W&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.

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.

Products and 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.

Customers and end 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.

Value-chain role

Upstream oil and gas producer. W&T acquires acreage, drills and operates wells, produces hydrocarbons, and sells production into commodity markets. It also participates in non-operated working interests alongside joint interest partners.

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.

Source: SEC 10-K, filed 2026-03-16

Industry: Crude Petroleum & Natural Gas Peers: Berry Corp (bry) ConocoPhillips Crescent Energy Co Dorchester Minerals LP Kimbell Royalty Partners LP Vital Energy, Inc. Permian Basin Royalty Trust San Juan Basin Royalty Trust