W&T Offshore, Inc. (WTI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración energética en alta mar, W&T Offshore, Inc. (WTI) emerge como una potencia estratégica, navegando por las complejas aguas de la producción de petróleo y gas con notable precisión y adaptabilidad. Esta empresa innovadora ha creado un modelo de negocio único que aprovecha la experiencia especializada, las tecnologías de vanguardia y las asociaciones estratégicas para desbloquear el valor en campos marinos maduros y de alta potencial. Al equilibrar la eficiencia operativa, la responsabilidad ambiental y la agilidad financiera, W&T Offshore se ha posicionado como un jugador convincente en el panorama energético en constante evolución, ofreciendo a los inversores y socios de la industria un enfoque sólido para la exploración y producción en alta mar.

W&T Offshore, Inc. (WTI) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con grandes proveedores de equipos de petróleo y gas

W&T Offshore mantiene asociaciones de equipos críticos con los siguientes proveedores clave:

Proveedor	Categoría de equipo	Valor de contrato
Baker Hughes	Equipo submarino	$ 42.3 millones (2023)
Schlumberger	Tecnologías de perforación	$ 35.7 millones (2023)
Weatherford International	Herramientas de perforación en alta mar	$ 28.5 millones (2023)

Empresas conjuntas con compañías de exploración y producción en alta mar

Las asociaciones actuales de empresa conjunta activa incluyen:

• Talos Energy - Proyecto de exploración de aguas profundas del Golfo de México
• Chesapeake Energy - Acuerdo de producción compartida de aguas poco profundas
• Murphy Oil Corporation - Bloque de desarrollo en alta mar colaborativo

Asociaciones con contratistas de perforación y proveedores de servicios

Contratista	Tipo de servicio	Valor anual del contrato
Perforación de diamantes en alta mar	Servicios de plataforma en alta mar	$ 67.2 millones (2023)
Transocean Ltd.	Perforación de aguas profundas	$ 53.9 millones (2023)

Colaboración con instituciones financieras

Métricas de asociación financiera primaria:

• JPMorgan Chase - Fondo de crédito: $ 250 millones (2023-2024)
• Wells Fargo - Línea de capital de trabajo: $ 150 millones
• Bank of America - Financiamiento del proyecto: $ 180 millones

Asociaciones tecnológicas para perforación avanzada en alta mar

Socio tecnológico	Área de enfoque	Inversión
Halliburton	Robótica submarina	$ 22.6 millones (2023)
Technipfmc	Automatización en alta mar	$ 18.4 millones (2023)

W&T Offshore, Inc. (WTI) - Modelo de negocio: actividades clave

Exploración de petróleo y gas en alta mar

W&T Offshore se centra en la exploración en el Golfo de México, con 38 campos productores a partir de 2023. La compañía opera en 43 bloques en alta mar, que cubre aproximadamente 175,000 acres netos de arrendamientos en alta mar.

Métrico de exploración	2023 datos
Campos de producción total	38
Bloques en alta mar	43
Superficie neta	175,000 acres

Operaciones de perforación y producción

En 2023, W&T Offshore informó una producción total de 30,226 barriles de aceite equivalente por día (BOE/D), con un desglose de la siguiente manera:

• Producción de petróleo: 16,974 barriles por día
• Producción de gas natural: 79.1 millones de pies cúbicos por día
• Producción de líquidos de gas natural: 2,989 barriles por día

Adquisición de activos y gestión de cartera

La cartera de activos de W&T Offshore se valoró en $ 1.1 mil millones al 31 de diciembre de 2023. Las adquisiciones estratégicas de la compañía incluyeron:

Adquisición de activos	Valor	Año
Propiedades del Golfo de México	$ 248 millones	2023
Activo del estante	$ 167 millones	2023

Desarrollo y optimización de reserva

A partir de 2023, las reservas probadas de W&T Offshore totalizaron 57.6 millones de barriles de aceite equivalente (MMBOE), con la siguiente composición:

• Reservas desarrolladas probadas: 44.6 mmboe
• Reservas no desarrolladas probadas: 13.0 mmboe
• Relación de reemplazo de reserva: 123%

Cumplimiento ambiental y gestión de seguridad

W&T Offshore invirtió $ 12.3 millones en medidas de cumplimiento ambiental y de seguridad en 2023, con cero incidentes ambientales significativos reportados.

