W&T Offshore Posts Profit in Q2 2026 Amid Rising Short Interest
W&T Offshore (NYSE:WTI) reported net income of $12.6 million for the second quarter of 2026, reversing a loss from three months earlier and marking its twelfth consecutive quarterly dividend. The company improved free cash flow by 50% to $31.4 million compared to Q1, which helped reduce net debt to $200.9 million with unrestricted cash rising to $150.7 million. Higher realized oil prices contributed significantly to the turnaround, jumping 43% from Q1 and pushing average revenue per barrel of oil equivalent up by 11%. However, production dipped slightly due to declines in oil and NGL volumes, while natural gas prices fell sharply quarter-over-quarter. Management also highlighted potential litigation gains that could reach hundreds of millions if successful. Despite the positive results, short sellers remain active with nearly 18% of shares sold short, indicating skepticism about future performance. The stock trades at a forward P/E ratio of 11.48 and hedge fund ownership has increased modestly.
Tickers: $WTI
Topics: balance sheet improvement earnings report oil and gas short sellers