[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_103":104},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","eivc3klxy6tu3o00cz4moudsh","revision",4,"title","W&T Offshore 2026年第三季度净亏损收窄至1.36亿美元","originalTitle","W&T OFFSHORE INC (0001288403) (Filer)","summary","W&T Offshore 2026年第三季度净亏损1.36亿美元，较2025年同期的7.15亿美元收窄。营收增至1.67亿美元，主要受益于油价上涨和产量增加。但衍生品损失达1.58亿美元，债务总额达3.58亿美元，且面临法律诉讼和资产退役义务压力。","reason","公司第三季度净亏损收窄，营收同比增长，但衍生品损失扩大，债务压力和法律诉讼可能影响流动性。","source",{"_12":94,"_95":96,"_9":97,"_98":42,"_99":100,"_101":102},"links",{"_91":92,"_79":93},"publishedAt","2026-10-29T21:00:35.000Z","discoveredAt","2026-10-29T22:57:57.881Z","timelineAt","category","ai-products","tags",[85,86,87,88,89,90],"stockSymbols",[84],"score",74,"selected",true,"channel","news","story",{"_74":75,"_16":76},"x","readingMode","full","author","language","body",{"_64":78,"_79":-5,"_80":81,"_82":83},"outline",[],"relatedStories",[77],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":73},"hasTranslation","bodyLanguage","zh","factId","fUwV9PiJd54g",{"_74":75,"_16":76},"reportCount",2,"additionalSourceCount",1,"developmentCount",0,"publicId","2493ccc0-3d43-4d03-b481-aa6abac0b589","W&T Offshore 公布第三季度业绩及股息",{"_74":75,"_16":76},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

☑	根据《1934年证券交易法》第13条或第15(d)条的季度报告

截至 2026年9月30日的季度

或

☐根据《1934年证券交易法》第13条或第15(d)条的过渡报告

从 _______________ 至 ________________ 的过渡期

委员会文件编号 1-32414

$\"Graphic\"$

W&T OFFSHORE, INC.

（根据其章程指定的注册人全名）


得克萨斯州		72-1121985
（注册或组织的州或其它司法管辖区）		（I.R.S. 雇主识别号码）

5718 Westheimer Road, Suite 700, 休斯顿, 得克萨斯州		77057-5745
（主要执行办公室地址）		（邮政编码）

注册人的电话号码，包括地区代码： (713) 626-8525

根据《法案》第12(b)条注册的证券：


每类证券的名称	交易符号	每种证券的注册交易所名称
普通股，面值0.00001美元	WTI	纽约证券交易所

通过勾选方框表明注册人（1）是否已提交根据《1934年证券交易法》第13条或第15(d)条在前12个月内（或注册人需要提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去90天内已受此类提交要求的约束。是 ☑ 否 ☐

通过勾选方框表明注册人是否已根据《S-T条例》第405条在前12个月内（或注册人需要提交此类文件的较短期间）提交了所有要求提交的交互式数据文件。是 ☑ 否 ☐

通过勾选方框表明注册人是大型加速申报者、加速申报者、非加速申报者、较小报告公司或新兴成长公司。请参见《交易法》第12b-2条中“大型加速申报者”、“加速申报者”、“较小报告公司”和“新兴成长公司”的定义。


大型加速申报者 ☐	加速申报者	☑
非加速申报者 ☐	较小报告公司	☑
	新兴成长公司	☐

如果为新兴成长公司，请通过勾选方框表明注册人是否已选择不使用根据《交易法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司。是 ☐ 否 ☑

截至2026年10月20日，注册人的普通股（面值0.00001美元）共有154,895,304股流通在外。

W&T OFFSHORE, INC. 及其子公司

		页码
第一部分 – 财务信息	1

第1项。	财务报表	1
	截至2026年9月30日和2025年12月31日的合并资产负债表	1
	截至2026年9月30日和2025年9月30日的三个月和九个月的合并损益表	2
	截至2026年9月30日和2025年9月30日的三个月和九个月的股东权益变动合并报表	3
	截至2026年9月30日和2025年9月30日的九个月的合并现金流量表	4
	合并财务报表附注	5
第2项。	管理层讨论与分析财务状况和经营成果	15
第3项。	关于市场风险的定量和定性披露	25
第4项。	控制和程序	25

第二部分 – 其他信息	27

第1项。	法律诉讼	27
第1A项。	风险因素	27
第2项。	未注册的股权证券销售和资金使用	27
第3项。	高级证券违约	27
第4项。	矿山安全披露	27
第5项。	其他信息	27
第6项。	附录	28

签名	29

第一部分 – 财务信息

第1项。财务报表

W&T OFFSHORE, INC.

合并资产负债表

（以千为单位）

（未经审计）


	2026年9月30日		2025年12月31日
	2026		2025
资产
流动资产：
现金及现金等价物	$	191,317		$	140,558
受限现金		—			62
应收账款：
石油、天然气液和天然气销售		79,113			59,633
联合利益，扣除信用损失准备金10,638和10,529，分别		25,455			24,473
预付费用和其他流动资产		18,477			14,543
流动资产总额		314,362			239,269

石油和天然气资产及其他，扣除累计折旧、折耗和摊销8,554,290和8,473,181，分别		621,476			662,082
资产弃置义务的受限存款		24,410			24,026
递延所得税		96			35
其他资产		30,684			30,395
资产总额	$	991,028		$	955,807
负债和股东权益（赤字）
流动负债：
应付账款	$	95,409		$	98,406
应计负债		52,486			39,809
未分配石油和天然气收益		66,941			59,065
联合利益伙伴的预付款		2,123			2,394
资产弃置义务的当期部分		22,010			26,147
长期债务的当期部分，净额		1,000			8,458
流动负债总额		239,969			234,279

资产弃置义务		558,802			535,704
长期债务，净额		350,972			342,355
其他负债		17,365			15,781

承诺和或有事项		13,851			27,440

股东权益（赤字）：
优先股：面值0.00001美元；20,000股授权；无股发行		—			—
普通股：面值0.00001美元；400,000股授权；分别发行157,758股和151,647股		2			2
额外支付资本		643,055			604,732
留存赤字		(808,821)			(780,319)
库存股：2,869股，按成本计算		(24,167)			(24,167)
股东权益（赤字）总额		(189,931)			(199,752)
负债和股东权益（赤字）总额	$	991,028		$	955,807

查看合并综合财务报表的附注。

W&T OFFSHORE, INC.

合并综合损益表

（以千为单位，每股数据除外）

（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026	2025
收入：
原油	$	111,773		$	84,131	$	322,330	$	251,861
天然气液体		9,121			4,000		22,069		13,487
天然气		41,204			37,400		123,184		107,311
其他		4,982			1,984		12,135		7,090
总收入		167,080			127,515		479,718		379,749

运营费用：
租赁运营费用		76,671			76,215		214,348		224,151
收集、运输和生产税		9,376			5,818		24,595		16,976
折旧、折耗和摊销		28,266			28,580		81,109		87,917
资产退役义务利息		8,606			8,002		25,899		25,075
一般及行政费用		31,685			21,510		84,026		59,337
其他运营费用		655			—		655		—
总运营费用		155,259			140,125		430,632		413,456

运营收入（亏损）		11,821			(12,610)		49,086		(33,707)

利息支出，净额		8,956			8,998		27,373		27,495
债务注销损失		—			—		—		15,015
衍生品损失（收益），净额		15,800			(4,108)		42,230		(13,398)
其他费用（收益），净额		216			(2,017)		1,334		11,122
税前亏损		(13,151)			(15,483)		(21,851)		(73,941)
所得税费用		498			55,991		1,767		48,994
净亏损	$	(13,649)		$	(71,474)	$	(23,618)	$	(122,935)

每股净亏损（基本和稀释）	$	(0.09)		$	(0.48)	$	(0.16)	$	(0.83)

加权平均普通股（基本和稀释）		151,847			148,589		150,121		148,015

查看合并综合财务报表的附注。

W&T OFFSHORE, INC.