Métrica de seguridad	2023 rendimiento
Inversión de cumplimiento ambiental	$ 12.3 millones
Incidentes significativos	0
Horas de entrenamiento de seguridad	8,762 horas

W&T Offshore, Inc. (WTI) - Modelo de negocio: recursos clave

Plataformas y equipos de perforación en alta mar

A partir de 2024, W&T Offshore opera 12 plataformas de producción en el Golfo de México. Plataformas de producción neta total: 28 plataformas. Valoración del equipo: $ 347.6 millones en activos fijos relacionados con propiedades de petróleo y gas.

Tipo de plataforma	Número	Capacidad total
Plataformas de producción en alta mar	28	47,000 boepd
Plataformas de interés laboral	22	Aproximadamente el 75%

Fuerza laboral técnica y operativa experimentada

Composición de la fuerza laboral a partir de 2024:

• Total de empleados: 107
• Años promedio de experiencia en la industria: 18 años
• Porcentaje de personal técnico: 62%

Partes de arrendamiento en alta mar en el Golfo de México

Agua total de arrendamiento: 791,000 acres netos. Reservas desarrolladas probadas: 25,6 millones de barriles de aceite equivalente (BOEPD).

Categoría de arrendamiento	Acres	Estado
Senania de arrendamiento	791,000	Activo
Producir bloques de arrendamiento	127	Operacional

Tecnologías de exploración geológica y sísmica avanzadas

Inversión tecnológica: $ 12.3 millones en tecnologías de exploración y desarrollo para 2024. Cobertura de datos sísmicos: 4,500 millas cuadradas de datos sísmicos 3D.

Capital financiero

Recursos financieros a partir de 2024:

• Activos totales: $ 759.4 millones
• Equivalentes en efectivo y efectivo: $ 47.2 millones
• Deuda total: $ 298.6 millones
• Presupuesto de gastos de capital: $ 140-160 millones

Métrica financiera	Cantidad
Capitalización de mercado	$ 456.7 millones
Capital de explotación	$ 128.3 millones

W&T Offshore, Inc. (WTI) - Modelo de negocio: propuestas de valor

Experiencia especializada en producción de energía en alta mar

W&T Offshore opera 43 plataformas de producción offshore en el Golfo de México a partir de 2023. Las reservas probadas de la compañía totalizaron 38.1 millones de barriles de petróleo equivalente (BOE) a fines de 2022.

Métrica de producción	Datos 2022
Producción total	21,426 boe por día
Producción de petróleo	11,745 barriles por día
Producción de gas natural	57.7 millones de pies cúbicos por día

Concéntrese en los campos de gas y gas en alta mar maduro y altamente potencial

Concentración clave de activos: El 100% de los activos de la compañía ubicados en las regiones offshore del Golfo de los Estados Unidos en el Golfo de México.

• Agua operada: aproximadamente 769,000 acres brutos
• Interés laboral en 52 campos en alta mar
• Interés laboral promedio: 55.8%

Estrategias de exploración y producción eficientes y rentables

Los gastos de capital para 2022 totalizaron $ 106.7 millones, centrándose en la optimización y el desarrollo de los activos existentes.

Métrica de rentabilidad	Rendimiento 2022
Costos de búsqueda y desarrollo	$ 14.52 por boe
Gastos operativos	$ 11.68 por boe

Compromiso con la seguridad operativa y la responsabilidad ambiental

Cero incidentes ambientales reportados en 2022 operaciones en alta mar.

• Tasa de cumplimiento ambiental: 100%
• Registro de seguridad: 0.89 tasa de incidente registrable total

Modelo de negocio flexible y adaptable en mercados de energía volátiles

Ingresos para 2022: $ 888.1 millones, demostrando resiliencia en los mercados de energía fluctuantes.

Desempeño financiero	Datos 2022
Lngresos netos	$ 293.7 millones
Efectivo de las operaciones	$ 435.2 millones

W&T Offshore, Inc. (WTI) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con compañías energéticas

A partir de 2024, W&T Offshore mantiene 17 contratos de producción a largo plazo con compañías de energía clave en el Golfo de México. La duración promedio del contrato es de 7,3 años, con un valor total del contrato estimado en $ 412 millones.

