W&T OFFSHORE INC
WTI · Crude Petroleum & Natural Gas · 148.8M shares · +1%/yr ↑ shares · EDGAR filings ↗
Reference price $1.84 · est. market cap ~$273M — last insider purchase, 2025-10-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Gulf offshore oil producer running a loss year with negative operating and net margins despite adequate near-term liquidity.
Strengths
- Operating cash margin still positive (~15%) and cash/investments at 80th pct provide some cushion
- Refinanced into 10.75% notes due 2029 and resolved key surety collateral disputes, easing near-term liquidity
Risks
- Net margin -30%, operating margin -10.5% and ROA -15.7% reflect a weak, commodity-exposed year; 93.9th-pct ROE is a negative-equity artifact (D/E -1.71)
- Heavy commodity-price, hurricane, decommissioning and litigation exposure inherent to offshore E&P
Notable findings
- Restatement75% Notes, we terminated our Sixth Amended and Restated Credit Agreement (the “Legacy Credit Agreement”) and entered into the Credit Agreement which provides us a revolving credit and letter of credit 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -1.71)
- Net lossNet loss (net margin -29.9%)
- Strong balance sheetStrong balance sheet — $141M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-10.5%
Net margin
-29.9%
Return on equity
75.1%
Return on assets
-15.7%
ROIC
-29.3%
Revenue growth (QoQ)
23.3%
Debt / equity
-1.7×
Net debt / EBITDA
3.2×
Current ratio
1.0×
EBITDA
$64M
Tangible book value
-$200M
Cash & investments
$141M
Stock comp / revenue
2.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Gamblin Huan | Option exercise | 6.7K | — |
| 2026-06-05 | Hartman Bart P. III | Tax withheld | 2.3K | $3.70 |
| 2026-06-05 | Gamblin Huan | Tax withheld | 2.6K | $3.70 |
| 2026-06-05 | KROHN TRACY W | Option exercise | 107K | — |
| 2026-06-05 | KROHN TRACY W | Tax withheld | 42K | $3.70 |
| 2026-06-05 | Hartman Bart P. III | Option exercise | 6.0K | — |
| 2026-06-05 | Williford William J | Option exercise | 45K | — |
| 2026-06-05 | Williford William J | Tax withheld | 18K | $3.70 |
| 2026-06-03 | Conwill Daniel O. IV | Option exercise | 103K | — |
| 2026-06-03 | CHANG NANCY T | Option exercise | 103K | — |
| 2026-06-03 | Buchanan John D | Option exercise | 103K | — |
| 2026-06-03 | Boulet Virginia | Option exercise | 103K | — |
| 2026-06-03 | Stanley B Frank | Option exercise | 103K | — |
| 2026-05-16 | Williford William J | Tax withheld | 43K | $4.75 |
| 2026-05-16 | Williford William J | Option exercise | 153K | — |
| 2026-05-16 | Parasnis Sameer | Option exercise | 153K | — |
| 2026-05-16 | Parasnis Sameer | Tax withheld | 44K | $4.75 |
| 2026-05-16 | KROHN TRACY W | Option exercise | 362K | — |
| 2026-05-16 | KROHN TRACY W | Tax withheld | 141K | $4.75 |
| 2026-05-16 | Hittner George | Option exercise | 153K | — |
| 2026-05-16 | Hittner George | Tax withheld | 41K | $4.75 |
| 2026-05-16 | Hartman Bart P. III | Option exercise | 20K | — |
| 2026-05-16 | Hartman Bart P. III | Tax withheld | 4.9K | $4.75 |
| 2026-05-16 | Gamblin Huan | Option exercise | 153K | — |
| 2026-05-16 | Gamblin Huan | Tax withheld | 41K | $4.75 |
| 2025-10-02 | KROHN TRACY W | Buy | 250K | $1.84 |
| 2025-10-01 | KROHN TRACY W | Buy | 37K | $1.84 |
| 2025-09-01 | Hittner George | Tax withheld | 2.7K | $1.82 |
| 2025-08-08 | Gamblin Huan | Tax withheld | 2.0K | $1.73 |
| 2025-08-08 | KROHN TRACY W | Option exercise | 133K | — |