合并综合股东权益变动表

（以千为单位）

（未经审计）


		普通股		额外										总计
		发行在外		实收资本		留存收益		库藏股		股东权益
		股份数		价值		资本		赤字		股份数		价值		赤字
2026年6月30日的余额		150,916		$	2		$	621,460		$	(793,496)		2,869		$	(24,167)	$	(196,201)
现金股息		—			—			—			(1,676)		—			—		(1,676)
普通股发行的净收益		3,573			—			14,670			—		—			—		14,670
股权激励费用		—			—			7,565			—		—			—		7,565
股权激励普通股发行		400			—			—			—		—			—		—
与股权奖励净结算相关的股份扣留		—			—			(640)			—		—			—		(640)
净亏损		—			—			—			(13,649)		—			—		(13,649)
2026年9月30日的余额		154,889		$	2		$	643,055		$	(808,821)		2,869		$	(24,167)	$	(189,931)


		普通股		额外										总计
		发行在外		实收资本		留存收益		库藏股		股东权益
		股份数		价值		资本		赤字		股份数		价值		赤字
2025年6月30日的余额		148,293		$	2		$	599,945		$	(678,501)		2,869		$	(24,167)	$	(102,721)
现金股息		—			—			—			(1,487)							(1,487)
股权激励费用		—			—			3,537			—		—			—		3,537
股权激励普通股发行		480			—			—			—		—			—		—
与股权奖励净结算相关的股份扣留		—			—			(342)			—		—			—		(342)
净亏损		—			—			—			(71,474)		—			—		(71,474)
2025年9月30日的余额		148,773		$	2		$	603,140		$	(751,462)		2,869		$	(24,167)	$	(172,487)


		普通股		额外										总计
		发行在外		实收资本		留存收益		库藏股		股东权益
		股份数		价值		资本		赤字		股份数		价值		赤字
2025年12月31日的余额		148,778		$	2		$	604,732		$	(780,319)		2,869		$	(24,167)	$	(199,752)
现金股息		—			—			—			(4,884)		—			—		(4,884)
普通股发行收益		3,573			—			14,670			—		—			—		14,670
股权激励费用		—			—			16,348			—		—			—		16,348
将负债分类的奖励重新分类为权益分类的奖励		—			—			11,044			—		—			—		11,044
股权激励普通股发行		2,538			—			—			—		—			—		—
与股权奖励净结算相关的股份扣留		—			—			(3,739)			—		—			—		(3,739)
净亏损		—			—			—			(23,618)		—			—		(23,618)
2026年9月30日的余额		154,889		$	2		$	643,055		$	(808,821)		2,869		$	(24,167)	$	(189,931)


		普通股		额外										总计
		发行在外		实收资本		留存收益		库藏股		股东权益
		股份数		价值		资本		赤字		股份数		价值		赤字
2024年12月31日的余额		147,374		$	2		$	595,407		$	(623,819)		2,869		$	(24,167)	$	(52,577)
现金股息		—			—			—			(4,708)		—			—		(4,708)
股权激励费用		—			—			8,497			—		—			—		8,497
股权激励普通股发行		1,399			—			—			—		—			—		—
与股权奖励净结算相关的股份扣留		—			—			(764)			—		—			—		(764)
净亏损		—			—			—			(122,935)		—			—		(122,935)
2025年9月30日的余额		148,773		$	2		$	603,140		$	(751,462)		2,869		$	(24,167)	$	(172,487)

查看合并综合财务报表的附注。

W&T OFFSHORE, INC.

合并综合现金流量表

（以千为单位）

（未经审计）


	截至9月30日的九个月
	2026		2025
经营活动：
净亏损	$	(23,618)		$	(122,935)
调整净损失至经营活动中提供的净现金：
折旧、消耗、摊销和增加		107,008			112,992
基于股票的补偿		28,915			8,497
债务发行成本的摊销		2,374			2,605
债务注销损失		—			15,015
衍生品损失（收益），净额		42,230			(13,398)
衍生品溢价支付		(7,300)			—
衍生品现金（结算）收入，净额		(20,908)			14,169
递延所得税（收益）费用		(61)			48,808
经营性资产和负债的变化：
应收账款		(20,462)			4,001
预付费用和其他流动资产		(2,460)			674
应付账款、应计负债和其他		(6,686)			5,748
资产弃置义务结算		(26,512)			(24,873)
经营活动中提供的净现金		72,520			51,303

投资活动：
油气资产和设备的投资		(26,900)			(38,881)
财产权益的收购		—			(711)
出售油气资产的收入		—			11,916
保险赔偿金		—			58,500
购买家具、设备和其他		(248)			(121)
来自未合并关联方的分配		—			927
投资活动使用的（提供的）净现金		(27,148)			31,630

筹资活动：
发行10.75%高级第二留置权票据的收入		—			350,000
偿还11.75%高级第二留置权票据		—			(269,830)
偿还定期贷款		—			(114,159)
偿还TVPX贷款		(8,825)			(825)
发行新TVPX贷款的收入		8,000			—
与11.75%高级第二留置权票据法律解除条款相关的政府证券购买		—			(5,348)
溢价支付和债务注销费用		—			(10,230)
债务发行费用		(94)			(11,478)
发行普通股的收入		14,670			—
支付股息		(4,687)			(4,507)
其他		(3,739)			(764)
筹资活动提供的（使用的）净现金		5,325			(67,141)

现金、现金等价物和受限现金的变化		50,697			15,792
年初现金、现金等价物和受限现金		140,620			110,555
期末现金、现金等价物和受限现金	$	191,317		$	126,347

参见附注至简要合并财务报表。

W&T OFFSHORE, INC.

简要合并财务报表的附注

NOTE 1 — 业务性质与列报基础

业务性质

W&T Offshore, Inc.（其子公司在本文中称为“公司”）是一家独立的石油和天然气生产商，其大部分业务在美洲海湾地区。公司积极参与石油和天然气财产的勘探、开发和收购。公司运营在一个报告业务部门中。

列报基础

随附的未经审计的简要合并财务报表包括公司的账户、其全资子公司以及对Monza Energy LLC（“Monza”）的权益，该权益采用比例合并法进行核算。合并中已消除所有内部账户和交易。这些简要合并财务报表是根据证券交易委员会（“SEC”）的规则和法规编制的。因此，某些信息和披露内容通常包含在根据美国通用会计原则（“GAAP”）编制的年度财务报表中，已进行压缩或省略。在管理层看来，所有调整（包括正常的经常性应计项目）为公允列报所必需，均已包括在内。

中期期间的经营成果不一定能反映全年可能实现的成果。这些未经审计的合并财务报表应与公司2025年12月31日止年度的10-K表格年度报告中包含的合并财务报表和附注一起阅读。财务报表和补充数据。

估计的使用

根据GAAP编制财务报表需要管理层做出估计和假设，这些估计和假设会影响财务报表日的资产和负债的报告金额以及或有资产和负债的披露，以及报告期间的收入和费用的报告金额。实际结果可能与这些估计不同。

注释 2 — 金融工具

公司的金融工具包括现金及现金等价物、受限现金、应收账款、应付账款、应计负债、衍生工具和债务。除衍生工具和债务外，由于这些工具的短期性和高度流动性，公司金融工具的账面价值近似于公允价值。

衍生工具

下表反映了截至2026年9月30日，公司未平仓石油衍生品合同下的合同数量和加权平均价格：


		平均
	工具	每日	总计	加权		加权		加权
期间	类型	数量	数量	执行价格		地板价格		天花板价格
原油（WTI）		（桶） ⁽¹⁾	（桶）	（美元/桶）		（美元/桶）		（美元/桶）
2026年10月 - 2026年12月	价差	4,000	368,000	$	—		$	56.18	$	69.40
2026年10月 - 2026年12月	互换	2,000	184,000		64.53			—		—
2026年10月 - 2027年4月	看涨期权	10,000	2,120,000		122.50			—		—

⁽¹⁾

桶 – 桶原油

W&T 海外公司

简要合并财务报表的附注（续）

公司衍生金融工具的公允价值在简要合并资产负债表中记录如下（以千为单位）：


	2026年9月30日，		2025年12月31日，
	2026		2025
预付费用和其他流动资产	$	1,607		$	318
应计负债		15,310			—

公司通过应用收益法对衍生工具的公允价值进行定期计量，使用在估值层次结构中归类为第2级的输入值。收益法基于市场预期将预期的未来现金流转换为现值。用于衍生金融工具公允价值计量的输入值包括执行价格、到期日、结算日、名义数量、隐含波动率、带有利差的贴现曲线和公布的商品期货价格。

商品衍生品合约对简要合并损益表的影响如下（以千为单位）：


	截至2026年9月30日的三个月，		截至2026年9月30日的九个月，
	2026		2025		2026	2025
已实现损失（收益） ⁽¹⁾	$	9,882		$	(9,691)	$	26,251	$	(15,545)
未实现损失		5,918			5,583		15,979		2,147
衍生品损失（收益），净额	$	15,800		$	(4,108)	$	42,230	$	(13,398)

⁽¹⁾	截至2025年9月30日的三个月和九个月分别包含 760万美元和 1190万美元，与公司天然气看跌期权合约和无成本领口策略的变现相关。

债务

下表列示了公司债务的账面价值和估计公允价值（以千美元计）：


		2026年9月30日		2025年12月31日
		账面价值		公允价值		账面价值		公允价值
10.75%票据		$	343,972		$	363,615		$	342,355	$	320,208
New TVPX贷款			8,000			8,000			—		—
TVPX贷款			—			—			8,458		8,613
合计		$	351,972		$	371,615		$	350,813	$	328,821

10.75% 优先次级第二留置权票据（即“10.75% 票据”）的公允价值是使用报价价格计算的，尽管市场交易不活跃。 New TVPX 和 TVPX 贷款的公允价值是使用折现现金流模型和当前市场利率计算的。债务的公允价值在估值层级中被归类为第二级。

W&T OFFSHORE, INC.