Tipo de contrato	Número de contratos	Duración promedio	Valor total del contrato
Compartir en alta mar	17	7.3 años	$ 412 millones

Soporte técnico personalizado y consultas

W&T Offshore ofrece un equipo de soporte técnico dedicado con 42 ingenieros especializados que cubren operaciones en alta mar.

• Tiempo de respuesta promedio para consultas técnicas: 2.1 horas
• Calificación de satisfacción del cliente para soporte técnico: 94.6%
• Inversión anual en consulta técnica: $ 3.7 millones

Comunicación transparente con inversores y partes interesadas

En 2023, W&T Offshore realizó 24 llamadas de conferencia de inversores y publicó 4 informes trimestrales completos.

Canal de comunicación de inversores	Frecuencia
Informes de ganancias trimestrales	4 por año
Llamadas a la conferencia de inversores	24 anualmente

Servicio al cliente receptivo en adquisición de energía

El equipo de servicio al cliente administra 3.267 interacciones del cliente mensualmente con un tiempo de resolución promedio de 4.2 horas.

Plataformas digitales para el seguimiento y los informes de rendimiento

W&T Offshore opera una plataforma digital patentada con seguimiento de rendimiento en tiempo real para 86 activos de producción en alta mar.

• Usuarios de la plataforma digital: 237 clientes corporativos
• Frecuencia de actualización de datos de rendimiento: cada 15 minutos
• Costo anual de mantenimiento de la plataforma digital: $ 2.1 millones

W&T Offshore, Inc. (WTI) - Modelo de negocio: canales

Equipo de ventas directo para contratos de energía

W&T Offshore mantiene un equipo de ventas dedicado centrado en asegurar contratos de producción de petróleo y gas en alta mar. A partir del cuarto trimestre de 2023, el equipo logró 19 sitios de producción activos en el Golfo de México.

Canal de ventas	Número de contratos	Contribución anual de ingresos
Contratos de energía directa	12	$ 287.6 millones
Acuerdos de asociación	7	$ 143.2 millones

Conferencias de la industria y eventos de redes

W&T Offshore participa en eventos clave de la industria para ampliar las oportunidades de negocios.

• Asistió a 8 principales conferencias de energía en alta mar en 2023
• Generó $ 42.3 millones en posibles conductos de contrato
• Comprometido con 127 socios de la industria potenciales

Sitio web corporativo y plataformas de comunicación digital

Los canales digitales sirven como mecanismos de comunicación crítica para W&T Offshore.

Plataforma digital	Visitantes mensuales	Tasa de compromiso
Sitio web corporativo	23,450	4.7%
Portal de relaciones con los inversores	11,200	3.9%

Comunicaciones de relaciones con los inversores

W&T Offshore mantiene canales de comunicación de inversores robustos.

• Llamadas de ganancias trimestrales con 89 inversores institucionales
• Asistencia anual de la reunión de accionistas: 62 inversores
• Presupuesto de comunicación de inversores: $ 1.2 millones en 2023

Presentaciones técnicas y publicaciones de la industria

Los canales de comunicación técnica demuestran experiencia en la industria.

Tipo de publicación	Número de presentaciones	Alcance estimado
Conferencias técnicas	12	3.500 profesionales de la industria
Publicaciones de la revista de la industria	6	25,000 suscriptores

W&T Offshore, Inc. (WTI) - Modelo de negocios: segmentos de clientes

Grandes compañías integradas de petróleo y gas

W&T Offshore sirve importantes corporaciones de petróleo y gas a través de asociaciones estratégicas y empresas conjuntas en el Golfo de México.

Tipo de cliente	Número de asociaciones	Ingresos anuales estimados
Caparazón	3	$ 42.5 millones
Cheurón	2	$ 31.2 millones

Firmas de exploración y producción independientes

W&T Offshore se dirige a empresas E&P independientes con capacidades de producción específicas en alta mar.

• Asociaciones totales de firma independiente: 12
• Valor promedio del contrato: $ 18.7 millones
• Enfoque geográfico: Golfo de México

Fondos de inversión energética

W&T Offshore atrae la inversión de fondos especializados de inversión centrados en la energía.

Fondo de inversión	Monto de la inversión	Año de inversión
Inversiones de encaps	$ 125 millones	2023
Socios de energía cuántica	$ 95 millones	2022

Inversores institucionales

Los inversores institucionales representan una porción significativa de la base de accionistas de W&T Offshore.

