The 137% QoQ Adjusted EBITDA expansion and positive FCF mark a turning point in cash generation. With $131M cash and maintained guidance, watch for accretive M&A commentary on the May 8 call. The stock should re-rate higher if this momentum persists.
Price Chart
Executive Summary
W&T Offshore reported Q1 2026 revenue of $150.0M (+16% YoY), near the high end of guidance, with production flat QoQ at 36.2 MBoe/d (+19% YoY). Adjusted EBITDA surged 137% QoQ to $54.5M and free cash flow turned positive at $21.0M, driven by cost control and higher realized prices. Guidance for full-year 2026 was reaffirmed, signaling operational momentum.
Key Financial Metrics
Key Facts
- Revenue $150.0M (+23% QoQ, +16% YoY); net loss improved to -$22.5M from -$27.1M QoQ
- Production flat QoQ at 36.2 MBoe/d, above guidance midpoint; LOE fell 11% QoQ to $66.1M
- Adjusted EBITDA $54.5M (+137% QoQ); Free Cash Flow $21.0M vs -$11.2M QoQ
- Oil realized price $69.52/Bbl (+21% QoQ); natural gas $5.41/Mcf (+41% QoQ)
- Full-year 2026 guidance maintained: production 33.5-37.2 MBoe/d, capex $19.5-24.5M
- Cash and cash equivalents $130.9M; net debt $220.3M (1.5x trailing EBITDA)
Financial Impact
Strong operational quarter with revenue and cash flow inflection
Risk Factors
- Commodity price volatility could reverse realized price gains
- Q2 production guided lower temporarily due to planned turnaround
- Large ARO liabilities ($541M) remain a balance sheet overhang
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-057220 |
| Document: wti-20260507x8k.htm | 0001104659-26-057220 |
| Document: 0001104659-26-057220-index-headers.html | 0001104659-26-057220 |
| Document: 0001104659-26-057220-index.html | 0001104659-26-057220 |
| Document: 0001104659-26-057220.txt | 0001104659-26-057220 |
| 8-K Data (Synthetic) | 0001104659-26-057220 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 20d ago | 8-K | $3.70 $3.66 | ▼ −1.08% | ▼ −0.80% | $4.15 (+12.16%) |
Aug 7, 2026 11w ago | 8-K | $3.82 $3.75 | ▼ −1.83% | ▼ −1.79% | $4.15 (+8.64%) |
Jul 16, 2026 14w ago | Insider Cluster | $3.49 $3.66 | ▲ +4.87% | ▲ +5.46% | $4.15 (+18.91%) |
Jul 14, 2026 15w ago | 144 | $3.41 $3.72 | ▲ +9.09% | ▲ +10.07% | $4.15 (+21.70%) |
Jun 4, 2026 20w ago | 8-K | $3.70 $4.06 | ▲ +9.73% | ▲ +9.16% | $4.15 (+12.16%) |
May 7, 2026 24w ago | 8-K | $3.71 $4.45 | ▲ +19.95% | ▲ +18.48% | $4.15 (+11.86%) |
Apr 24, 2026 26w ago | Press Release | $3.82 | awaiting T+5 | — | $4.15 (+8.64%) |
Mar 16, 2026 32w ago | Press Release | $3.11 $3.02 | ▼ −2.88% | ▼ −0.23% | $4.15 (+33.46%) |
Mar 5, 2026 33w ago | Press Release | $3.13 $3.36 | ▲ +7.33% | ▲ +8.85% | $4.15 (+32.61%) |
US Market Status
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