W&T Offshore

What W&T Offshore does

W&T Offshore, Inc. (NYSE: WTI) is an independent oil and natural gas producer founded in 1983 by Tracy W. Krohn and headquartered in Houston, Texas. The company explores for, develops, and acquires crude oil, natural gas, and natural gas liquids (NGLs) from offshore acreage in the U.S. Gulf of America, holding working interests in 48 fields across federal and state waters spanning approximately 625,000 gross acres (463,000 shelf and 142,000 deepwater). Operations are concentrated in five regional areas — Mississippi Canyon, Ewing Bank, Ship Shoal, Garden Banks, and Mobile Bay Complex — and production averaged 36.2 MBoe/d in Q1 2026, with a mix of roughly 53% liquids (40% oil, 13% NGLs) and 47% natural gas and year-end 2025 SEC proved reserves of 121.0 MMBoe (PV-10 of $1.1 billion, reserve life of 9.8 years).

The company's revenue model is a direct-commodity-sales model: oil, natural gas, and NGLs are sold to wholesale buyers — including refiners, natural gas processors, and energy trading counterparties — through bilateral agreements and spot market transactions at market-realized prices ($69.52/Bbl oil, $16.26/Bbl NGL, $5.41/Mcf gas in Q1 2026; $45.08/Boe blended). Q1 2026 revenue was $150.0 million (up 23% sequentially, up 16% year-over-year) and full-year 2025 revenue was $501.5 million, with Q1 2026 Adjusted EBITDA of $54.5 million and Free Cash Flow of $21.0 million on net debt of $220.3 million (1.5x net leverage).

W&T has pursued growth through acquisitions and development; the Cox assets acquisition completed in 2024 and brought online by end of2025 was a significant catalyst, contributing to the 19% year-over-year production uplift. In January 2025 the company closed a $350 million senior second lien notes offering and used proceeds to refinance debt and strengthen liquidity, which along with a $58.2 million Mobile Bay insurance settlement enabled $74 million of net debt reduction over 2025. A quarterly cash dividend policy established in November 2023 and regulatory tailwinds from the March 2026 BOEM financial assurance rulemaking (P70 to P50 cost estimates, acceptance of third-party decommissioning contracts) support the company's capital structure and reinvestment capacity.

Name

W&T Offshore

Legal name

W&T Offshore, Inc.

Website

https://wtoffshore.com

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

251–500 employees

Short description

W&T Offshore is an independent Houston-based oil and natural gas producer (NYSE: WTI) founded in 1983 that explores, develops, and acquires hydrocarbons from 48 offshore fields in the U.S. Gulf of America, selling crude oil, natural gas, and NGLs to refiners and energy traders at market prices.

Ownership category

akta.pro rank

Product category

Offshore Oil and Gas Production

NAICS

Crude Petroleum Extraction (211120)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

akta.pro secondary industries

Drilling & Well Construction (E&P Operator-led) (EUALAAAD), Offshore Natural Gas E&P (Shallow & Deepwater) (EUAAAAAF)

Keywords

• Offshore oil production
• Natural gas exploration
• Gulf of Mexico operations
• Crude oil extraction
• Offshore drilling

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Oil and Natural Gas Sales: W&T Offshore generates revenue primarily through the sale of crude oil, natural gas, and natural gas liquids (NGLs) produced from its offshore Gulf of America operations. Revenue is commodity price-driven with realized prices fluctuating based on market conditions. The company reports production volumes in barrels of oil equivalent (Boe) with approximately 53% liquids (40% oil, 13% NGLs) and 47% natural gas composition.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

W&T Offshore is an independent oil and natural gas producer that explores for, develops, and acquires crude oil, natural gas, and natural gas liquids (NGLs) from working interests in 48 offshore fields in the Gulf of America. The company operates both shallow-water shelf and deepwater assets across federal and state waters totaling approximately 625,000 gross acres, and sells its production directly to refiners, natural gas processors, and energy trading counterparties.

