WTI

EX-99.1

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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

EX-99.1

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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 Final Fourth Quarter and Full Year 2025 Results,

Including Year-End 2025 Proved Reserves and

Provides Guidance for 2026

HOUSTON, March 16, 2026 – W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company,” “we” or “us”) today reported final operational and financial results for the fourth quarter and full year 2025, including the Company’s year-end 2025 reserve report. Detailed guidance for the first quarter of 2026 and full year 2026 was also provided. The Company issued Preliminary Estimated Financial Information for the Year Ended December 31, 2025 in a Form 8-K filed with the Securities and Exchange Commission on March 9, 2026.

This press release includes non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, Free Cash Flow, Net Debt and PV-10, 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 fourth quarter of 2025, the full year 2025 and since year-end 2025 include:

●Grew production in full year 2025 to 34.0 thousand barrels of oil equivalent per day (“MBoe/d”) (50% liquids), or 12.4 million barrels of oil equivalent (“MMBoe”), within the Company’s guidance;

●Increased production in fourth quarter of 2025 to 36.2 MBoe/d (52% liquids), above the midpoint of guidance, with average December production of 37.7 MBoe/d;

●Completed all production enhancements and brought online all fields associated with the Cox acquisition;

●Reported year-end 2025 proved reserves at SEC pricing of 121.0 MMBoe, with a standardized measure of discounted future net cash flows of $651.3 million and a present value of estimated future oil and natural gas revenues, minus direct expenses, discounted at a 10% annual rate (“PV-10”) of $1.1 billion;

●Reported PV-10 of proved developed producing (“PDP”) reserves of $829.2 million for year-end 2025 compared with PV-10 of PDP reserves of $549.8 million for year-end 2024 PDP;

●Incurred lease operating expenses (“LOE”) of $298.8 million in full year 2025, near the midpoint of W&T’s guidance;

●Reduced LOE per barrel of oil equivalent (“Boe”) by 4% in the fourth quarter of 2025 compared with third quarter of 2025, or an absolute cost of $74.6 million for the fourth quarter, below the midpoint of guidance;

●Invested $54.8 million in capital expenditures in 2025, below the bottom end of the Company’s guidance range, with investments focused on production enhancement projects;

●Spent $19.8 million on capital expenditures to develop an alternative route for production from the West Delta 73 field. The investment is expected to generate more than $60 million of undiscounted incremental cash flow based on 1P reserve volumes by reducing pipeline transportation costs beginning in the first quarter of 2026.  Had this arrangement been in place during 2025, W&T would have realized savings in excess of $5.75 per barrel;

●Continued to strengthen the Company’s balance sheet and improve financial stability;

●Increased unrestricted cash and cash equivalents by $31.6 million to $140.6 million at year-end 2025 compared with $109.0 million at year-end 2024;

●Reduced total debt and Net Debt to $350.8 million and $210.3 million, respectively, at December 31, 2025 from total debt and Net Debt of $393.2 million and $284.2 million at December 31, 2024;

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●Generated net cash from operating activities of $25.9 million in the fourth quarter of 2025 and $77.2 million for the full year 2025;

●Reported net loss for full year 2025 of $150.1 million, or $(1.01) per diluted share and fourth quarter 2025 net loss of $27.1 million, or $(0.18) per diluted share;

●Reported Adjusted Net Loss for full year 2025 of $55.1 million, or $(0.37) per diluted share and fourth quarter 2025 Adjusted Net Loss of $20.5 million, or $(0.14) per diluted share;

●Generated Adjusted EBITDA of $129.6 million and $23.0 million for full year 2025 and fourth quarter 2025, respectively;

●Added oil hedges in January 2026 and February 2026 including:

●Costless collar for 2,000 Bbls/d for March 2026 through December 2026, with a floor price of $55.35 per Bbl and a ceiling price of $68.60 per Bbl;

●Costless collar for 2,000 Bbls/d for March 2026 through December 2026, with a floor price of $57.00 per Bbl and a ceiling price of $70.20 per Bbl;

●Swap for 2,000 Bbls/d for April 2026 through December 2026 with a price of $64.53 per Bbl;

●Paid ninth consecutive quarterly dividend of $0.01 per common share in November 2025; and

●Declared first quarter 2026 dividend of $0.01 per share, which will be payable on March 26, 2026 to stockholders of record on March 19, 2026.

Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We continue to deliver strong results by executing

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2026-03-09 2026-03-09

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 9, 2026

W&T Offshore, Inc.

(Exact name of registrant as specified in its charter)

1-32414

(Commission File Number)

Texas 72-1121985

(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)

5718 Westheimer Road, Suite 700

Houston, Texas 77057

(Address of Principal Executive Offices)

(713) 626-8525

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, If Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.00001

WTI

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

W&T Offshore, Inc. (the “Company”) is furnishing certain preliminary estimated information regarding the financial and operational results for the year ended December 31, 2025 (the “Preliminary Estimated Financial Results”). The Preliminary Estimated Financial Results are furnished herewith as Exhibit 99.1.

Pursuant to General Instruction B.2 of Form 8-K, this information, including Exhibit 99.1, shall be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall be deemed incorporated by reference into the Company’s filings made under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.

Description

99.1*

Preliminary Estimated Financial Results (Year Ended December 31, 2025)

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Pursuant to General Instruction B.2 of Form 8-K, this exhibit is intended to be deemed filed rather than furnished for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall be deemed incorporated by reference into the Company’s filings made under the Securities Act of 1933, as amended.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 9, 2026

W&T OFFSHORE, INC.

(Registrant)

By: /s/ Sameer Parasnis

Name: Sameer Parasnis

Title: Executive Vice President and Chief Financial Officer

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