WTI

EX-99.1

2 wti-ex99d1.htm

EX-99.1

Exhibit 99.1

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PRESS RELEASE

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FOR IMMEDIATE RELEASE

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W&T Offshore Announces Third Quarter 2026 Results and

Declares Dividend for Fourth Quarter of 2026

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HOUSTON, October 29, 2026 – W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company,” “we” or “us”) today reported operational and financial results for the third quarter of 2026 and declared a fourth quarter 2026 dividend of $0.01 per share.

This press release includes non-GAAP financial measures, including Adjusted Net Income (Loss), Adjusted EBITDA, Free Cash Flow, Adjusted General and Administrative Expenses and Net Debt, which are reconciled to the most comparable GAAP measures in the accompanying tables to this press release under “Non-GAAP Information.”

Third Quarter 2026 Highlights

●Produced 38.2 thousand barrels of oil equivalent per day (“MBoe/d”) (50% liquids), which was approximately 9% above midpoint and 4% above the high end of the Company’s guidance and up 10% from the second quarter of 2026;

●Incurred $76.7 million in lease operating expenses, slightly below the midpoint of guidance, despite oil prices being higher than prior year and production being above guidance;

●Reported net loss of $13.6 million, or $(0.09) per diluted share, and Adjusted Net Income of $0.9 million, or $0.01 per diluted share;

●Generated Adjusted EBITDA of $51.1 million, an increase of 30% over the third quarter of 2025 and $163.9 million of Adjusted EBITDA generated in the first nine months of 2026, an increase of 50% compared to the first nine months of 2025;

●Generated Free Cash Flow of $33.2 million for the third quarter of 2026 and $89.3 million for the first nine months of 2026;

●Utilized W&T’s At-the-Market (“ATM”) agreement to issue 3.6 million common shares with net proceeds of $14.7 million to further enhance liquidity and support near-term strategic growth objectives;

●Grew unrestricted cash and cash equivalents 27% to $191.3 million from $150.7 million at June 30, 2026, which resulted in a 20% decrease in Net Debt to $160.7 million from $200.9 million at June 30, 2026;

●Reduced net debt to trailing twelve months Adjusted EBITDA to 0.9x from 1.1x at June 30, 2026 and 1.6x at September 30, 2025;

●Increased total available liquidity to $234.7 million at September 30, 2026 from $194.1 million at June 30, 2026 and $174.8 million at September 30, 2025;

●On October 1, 2026, W&T converted its credit facility to a reserve-based lending structure that provides greater financial flexibility and the potential to expand commitments from $50 million to $100 million;

●The agreement eliminates restrictive cash flow and repayment requirements while increasing annual shareholder distribution capacity;

●Paid 12th consecutive quarterly dividend of $0.01 per share on August 26, 2026 and declared a quarterly dividend of $0.01 per share for 4Q 2026, payable on November 19, 2026 to shareholders of record on November 12, 2026;

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●As the previously disclosed surety lawsuits continue to progress, W&T is working with damages experts to quantify its claims. While the results of the surety lawsuits remain uncertain, and there can be no assurance of a successful result, management continues to believe that assuming W&T prevails in the litigation (including on its antitrust claims), the Company’s damages claims could be substantial. See additional details below.

Management Commentary

Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We continue to deliver strong operational results that are enhancing our financial results. In the third quarter of 2026, we increased production to 38.2 Mboe/d, with lease operating expenses slightly below the midpoint of guidance. The first nine months of 2026 have led to some outstanding results, where we have generated Adjusted EBITDA of $164 million, Free Cash Flow of $89 million and we have increased our cash on hand to almost $200 million. We have already generated more Adjusted EBITDA in the first nine months of 2026 than we did for the full year 2025 or full year 2024.

Immediately following quarter-end, we announced the conversion of our credit facility to a more flexible reserve-based lending structure, with the support of our bank group, led by Texas Capital Bank. The change strengthens our capital structure by eliminating restrictive lending requirements thereby improving liquidity and financial flexibility while providing the potential to significantly expand our borrowing capacity to $100 million from $50 million. There were no changes to pricing or financial covenants or amendment fees.  We have materially strengthened our balance sheet, added financial flexibility and remain very well positioned to execute on our strategy which includes evaluating and integrating accretive acquisitions.”

