W&T Offshore Announces Third Quarter 2026 Results and Declares Dividend for Fourth Quarter of 2026

Tracy W. Krohn, Chairman of the Board and Chief Executive Officer of W&T Offshore

“We continue to deliver strong operational results that are enhancing our financial results. In the third quarter of 2026, we increased production to 38.2 Mboe/d, with lease operating expenses slightly below the midpoint of guidance. The first nine months of 2026 have led to some outstanding results, where we have generated Adjusted EBITDA of $164 million, Free Cash Flow of $89 million and we have increased our cash on hand to almost $200 million. We have already generated more Adjusted EBITDA in the first nine months of 2026 than we did for the full year 2025 or full year 2024. Immediately following quarter-end, we announced the conversion of our credit facility to a more flexible reserve-based lending structure, with the support of our bank group, led by Texas Capital Bank. The change strengthens our capital structure by eliminating restrictive lending requirements thereby improving liquidity and financial flexibility while providing the potential to significantly expand our borrowing capacity to $100 million from $50 million. There were no changes to pricing or financial covenants or amendment fees. We have materially strengthened our balance sheet, added financial flexibility and remain very well positioned to execute on our strategy which includes evaluating and integrating accretive acquisitions.”

Tracy W. Krohn, Chairman of the Board and Chief Executive Officer of W&T Offshore

“For the past 40 years, we have consistently created significant value by methodically integrating producing property acquisitions and we continue to demonstrate our success through the solid operational and financial results we have delivered in 2026. We have developed a unique culture with a differentiating strategy and it’s our ability to reliably execute throughout the years that allows us to continue to add value. While the market has begun to reward our strong results with our increased share price, with a combination of our Free Cash Flow generation, strong balance sheet and continued commitment to dividends, I believe that we are still meaningfully undervalued. We have paid a consistent quarterly dividend for the past three years, returning value to our shareholders and our net debt to trailing twelve months Adjusted EBITDA ratio has fallen to 0.9 times. Our proven strategy is highly successful and our commitment to operational excellence, enhancing production and cost control should continue to add value into the future.”