds of $14.7 million to enhance liquidity.
On October 1, 2026, W&T converted its credit facility to a reserve-based lending structure. The company stated that this change eliminates restrictive cash flow and repayment requirements while increasing annual shareholder distribution capacity and providing the potential to expand borrowing commitments from $50 million to $100 million.
The company also provided an update on surety lawsuits, noting that it is working with damages experts to quantify its claims. Management stated that while the outcome remains uncertain, assuming the company prevails in the litigation, damages claims could be substantial, potentially ranging into the hundreds of millions of dollars.