Krohn concluded, “For the past 40 years, we have consistently created significant value by

EX-99.1

2 wti-20260805xex99d1.htm

EX-99.1

Exhibit 99.1

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PRESS RELEASE

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FOR IMMEDIATE RELEASE

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W&T Offshore Announces Second Quarter 2026 Results and

Declares Dividend for Third Quarter of 2026

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HOUSTON, August 5, 2026 – W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company,” “we” or “us”) today reported operational and financial results for the second quarter of 2026 and declared a third quarter 2026 dividend of $0.01 per share.

This press release includes non-GAAP financial measures, including Adjusted Net Income (Loss), Adjusted EBITDA, Free Cash Flow, Adjusted General and Administrative Expenses and Net Debt, which are reconciled to the most comparable GAAP measures in the accompanying tables to this press release under “Non-GAAP Information.”

Second Quarter 2026 Highlights

●Produced 34.7 thousand barrels of oil equivalent per day (“MBoe/d”) (49% liquids), at the midpoint of the Company’s guidance and up 3% from the same period in 2025;

●Incurred $71.6 million in lease operating expenses, below the lower end of guidance;

●Reported net income of $12.6 million, or $0.08 per diluted share, up significantly from a net loss of $22.5 million, or $(0.15) per diluted share, in the first quarter of 2026;

●Adjusted Net Income totaled $3.5 million, or $0.02 per diluted share, compared with an Adjusted Net Loss of $5.1 million, or $(0.03) per diluted share, in the first quarter of 2026;

●Increased Free Cash Flow by 50% to $31.4 million compared with $21.0 million in the first quarter of 2026;

●Generated Adjusted EBITDA of $54.4 million, with $108.9 million of Adjusted EBITDA generated in the first half of 2026;

●Adjusted General and Administrative Expenses decreased 5% to $16.4 million compared with $17.4 million in the first quarter of 2026;

●Grew unrestricted cash and cash equivalents 15% to $150.7 million from $130.9 million at March 31, 2026, which resulted in a 9% decrease in Net Debt to $200.9 million from $220.3 million at March 31, 2026;

●Ended the second quarter of 2026 with total available liquidity of $194.1 million, which positions the Company well to pursue organic growth initiatives and acquisition opportunities;

●As the previously disclosed surety lawsuits continue to progress, W&T is working with damages experts to quantify our claims. While the results of the surety lawsuits remain uncertain, and there can be no assurance of a successful result, management believes, based in part on the preliminary report of the damages experts, that the Company, assuming we prevail in the litigation (including on our antitrust claims), would possibly have claims against the sureties that could reach hundreds of millions of dollars, and these damages would be statutorily trebled. This estimate reflects management's current assessment and may change as the damages analysis and litigation proceed;

●Paid 11th consecutive quarterly dividend of $0.01 per share on May 18, 2026 and declared a quarterly dividend of $0.01 per share for the third quarter of 2026, payable on August 26, 2026 to shareholders of record on August 19, 2026.

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Management Commentary

Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “The second quarter of 2026 was  another successful quarter of operational and financial results, with Adjusted EBITDA of $54.4 million, and Free Cash Flow of $31.4 million. In the first half of 2026, we generated almost $110 million of Adjusted EBITDA, and over $50 million in Free Cash Flow, all while decreasing our Net Debt position. We continue to strengthen our balance sheet, while adding financial flexibility that should allow us to continue to evaluate accretive acquisition opportunities. Acquisitions remain a key component of our success, and it is our ability to integrate and enhance the assets that we acquire that has allowed us to grow reserves and production over the past 40 years.

Operationally, we reported production at the midpoint of our guidance range and benefited from strong realized pricing in the second quarter. Our average realized price per BOE was up 11% compared to the first quarter of 2026. Additionally, our LOE costs were below the low end of our guidance range, which demonstrates our commitment to cost efficient operations. With consistent production, increasing realized pricing and continued cost control, we believe that we are well positioned operationally and financially to deliver robust results in the second half of 2026. I believe the market is beginning to reflect our strong results in our increased share price, but with the Free Cash Flow generation and our continued commitment to dividends, I believe that we are still significantly undervalued. We remain committed to operational excellence, enhancing shareholder value and believe that W&T is on the right path for success well into the future.”

