W&T Offshore Inc
wtoffshore.comW&T Offshore Inc (NYSE: WTI) is an independent oil and natural gas company that acquires, explores, and develops reserves in the Gulf of America (Gulf of Mexico). Revenue comes from the sale of crude oil, natural gas liquids, and natural gas produced from its operated and non-operated offshore properties. As of December 31, 2025, W&T held total proved reserves of 121.0 MMBoe with a PV-10 of $1,115.3 million, and operated 268 gross wells (173 oil, 95 gas) plus 41 non-operated gross wells. Production in FY2025 was 12,402 MBoe total, consisting of 5,115 MBbls of oil, 1,139 MBbls of NGLs, and 36,890 MMcf of natural gas. Average realized prices in FY2025 were $64.09/Bbl for oil and $17.88/Bbl for NGLs. The company carries long-term debt and reports a shareholders' deficit on its balance sheet as of December 31, 2025. Operations span shelf, deep shelf, and deepwater areas of the Gulf of America.
Products & Services
Crude oil, natural gas liquids (NGLs), and natural gas produced from offshore Gulf of America properties. The company pursues stacked pay development, primary production, and recompletion of existing wellbores, and uses seismic and geoscience tools for drilling projects.
Revenue Model
Transactional commodity sales. W&T sells crude oil, natural gas liquids, and natural gas produced from its offshore wells at market prices. Revenue is directly tied to production volumes and prevailing commodity prices, both of which are beyond the company's control.
Customers & Markets
The filing excerpts do not specify named customers or customer concentration. End markets are crude oil and natural gas commodity markets. Revenue is denominated in per-barrel and per-Mcf pricing set by those markets.
Geographic Exposure
Exclusively the Gulf of America (Gulf of Mexico), across shelf, deep shelf, and deepwater areas. As of the FY2025 10-K filing, W&T held 19,573 net undeveloped acres, with 74% expiring in 2027 and 26% in 2028.
Financial Snapshot
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