简明合并财务报表附注（续）

附注3 — 资产弃置义务

资产弃置义务（“AROs”）代表在公司资产达到其使用寿命结束时，用于封堵、弃置和修复公司资产的预计现值。ARO 变动汇总如下（以千美元计）：


	截至9月30日的九个月
	2026		2025
资产弃置义务，期初	$	561,851		$	548,832
已结算负债		(26,512)			(24,873)
折旧费用		25,899			25,075
石油和天然气资产的处置		—			(1,469)
新增负债		—			1,029
负债估计值的修订		19,574			17,427
资产弃置义务，期末		580,812			566,021
减：流动部分		(22,010)			(34,528)
长期	$	558,802		$	531,493

附注4 — 债务

构成公司债务的组成部分列示在下表中（以千美元计）：


	9月30日		12月31日
	2026		2025
2029年到期的10.75%优先次级第二留置权票据：
本金	$	350,000		$	350,000
未摊销的债务发行成本		(6,028)			(7,645)
合计		343,972			342,355

TVPX贷款：
本金		—			8,825
未摊销折价		—			(305)
未摊销的债务发行成本		—			(62)
合计		—			8,458

New TVPX贷款		8,000			—

债务净额		351,972			350,813
减流动部分净额		(1,000)			(8,458)
长期债务净额	$	350,972		$	342,355

2026年9月，证明TVPX贷款的期票根据经修订和重述的期票进行了修订和重述，New TVPX贷款的800万美元收益用于偿还TVPX贷款到期时到期的800万美元气球付款。New TVPX贷款按每年6.18%的固定利率计息，并要求每月摊销付款8.33千美元加上应计利息，以及在2029年9月贷款期限结束时支付500万美元的气球付款。New TVPX贷款由融资飞机作为担保，并由公司以无担保方式提供担保。

截至2026年9月30日，根据公司、得克萨斯资本银行作为行政代理以及相关贷款方于2025年1月28日签订的信贷协议，未有任何借款未偿，且未偿信用证为660万美元。有4340万美元可用于

W&T OFFSHORE, INC.

简明合并财务报表附注（续）

截至2026年9月30日，根据5,000万美元的借款基额和660万美元的未开信用证，签发了信用证项下的贷款和借款。2026年10月1日，公司修订了信用协议，将其循环信贷额度转换为基于储备的循环信贷额度。有关更多信息，请参阅 附注13——后续事项。

截至2026年9月30日，公司遵守了所有适用契约。

附注5 — 承诺与或有事项

ONRR对历史退款索赔的审计

2023年，公司收到了自然资源收入局（“ONRR”）的通知，通知中称该公司对各种资产收取的历史退款索赔接受了审计，这些索赔据称是欠给ONRR的特许权使用费。2026年9月，公司与ONRR达成了最终和解，解决了此事。和解协议规定，约850万美元的净ONRR特许权使用费信用额预计将在2026年第四季度开始通过减少特许权使用费支付来实现。

担保纠纷

自2024年10月以来，公司卷入了一场涉及某些私营和政府要求担保公司的诉讼，包括Endurance Assurance Corporation、Lexon Insurance Company、U.S. Specialty Insurance Company（“USSIC”）、Pennsylvania Insurance Company a/k/a Applied Surety Underwriters和United States Fire Insurance Company（统称“担保人”），这些担保公司为公司的某些石油和天然气资产提供退役义务或ONRR争议事项的担保（“担保人诉讼”）。公司认为：（1）担保人可能无法执行其赔偿协议，从而导致其行为构成权利滥用；（2）担保人对赔偿协议的解释使协议变得空幻；（3）担保人可能不会提出不合理的抵押品要求；（4）担保人必须接受公司提供的合理抵押品；（5）公司不需要提供额外的抵押品；（6）担保人可能不会提出相互矛盾的联合抵押品要求，导致公司无法满足每一项要求；以及（7）担保人改变的商业模式不是要求公司提供除其已提供之外的其他抵押品的正当理由。公司还针对担保人提起了反诉，声称：（1）违反了谢尔曼反托拉斯法；（2）违反了德克萨斯州自由企业反托拉斯法；（3）违反了德克萨斯州保险法第541条；（4）对现有合同和潜在商业关系构成侵权干扰；以及（5）共谋。

2025年6月，公司与 USSIC 及 Philadelphia Indemnity Insurance Company（“PIIC”）签订了和解与豁免协议（“和解协议”），以驳回所有此类担保人就担保人诉讼提出的索赔，且不损害任何一方的利益。根据适用的和解协议，USSIC 和 PIIC 同意：(i) 对于 USSIC 或 PIIC 签发的任何现有担保债券，公司或其任何关联公司、子公司或合资实体在 2026 年 12 月 31 日之前（最早）支付 2024 年保费时，费率不会发生变化；(ii) USSIC 和 PIIC 收回所有抵押品要求，并同意在 2026 年 12 月 31 日之前（最早）不要求、索取或以其他方式坚持提供抵押品，无论是与担保债券有关还是根据赔偿协议；但前提是，如果发生以下情况，则不适用此类限制：(a) 公司未在到期时支付欠 USSIC 或 PIIC 的保费；(b) 第三方就 USSIC 或 PIIC 向公司或其关联公司、子公司签发的任何债券提出索赔；(c) 公司或其任何关联公司、子公司或合资实体启动破产程序，无论是自愿的还是非自愿的；(d) 10.75% 债券契约项下发生未补救的违约事件，导致其下的债务全部或部分加速到期；或 (e) 公司或其关联公司、子公司对 USSIC 或 PIIC 提起诉讼。每份和解协议还规定，如果公司在和解协议签署之日已存在的债券方面与另一方达成协议，以提供抵押品以解决担保人诉讼，公司应按比例向 USSIC 或 PIIC 提供与向该另一方提供的实质性相似的抵押品。

W&T OFFSHORE, INC.

简明合并财务报表附注（续）

2025年6月，担保人诉讼的主审法官建议驳回两家担保人提出的初步禁令请求。该初步禁令将要求公司立即提供 1.05 亿美元的抵押品。该建议实际上使担保人提出的所有当前抵押品要求无效，并规定公司无需提供抵押品，直到就担保人诉讼的实质问题与剩余的担保人做出决定。

除 USSIC 和 PIIC 以外的担保人的担保人诉讼仍在进行中。如果公司需要满足剩余担保实体提出的抵押品要求，或者其他担保实体提出额外的抵押品要求，则满足此类要求可能是重大的，并可能影响公司的流动性。

或有退役义务

过去在剥离交易中的交易对手或现有租赁中的第三方，如果已申请破产保护或经历了相关重组，可能无法履行所需的废弃义务。由于法律的规定，公司可能需要承担这些权益的退役义务。公司可能对各种设施及其相关井的退役承担连带责任。公司已不再拥有这些资产，且与当前业务无关。

或有退役义务的变化如下（以千为单位）：


	截至9月30日的九个月
	2026		2025
期初或有退役义务	$	36,157		$	22,551
已结算的负债		(4,772)			(1,660)
额外估计负债的计提		—			13,659
期末或有退役义务		31,385			34,550
减：流动部分		(17,534)			(759)
长期	$	13,851		$	33,791

尽管公司有可能在未来收到州或联邦的退役命令，或被告知现有租赁中的第三方违约，但公司无法确定、如何或何时此类命令或通知将得到解决，也无法估计可能由此产生的损失或损失范围。然而，公司可能会被判处罚款、达成和解或修改公司对某些通知或事项结果的看法，这些发展可能对公司在确认相关金额的期间的经营成果以及在支付相关金额的期间的现金流产生重大不利影响。如果公司在未来期间因这些财产产生费用，公司打算向曾拥有设施权益的其他方寻求分担。

其他索赔

在正常业务过程中，公司涉及各种待决或威胁性的索赔和诉讼，要求就商业运营和其他事项进行赔偿或其他补救措施。此外，可能因公司收购资产之前发生的事项或公司出售资产之后发生的事项而产生索赔或或有事项。在某些情况下，公司已对收购资产的卖方进行赔偿，在其他情况下，公司已对出售资产的买方进行赔偿。公司还受到联邦和州行政程序的约束，这些程序是在正常业务过程中进行的，包括与某些联邦所有资产的预付特许权使用费有关的事项。尽管公司无法保证待决的法律和联邦或州行政程序的结果及其可能产生的影响，但公司认为，除另有规定或由保险覆盖外，此类程序结果产生的任何最终责任不会对公司的合并财务状况、经营成果或流动性产生重大不利影响。

W&T OFFSHORE, INC.

