$WTI W&T Offshore, Inc. | Understand Stock

What Do They Do?

Produces and sells oil from offshore Gulf of America properties to third-party customers, along with natural gas and natural gas liquids.

How Do They Make Money?

It sells oil, NGLs and natural gas to third-party customers, mostly under contracts lasting a year or less; sales are tied to delivery of the product.

revenue

Segment	Share	How money arrives
Oil Sold outright	65% FY2022: 57%	Sold outright
NGLs Sold outright	4.1% FY2022: 6.2%	Sold outright
Natural gas Sold outright	29% FY2022: 35%	Sold outright
Other	1.9% FY2022: 1.7%

Who Are Their Customers?

Sells oil, NGLs and natural gas to third-party customers, with most existing contracts lasting a year or less.

Customers above 10% of revenue, FY2025

of revenue from two customers (33%, 17%)

FY2023: 54% from two customers

Do Revenues Turn Into Profits?

No. It lost $150.1M in FY2025.

Operating income, FY2025

−11% of revenue

▲ +25% (Loss) vs FY2024 (−$42.2M, −8%)

Net income, FY2025

−30% of revenue

▲ +72% (Loss) vs FY2024 (−$87.1M, −17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +33%; vs $122.4M in Q2 FY2025
Net income: ▲ Now profitable; vs −$20.9M in Q2 FY2025

Oil share of revenue vs 65.4% in Q2 FY2025

Shrinking. Revenue fell 10% in 4 years, from $558M in FY2021 to $501.5M in FY2025, about 3% a year.

Revenue over time

Oil NGLs Natural gas Other

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025