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W&T (WTI) Down 10.3% Since Last Earnings Report: Can It Rebound?
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It has been about a month since the last earnings report for W&T Offshore (WTI - Free Report) . Shares have lost about 10.3% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is W&T due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
W&T Offshore Q4 Loss Wider Than Expected, Revenues Inncrese Y/Y
W&T Offshore reported a fourth-quarter 2025 adjusted loss of 14 cents per share, wider than the Zacks Consensus Estimate of a loss of 9 cents. The bottom line improved from the year-ago quarter’s reported loss of 18 cents.
Total quarterly revenues of $121.7 million missed the Zacks Consensus Estimate of $136 million. The top line increased from $120.3 million reported in the prior-year quarter.
Weaker-than-expected quarterly results can be primarily attributed to lower realized oil-equivalent prices and higher operating expenses. An increase in oil-equivalent production volumes partially offset the negatives.
Production Statistics
Production for the quarter averaged 36.2 thousand barrels of oil equivalent per day (MBoe/d), up from 32.1 MBoe/d in the corresponding period of 2024. The reported figure came in lower than our estimate of 37.5 MBoe/d.
Oil production totaled 1,324 thousand barrels (MBbls), higher than 1,263 MBbls in the year-earlier quarter. The figure missed our estimate of 1,403 MBbls.
Natural gas liquids output totaled 414 MBbls, which increased from the year-ago quarter’s level of 273 MBbls. Our estimate for the same was pinned at 380 MBbls.
Natural gas production of 9,562 million cubic feet (MMcf) was higher than 8,505 MMcf in the prior-year quarter. The figure missed our estimate of 10,024 MMcf.
Realized Commodity Prices
The average realized price for oil in the fourth quarter was $57.39 per barrel, lower than the year-ago quarter’s level of $68.71. Our estimate for the same was pegged at $62.41.
The average realized price of NGL decreased to $16.62 per barrel from $24.59 reported a year ago. The figure came in lower than our estimate of $19.59 per barrel.
The average realized price of natural gas in the December-end quarter was $3.83 per thousand cubic feet, up from $2.85 in the corresponding period of 2024 and lower than our estimate of $4.52.
The average realized price for oil-equivalent output decreased to $35.88 per barrel from $39.86 a year ago. The figure was below our estimate of $40.63 per barrel.
Operating Expenses
Lease operating expenses increased to $22.40 per Boe from $21.76 in the year-ago period. The reported figure came in below our estimate of $22.37 per Boe.
General and administrative expenses decreased to $2.63 per Boe from $2.00 a year ago. The figure was higher than our estimate of $2.34 per Boe.
Cash Flow
Net cash provided by operations totaled $25.9 million compared with a negative $4.3 million reported in the prior-year quarter.
The company reported a negative free cash flow of $11.2 million in the fourth quarter compared with a negative $10.2 million in the corresponding period of 2024.
Capital Spending & Balance Sheet
W&T Offshore reported capital spending of $13.3 million in the fourth quarter.
As of Dec. 31, 2025, cash and cash equivalents totaled $140.6 million, and net long-term debt amounted to $342.4 million. The current portion of the long-term debt is $8.5 million.
Guidance
For the first quarter of 2026, W&T Offshore expects production to be in the range of 3,011-3,341 Mboe. For 2026, production is anticipated to be in the band of 12,227-13,560 Mboe.
The company expects first-quarter lease operating expenses to be in the $63.4-$70.4 million range. For full-year 2026, lease operating expenses are anticipated to be in the $264.7-$294.7 million band.
Full-year capital expenditures are projected to be in the range of $19.5- $24.5 million
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.
VGM Scores
At this time, W&T has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Charting a somewhat similar path, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
W&T has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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W&T (WTI) Down 10.3% Since Last Earnings Report: Can It Rebound?
It has been about a month since the last earnings report for W&T Offshore (WTI - Free Report) . Shares have lost about 10.3% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is W&T due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
W&T Offshore Q4 Loss Wider Than Expected, Revenues Inncrese Y/Y
W&T Offshore reported a fourth-quarter 2025 adjusted loss of 14 cents per share, wider than the Zacks Consensus Estimate of a loss of 9 cents. The bottom line improved from the year-ago quarter’s reported loss of 18 cents.
Total quarterly revenues of $121.7 million missed the Zacks Consensus Estimate of $136 million. The top line increased from $120.3 million reported in the prior-year quarter.
Weaker-than-expected quarterly results can be primarily attributed to lower realized oil-equivalent prices and higher operating expenses. An increase in oil-equivalent production volumes partially offset the negatives.
Production Statistics
Production for the quarter averaged 36.2 thousand barrels of oil equivalent per day (MBoe/d), up from 32.1 MBoe/d in the corresponding period of 2024. The reported figure came in lower than our estimate of 37.5 MBoe/d.
Oil production totaled 1,324 thousand barrels (MBbls), higher than 1,263 MBbls in the year-earlier quarter. The figure missed our estimate of 1,403 MBbls.
Natural gas liquids output totaled 414 MBbls, which increased from the year-ago quarter’s level of 273 MBbls. Our estimate for the same was pinned at 380 MBbls.
Natural gas production of 9,562 million cubic feet (MMcf) was higher than 8,505 MMcf in the prior-year quarter. The figure missed our estimate of 10,024 MMcf.
Realized Commodity Prices
The average realized price for oil in the fourth quarter was $57.39 per barrel, lower than the year-ago quarter’s level of $68.71. Our estimate for the same was pegged at $62.41.
The average realized price of NGL decreased to $16.62 per barrel from $24.59 reported a year ago. The figure came in lower than our estimate of $19.59 per barrel.
The average realized price of natural gas in the December-end quarter was $3.83 per thousand cubic feet, up from $2.85 in the corresponding period of 2024 and lower than our estimate of $4.52.
The average realized price for oil-equivalent output decreased to $35.88 per barrel from $39.86 a year ago. The figure was below our estimate of $40.63 per barrel.
Operating Expenses
Lease operating expenses increased to $22.40 per Boe from $21.76 in the year-ago period. The reported figure came in below our estimate of $22.37 per Boe.
General and administrative expenses decreased to $2.63 per Boe from $2.00 a year ago. The figure was higher than our estimate of $2.34 per Boe.
Cash Flow
Net cash provided by operations totaled $25.9 million compared with a negative $4.3 million reported in the prior-year quarter.
The company reported a negative free cash flow of $11.2 million in the fourth quarter compared with a negative $10.2 million in the corresponding period of 2024.
Capital Spending & Balance Sheet
W&T Offshore reported capital spending of $13.3 million in the fourth quarter.
As of Dec. 31, 2025, cash and cash equivalents totaled $140.6 million, and net long-term debt amounted to $342.4 million. The current portion of the long-term debt is $8.5 million.
Guidance
For the first quarter of 2026, W&T Offshore expects production to be in the range of 3,011-3,341 Mboe. For 2026, production is anticipated to be in the band of 12,227-13,560 Mboe.
The company expects first-quarter lease operating expenses to be in the $63.4-$70.4 million range. For full-year 2026, lease operating expenses are anticipated to be in the $264.7-$294.7 million band.
Full-year capital expenditures are projected to be in the range of $19.5- $24.5 million
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.
VGM Scores
At this time, W&T has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Charting a somewhat similar path, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
W&T has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.