W&T Offshore Reports Q3 2026 Production Beat Amid Net Loss from Hedging
W&T Offshore (WTI) reported third-quarter results characterized by strong operational performance despite a net loss of $13.6 million ($0.09 per share). The loss was primarily driven by approximately $16 million in realized and unrealized commodity hedging losses. However, the company's Adjusted EBITDA rose 30% year-over-year to $51.1 million, supported by average daily production of 38,200 barrels of oil equivalent per day, which exceeded guidance by 4%. The company focused heavily on balance sheet strengthening, reducing net debt by 20% to $160.7 million and increasing unrestricted cash by 27% to $191.3 million. While production volumes were robust, management noted headwinds for the fourth quarter, including planned maintenance at the Mobile Bay Field and downtime caused by Hurricane Isaias. Looking ahead, the company is accelerating workover and recompletion projects while managing ongoing litigation costs expected to rise in 2027.
Tickers: $WTI
Topics: commodity hedging earnings report free cash flow net debt oil production
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