简要合并财务报表附注（续）

注6 — 股东权益

按市价股权发行

截至2026年9月30日的三个月内，公司通过其“按市价发行”股权融资计划，以每股平均价格3.6百万股普通股，每股价格为$4.16，并获得了净收入$14.7百万美元。截至2026年9月30日，公司在此计划下仍有$68.1百万美元的可用额度。

股息

截至2026年9月30日的九个月内，公司宣布了490万美元的现金股息。

2026年10月29日，公司董事会宣布了2026年第四季度的常规季度股息，为每股普通股0.01美元。该股息将于2026年11月19日支付给2026年11月12日收盘时登记在册的股东。

注释7 — 股权激励

2026年授予

2026年5月，公司向员工授予了股权激励。这些授予包括280万股限制性股票单位（“RSUs”）和260万股业绩股票单位（“PSUs”）。“

RSUs在授予日估值，并在2027年5月29日、2028年5月29日和2029年5月29日每年分别解锁1/3。RSUs的授予日公允价值为1020万美元。

PSUs受以下业绩标准的约束：(i) 总股东回报和相对股东回报（统称为“TSR PSUs”），(ii) 资本回报现金率（“CROCE PSUs”）以及(iii) 储备绩效（“Reserve PSUs”）。业绩目标的考核期从2026年1月1日开始，到2028年12月31日结束。为了有资格获得已实现的PSUs，员工必须从授予日一直工作到2028年12月31日。这些指标上不同水平的实现将影响员工在满足服务要求后获得的PSUs百分比。在解锁时获得的PSUs百分比范围为0%至200%.

TSR PSUs将占授予员工的目标PSUs的50%。TSR PSUs同时包含服务条件和市场条件。TSR PSUs的授予日公允价值为850万美元，并使用蒙特卡洛模拟计算得出。

CROCE PSUs和Reserve PSUs将分别占授予员工的目标PSUs的40%和10%。CROCE PSUs和Reserve PSUs同时包含服务条件和业绩条件。CROCE PSUs和Reserve PSUs的授予日公允价值分别确定为380万美元和100万美元，该价值是根据授予日公司普通股的收盘价确定的。将确认的累计薪酬成本将等于预计可解锁的奖励的公允价值乘以已履行的必要服务期的百分比。与TSR PSUs不同，如果未满足业绩条件，则需冲销之前确认的薪酬费用。

截至授予日期，公司根据其长期激励计划可提供的普通股数量不足以满足其在股份归属时交付股份的承诺。因此，公司将这些奖励作为负债奖励进行核算，并根据公司普通股的当前市场价格（对于同时具有服务条件和业绩条件的RSU和PSU）或通过使用蒙特卡洛模拟方法（对于同时具有服务条件和市场条件的PSU）在每个报告期末重新计量这些奖励的公允价值。

W&T OFFSHORE, INC.

合并中期财务报表附注（续）

奖励修改

2026年6月，公司的长期激励计划进行了修订，将可用于发行的股份从1000万股增加到2200万股。由于这一增加，公司将2025年授予的RSU和PSU从负债奖励重新分类为权益奖励。此次修改导致在修改日期TSR PSUs的重新计量价格为每股7.44美元，其余PSU和RSU的重新计量价格为每股4.01美元。修改日期的负债余额1100万美元被重新分类为额外实收资本。

第8号注释 — 所得税

公司根据估计的年度有效税率对中期期间的所得税进行记录。估计的年度有效税率每季度重新计算，可能会因预计年度营业利润的变化、对净递延税资产的可变现性准备金的正负变化以及实际或预计的永久性账面税差异的变化而波动。

公司截至2026年9月30日的三个月和九个月的有效税率分别为（3.8）%和（8.1）%。这些有效税率与联邦法定税率不同，主要是由于无税务利益的亏损、不可扣除的薪酬以及公司可变现性准备金的调整影响。公司截至2025年9月30日的三个月和九个月的有效税率没有意义，因为公司在该季度对净递延税资产计提了可变现性准备金。

在每个报告日期，公司会考虑所有可用的正面和负面证据，以评估其递延税资产是否很可能实现。在2025年，由于负面证据超过了支持其递延税资产可实现性的正面证据，公司认为可实现的递延税资产金额减少。公司能够通过未来现有应税暂时差异逆转产生的收入来支持部分递延税资产的可实现性，并对剩余未支持的递延税资产计提了可变现性准备金。截至2026年9月30日和2025年12月31日，公司分别有1.038亿美元和1.003亿美元的可变现性准备金。

第9号注释 — 每股净损失

下表列示了每股基本和稀释净损失的计算（以千为单位，每股金额除外）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026	2025
净损失	$	(13,649)		$	(71,474)	$	(23,618)	$	(122,935)

加权平均流通普通股数（基本和稀释）		151,847			148,589		150,121		148,015

每股净亏损（基本和稀释）	$	(0.09)		$	(0.48)	$	(0.16)	$	(0.83)

因具有反稀释性而被排除的股份 ⁽¹⁾		22,000			14,005		22,000		14,005

(1)	包括RSU和PSU，如果其影响被包括在内，则具有反稀释性。

W&T OFFSHORE, INC.

简明合并财务报表附注（续）

注释 10 — MONZA 投资

Monza 被视为一个可变利益实体。由于公司不被视为 Monza 的主要受益人，公司并未完全合并 Monza，而是根据其持股比例合并 Monza 的运营。

下表列示了公司根据简明合并资产负债表中与合并 Monza 的比例权益相关的金额（以千为单位）：


	9月30日		12月31日
	2026		2025
营运资金	$	2,240		$	502
石油和天然气财产及其他，净额		21,913			24,289
其他资产		15,994			13,947
资产弃置义务		936			840
其他负债		56			56

下表列示了公司根据简明合并损益表中与合并 Monza 的比例权益相关的金额 (i 以千为单位）：


	截至9月30日的九个月
	2026		2025
总收入	$	9,320		$	8,566
总运营费用		5,394			6,496
其他收入，净额		142			141

根据要求，公司可能会要求 Monza 提前提供现金以资助其部分项目的资本支出。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，未使用的预付款分别为 210 万美元和 240 万美元，分别包含在简明合并资产负债表的 来自联营伙伴的预付款 中。

在截至 2026 年 9 月 30 日的九个月内，Monza 支付了 1360 万美元的现金股息，其中 280 万美元支付给了公司。

注释 11 — 分部信息

公司将其业务报告为一个报告分部，该分部从事美国海湾地区离岸石油、NGL 和天然气的收购、开发和生产。该分部通过销售生产的石油、NGL 和天然气获得收入。

首席运营决策者（“CODM”）用来评估绩效和分配资源的利润或亏损衡量标准是合并净亏损。CODM 使用合并净亏损来决定是否将利润重新投资于运营分部或其他活动，例如用于收购或通过股息和/或股票回购向股东返还资本。

由于公司披露了一个报告分部，公司运营分部的总运营净收入在其简明合并损益表中报告，分部资产在其简明合并资产负债表中报告。

CODM 定期收到简明合并损益表正面所列的合并费用，因此这些费用被视为重要费用。

W&T OFFSHORE, INC.