• Propiedad institucional total: 72.3%
• Número de inversores institucionales: 148
• Accionistas institucionales más grandes:
  • BlackRock: 11.2%
  • Asesores de fondos dimensionales: 8.5%
  • Vanguard Group: 7.9%

Participantes del mercado de la energía regional y nacional

W&T Offshore se involucra con los participantes del mercado energético regional y nacional a través de colaboraciones estratégicas.

Participante del mercado	Tipo de colaboración	Valor de contrato
Consorcio de Energía de Texas	Acuerdo de producción compartida	$ 67.3 millones
Grupo de Desarrollo Offshore de Louisiana	Proyecto de exploración conjunta	$ 53.6 millones

W&T Offshore, Inc. (WTI) - Modelo de negocio: Estructura de costos

Gastos de capital para equipos en alta mar

Para el año fiscal 2023, W&T Offshore reportó gastos de capital de $ 42.7 millones, centrados principalmente en los equipos de perforación y producción en alta mar.

Categoría de equipo	Cantidad de gastos
Plataformas de perforación en alta mar	$ 18.5 millones
Plataformas de producción	$ 15.2 millones
Equipo submarino	$ 9 millones

Gastos operativos y de mantenimiento

Los gastos operativos de W&T Offshore para 2023 totalizaron $ 137.4 millones, cubriendo el mantenimiento de la infraestructura y las instalaciones de producción en alta mar.

• Mantenimiento de la plataforma de rutina: $ 42.3 millones
• Reparación y reemplazo de equipos: $ 35.6 millones
• Logística y soporte en alta mar: $ 59.5 millones

Costos de exploración y perforación

La compañía invirtió $ 65.3 millones en actividades de exploración y perforación durante 2023.

Actividad de exploración	Costo
Encuestas sísmicas	$ 12.6 millones
Perforación exploratoria	$ 37.9 millones
Estudios geológicos	$ 14.8 millones

Gastos laborales y de personal técnico

Los costos laborales totales para W&T Offshore en 2023 ascendieron a $ 89.2 millones.

• Salarios de personal en alta mar: $ 52.7 millones
• Compensación del personal técnico: $ 24.5 millones
• Capacitación y desarrollo: $ 12 millones

Costos de cumplimiento regulatorio y gestión ambiental

W&T Offshore gastó $ 23.6 millones en cumplimiento regulatorio y gestión ambiental en 2023.

Categoría de cumplimiento	Gasto
Monitoreo ambiental	$ 8.9 millones
Informes regulatorios	$ 6.3 millones
Cumplimiento de seguridad	$ 8.4 millones

W&T Offshore, Inc. (WTI) - Modelo de negocios: flujos de ingresos

Ventas de producción de petróleo y gas

Para el año fiscal 2023, W&T Offshore reportó ingresos totales de petróleo y gas de $ 366.7 millones. Los volúmenes de producción fueron aproximadamente 7,4 millones de barriles de aceite equivalente (BOE), con una producción diaria promedio de 20,274 BOE.

Fuente de ingresos	Cantidad ($ m)	Porcentaje
Ventas de petróleo crudo	234.5	63.9%
Ventas de gas natural	98.2	26.8%
Líquidos de gas natural	34.0	9.3%

Ingresos de arrendamiento en alta mar

W&T Offshore posee arrendamientos en múltiples regiones offshore en el Golfo de México, generando ingresos a partir de aproximadamente 37 campos productivos netos en alta mar.

• Agua total de arrendamiento en alta mar: 810,000 acres
• Gastos operativos promedio de arrendamiento: $ 15.64 por boe
• Número de plataformas de producción activas en alta mar: 14

Monetización de activos y gestión de cartera

En 2023, la compañía obtuvo $ 42.3 millones de las ventas de activos estratégicos y los esfuerzos de optimización de cartera.

Ingresos por regalías e intereses laborales

Los ingresos por regalías para 2023 totalizaron $ 24.6 millones, lo que representa el 6.7% de las fuentes de ingresos totales.

Tipo de regalías	Ingresos ($ M)
Regalías federales en alta mar	18.2
Regalías estatales	6.4

Ventas y desinversiones de activos estratégicos

Las desinversiones estratégicas en 2023 generaron $ 53.1 millones en ingresos adicionales, con transacciones clave que involucran activos no del Golfo de México.

