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