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W&T Offshore Q3 revenue jumps 31% on higher production

By Reuters News


Overview

  • U.S. oil and gas producer's Q3 revenue rose 31% yr/yr, beating analyst expectations

  • Adjusted net income was $0.01 per share, while company posted a net loss

  • On October 1, 2026, company converted credit facility to reserve-based structure, increasing financial flexibility


Outlook

  • Company sees Q4 2026 production at 2,945–3,250 MBoe, or 32.0–35.3 MBoe/d

  • W&T expects full-year 2026 production of 12,227–13,560 MBoe, or 33.5–37.2 MBoe/d

  • Company now expects 2026 capital expenditures of $35–38 mln, up due to accelerated projects


Result Drivers

  • HIGHER PRODUCTION - Co said Q3 production rose 10% from Q2 and exceeded guidance, supporting revenue growth

  • WORKOVERS AND RECOMPLETIONS - Co said seven workover projects and one recompletion in Q3 positively impacted production and revenue

  • COST CONTROL - Lease operating expenses were slightly below midpoint of guidance despite higher production, per CEO Tracy Krohn


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$167.08 mln

$143.48 mln (5 Analysts)

Q3 Net Loss

$13.65 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

  • Wall Street's median 12-month price target for W&T Offshore, Inc. is $5.58, about 38.3% above its October 29 closing price of $4.03


Reuters Recommended Reads

  • Oct 28 - Norway's Equinor Q3 adjusted operating income nearly doubles on higher output, gas prices

  • Oct 28 - Canada's Athabasca Oil Q3 production rises after turnarounds

  • Oct 28 - Canadian oil firm Whitecap Resources' Q3 revenue rises on strong production, higher prices


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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