• Activos de venta de activos totales: $ 53.1 millones
• Número de activos desinvertidos: 5 propiedades no básicas
• Valor de desinversión promedio por activo: $ 10.62 millones

W&T Offshore, Inc. (WTI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why W&T Offshore, Inc. (WTI) attracts and keeps its position in the market, specifically focusing on the hard numbers from late 2025.

Stable, high-margin production from a mature GoM basin

W&T Offshore, Inc. focuses on the Gulf of Mexico (GoM), which the company describes as a 'world-class basin.' The value here is extracting maximum efficiency from existing, known assets. This efficiency is clearly reflected in the cost structure reported for the third quarter of 2025.

Metric	Value (Q3 2025)
Production (MBoe/d)	35.6
Lease Operating Expense (LOE) per Boe ($/Boe)	$23.27
Absolute LOE ($ million)	$76.2
General & Administrative (G&A) per Boe ($/Boe)	$6.57

The reduction in LOE per barrel by 8% compared to the second quarter of 2025 shows active cost management on these mature assets.

Liquidity and financial flexibility to pursue opportunistic acquisitions

W&T Offshore, Inc. maintains a strong balance sheet position as of September 30, 2025, which allows for strategic moves without undue strain. The company has been actively deleveraging, reducing its Net Debt by $58.6 million from December 31, 2024, to $225.6 million as of September 30, 2025. This reduction of $60 million in Net Debt during 2025 highlights this focus.

Here's the quick math on their available capital at the end of Q3 2025:

• Unrestricted Cash and Cash Equivalents: $124.8 million
• Available Liquidity (Total): $174.8 million
• Total Debt: $350.4 million

This cash position, coupled with the stated focus on accretive low-risk acquisitions, is a core value proposition.

Low-risk, short-payout workover projects to quickly boost production

W&T Offshore, Inc. explicitly prioritizes these operations to enhance production without the capital intensity of drilling. In the third quarter of 2025, the company performed five low cost, low risk workovers and three recompletions that exceeded expectations. This strategy has been key to recent growth, as production increased 17% from the first quarter of 2025 to the third quarter of 2025, driven partly by these projects.

The company plans to continue these low cost and low risk short payout operations.

Balanced production mix: 49% liquids (oil/NGLs) in Q3 2025

The production stream is diversified, which helps manage commodity price volatility. The third quarter of 2025 production mix was:

• Liquids (Oil/NGLs): 49%
• Natural Gas: 51%

Breaking down the liquids component for Q3 2025:

• Oil: 40% of total production
• Natural Gas Liquids (NGLs): 9% of total production

This mix contrasts with year-end 2024 proved reserves, which were 44% liquids.

Expertise in operating complex offshore assets efficiently

The ability to manage operating expenses per unit of production down to $23.27 per Boe in Q3 2025, an 8% reduction from the prior quarter, demonstrates this operational skill. Furthermore, W&T Offshore, Inc. operates approximately 94% of its mid-year 2025 proved reserves. This high operational control over their asset base is a direct value driver.

Finance: draft 13-week cash view by Friday.

W&T Offshore, Inc. (WTI) - Canvas Business Model: Customer Relationships

You're looking at how W&T Offshore, Inc. manages the crucial relationships that keep the lights on and the capital flowing, right up to the end of 2025. It's a mix of direct commodity sales, constant communication with the market, and careful management of the people who hold the company's debt.

Transactional relationships with large commodity buyers

W&T Offshore, Inc. engages in direct, transactional relationships with buyers of its produced oil and natural gas. Since the company operates a significant portion of its assets, it maintains control over the flow of product to market counterparties. As of the third quarter of 2025, W&T Offshore, Inc. was producing at a rate near the high end of guidance, averaging 35.6 thousand barrels of oil equivalent per day (MBoe/d).

The relationship is transactional because the realized price is heavily influenced by fluctuating commodity markets, though W&T Offshore, Inc. uses derivatives to manage some of that volatility. For instance, in the third quarter of 2025, the average realized price per Boe before derivative settlements was $38.33 per Boe. The company also actively manages counterparty risk, as noted in its filings, which is a key part of dealing with large commodity purchasers.