简明合并财务报表附注（续）

注释 12 — 其他补充信息

简明合并资产负债表详细信息

预付费用和其他流动资产包括以下内容（以千为单位）：


	2026年9月30日		2026年12月31日
	2026		2025
衍生品	$	1,607		$	318
保险/债券保费		6,407			5,630
与版税相关的预付定金		7,649			6,382
预付给供应商的款项		2,541			1,636
其他		273			577
预付费用和其他流动资产	$	18,477		$	14,543

应计负债包括以下内容（以千为单位）：


	2026年9月30日		2026年12月31日
	2026		2025
应计利息	$	6,418		$	15,768
应计薪资/工资税/福利		10,720			12,513
或有P&A负债		17,534			8,717
衍生品		15,310			—
经营租赁负债		1,283			1,765
应缴所得税		358			202
其他		863			844
总应计负债	$	52,486		$	39,809

现金流量表信息（简要合并）

补充现金流量表信息包括以下内容（以千为单位）：


	截至2026年9月30日的九个月
	2026		2025
非现金投资和融资活动：
对油气资产的投资拨备		3,280		5,942
以新租赁负债交换获得的使用权资产		—		1,491
ARO - 净额增加和修订		19,574		16,987
与法律清偿相关的政府证券转移给受托人		—		5,348
11.75%票据的法律清偿		—		5,170
未实现股权奖励已宣告但未支付股息的拨备变化		197		201

注释13 — 后续事件

2026年10月1日，公司签署了信贷协议的第二修正案（“修正案”），该修正案修改了信贷协议（经修订后的“修订后信贷协议”）。根据修正案，公司的循环信贷额度转换为基于储备的循环信贷额度（“RBL额度”），到期日为2028年7月28日或所述到期日之前六个月的日期

W&T OFFSHORE, INC.

简要合并财务报表附注（续）

的 10.75%票据，最大信用额度为 $100.0百万，初始选定承诺金额为 $50.0百万。

修订后信贷协议的关键亮点如下：

●

RBL额度受借款基数限制，初始设定为 $50.0百万，等于选定的承诺总额，并将在每年5月1日或11月1日左右进行重新确定，从2026年11月1日开始。借款额度受限于借款基数、选定的承诺总额和最大信用额度中的最低者，且在发生某些额外债务以及某些资产处置和对冲平仓时，借款基数会自动减少.

●

修订后信贷协议消除了 75%的超额现金流冲销，每三个月偿还所有未偿还循环贷款的要求以及 $100.0百万的最低PDP PV-10资产覆盖担保条款。

●

公司对某些限制性支付的年度上限从 $10.0百万提高到 $15.0百万。

利率利差、期限SOFR下限、期限、抵押品或公司的财务契约没有变化，包括最高净杠杆比率2.50比1.00和最低流动比率1.00比1.00。

项目 2. 管理层讨论与分析财务状况和经营成果的经营成果

管理层讨论与分析财务状况和经营成果（“MD&A”）应与本季度报告第I部分第 1 项中的未审合并财务报表及相关附注一起阅读。 财务报表，以及我们经审计的合并财务报表及其中的附注，以及在2025年年度报告第II部分第7项中的相关MD&A，管理层讨论与分析财务状况和经营成果，在我们的2025年年度报告中。除非另有说明或上下文另有要求，本季度报告中对“我们”、“我们”和“我们的”指W&T Offshore, Inc.及其全资子公司。

注意：关于前瞻性声明的警示

本季度报告中的信息包含根据1933年证券法（经修订）第 27A 条和1934年证券交易法（经修订）第 21E 条定义的“前瞻性声明”。本季度报告中除历史事实陈述外，关于我们的战略、未来运营、财务状况、预计收入和损失、预计成本、前景、计划和管理目标的陈述均为前瞻性声明。这些前瞻性声明基于我们根据自身经验及对历史趋势、当前状况、预期未来发展和其他我们认为在当前情况下适当的因素的观察和分析所做出的某些假设和分析。尽管我们认为这些前瞻性声明基于合理的假设，但它们受到若干风险和不确定性的影响，并且是在我们目前可获得的信息基础上做出的。如果这些风险或不确定性成为现实，或假设不正确，我们的结果可能与这些前瞻性声明和假设所表达或暗示的结果有重大差异。在本季度报告中，使用“可能”、“相信”、“预期”、“打算”、“估计”、“预期”、“预测”、“展望”、“可能”、“目标”、“计划”和类似表达旨在识别前瞻性声明，尽管并非所有前瞻性声明都包含此类标识词。请读者不要过度依赖前瞻性声明，这些声明仅反映本声明的日期。

本季度报告中包含的资料包含可能对我们的预期运营结果、流动性、现金流和业务前景产生重大影响的风险和不确定性的前瞻性声明。此类声明具体包括我们对未来财务状况、流动性、现金流、运营结果和业务策略的预期，潜在的收购机会，运营的其他计划和目标，维持生产水平所需的资本，预期的生产及运营成本，储量，对冲活动，资本支出，资本回报，回收率的提高以及其他指引。实际结果可能与预期结果存在差异，有时可能差异较大，已报告的结果不应被视为未来表现的指标。对于任何包含对前瞻性声明所依据的假设或基础的声明，我们提醒您，尽管我们认为这些假设或基础是合理的，并且是出于善意做出的，但假设的事实或基础几乎总是与实际结果存在差异，有时可能差异较大。已知可能影响我们财务状况和运营结果的重大风险在我们的2025年度报告第I部分第1A项风险因素，以及第II部分第7A项关于市场风险的定量和定性披露中进行了讨论，也可能在随后向证券交易委员会提交的报告中被讨论或更新。

储量工程是一种估算无法以精确方式测量的地下原油、液化石油气和天然气储量的过程。任何储量估算的准确性取决于可用数据的质量、对这些数据的解释，以及油藏工程师所做的价格和成本假设。此外，钻探、测试和生产活动的结果，或商品价格的变化，可能证明需要对以前的估算进行修订。如果修订重大，将改变任何进一步的生产及开发钻井计划。因此，储量估算可能与最终采收的原油、液化石油气和天然气的数量存在显著差异。

本季度报告中包含的所有前瞻性声明，无论明示或暗示，均受本警示声明的全面限定。在考虑我们或代表我们行事的人可能发布的任何后续书面或口头前瞻性声明时，也应考虑本警示声明。

业务概览

我们是一家独立的石油和天然气生产商，在美洲海湾地区从事石油和天然气资产的勘探、开发和收购。截至2026年9月30日，我们在联邦和州水域拥有48个近海油田的作业权益（其中41个位于联邦水域，7个位于州水域）。我们目前租赁的总面积约为588,500英亩（净面积455,800英亩），覆盖路易斯安那州、德克萨斯州、密西西比州和亚拉巴马州海岸外的大陆架，其中约5,600英亩位于亚拉巴马州州水域，446,700英亩位于常规大陆架，约136,200英亩位于深水区。我们大部分日常产量来自我们运营的油井。

最新进展

2026年10月1日，我们签订了修订后的信贷协议，根据该协议，我们的循环信贷额度转换为基于储量的循环信贷额度，总最大信贷金额为1亿美元，初始选定的承诺金额为5,000万美元。有关修订后的信贷协议的更多信息，请参见第一部分，第1项。财务报表 – 注释13 – 后续事件。

2026年10月29日，我们宣布为2026年第四季度支付每股0.01美元的普通股定期季度股息。我们预计将于2026年11月19日向2026年11月12日收盘时的股东支付股息。

业务展望

我们的财务状况、现金流和经营成果在很大程度上受到我们石油、凝析油和天然气产量以及销售价格的影响。我们获得的生产价格的变化会影响我们业务的各个方面；最明显的是我们的经营现金流、收入、资本分配和预算决策以及我们的储量。石油、凝析油和天然气的价格历来波动较大，并且由于我们无法控制的多种因素，如市场供需变化，这些因素受天气状况、管道容量限制、库存储存水平、国内生产活动和政治问题以及国际地缘政治和经济事件的影响，价格可能在短时间内大幅波动。

在2026年10月发布的《短期能源展望》中，能源信息管理局（“EIA”）假设通过霍尔木兹海峡的车队以及绕过中东石油出口的替代方案（包括绕行路线和增加船舶间转运）将导致该地区在预测期内的产量和出口总体增加。尽管中东的产量和流量增加，EIA预计2026年第四季度布伦特原油现货价格将平均为每桶97.00美元，然后在2027年降至每桶80.00美元的平均水平。沙特阿拉伯东西向输油管道遭到袭击凸显了在全球石油库存持续减少的背景下，石油实物流动和油价可能持续波动。柴油市场极度紧张进一步推高了油价，因为炼油厂需要更多的石油来满足柴油需求。

美国能源信息署预计，2027年天然气现货价格亨利枢纽均价将为每百万英热单位3.16美元，较2026年下降9%。降幅反映了由于产量增加抵消了液化天然气出口的上升，天然气库存持续高于平均水平。

我们原油和天然气的平均实现销售价格与西德克萨斯中质原油（WTI）平均价格和纽约商品交易所（NYMEX）亨利枢纽平均价格不同，主要是由于溢价或折扣、质量调整、地点调整和数量加权（统称为价差）。原油价格价差主要代表将井口生产的原油运送到炼油厂的运输成本，并基于管道、铁路和其他运输的可用性。天然气价格价差受到当地市场基本面、生产区运输能力的可用性以及季节性影响的强烈影响。液化石油气（NGL）的价格和价差与这些液体产品的供需有关。其中一些通常更与油价相关，而另一些则同时受到天然气价格以及某些用作原料的化工产品需求的影响。

