On this page of StockholderLetter.com we present the latest annual shareholder letter from W&T OFFSHORE INC — ticker symbol WTI. Reading current and past WTI letters to shareholders can bring important insights into the investment thesis.

 •  4/22/2026 Letter Continued (Full PDF)
 •  5/1/2023 WTI Stockholder Letter
 •  4/29/2024 WTI Stockholder Letter
 •  4/16/2025 WTI Stockholder Letter
 •  More "Oil & Gas Exploration & Production" Category Stockholder Letters
 •  WTI Benford's Law Stock Score = 70

WTI Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
FOCUSED ON
THE GULF
OF AMERICA
SINCE 1983

Founded in 1983, W&T Offshore, Inc. (   W&T   ) is
an independent oil and natural gas producer with
offshore operations across all water depths in the Gulf
of America (   GOA   ). For more than 40 years, we have
grown through the right combination of attractive
property acquisitions, methodical integration and
exploitation of those acquisitions, and successful
drilling of both development and exploration
opportunities on our legacy fields.
A majority of our daily
production is derived from
wells we operate and
approximately 96% of
our net acreage is held
by production.
As of December 31, 2025, we owned working interests in:
200 offshore structures, 142 of which are located in fields
that we operate
309 gross productive wells, 268 of which we operate
82% of our average daily production was in shallow
water while the balance was in deepwater
49 producing fields, of which 42 were in federal waters
and seven were in state waters
624,700 gross acres of leases

477,200 acres are on the GOA shelf in less than
500 feet of water

141,900 acres are in deepwater in 500 feet of
water or greater

5,600 acres are in Alabama state waters.
W&T became a public company in 2005 and trades on the
NYSE under the symbol    WTI   .

121
MMBoe
Year-end 2025 Proved Reserves
624,700
acres
Gross GOA acreage as of
year-end 2025
34.0
MBoe/d
Average Daily 2025 Production
86%
Portion of 2025 Production
We Operated
The GOA basin has been W&T   s primary
focus since our founding in 1983. Since the
first successful well was drilled by the industry
about a mile offshore in 13 feet of water in 1937,
the GOA has played a major role in assuring
America   s energy independence. Today the
GOA is the second largest producing region
in the U.S. and accounts for about 15% of total
production, or 2 million barrels of oil per day.
Over the past nine decades of GOA activity,
technology has allowed the industry to drill
further offshore, in deeper waters and at
record-setting well depths. W&T is proud to
have had a significant presence in the GOA
for 40+ years. We continue to see attractive
opportunities in this prolific basin allowing us
to create value for our shareholders through
the successful acquisition and exploitation of
producing properties.
W&T Offshore, Inc.
NYSE: WTI
Oil Focused Acreage
Natural Gas Focused Acreage
1

To My Fellow
Shareholders
Tracy W. Krohn Founder, Chairman, Chief Executive Officer and President
I am proud of all the dedicated employees at W&T
who have helped to make 2025 another successful
year and contributed to our continued success since
we founded the Company in 1983.
We are diligently and methodically executing our strategy and remain committed to sound
operational performance, returning value to our stakeholders and ensuring the safety of our
employees and contractors. Our ability to deliver consistent production and EBITDA results
are a testament to W&T   s operational and financial proficiency. This is largely due to our most
valuable asset, our people, who have done an excellent job executing on our strategic vision, while
maintaining high levels of safety and operational excellence. Our proven strategy is simple and
highly effective, with a focus on generating free cash flow, maintaining and optimizing our highquality conventional assets, and opportunistically capitalizing on accretive opportunities to build
shareholder value. We delivered solid operational and financial results in 2025, enhanced our
balance sheet and are in a stronger position today to succeed in 2026 and beyond.
2

   Over the years, we have created
significant value by integrating Gulf of
America producing property acquisitions
that meet our stringent criteria.   
Our 2025 Accomplishments:
Increased production every quarter in 2025,
from 30,500 Boe per day in the first quarter to
36,200 Boe per day in the fourth quarter, without
deploying capital expenditures on new wells or
acquiring properties;
Performed 34 workovers and four recompletions,
which increased production from our high-quality
asset base;
Generated Adjusted EBITDA of $130 million for
full year 2025;
Reduced outstanding debt and lowered W&T   s cost
of capital by replacing the $275 million in senior
second lien notes due 2026 and $114 million term
loan with $350 million in senior second lien notes
due 2029;
Grew cash by $31 million to almost $141 million
at year-ended 2025 and reduced net debt by $74
million to $210 million, compared to year-end 2024.
We began 2025 with several transactions that have
strengthened and simplified our balance sheet. In
January 2025, we successfully closed a $350 million
offering of senior second lien notes due 2029 that
decreased our interest rate by 100 basis points and,
together with other transactions, reduced our total
debt by $39 million. We also established a $50 million
revolving credit facility, maturing in July 2028, that is
undrawn and replaced the previous credit facility. In
addition, we have paid nine quarterly cash dividends
W&T Offshore, Inc.
NYSE: WTI
since initiating the dividend policy in late 2023 and
continued with the payment of the first quarter 2026
dividend as well.
We have a long track record of successfully integrating
assets into our portfolio, and we continue to believe
that the Gulf of America is and will continue to be a
world class basin. Quickly evaluating and executing
acquisition opportunities within our focus area is a
pillar of our success. Over the years, we have created
significant value by integrating producing property
acquisitions, which can be a complicated process.
Our footprint across the Gulf of America is sizable,
which provides us opportunities to streamline and
optimize operations, efficiently increase production,
and reduce costs to maximize value. Our commitment
to operational excellence is ongoing and we constantly
look to implement best practices, new technologies and
operational efficiencies aimed at enhancing our assets   
capabilities and increasing production.
Turning to our year-end reserve results, we have a
portfolio of conventional Gulf of America assets that
repeatedly demonstrate their value over time. Over
the past two years, our overall year-end reserves have
remained virtually flat, both in volume and in PV-10 value,
despite lower capital spending during a period of soft
commodity prices. We have produced 24.6 MMBOE of
production, but we have also made accretive acquisitions
of several fields that have helped to offset the decline
from this production. Since closing our acquisition of
certain assets in January 2024, we have generated
almost $285 million in Adjusted EBITDA, while only
3

4/22/2026 Letter Continued (Full PDF)

 

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