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what it is
W&T Offshore pulls oil and natural gas from Gulf of Mexico fields and west Texas wells.
how it gets paid
Last year W&T Offshore made $501M in revenue. crude oil was the main engine at $327M, or 65% of sales.
why growth slowed
Revenue fell 4.5% last year. The $380M revenue figure mattered because it was 198% above last year.
what just happened
Revenue hit $380M, but EPS stayed negative at -$0.83.
At a glance
C+ balance sheet — struggling to keep the lights on
15/100 earnings predictability — expect surprises
1.2% dividend yield — cash in your pocket every quarter
9.7% return on capital — nothing to write home about
-$0.59 fy2024 eps est
xvary composite: 22/100 — weak
What they do
W&T Offshore pulls oil and natural gas from Gulf of Mexico fields and west Texas wells.
You are buying a pile of wells, not a brand. W&T has working interests (ownership stakes in wells) in 50 offshore fields and 178 offshore structures. That is why leaving is painful: the cash flow is tied to 624,700 gross acres, not a logo.
How they make money
$501M
annual revenue · their business grew -4.5% last year
crude oil
$327M
natural gas
$102M
natural gas liquids
$62M
derivatives & other
$10M
The products that matter
offshore oil and gas production
Gulf of Mexico shelf assets
34.2 MBOE/d · operating core
This asset base produced 34.2 thousand barrels of oil equivalent per day in 2025. If volumes slip, the $525M revenue line gets thinner fast.
core asset base
price risk management
Hedging program
2,000 Bbls/d · $70.20 ceiling
The hedge protects part of production, but it also caps upside at $70.20 per barrel through December 2026 on 2,000 barrels per day. When crude sits at $98.76, protection starts to cost you.
upside capped
balance sheet obligation
Debt stack
$342M · 41% of capital
This is not a product in the usual sense, but it matters more than a product launch. $342M of long-term debt means commodity swings hit your equity first and lenders still get paid.
fixed burden
Key numbers
$501M
annual revenue
This is the whole business size. It is small enough that a bad quarter can move the story fast.
10.5%
operating margin
For every $100 of sales, the company lost $10.50 at the operating line.
$342M
long-term debt
Debt is large next to revenue. That makes oil price slippage feel louder.
41%
debt share
Debt is 41% of capital, so lenders still have real leverage over the equity story.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $342M (41% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for WTI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $380M, but EPS stayed negative at -$0.83.
Revenue was up 198% from a year ago. Profit did not follow, because the quarter still lost money per share.
$380M
revenue
-$0.83
eps
35.3%
gross margin
revenue jump
The $380M revenue figure mattered because it was 198% above last year, while EPS stayed negative at -$0.83.
source: company earnings report, 2026
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What could go wrong
The biggest risk is persistent losses despite favorable oil prices. When crude is $98.76, a $150M annual loss and a $70.20 hedge ceiling deserve your full attention because this is supposed to be the part of the cycle that helps.
high
hedge ceiling caps upside
A costless collar on 2,000 barrels per day has a $70.20 ceiling through December 2026 while WTI crude sits at $98.76.
That gives up about $28.56 per barrel on hedged volume — roughly $21M of annual cash flow at current prices. For a company already losing $150M, that is real money.
high
sustained losses shrink your margin for error
Net loss widened to $150M in FY2025 from $87M in 2024.
That is about $12.5M per month moving the wrong way through the income statement. Small stressed names do not get many retries.
med
debt service pressure
Long-term debt is $342M, or 41% of capital.
Interest expense does not care whether commodity prices cooperate. Your equity absorbs the volatility after debt gets its turn.
med
production slippage
The current revenue base sits on 34.2 MBOE/d of average production.
If output disappoints, the fixed-cost problem gets worse fast because there is no margin-rich segment to cushion the miss.
At current prices, the hedge program can give up roughly $21M of annual cash flow while the company is already carrying a $150M annual loss and $342M of debt.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
oil price vs. hedge ceiling
Crude is $98.76. The ceiling is $70.20 on 2,000 barrels per day through December 2026. That spread is the cleanest piece of the story.
calendar
Q4 2025 earnings call
Management's call is scheduled for March 17, 2026 at 10:00 AM ET. You want commentary on production, capital spending, and liquidity — not only headline EPS.
trend
2026 production guidance
The current base is 34.2 MBOE/d. If guidance points lower, the path back to profitability gets narrower from here.
metric
next earnings report
Expected on or around May 5, 2026. Watch whether losses narrow from the recent -$0.18 quarterly EPS print. If they do not, the market will treat the annual loss as habit, not noise.
Analyst rankings
earnings predictability
15 / 100
Results are hard to forecast. In human-speak: analysts do not trust this business to deliver smooth quarters.
price stability
10 / 100
The stock swings a lot. You are not buying stability here — you are renting volatility.
risk rank
5
Safer than 5% of stocks. Put differently: 95% of the market ranks safer on this measure.
source: institutional data
Institutional activity
institutional ownership data for WTI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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