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- Auditor Change (new) — Deloitte replaced Ernst & Young as auditor effective 2024, a change that occurred between filings and warrants investor attention to understand the reasons.
revenue $501.5M, net income -$150.1M. W&T narrows loss on insurance proceeds, refinancing; slashes 2026 capex 50% as oil outlook dims
Filed March 16, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 4, 2025 · ~2 min read
Key Changes
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Received $58.5M insurance settlement for 2023 Mobile Bay well failure; refinanced debt at lower rate (10.75% vs 11.75%), extending maturity to 2029 and reducing near-term refinancing risk.
MD&A: Insurance & Refinancing verify on EDGAR → -
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2026 capex budget slashed 43-53% to $19.5M-$24.5M (from $34M-$42M in 2025) as EIA oil forecast drops to $52/bbl (down 16% from prior outlook); company shifts focus to liquidity preservation and opportunistic M&A.
MD&A: Capital Budget & Commodity Outlook verify on EDGAR → -
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Settled bonding disputes with two sureties, freezing premium rates and withdrawing $94M in collateral demands through end-2026; judge recommended denying $105M preliminary injunction in remaining surety litigation.
MD&A: Bonding Disputes verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 5, 2026 · How we verify