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Get filing alertsW&T Offshore swings to $12.6M Q2 profit, flags potential hundreds-of-millions surety claim
Filed August 5, 2026 · Period ending August 5, 2026 · ~1 min read
Key Changes
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high
Damages experts preliminarily estimate W&T's surety litigation claims could reach hundreds of millions of dollars (trebled under statute) if the company prevails, including on antitrust claims; outcome remains uncertain.
Exhibit 99.1 view on EDGAR → -
high
Q2 2026 net income of $12.6M ($0.08/share) vs. Q1 loss of $22.5M, driven by 11% higher realized pricing ($50.23/Boe) and cost control; free cash flow up 50% to $31.4M.
Item 2.02 verify on EDGAR → -
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Production of 34.7 MBoe/d (49% liquids) met guidance midpoint and rose 3% year-over-year; Adjusted EBITDA of $54.4M brought first-half 2026 total to $108.9M.
Exhibit 99.1 view on EDGAR → -
medium
Unrestricted cash grew 15% to $150.7M and Net Debt fell 9% to $200.9M; total liquidity of $194.1M positions the company for organic growth and acquisitions.
Exhibit 99.1 view on EDGAR → -
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Board declared 11th consecutive quarterly dividend of $0.01/share for Q3 2026, payable August 26 to shareholders of record August 19.
Exhibit 99.1 view on EDGAR →
Summary
W&T Offshore reported a sharp turnaround in Q2 2026, posting net income of $12.6 million after a $22.5 million loss in Q1, as realized pricing climbed 11% and the company controlled costs. Free cash flow jumped 50% sequentially to $31.4 million, and the balance sheet strengthened with unrestricted cash up 15% to $150.7 million and net debt down 9% to $200.9 million.
Production of 34.7 MBoe/d met guidance and rose 3% year-over-year, while Adjusted EBITDA of $54.4 million brought the first-half total to $108.9 million. The Board declared an 11th consecutive quarterly dividend of $0.01 per share, underscoring the company's commitment to shareholder returns.
The filing also disclosed a material update on W&T's ongoing surety litigation: damages experts preliminarily estimate the company's claims could reach hundreds of millions of dollars if W&T prevails, including on antitrust claims that would treble the award under statute. The outcome remains uncertain with no assurance of success, but the potential recovery is significant relative to W&T's market capitalization and net debt. Management noted the company is accelerating certain projects in the current commodity price environment, expecting full-year capital expenditures and plugging-and-abandonment spending toward the higher end of guidance. With $194.1 million in total liquidity, W&T is positioned to pursue organic growth and acquisitions while the surety litigation progresses.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
W&T Offshore reported Q2 2026 financial and operational results via press release.
Added in current filing · verify on EDGAR →
On August 5, 2026, W&T Offshore, Inc. (the “Company”) issued a press release reporting on financial and operational results for the second quarter ended June 30, 2026.
W&T Offshore disclosed its second quarter 2026 financial and operational results through a press release dated August 5, 2026. The 8-K body does not contain specific financial figures; those details are in the attached press release exhibit.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
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; ... 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; ... 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
W&T Offshore produced 34.7 MBoe/d in Q2 2026, meeting guidance and up 3% year-over-year. The company swung to net income of $12.6 million ($0.08/share) from a Q1 loss of $22.5 million, driven by higher realized pricing (up 11% to $50.23/Boe) and cost control. Free cash flow rose 50% sequentially to $31.4 million, and Adjusted EBITDA totaled $54.4 million, bringing first-half 2026 Adjusted EBITDA to $108.9 million.
Added in current filing · view on EDGAR →
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.
W&T disclosed that damages experts have preliminarily estimated the company's claims against sureties could reach hundreds of millions of dollars if W&T prevails in ongoing litigation, including antitrust claims. These damages would be trebled under statute. The outcome remains uncertain with no assurance of success, but the potential recovery is material relative to the company's market capitalization and net debt position.
Added in current filing · view on EDGAR →
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.
The Board declared a Q3 2026 dividend of $0.01 per share, payable August 26, 2026 to shareholders of record on August 19, 2026. This marks the 11th consecutive quarterly dividend, demonstrating the company's commitment to returning cash to shareholders despite the capital-intensive nature of offshore oil and gas operations.
Added in current filing · view on EDGAR →
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
W&T increased unrestricted cash 15% to $150.7 million and reduced Net Debt 9% to $200.9 million during Q2 2026. Total available liquidity reached $194.1 million (cash plus $43.4 million revolving credit availability). Management highlighted this positions the company to pursue organic growth and acquisitions, a key component of W&T's historical strategy.
Added in current filing · view on EDGAR →
Full year 2026 capital expenditures and plugging and abandonment are expected to be towards the higher end of guidance based on acceleration of certain projects in the current supportive commodity price environment.
W&T expects full-year 2026 capital expenditures and plugging-and-abandonment spending to trend toward the higher end of guidance ranges due to accelerated project timing in the current commodity price environment. This signals management's confidence in returns and willingness to invest incrementally when prices support it.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 6, 2026 · How we verify