W&T Offshore 2025 Production at 34.0 MBoe/d, PV-10 Reaches $1.1B
W&T Offshore grew 2025 production to 34.0 MBoe/d, with fourth quarter output at 36.2 MBoe/d and year-end proved reserves of 121.0 MMBoe (PV-10 $1.1 billion). The company reduced net debt to $210.3 million, boosted cash to $140.6 million and posted $129.6 million of Adjusted EBITDA, and provided 2026 production and hedge guidance.
1. Production and Reserves Growth
W&T Offshore achieved full-year 2025 production of 34.0 thousand barrels of oil equivalent per day (50% liquids), surpassing guidance with fourth quarter output of 36.2 MBoe/d and an exit rate of 37.7 MBoe/d in December. Year-end proved reserves climbed to 121.0 million barrels of oil equivalent, with PV-10 valuation rising to $1.1 billion and PDP PV-10 up $279 million versus 2024.
2. Financial Performance and Balance Sheet
The company generated $129.6 million of Adjusted EBITDA for full year 2025 and reported a net loss of $150.1 million (Adjusted Net Loss $55.1 million). It strengthened liquidity by raising unrestricted cash to $140.6 million, reducing total debt to $350.8 million and net debt to $210.3 million, while lowering lease operating expenses per Boe by 4% in Q4.
3. 2026 Guidance and Hedge Positions
W&T provided first quarter and full year 2026 guidance including ongoing production enhancements and capital investment plans. The firm added costless collars for 4,000 barrels per day at $55.35–$70.20 per barrel and a swap at $64.53 per barrel through December 2026 to hedge oil price exposure.