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Core Insights - W&T Offshore, Inc. reported a third-quarter 2025 loss of 5 cents per share, which is an improvement from a loss of 17 cents per share in the same quarter last year and better than the Zacks Consensus Estimate of a loss of 12 cents [1][9] - Total quarterly revenues reached $127.5 million, slightly below the Zacks Consensus Estimate of $134 million, but an increase from $121.4 million reported in the prior-year quarter [1][9] Production Statistics - Average production for the quarter was 35.6 thousand barrels of oil equivalent per day (MBoe/d), up from 31 MBoe/d in the corresponding period of 2024, exceeding the estimate of 35.2 MBoe/d [3] - Oil production totaled 1,302 thousand barrels (MBbls), an increase from 1,210 MBbls in the year-ago quarter, but below the estimate of 1,427 MBbls [3] - Natural gas liquids output was 280 MBbls, up from 262 MBbls in the prior-year quarter, surpassing the estimate of 230 MBbls [4] - Natural gas production reached 10,159 million cubic feet (MMcf), higher than 8,289 MMcf in the prior-year quarter and above the estimate of 9,508 MMcf [4] Realized Commodity Prices - The average realized price for oil in the third quarter was $64.62 per barrel, down from $75.09 in the year-ago quarter and below the estimate of $67.68 [5] - The average realized price of natural gas liquids decreased to $14.29 per barrel from $21.51 a year ago, also lower than the estimate of $20.70 [5] - The average realized price of natural gas was $3.68 per thousand cubic feet, up from $2.79 in the corresponding period of 2024 but below the estimate of $3.89 [6] - The average realized price for oil-equivalent output decreased to $38.33 per barrel from $41.92 a year ago, falling short of the estimate of $42.68 [6] Operating Expenses - Lease operating expenses declined to $23.27 per Boe from $25.37 in the year-ago period, coming in below the estimate of $24.11 per Boe [7] - General and administrative expenses decreased to $6.57 per Boe from $6.91 a year ago, which was higher than the estimate of $4.92 per Boe [7] Cash Flow - Net cash provided by operations totaled $26.5 million, compared to $14.8 million in the prior-year quarter [8] Capital Spending & Balance Sheet - Capital spending for the third quarter was reported at $22.5 million [11] - As of September 30, 2025, cash and cash equivalents totaled $124.8 million, with net long-term debt amounting to $341.8 million [11] Guidance - For the fourth quarter of 2025, production is expected to be in the range of 3,145-3,483 Mboe, with full-year production anticipated to remain unchanged between 11,983-13,257 Mboe [12] - Fourth-quarter lease operating expenses are projected to be in the $71-$79 million range, with full-year expectations set at $280-$310 million [12] - Full-year capital expenditures projections have been revised to a range of $57-$63 million [12]

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Financial Data and Key Metrics Changes - The company reported a 6% increase in production quarter over quarter, reaching 35,600 barrels of oil equivalent per day, which is near the high end of guidance [4] - Adjusted EBITDA grew by 11% quarter over quarter to $39 million, despite lower commodity prices [5] - Unrestricted cash increased to approximately $125 million, while net debt was reduced to under $226 million, marking a $60 million decrease in net debt for 2025 [5][11] Business Line Data and Key Metrics Changes - Production from the former Cox Operating assets contributed significantly to the overall production increase, with three recompletions performed in Q3 2025 [8] - The company executed eight workovers in Mobile Bay in 2025, enhancing production at this key natural gas field [9] Market Data and Key Metrics Changes - The company expects the midpoint of production for Q4 2025 to be around 36,000 barrels of oil equivalent per day, indicating continued production growth [12] - Full-year capital expenditures are projected to be around $60 million, reflecting strategic investments in midstream infrastructure [10][14] Company Strategy and Development Direction - The company is focused on profitability, operational execution, and returning value to stakeholders through disciplined capital spending and strategic acquisitions [4][12] - The strategy includes low-risk acquisitions of producing properties rather than higher-risk drilling, especially in the current uncertain commodity price environment [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow despite current commodity price challenges, citing a strong track record of adjusting to market conditions [23] - There has been no impact from recent government shutdowns on permitting or regulatory constraints, allowing operations to continue smoothly [21][22] Other Important Information - The company has maintained a consistent quarterly dividend for the past two years and announced a fourth-quarter 2025 payment [6] - Liquidity is strong, with over a quarter of a billion dollars available, including cash and credit facilities [11][18] Q&A Session Summary Question: Infrastructure investments and future operating costs - Management indicated that investments in pipeline infrastructure will be accretive to earnings and cash flow, enhancing both short-term and long-term value [16] Question: Current M&A environment and potential deals - The Gulf of America is described as open for business, with the company well-positioned to pursue opportunities due to strong liquidity [18] Question: Depth of recompletion and workover projects into 2026 - Management is optimistic about production support from ongoing workover projects and is currently finalizing the budget for 2026 [19][20] Question: Impact of government shutdowns on operations - Management confirmed that there has been zero impact from government shutdowns on operations or permitting [21][22]

Financial Data and Key Metrics Changes - The company reported a 6% increase in production quarter over quarter to 35,600 barrels of oil equivalent per day, near the high end of guidance [6] - Adjusted EBITDA grew by 11% quarter over quarter to $39,000,000 despite lower commodity prices [7] - Unrestricted cash increased to approximately $125,000,000, while net debt was reduced to under $226,000,000, marking a $60,000,000 decrease in net debt thus far in 2025 [7][8] Business Line Data and Key Metrics Changes - Production from former Cox assets was successfully integrated, contributing to the overall production increase [10] - The company performed three recompletions on former Cox assets in Q3 2025, which helped boost production [10] - Capital expenditures for Q3 2025 were $22,500,000, with a full-year expectation of around $60,000,000, reflecting strategic investments in midstream infrastructure [12][13] Market Data and Key Metrics Changes - The company noted that the Gulf of America is open for business, indicating a favorable M&A environment [24] - The company has $125,000,000 in cash and additional liquidity options, positioning it well for potential acquisitions [24] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through operational excellence and maximizing production across its asset portfolio [5] - Future growth will be driven by accretive, low-risk acquisitions rather than higher-risk drilling, especially in the current uncertain commodity price environment [14] - The company aims to reduce operating costs and find synergies to drive costs lower in the long term [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adjust to market conditions, having previously operated profitably at lower commodity prices [37] - There has been no impact from recent government shutdowns on permitting or regulatory constraints, allowing operations to continue smoothly [32][36] Other Important Information - The company has maintained a consistent quarterly dividend for the past two years and announced the fourth quarter 2025 payment [5][9] - The company is committed to operational excellence and maximizing cash flow potential from its asset base [19] Q&A Session Summary Question: Infrastructure investments and future operating costs - Management indicated that pipeline infrastructure investments will enhance earnings, cash flow, and reserves, supporting both short-term and long-term value [21] Question: Current M&A environment and potential deals - Management highlighted the favorable M&A environment in the Gulf of America and the company's strong liquidity position for potential acquisitions [24] Question: Recompletion and workover projects for 2026 - Management noted that the increase in production in 2025 was achieved without new drilling, and they are optimistic about opportunities moving into 2026 and 2027 [30][31]