Second Quarter 2026 Results

Key Financial Highlights

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EX-99.1

2 wti-20260507xex99d1.htm

EX-99.1

Exhibit 99.1

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PRESS RELEASE

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FOR IMMEDIATE RELEASE

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W&T Offshore Announces First Quarter 2026 Results and

Declares Dividend for Second Quarter of 2026

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HOUSTON, May 7, 2026 – W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company,” “we” or “us”) today reported operational and financial results for the first quarter of 2026 and declared a second quarter 2026 dividend of $0.01 per share.

This press release includes non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, Free Cash Flow and Net Debt, which are described and reconciled to the most comparable GAAP measures in the accompanying tables to this press release under “Non-GAAP Information.”

Key highlights for the first quarter of 2026 and through the date of this press release include:

●Produced 36.2 thousand barrels of oil equivalent per day (“MBoe/d”) (53% liquids), towards the high end of guidance;

●Grew production 19% compared to the first quarter of 2025, and kept production flat with fourth quarter of 2025, despite adverse weather conditions in the first quarter of 2026;

●Reduced lease operating expenses (“LOE”) to $66.1 million, below the midpoint of guidance, and reduced LOE per Boe by 22% from $25.88 in the first quarter of 2025 to $20.29 in the first quarter of 2026;

●Reported net loss of $22.5 million, or $(0.15) per diluted share, compared with a net loss of $27.1 million, or $(0.18) per diluted share, in the fourth quarter of 2025;

●Adjusted Net Loss, which primarily excludes net unrealized loss on outstanding derivative contracts and other costs and the related tax effect, totaled $0.7 million, or $(0.00) per diluted share, compared with Adjusted Net Loss of $20.5 million, or $(0.14) per diluted share, in the fourth quarter of 2025;

●Increased Adjusted EBITDA by 137% to $54.5 million compared to the fourth quarter of 2025;

●Generated $21.0 million in Free Cash Flow, a significant improvement from $(11.2) million of Free Cash Flow in the fourth quarter of 2025;

●Reported unrestricted cash and cash equivalents of $130.9 million and Net Debt of $220.3 million at March 31, 2026;

●Paid tenth consecutive quarterly dividend of $0.01 per common share in March 2026; and

●Declared second quarter 2026 dividend of $0.01 per share, which will be payable on May 28, 2026 to stockholders of record on May 21, 2026.

Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We are pleased to report another strong quarter of operational and financial results, with Adjusted EBITDA of approximately $55 million, an increase of 137% compared to the fourth quarter of 2025. We reported production toward the high end of our guidance range and flat compared to the fourth quarter of 2025, despite some adverse weather impacts in early 2026. We were also able to lower our base LOE costs. We continue to capture cost savings and synergies from previous acquisitions. Additionally, we saw improved realizations for oil and natural gas compared with the fourth quarter of 2025 and our oil price realized in March of 2026 was $88.61 per barrel. With consistent production, increasing realized pricing and continued cost control, we believe that we are well positioned operationally and financially to deliver robust results in 2026, while we examine accretive acquisition opportunities. Acquisitions remain a key component of our success, and it is our ability to integrate and enhance the assets that we acquire that has allowed us to grow reserves and production over the past 40 years. Our strategy is clear and our ability to execute it can be seen in our results. I believe the market is beginning to reflect our strong results in our increased share price.

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We remain committed to operational excellence, enhancing shareholder value and believe that W&T is on the right path in 2026 and beyond.”

Production, Prices and Revenue: Production for the first quarter of 2026 was 36.2 MBoe/d, towards the high end of the Company’s first quarter guidance, flat compared with 36.2 MBoe/d for the fourth quarter of 2025 and up 19% compared with 30.5 MBoe/d for the corresponding period in 2025. Despite the inclement weather impact, production was flat compared to fourth quarter 2025. First quarter 2026 production was impacted by freezing conditions in January 2026, but not to the same degree as in January 2025. First quarter 2026 production was comprised of 14.4 thousand barrels per day (“MBbl/d”) of oil (40%), 4.7 MBbl/d of natural gas liquids (“NGLs”) (13%), and 102.5 million cubic feet per day (“MMcf/d”) of natural gas (47%).

W&T’s average realized price per Boe before realized derivative settlements was $45.08 per Boe in the first quarter of 2026, an increase of 26% from $35.88 per Boe in the fourth quarter of 2025 and a decrease of 3% from $46.50 per Boe in the first quarter of 2025. First quarter 2026 oil, NGL a