运营结果

截至2026年9月30日的三个月与截至2025年9月30日的三个月比较

收入

我们的收入来自于我们原油和天然气生产的销售，以及液化石油气（NGL）的销售。我们的原油、NGL和天然气收入不包括衍生品的影响，这些影响在我们的合并运营损益表中以衍生品损失（收益），净额进行报告。

下表提供了我们收入、生产量和平均实现销售价格（除非另有说明，否则不包括对冲的影响）以及所列期间和相应变化的信息（以千为单位，平均实现销售价格数据除外）：


		截至2026年9月30日的三个月
		2026		2025			变化
收入：
原油		$	111,773		$	84,131		$	27,642
液化石油气（NGL）			9,121			4,000			5,121
天然气			41,204			37,400			3,804
其他			4,982			1,984			2,998
总收入			167,080			127,515			39,565

生产量：
原油（千桶） ⁽¹⁾			1,314			1,302			12
液化石油气（NGL）（千桶）			482			280			202
天然气（百万立方英尺） ⁽²⁾			10,305			10,159			146
总原油当量（千桶油当量） ⁽³⁾			3,514			3,275			239

平均每日当量销售量（桶油当量/天） ⁽⁴⁾			38,196			35,598			2,598

平均实现销售价格：
原油（美元/桶） ⁽⁵⁾		$	85.06		$	64.62		$	20.44
液化石油气（NGL）（美元/桶）			18.92			14.29			4.63
天然气（美元/千立方英尺） ⁽⁶⁾			4.00			3.68			0.32
原油当量（美元/桶油当量）			46.13			38.33			7.80
原油当量（美元/桶油当量），包括已实现的商品衍生品			43.32			41.29			2.03

(1)	千桶 —千桶原油、凝析油或液化石油气

(2)	百万立方英尺 —百万立方英尺

(3)	千桶油当量 —千桶油当量

(4)	Boe — barrels of oil equivalent

(5)	Bbl — barrels of oil, condensate or NGLs

(6)	Mcf — thousand cubic feet

Table of Contents

Changes in average sales prices and production volumes caused the following changes to our oil, NGL and natural gas revenues between the three months ended September 30, 2026 and 2025 (in thousands):


	Price		Volume		Total
Oil	$	26,863		$	779	$	27,642
NGLs		2,223			2,898		5,121
Natural gas		3,269			535		3,804
	$	32,355		$	4,212	$	36,567

Production volumes increased by 239 Mboe to 3,514 MBoe during the three months ended September 30, 2026 compared to the same period in 2025 primarily due to recompletion of a well at our Garden Banks 783 field.

Operating Expenses

The following table presents information regarding costs and expenses and selected average costs and expenses per Boe sold for the periods presented and corresponding changes (in thousands, except average data):


		Three Months Ended September 30,
		2026		2025			Change
Operating expenses:
Lease operating expenses		$	76,671		$	76,215		$	456
Gathering, transportation and production taxes			9,376			5,818			3,558
Depreciation, depletion and amortization			28,266			28,580			(314)
Asset retirement obligations accretion			8,606			8,002			604
General and administrative expenses			31,685			21,510			10,175
Other operating expenses			655			—			655
Total operating expenses		$	155,259		$	140,125		$	15,134

Average per Boe ($/Boe):
Lease operating expenses		$	21.82		$	23.27		$	(1.45)
Gathering, transportation and production taxes			2.67			1.78			0.89
Depreciation, depletion and amortization			8.04			8.73			(0.69)
Asset retirement obligations accretion			2.45			2.44			0.01
General and administrative expenses			9.02			6.57			2.45
Other operating expenses			0.19			—			0.19
Total operating expenses		$	44.19		$	42.79		$	1.40

Lease operating expenses – Lease operating expenses (“LOE”) include the expense of operating and maintaining our wells, platforms and other infrastructure primarily in the Gulf of America. These operating costs are comprised of several components including direct or base lease operating expenses, insurance premiums, workover costs and facility maintenance expenses. LOE, which depend in part on the type of commodity produced, the level of workover activity and the geographical location of the properties, increased $0.5 million during the three months ended September 30, 2026 compared to the same period in 2025. On a per Boe basis, LOE decreased to $21.82 per Boe during the three months ended September 30, 2026 compared to $23.27 per Boe during the three months ended September 30, 2025. On a component basis, base LOE decreased $3.2 million, workover expenses increased $1.1 million and facilities maintenance expense increased $2.6 million.

Expenses for direct labor, materials, supplies, repair, third-party costs and insurance comprise the most significant portion of our base LOE. These costs decreased primarily due to lower costs overall, reflecting the success of our cost reduction efforts that began in the fourth quarter of 2025 and continued into the three months ended September 30, 2026.

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Workover and facilities maintenance expenses consist of costs associated with major remedial operations on completed wells to restore, maintain or improve the well’s production. Since these remedial operations are not regularly scheduled, workover and maintenance expenses are not necessarily comparable from period to period. The increases in workover expenses and facilities maintenance expenses were due to the timing and mix of projects undertaken.

Gathering, transportation and production taxes – Gathering and transportation consist of costs incurred in the post-production shipping of oil, NGLs, and natural gas to the point of sale. Production taxes consist of severance taxes levied by the Alabama Department of Revenue, the Louisiana Department of Revenue and the Texas Department of Revenue on production of oil and natural gas from land or water bottoms within the boundaries of each state. Gathering, transportation and production taxes increased $3.6 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to the impact of the new NGL processing contract at Mobile Bay and higher production volumes in the three months ended September 30, 2026.

Depreciation, depletion and amortization – Depreciation, depletion and amortization expense (“DD&A”) is the expensing of the capitalized costs incurred to acquire, explore and develop oil and natural gas reserves. We use the full cost method of accounting for oil and natural gas activities. DD&A decreased $0.3 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025 primarily due to a decrease of $2.1 million from a lower depletion rate per thousand cubic feet equivalent (“Mcfe”) offset by an increase of $2.0 million from the increase in production. The DD&A rate decreased to $8.04 per Boe for the three months ended September 30, 2026 from $8.73 per Boe for the three months ended September 30, 2025. The DD&A rate per Boe decreased primarily as a result of decreases in future development costs and increased proved reserves.

General and administrative expenses – General and administrative (“G&A”) expenses generally consist of costs incurred for overhead, including payroll and benefits for our corporate staff, costs of maintaining our headquarters, costs of managing our production operations, bad debt expense, share-based compensation costs, audit and other fees for professional services and legal compliance. G&A expenses increased $10.2 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to increases of $6.9 million in share-based compensation costs and $2.9 million in legal and professional fees.

Other Income and Expense Items

The following table presents the components of other income and expense items for the periods presented and corresponding changes (in thousands):


		Three Months Ended September 30,
		2026		2025			Change
Interest expense, net		$	8,956		$	8,998		$	(42)
Derivative loss (gain), net			15,800			(4,108)			19,908
Other expense (income), net			216			(2,017)			2,233
Income tax expense			498			55,991			(55,493)

Derivative loss (gain), net – During the three months ended September 30, 2026, we recorded a $15.8 million derivative loss for our oil derivative contracts consisting of $9.9 million of realized losses and $5.9 million of unrealized loss from the decrease in the fair value of our open contracts. During the three months ended September 30, 2025, we recorded a $4.1 million derivative gain for our natural gas derivative contracts consisting of $9.7 million of realized gains offset by $5.6 million of unrealized loss from the decrease in the fair value of our open contracts.

Income tax expense – Our effective tax rate for the three months ended September 30, 2026 was (3.8)% and differed from the federal statutory rate primarily due to the impact of losses with no tax benefit, nondeductible compensation and adjustments to the valuation allowance. Our effective tax rate for the three months ended September 30, 2025 was not meaningful and differed from the federal statutory rate primarily due to the recording of a valuation allowance against our net deferred tax assets.