Revenue Performance - Total revenues for the three months ended September 30, 2025, were $127.5 million, an increase of $6.1 million compared to $121.4 million in the same period of 2024[97]. - Total revenues decreased by $25.2 million to $379.7 million for the nine months ended September 30, 2025, with oil revenues down $56.9 million and natural gas revenues up $40.6 million[109]. - The company declared cash dividends of $4.7 million during the nine months ended September 30, 2025[136]. Oil and Gas Revenue Breakdown - Oil revenues decreased by $6.7 million to $84.1 million, while natural gas revenues increased by $14.3 million to $37.4 million[97]. - Oil revenues fell by $56.98 million, while natural gas revenues increased by $40.64 million during the same period[109]. Production and Sales Volumes - Production volumes increased by 421 MBoe to 3,275 MBoe, primarily due to well stimulation work and reduced downtime[97]. - Production volumes decreased by 159 MBoe to 9,071 MBoe during the nine months ended September 30, 2025, primarily due to low gas availability and shut-ins in certain fields[109]. - Average daily equivalent sales increased by 4,576 Boe/day to 35,598 Boe/day compared to the same period in 2024[97]. Operating Expenses - Lease operating expenses rose by $3.8 million to $76.2 million, while total operating expenses decreased slightly by $0.2 million to $140.1 million[98]. - Total operating expenses decreased by $16.7 million to $413.5 million for the nine months ended September 30, 2025, with lease operating expenses increasing by $6.9 million[110]. - Average total operating expenses per Boe sold decreased by $6.38 to $42.79[98]. Depreciation and Amortization - Depreciation, depletion and amortization (DD&A) decreased by $5.6 million to $8.73 per Boe for the three months ended September 30, 2025, compared to $11.99 per Boe for the same period in 2024[102]. - Depreciation, depletion, and amortization (D&A) expenses decreased by $16.9 million, with the D&A rate dropping to $9.69 per Boe from $11.36 per Boe[114]. Financial Position and Liquidity - As of September 30, 2025, the company had $124.8 million in unrestricted cash and $50.0 million available under its New Credit Agreement, indicating strong liquidity[123]. - As of September 30, 2025, the company had $359.1 million in long-term debt outstanding, with $9.1 million due within the next twelve months[135]. Cash Flow and Investments - Net cash provided by operating activities decreased by $12.6 million to $51.3 million for the nine months ended September 30, 2025, primarily due to a $25.2 million decrease in revenues[127]. - Cash flows used in investing activities were $31.6 million for the nine months ended September 30, 2025, compared to $(104.0) million in 2024, indicating a significant improvement[128]. - Capital expenditures for exploration and development increased to $42.2 million for the nine months ended September 30, 2025, compared to $102.0 million in 2024[130]. Tax and Interest Expenses - The effective tax rate for the three months ended September 30, 2025 was not meaningful, with a $59.9 million valuation allowance recorded against net deferred tax assets[108]. - Interest expense, net decreased by $2.7 million to $27.5 million for the nine months ended September 30, 2025, primarily due to a decrease from the redemption of the 11.75% Notes[117]. Derivative Gains and Other Expenses - Derivative gain, net increased by $4.1 million to a gain of $4.1 million for the three months ended September 30, 2025, compared to a gain of $3.2 million in the same period in 2024[106]. - Other expenses decreased by $11.1 million for the three months ended September 30, 2025, primarily due to a reduction in accruals for net abandonment obligations[120]. Strategic Initiatives - The company is monitoring the impact of tariffs announced by the U.S. federal government, but does not expect a material financial impact in 2025[96]. - The company has made strategic acquisitions in the Gulf of America to exploit additional drilling projects and reduce costs[132].

Core Insights - W&T Offshore reported revenue of $127.52 million for Q3 2025, a 5.1% year-over-year increase, but fell short of the Zacks Consensus Estimate of $141.18 million by 9.68% [1] - The company posted an EPS of -$0.05, an improvement from -$0.17 a year ago, with a surprise of 58.33% compared to the consensus estimate of -$0.12 [1] Financial Performance Metrics - Average daily equivalent sales were 35,600 Boe/d, exceeding the estimated 35,040.88 Boe/d [4] - Net sales volumes for natural gas were 10,159 MMcf, surpassing the estimate of 9,534.01 MMcf [4] - Net sales volumes for NGLs were 280 MBBL, above the estimate of 226.28 MBBL [4] - Total oil and natural gas net sales volumes were 3,275 MBoe, compared to the estimated 3,223.85 MBoe [4] - Oil net sales volumes were 1,302 MBBL, below the estimate of 1,408.73 MBBL [4] Revenue Breakdown - Oil revenues were $84.13 million, a decrease of 7.4% year-over-year, and below the estimate of $92.96 million [4] - NGL revenues were $4 million, down 29% year-over-year, and below the estimate of $4.68 million [4] - Natural gas revenues were $37.4 million, representing a 61.6% year-over-year increase, and above the estimate of $35.1 million [4] Stock Performance - W&T shares have returned -10.1% over the past month, while the Zacks S&P 500 composite increased by 1% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance in the near term [3]

