W&T Offshore has reported financial and operational results for the third quarter of 2025, posting production near the high end of its guidance and sequential growth in adjusted EBITDA. The company also declared its ninth consecutive quarterly dividend.
Production for the quarter increased six per cent sequentially to 35.6 thousand barrels of oil equivalent per day (mboe/d), which was 49 per cent liquids. Adjusted EBITDA grew eleven per cent over the second quarter of 2025 to $39 million.
Net loss for the quarter was $71.5 million, or $0.48 per diluted share, which was significantly impacted by a $59.9 million non-cash valuation allowance against the company’s deferred tax assets. Adjusted net loss was $7.3 million.
Tracy W. Krohn, W&T’s Chairman and CEO, commented, “We remain committed to executing our strategic vision and are delivering strong results, including production growth of six per cent and Adjusted EBITDA growth of 11 per cent quarter-over-quarter.” He noted the strong production since bringing the remaining fields from the 2024 Cox acquisition online.
Revenues for the third quarter were $127.5 million, up four per cent from the second quarter, while lease operating expenses (LOE) were reduced by eight per cent on a per-barrel basis to $23.27 per boe.
The company ended the quarter with $124.8 million in unrestricted cash. Net debt stood at $225.6 million, a reduction of almost $60 million from year-end 2024.
W&T declared a fourth-quarter 2025 dividend of $0.01 per share, payable on November 26, 2025, to stockholders of record on November 19, 2025.
The company also updated its full-year 2025 guidance, slightly increasing its capital expenditure forecast while lowering its guidance for gathering and transportation costs and its depreciation, depletion and amortisation rate.