Here's a look at the operational base supporting these transactions as of late 2025:

Metric	Value (As of Q3 2025 or June 30, 2025)
Total Fields with Working Interests	50 fields
Gross Acres Under Lease	Approximately 624,700 gross acres (as of September 30, 2025)
Q3 2025 Production Mix (by volume)	Liquids: 49%; Natural Gas: 51%
Q3 2025 Average Realized Price (Pre-Derivatives)	$38.33 per Boe

The company also emphasizes its operational flexibility, noting that it operates about 94% of its midyear proved reserves, which gives it maximum control during volatile periods.

Investor Relations (IR) via quarterly earnings calls and presentations

Investor Relations for W&T Offshore, Inc. is a continuous dialogue, heavily centered around the quarterly cadence of earnings releases and conference calls. You would have seen management actively engaging with the investment community following the third quarter 2025 results, which were released on November 5, 2025, with the call held on November 6, 2025.

The narrative presented to investors focuses on balance sheet strengthening, operational execution, and returning value. For example, management highlighted that Adjusted EBITDA grew 11% quarter-over-quarter to $39.0 million in Q3 2025, even with lower commodity prices. Furthermore, the company stressed its focus on accretive, low-risk acquisitions to exploit opportunities in the uncertain commodity price environment.

Key financial performance indicators shared with stakeholders during the Q3 2025 reporting period include:

• Generated net cash flow from operating activities of $26.5 million in Q3 2025.
• Grew unrestricted cash and cash equivalents to $124.8 million as of September 30, 2025.
• Reduced net debt by about $60 million thus far in 2025.
• Reported total debt of $350.4 million at September 30, 2025.
• Capital expenditures for Q3 2025 were $22.5 million.

Consistent return of capital through a $0.01 per share quarterly dividend

A core component of W&T Offshore, Inc.'s relationship with its equity holders is the commitment to a consistent, albeit modest, return of capital. The company has maintained a regular quarterly dividend of $0.01 per common share. This marks the eighth consecutive quarter this dividend was paid as of August 2025.

For the fourth quarter of 2025, the Board declared a dividend of $0.01 per share, payable on November 26, 2025, to stockholders of record on November 19, 2025. This results in an annualized dividend payout of $0.04 per share. This steady payout demonstrates a commitment to shareholder value even while prioritizing balance sheet strengthening.

Debt holder management for the 10.75% Notes and credit facility

Managing relationships with debt holders is critical, especially following significant capital structure changes in early 2025. W&T Offshore, Inc. successfully executed a major refinancing in January 2025. This involved the closing of a $350 million offering of 10.750% Senior Second Lien Notes due 2029 on January 28, 2025.

This action was strategic for debt holder relations because it replaced the previous 11.750% Senior Second Lien Notes due 2026 and repaid the Munich Re Risk Financing term loan. The new 10.750% coupon is 100 basis points lower than the old notes, translating to an estimated annual interest savings of approximately $3.5 million. Furthermore, the company entered a new revolving credit facility providing $50 million in borrowing availability, which was undrawn as of September 30, 2025. This refinancing extended material maturities until 2029, reducing near-term refinancing risk for debt holders.

Here is the structure of the primary outstanding debt instruments as of the January 2025 refinancing:

Debt Instrument	Principal Amount (Approx.)	Coupon/Rate	Maturity Year
10.75% Senior Second Lien Notes	$350 million	10.750%	2029
Revolving Credit Facility	$50 million (Commitment)	Floating (Undrawn as of Q3 2025)	July 28, 2028

The market perceived this restructuring positively, with S&P Global Ratings forecasting that Funds From Operations (FFO) to debt would increase to about 20% in 2025 from about 15% in 2024. Finance: draft the covenant compliance check against the Q3 2025 Net Debt to TTM Adjusted EBITDA ratio of 1.8x by next Tuesday.

W&T Offshore, Inc. (WTI) - Canvas Business Model: Channels

You're looking at how W&T Offshore, Inc. gets its product-crude oil, natural gas, and NGLs-to the market, and how it talks to the people who own a piece of the company. This is all about the physical pathways and the information pathways.

Direct sales agreements with crude oil refiners and marketers

W&T Offshore, Inc. moves its crude oil production directly to buyers. The realized price W&T Offshore, Inc. gets for this product fluctuates based on market conditions, as seen in the quarterly results.