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Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

Revenues

The following table presents information regarding our revenues, production volumes and average realized sales prices (which exclude the effect of hedging unless otherwise stated) for the periods presented and corresponding changes (in thousands, except average realized sales prices data):


	Nine Months Ended September 30,
	2026		2025			Change
Revenues:
Oil	$	322,330		$	251,861		$	70,469
NGLs		22,069			13,487			8,582
Natural gas		123,184			107,311			15,873
Other		12,135			7,090			5,045
Total revenues	$	479,718		$	379,749		$	99,969

Production Volumes:
Oil (MBbls)		3,823			3,791			32
NGLs (MBbls)		1,236			725			511
Natural gas (MMcf)		29,217			27,328			1,889
Total oil equivalent (MBoe)		9,930			9,071			859

Average daily equivalent sales (Boe/day)		36,374			33,227			3,147

Average realized sales prices:
Oil ($/Bbl)	$	84.31		$	66.44		$	17.87
NGLs ($/Bbl)		17.86			18.60			(0.74)
Natural gas ($/Mcf)		4.22			3.93			0.29
Oil equivalent ($/Boe)		47.09			41.08			6.01
Oil equivalent ($/Boe), including realized commodity derivatives		44.44			42.80			1.64

Changes in average sales prices and production volumes caused the following changes to our oil, NGL and natural gas revenues between the nine months ended September 30, 2026 and 2025 (in thousands):


	Price		Volume		Total
Oil	$	68,283		$	2,186	$	70,469
NGLs		(934)			9,516		8,582
Natural gas		8,457			7,416		15,873
	$	75,806		$	19,118	$	94,924

Production volumes increased by 859 MBoe to 9,930 MBoe during the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to recompletion of a well at our Garden Banks 783 field, restoring production at our West Delta 73 and Eugene Island 64 fields and increased production from our Mobile Bay fields due to reduced downtime.

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Operating Expenses


		Nine Months Ended September 30,
		2026		2025			Change
Operating expenses:
Lease operating expenses		$	214,348		$	224,151		$	(9,803)
Gathering, transportation and production taxes			24,595			16,976			7,619
Depreciation, depletion and amortization			81,109			87,917			(6,808)
Asset retirement obligations accretion			25,899			25,075			824
General and administrative expenses			84,026			59,337			24,689
Other operating expenses			655			—			655
Total operating expenses		$	430,632		$	413,456		$	17,176

Average per Boe ($/Boe):
Lease operating expenses		$	21.59		$	24.71		$	(3.12)
Gathering, transportation and production taxes			2.48			1.87			0.61
Depreciation, depletion and amortization			8.17			9.69			(1.52)
Asset retirement obligations accretion			2.61			2.76			(0.15)
General and administrative expenses			8.46			6.54			1.92
Other operating expenses			0.07			—			0.07
Total operating expenses		$	43.38		$	45.57		$	(2.19)

Lease operating expenses – LOE decreased $9.8 million during the nine months ended September 30, 2026 compared to the same period in 2025. On a per Boe basis, LOE decreased to $21.59 per Boe during the nine months ended September 30, 2026 compared to $24.71 per Boe during the nine months ended September 30, 2025. On a component basis, base LOE decreased $11.0 million, workover expenses decreased $0.6 million and facilities maintenance expense increased $1.8 million.

Workover and facilities maintenance expenses consist of costs associated with major remedial operations on completed wells to restore, maintain or improve the well’s production. Since these remedial operations are not regularly scheduled, workover and maintenance expenses are not necessarily comparable from period to period. The decrease in workover expenses and the increase in facilities maintenance expenses were due to the timing and mix of projects undertaken.

Gathering, transportation and production taxes – Gathering, transportation and production taxes increased $7.6 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to the impact of the new NGL processing contract at Mobile Bay and higher production volumes in the nine months ended September 30, 2026.

Depreciation, depletion and amortization – DD&A decreased $6.8 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025 primarily due to a decrease of $14.5 million from a lower depletion rate per Mcfe offset by an increase of $8.1 million from the increase in production. The DD&A rate decreased to $8.17 per Boe for the nine months ended September 30, 2026 from $9.69 per Boe for the nine months ended September 30, 2025. The DD&A rate per Boe decreased primarily as a result of decreases in future development costs and increased proved reserves.

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General and administrative expenses – G&A expenses increased $24.7 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to an increase of $20.4 million in share-based compensation costs and $3.5 million in legal and professional fees.

Other Income and Expense Items

The following table presents the components of other income and expense items for the periods presented and corresponding changes (in thousands):


		Nine Months Ended September 30,
		2026		2025			Change
Interest expense, net		$	27,373		$	27,495		$	(122)
Loss on extinguishment of debt			—			15,015			(15,015)
Derivative loss (gain), net			42,230			(13,398)			55,628
Other expense, net			1,334			11,122			(9,788)
Income tax expense			1,767			48,994			(47,227)

Derivative loss (gain), net – During the nine months ended September 30, 2026, we recorded a $42.2 million derivative loss for our oil derivative contracts consisting of $26.2 million of realized losses and $16.0 million of unrealized loss from the decrease in the fair value of our open contracts. During the nine months ended September 30, 2025, we recorded a $13.4 million derivative gain for our natural gas derivative contracts consisting of $15.5 million of realized gains offset by $2.1 million of unrealized loss from the decrease in the fair value of our open contracts.

Other expense, net – Other expense, net decreased $9.8 million for the nine months ended September 30, 2026 compared to the same period in 2025 primarily related to an accrual of additional expenses in the nine months ended September 30, 2025 for new abandonment obligations related to our assumption of decommissioning obligations when certain counterparties in past divestiture transactions or third parties in existing leases have filed for bankruptcy protection or may not be able to perform required abandonment obligations.

Income tax expense – Our effective tax rate for the nine months ended September 30, 2026 was (8.1)% and differed from the federal statutory rate primarily due to the impact of losses with no tax benefit, nondeductible compensation and adjustments to the valuation allowance. Our effective tax rate for the nine months ended September 30, 2025 was not meaningful and differed from the federal statutory rate primarily due to the recording of a valuation allowance against our net deferred tax assets.

Liquidity and Capital Resources

Liquidity Overview

Our primary liquidity needs are to fund capital and operating expenditures and strategic acquisitions to allow us to replace our oil and natural gas reserves, repay and service outstanding borrowings, operate our properties and satisfy our ARO. We have funded such activities in the past with cash on hand, net cash provided by operating activities, sales of property, securities offerings and bank and other borrowings, and expect to continue to do so in the future.

We expect to support our business requirements primarily with cash on hand and cash generated from operations. As of September 30, 2026, we had $191.3 million of unrestricted cash on hand and $43.4 million available under our Credit Agreement, based on a borrowing base of $50.0 million and $6.6 million of letters of credit outstanding. We also have up to approximately $68.1 million of availability through our “at-the-market” equity offering program, pursuant to which we may offer and sell shares of our common stock from time to time. Based on our current financial condition and current expectations of future market conditions, we believe our cash on hand, cash flows from operating activities and access to the equity markets from our “at-the-market” equity offering program will provide us with additional liquidity to continue our growth and will allow us to meet our cash requirements for at least the next 12 months and beyond.

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We continuously review our liquidity and capital resources. If market conditions were to change, for instance due to uncertainty created by geopolitical events, a pandemic or a significant decline in oil and natural gas prices, and our revenue was reduced significantly or operating costs were to increase significantly, our cash flows and liquidity could be negatively impacted.

Cash Flow Information

The following table summarizes cash flows provided by (used in) by type of activity for the following periods (in thousands):


	Nine Months Ended September 30,
	2026		2025			Change
Operating activities	$	72,520		$	51,303		$	21,217
Investing activities		(27,148)			31,630			(58,778)
Financing activities		5,325			(67,141)			72,466

Operating Activities

Our largest source of operating cash is collecting cash from customers and joint interest partners from sales of our products. The primary use of operating cash is to pay our suppliers, employees and others for a wide range of goods and services.

Net cash provided by operating activities increased $21.2 million in the nine months ended September 30, 2026 compared to the corresponding period in 2025. This was primarily due to a favorable change of $62.9 million in net loss adjusted for certain noncash items offset by an unfavorable change of $41.7 million in operating cash flows from changes in operating assets and liabilities. The favorable change in net loss adjusted for certain noncash items was primarily related to increases of $100.0 million in revenues offset by an increase of $35.1 million in derivative settlements. The unfavorable change in operating assets and liabilities is primarily related to higher ARO settlements and unfavorable changes in accounts receivable, accounts payable and accrued liabilities and other.

Investing Activities

Our principal recurring investing activity is the funding of acquisitions and investments in oil and natural gas properties to support and generate revenues from operations. Cash flows (used in) provided by investing activities were $(27.1) million and $31.6 million during the nine months ended September 30, 2026 and 2025, respectively. Investments in oil and natural gas properties were $26.9 million and $38.9 million during the nine months ended September 30, 2026 and 2025, respectively. During the nine months ended September 30, 2025, we received $58.5 million in insurance proceeds and $11.9 million in proceeds from the sale of oil and natural gas properties. As we use the full cost method of accounting for our oil and natural gas properties, these proceeds were recorded in our full cost pool.