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Production and Revenue - Production for Q3 2025 was 35.6 MBoe/d, a 6% increase from 33.5 MBoe/d in Q2 2025 and a 15% increase from 31.0 MBoe/d in Q3 2024[3][4] - Revenues for Q3 2025 were $127.5 million, a 4% increase from $122.4 million in Q2 2025 and a 5% increase from $121.4 million in Q3 2024[7] - Total revenues for Q3 2025 were $127.5 million, a 5.5% increase from $121.4 million in Q3 2024[34] - Oil revenues reached $84.1 million, up from $90.9 million in Q3 2024, while natural gas revenues increased to $37.4 million from $23.1 million[34] - Average daily equivalent sales increased to 35.6 MBoe/d in Q3 2025 from 31.0 MBoe/d in Q3 2024[36] Financial Performance - Adjusted EBITDA grew by 11% quarter-over-quarter to $39.0 million[3] - Operating loss for Q3 2025 was $12.6 million, compared to a loss of $19.0 million in Q3 2024[34] - Net loss reported was $71.5 million, or $(0.48) per diluted share, significantly impacted by a non-cash valuation allowance of $59.9 million against deferred tax assets[3] - Net loss for Q3 2025 was $71.5 million, significantly higher than the $36.9 million loss in Q3 2024[34] - Net loss for the three months ended September 30, 2025, was $71,474 thousand, compared to a net loss of $20,884 thousand for the previous quarter, representing a significant increase in losses[39] - For the nine months ended September 30, 2025, the net loss was $(122,935,000), compared to $(63,783,000) for the same period in 2024[50] Cash and Debt Management - Unrestricted cash and cash equivalents increased to $124.8 million, with total debt at $350.4 million and Net Debt at $225.6 million, down $58.6 million from year-end 2024[17] - Net Debt to trailing twelve months Adjusted EBITDA ratio was 1.6x as of September 30, 2025[17] - Cash and cash equivalents increased to $126,347 thousand at the end of September 2025, up from $122,275 thousand at the end of June 2025[40] - Total current liabilities decreased from $246,084 thousand in December 2024 to $208,471 thousand in September 2025, a reduction of approximately 15.3%[38] Capital Expenditures - Capital expenditures for Q3 2025 were $22.5 million, driven by work to increase production from fields related to the 2024 Cox acquisition[18] - Full year 2025 capital expenditures guidance is revised to between $57 million and $63 million, excluding potential acquisitions[19] - Investment in oil and natural gas properties and equipment for the three months ended September 30, 2025, was $21,794 thousand, compared to $10,422 thousand in the previous quarter[39] Shareholder Returns - The company declared a fourth quarter 2025 dividend of $0.01 per share, payable on November 26, 2025[20] Operational Challenges - The company anticipates continued challenges due to regulatory and market conditions affecting future operations[30] Other Financial Metrics - Average realized price for oil was $64.62 per barrel in Q3 2025, compared to $75.09 per barrel in Q3 2024[36] - Total operating expenses for Q3 2025 were $140.1 million, slightly down from $140.3 million in Q3 2024[34] - The company reported a derivative gain of $4.1 million in Q3 2025, compared to a loss of $3.2 million in Q3 2024[34] - The allowance for credit losses was $156,000 for the three months ended September 30, 2025, compared to $197,000 in the previous quarter[51] - The Company reported a total of $26,537,000 in net cash provided by operating activities for the three months ended September 30, 2025[51] - Adjusted net loss for the nine months ended September 30, 2025, was $34,591 thousand, compared to $35,626 thousand for the same period in 2024, indicating a slight improvement year-over-year[46] - The Company incurred interest expense of $8,998,000 for the three months ended September 30, 2025, slightly down from $9,005,000 in the previous quarter[50] - The Company reported a depreciation, depletion, amortization, and accretion expense of $36,582 thousand for the three months ended September 30, 2025[39] - The Company’s depreciation, depletion, and amortization expenses were $28,580,000 for the three months ended September 30, 2025, up from $26,446,000 in the prior quarter[50] - The unrealized commodity derivative gain for the three months ended September 30, 2025, was $5,583,000, compared to a loss of $(2,554,000) in the previous quarter[50]