revenue $162.6M, net income $12.6M. W&T swings to operating profit as oil prices surge, then fall on Iran MOU; surety wins hold

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~2 min read

Key Changes

• high

  Operating income swung from -$12.9M loss to $22.6M profit YoY, driven by 32.9% revenue growth ($162.6M → $162.6M) as Q2 oil prices averaged $99.30/bbl (up $35.75 YoY) before June's Iran MOU-driven $17.32/bbl drop.

  MD&A: Operating Results verify on EDGAR →
• high

  Deferred tax asset valuation allowance jumped from $32.7M (Jun 2025) to $101.7M (Jun 2026), reflecting a 2025 reassessment that found negative evidence for realizability of state NOLs and interest carryovers.

  Notes: Income Taxes verify on EDGAR →
• high

  Preliminary injunction denial in June 2025 effectively nullified $105M immediate collateral demand from sureties; settlements with USSIC and PIIC freeze 2024 premium rates and bar new collateral requests through end-2026.

  Legal Proceedings: Bonding Litigation verify on EDGAR →