Product overview

W&T Offshore is an independent oil and natural gas producer with operations offshore in the Gulf of America. The company's core product portfolio consists of crude oil, natural gas, and natural gas liquids produced from working interests in 48 offshore fields spanning federal and state waters. Operations are conducted across multiple regional areas including Mississippi Canyon, Ewing Bank, Ship Shoal, Garden Banks, and Mobile Bay Complex. The company holds approximately 625,000 gross acres and produced 36.2 MBoe/d (53% liquids) as of Q1 2026, with year-end 2025 proved reserves of 121.0 MMBoe.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil Production Crude oil exploration, development, and production operations in the Gulf of America, with working interests in 48 offshore fields as of Q1 2026. Q1 2026 oil production averaged 14.4 MBbl/d.
• Natural Gas Production Natural gas extraction and sale from offshore fields in federal and state waters spanning approximately 625,000 gross acres; Q1 2026 natural gas production averaged 102.5 MMcf/d.
• Natural Gas Liquids (NGLs) Extraction and sale of natural gas liquids recovered as co-products from offshore natural gas production operations; Q1 2026 NGL production averaged 4.7 MBbl/d.

Quantifiable outcome

• Production growth of 19% year-over-year to 36.2 MBoe/d in Q1 2026
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Talos Energy: Talos Energy is a direct offshore E&P peer operating in the Gulf of Mexico (and Mexico), with a comparable independent-operator business model, similar deepwater/shelf mix, and overlapping infrastructure footprint making it the closest analog to W&T Offshore.
• Murphy Oil Corporation: Murphy Oil is a direct offshore E&P peer with significant Gulf of Mexico operations alongside onshore; its independent-producer model and offshore E&P focus make it highly comparable to W&T in operating approach and capital allocation philosophy.
• Kosmos Energy: Kosmos Energy is a direct offshore E&P peer focused on deepwater exploration and production; its offshore operating model, vessel/contractor dependence, and reserve-driven development approach mirror W&T's Gulf of America playbook.

Broad incumbents

• BP plc: BP is a broad incumbent supermajor with significant Gulf of Mexico production assets; its GoM operations compete for the same lease blocks and infrastructure as W&T, making it a scaled reference point even though BP's portfolio spans upstream, downstream, and renewables globally.
• Chevron Corporation: Chevron is a broad incumbent supermajor and one of the largest Gulf of Mexico producers, controlling significant infrastructure and lease holdings; its GoM portfolio overlaps materially with W&T's operating regions and serves as the dominant operator W&T partners or competes with.
• ExxonMobil Corporation: ExxonMobil is a broad incumbent supermajor with deep Gulf of Mexico heritage and ownership of major regional infrastructure; its mature and deepwater Gulf assets make it a direct large-scale operator counterpart for shared infrastructure, evacuation, and services markets.

Others

• Diamond Offshore Drilling: Diamond Offshore Drilling is an offshore drilling contractor that supplies rigs and services to Gulf of Mexico operators including W&T; it is comparable as the service-side counterpart whose fleet utilization, day rates, and rig availability directly affect W&T's drilling and workover economics.
• Helix Energy Solutions Group: Helix Energy Solutions provides well intervention, decommissioning, and subsea services to Gulf of Mexico producers; its involvement in offshore production enhancement and abandonment work overlaps directly with W&T's workover, recompletion, and potential decommissioning activities.
• Transocean Ltd. Transocean is an offshore drilling contractor providing deepwater rigs worldwide; while its Gulf exposure is smaller, its rig fleet serves the same deepwater drilling market as W&T's deepwater operational regions (Mississippi Canyon, Ewing Bank, Garden Banks) where rig contracts are a key cost lever for operators.
• Plains All American Pipeline: Plains All American Pipeline operates crude oil and natural gas liquids midstream infrastructure that touches the Gulf of America; it is comparable as the take-away/marketing counterpart for W&T's production, with comparable tariff structures and customer relationships for offshore Gulf barrels.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about W&T Offshore