Financing Activities

Cash flows provided by (used in) financing activities were $5.3 million and $(67.1) million for the nine months ended September 30, 2026 and 2025, respectively. During the nine months ended September 30, 2026, we used $8.0 million in proceeds from our New TVPX Loan to repay the $8.0 million of balloon payment that was due at the maturity date of the TVPX Loan. In addition, we received $14.7 million in net proceeds from the sale of our common stock in connection with our “at-the-market” equity offering program. In connection with our debt refinancing in January 2025, we received $350.0 million in proceeds from the issuance of our 10.75% Notes and used these proceeds, along with cash on hand, to (i) purchase for cash, pursuant to a tender offer, $269.8 million of our 11.75% Senior Second Lien Notes due 2026 (the “11.75% Notes”); (ii) repay $114.2 million of amount outstanding under the credit agreement of certain of our indirect, wholly-owned subsidiaries; (iii) purchase $5.3 million of government securities to be used in the legal defeasance of the remaining principal of our 11.75% Notes not validly tendered and accepted for purchase in the tender offer; and (iv) pay $21.7 million in premiums, fees and debt issuance costs.

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Capital Expenditures

The level of our investment in oil and natural gas properties changes from time to time depending on numerous factors, including the prices of oil, NGLs and natural gas, acquisition opportunities, liquidity and financing options and the results of our exploration and development activities.

The following table presents our capital expenditures for exploration, development, acquisitions and other leasehold costs (in thousands):


		Nine Months Ended September 30,
		2026		2025
Exploration and development
Conventional shelf ⁽¹⁾		$	7,260		$	31,765
Deepwater			12,813			5,024
Acquisitions of interests			—			711
Seismic and other			616			4,656
Investments in oil and gas property/equipment – accrual basis		$	20,689		$	42,156

(1)	Includes exploration and development capital expenditures in Alabama state waters.

In our view of the outlook for the remainder of 2026, we believe our expected level of capital expenditure will leave us with sufficient liquidity to operate our business, while providing liquidity to make strategic acquisitions. At current pricing levels, we expect our cash flows to cover our liquidity requirements, and we expect additional financing sources to be available if needed. If our liquidity becomes stressed from significant or prolonged reductions in realized prices, we have flexibility in our capital expenditure budget to reduce investments. We strive to maintain flexibility in our capital expenditure projects and if commodity prices improve, we may increase our investments.

Acquisitions

We have grown by making strategic acquisitions of producing properties in the Gulf of America. We seek opportunities where we can exploit additional drilling projects and reduce costs.

Any future acquisitions are subject to the completion of satisfactory due diligence, the negotiation and resolution of significant legal issues, the negotiation, documentation and completion of mutually satisfactory definitive agreements among the parties, the consent of our lenders, our ability to finance the acquisition and approval of our board of directors. We cannot guarantee that any such potential transaction would be completed on acceptable terms, if at all.

Asset Retirement Obligations

We have obligations to plug and abandon wells, remove platforms, pipelines, facilities and equipment and restore the land or seabed at the end of oil and natural gas production operations. Through the nine months ended September 30, 2026, we have paid $26.5 million related to these obligations. Our ARO estimates as of September 30, 2026 and December 31, 2025 were $580.8 million and $561.9 million, respectively. As our ARO estimates are for work to be performed in the future, and in the case of our non-current ARO, extend from one to many years in the future, actual expenditures could be substantially different than our estimates. See Part I, Item 1A. Risk Factors, of our 2025 Annual Report for additional information.

Debt

As of September 30, 2026, we have $358.0 million in aggregate principal amount of long-term debt outstanding, with $1.0 million in aggregate principal coming due over the next twelve months.

For additional information about our long-term debt, see Part I, Item 1. Financial Statements – Note 4 – Debt of this Quarterly Report and Part II, Item 8. Financial Statements and Supplementary Data, in our 2025 Annual Report.

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Dividends

During the nine months ended September 30, 2026, we declared cash dividends of $4.9 million to holders of our common stock. The amount and frequency of future dividends is subject to the discretion of our board of directors and primarily depends on earnings, capital expenditures, debt covenants and various other factors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our major market risk exposure is the fluctuation of prices for oil, NGL and natural gas. These fluctuations have a direct impact on our revenues, earnings and cash flow. For example, assuming a 10% decline in our average realized oil, NGL and natural gas sales prices in the three and nine months ended September 30, 2026 and assuming no other items had changed, our revenue would have decreased by approximately $16.2 million and $46.8 million in the three and nine months ended September 30, 2026, respectively. This amount would be representative of the effect on operating cash flows under these price change assumptions.

We have attempted to mitigate commodity price risk and stabilize cash flows associated with our forecasted production through the use of swaps, purchased calls and purchased puts. Our derivatives will not mitigate all the commodity price risks of our forecasted production and, as a result, we will be subject to commodity price risks on our remaining forecasted production.

The following table summarizes the historical results of our derivatives:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2026		2025		2026	2025
Oil ($/Bbl):
Average realized sales price, before the effects of derivative settlements	$	85.06		$	64.62	$	84.31	$	66.44
Effects of realized commodity derivatives		(7.52)			—		(6.86)		—
Average realized sales price, including realized commodity derivatives	$	77.54		$	64.62	$	77.45	$	66.44

Natural Gas ($/Mcf)
Average realized sales price, before the effects of derivative settlements	$	4.00		$	3.68	$	4.22	$	3.93
Effects of realized commodity derivatives		—			0.95		—		0.57
Average realized sales price, including realized commodity derivatives	$	4.00		$	4.63	$	4.22	$	4.50

Our exposure to interest rate risk has not changed materially from the disclosures in Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, of our 2025 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES

We have established disclosure controls and procedures designed to ensure that material information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC and that any material information relating to us is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate to allow timely decisions regarding required disclosures. In designing and evaluating our disclosure controls and procedures, our management recognizes that controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving desired control objectives. In reaching a reasonable level of assurance, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

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As required by Exchange Act Rule 13a-15(b), our CEO and CFO performed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report. Based on that evaluation, our CEO and CFO have each concluded that as of September 30, 2026, our disclosure controls and procedures are effective to ensure that information we are required to disclose in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that our controls and procedures are designed to ensure that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

During the quarter ended September 30, 2026, there was no change in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Part I, Item 1. Financial Statements – Note 5 – Commitments and Contingencies of this Quarterly Report for information on various legal proceedings to which we are a party or our properties are subject.

ITEM 1A. RISK FACTORS

In addition to the information set forth in this Quarterly Report, investors should carefully consider the risk factors and other cautionary statements included under Part I, Item 1A. Risk Factors, in our 2025 Annual Report, together with all of the other information included in this Quarterly Report, and in our other public filings, which could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

Notwithstanding the matters discussed herein, there have been no material changes in our risk factors as previously disclosed in Part I, Item 1A. Risk Factors in our 2025 Annual Report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

During the three months ended September 30, 2026, none of our directors or “officers” (as such term is defined in Rule 16(a)-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading agreement” or “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) and (c) of Regulation S-K).

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ITEM 6. EXHIBITS


Exhibit Number		Description

3.1		Second Amended and Restated Articles of Incorporation of W&T Offshore, Inc. (Incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q, filed August 2, 2023)

3.2		Fourth Amended and Restated Bylaws of W&T Offshore, Inc. (Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed April 26, 2023)

10.1		First Amendment to the Amended and Restated Employment Agreement, dated as of August 5, 2026, by and between W&T Offshore, Inc. and Tracy W. Krohn (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed August 7, 2026)

10.2		Second Amendment to Credit Agreement, dated as of October 1, 2026, by and among W&T Offshore, Inc., the subsidiary guarantors party thereto, Texas Capital Bank, as administrative agent, and the lenders party thereto (Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed October 7, 2026)

31.1*		Section 302 Certification of Chief Executive Officer

31.2*		Section 302 Certification of Chief Financial Officer

32.1**		Section 906 Certification of Chief Executive Officer and Chief Financial Officer

101.INS*		Inline XBRL Instance Document

101.SCH*		Inline XBRL Schema Document

101.CAL*		Inline XBRL Calculation Linkbase Document

101.DEF*		Inline XBRL Definition Linkbase Document

101.LAB*		Inline XBRL Label Linkbase Document

101.PRE*		Inline XBRL Presentation Linkbase Document

104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	Filed herewith.

**	Furnished herewith.

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SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on October 29, 2026.


	W&T OFFSHORE, INC.

	By:	/s/ Sameer Parasnis
		Sameer Parasnis
		Executive Vice President and Chief Financial Officer

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