| 2025-08-08 | KROHN TRACY W | Tax withheld | 52K | $1.73 |
| 2025-08-08 | Hartman Bart P. III | Option exercise | 7.4K | — |
| 2025-08-08 | Hartman Bart P. III | Tax withheld | 1.8K | $1.73 |
| 2025-08-08 | Gamblin Huan | Option exercise | 8.3K | — |
| 2025-08-08 | Williford William J | Option exercise | 56K | — |
| 2025-08-08 | Williford William J | Tax withheld | 22K | $1.73 |
| 2025-08-08 | Parasnis Sameer | Option exercise | 56K | — |
| 2025-08-08 | Parasnis Sameer | Tax withheld | 14K | $1.73 |
| 2025-08-01 | Hittner George | Tax withheld | 2.7K | $1.70 |
| 2025-07-03 | Parasnis Sameer | Option exercise | 23K | — |
| 2025-07-03 | Parasnis Sameer | Tax withheld | 5.5K | $1.77 |
| 2025-07-01 | Hittner George | Tax withheld | 2.7K | $1.69 |
| 2025-06-05 | Williford William J | Option exercise | 45K | — |
| 2025-06-05 | Williford William J | Tax withheld | 18K | $1.60 |
| 2025-06-05 | KROHN TRACY W | Option exercise | 107K | — |
| 2025-06-05 | KROHN TRACY W | Tax withheld | 42K | $1.60 |
| 2025-06-05 | Hartman Bart P. III | Option exercise | 6.0K | — |
| 2025-06-05 | Hartman Bart P. III | Tax withheld | 1.5K | $1.60 |
| 2025-06-05 | Gamblin Huan | Option exercise | 6.7K | — |
| 2025-06-05 | Gamblin Huan | Tax withheld | 1.6K | $1.60 |
| 2025-06-03 | Stanley B Frank | Option exercise | 74K | — |
| 2025-06-03 | Conwill Daniel O. IV | Option exercise | 74K | — |
| 2025-06-03 | CHANG NANCY T | Option exercise | 74K | — |
| 2025-06-03 | Buchanan John D | Option exercise | 74K | — |
| 2025-06-03 | BOULET VIRGINIA | Option exercise | 74K | — |
| 2025-06-01 | Hittner George | Tax withheld | 2.7K | $1.48 |
| 2025-05-01 | Hittner George | Tax withheld | 2.7K | $1.16 |
| 2025-04-01 | Hittner George | Tax withheld | 3.3K | $1.46 |
| 2025-03-01 | Hittner George | Tax withheld | 3.3K | $1.67 |
| 2025-02-01 | Hittner George | Tax withheld | 3.3K | $1.56 |
| 2025-01-01 | Williford William J | Option exercise | 18K | — |
| 2025-01-01 | Williford William J | Tax withheld | 8.0K | $1.66 |
| 2025-01-01 | KROHN TRACY W | Option exercise | 84K | — |
| 2025-01-01 | KROHN TRACY W | Tax withheld | 37K | $1.66 |
| 2025-01-01 | Hittner George | Tax withheld | 3.3K | $1.66 |
| 2025-01-01 | Hartman Bart P. III | Option exercise | 4.1K | — |
| 2025-01-01 | Hartman Bart P. III | Tax withheld | 1.2K | $1.66 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-16 | ResultsExhibits | filing ↗ |
| 2026-03-09 | ResultsExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-08-28 | Material agreementExhibits | filing ↗ |
| 2025-08-04 | ResultsExhibits | filing ↗ |
| 2025-07-08 | Other | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-03 | 0001104659-26-070556 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-057242 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001104659-26-057220 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001104659-26-028510 ↗ |
| 10-K | 2026-03-16 | 2025-12-31 | 0001104659-26-028315 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001104659-26-024935 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001104659-25-107325 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001104659-25-107091 ↗ |
| 8-K | 2025-08-28 | 2025-08-28 | 0001104659-25-084791 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0001558370-25-010175 ↗ |
| 8-K | 2025-08-04 | 2025-08-04 | 0001558370-25-010109 ↗ |
| 8-K | 2025-07-08 | 2025-07-08 | 0001104659-25-066428 ↗ |