W&T Offshore Q3 Loss Narrower Than Expected, Revenues Rise Y/Y

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]