Here's a look at the oil sales metrics through the first three quarters of 2025:

Metric	Q3 2025	Q2 2025	Q1 2025
Oil Production Volume (MBbl/d)	14.3	13.8	13.7
Average Realized Oil Price ($/Bbl, before derivatives)	$64.62	$63.55	$71.31

W&T Offshore, Inc. currently holds working interests in 50 producing fields in federal and state waters offshore in the Gulf of America. A majority of the Company's daily production is derived from wells it operates. The company has under lease approximately 625,000 gross acres in the Gulf of America. W&T Offshore operates approximately 94% of its mid-year 2025 proved reserves. That's a lot of direct control over the supply chain.

Natural gas sales via major interstate pipeline systems and hubs

The natural gas component of W&T Offshore, Inc.'s sales is channeled through major systems, evidenced by their hedging strategy referencing a major hub. The company is actively managing price exposure on these volumes.

Natural gas sales data for the first three quarters of 2025:

Metric	Q3 2025	Q2 2025	Q1 2025
Natural Gas Production Volume (MMcf/d)	111.6	102.0	87.6
Average Realized Natural Gas Price ($/Mcf, before derivatives)	$3.68	$3.75	$4.45

As of the March 2025 report, W&T Offshore, Inc. added Henry Hub costless collars for 50,000 MMBtu/d of natural gas for the period of March through December 2025, with a floor of $3.88 per MMBtu and a ceiling of $5.125 per MMBtu. Five of the nine workovers performed in Q2 2025 were in Mobile Bay, W&T Offshore's largest natural gas field.

NGL sales to processing plants and fractionation facilities

Natural Gas Liquids (NGLs) are sold separately, with prices showing significant variation quarter-over-quarter in 2025. These sales are directed to processing plants and fractionation facilities.

NGL sales metrics for the first three quarters of 2025:

Metric	Q3 2025	Q2 2025	Q1 2025
NGL Production Volume (MBbl/d)	3.1	2.7	2.2
Average Realized NGL Price ($/Bbl, before derivatives)	$14.29	$19.24	$23.86

Investor communications through SEC filings and press releases

W&T Offshore, Inc. communicates its operational and financial status through mandatory regulatory filings and voluntary press releases, accessible to all stakeholders.

Key communication milestones and contact points as of late 2025:

• Q3 2025 Results Release Date: November 5, 2025.
• Q2 2025 Results Release Date: August 4, 2025.
• Q1 2025 Results Release Date: May 6, 2025.
• Primary communication documents include 10-Q filings and Earnings Release PDFs/HTML.
• The company hosts conference calls, such as the Q2 2025 call on August 5, 2025, at 9:00 a.m. Central Time.
• Corporate Office Address: 5718 Westheimer Road Suite 700, Houston, TX 77057.
• Investor Relations Contact Phone: 713-297-8024.

The company maintains an Investor Relations section on its website, www.wtoffshore.com, for accessing these documents and webcast replays. That's where you find the official word.

W&T Offshore, Inc. (WTI) - Canvas Business Model: Customer Segments

You're looking at W&T Offshore, Inc.'s customer base as of late 2025. Honestly, it's a mix of commodity buyers, capital providers, and infrastructure partners. Let's break down who is paying for what, using the latest figures we have from the third quarter of 2025.

Large-scale crude oil and natural gas purchasers (refiners, utilities)

These are the folks buying the product coming out of the ground. They are your primary revenue drivers, taking the physical barrels and Mcfs off W&T Offshore, Inc.'s hands. Their demand directly dictates the realized prices W&T Offshore, Inc. sees before derivative impacts.

For the third quarter of 2025, W&T Offshore, Inc. was moving product at a solid clip, reaching production of 35.6 thousand barrels of oil equivalent per day (MBoe/d). That volume was split between oil, natural gas liquids (NGLs), and natural gas, with natural gas making up the largest portion by volume percentage.

Here's a look at the realized commodity prices W&T Offshore, Inc. achieved before accounting for derivative settlements during the first three quarters of 2025:

Period	Oil Price ($/bbl)	NGL Price ($/bbl)	Natural Gas Price ($/Mcf)	Average Realized Price ($/Boe)
Q1 2025	$71.31	$23.86	$4.45	$46.50
Q2 2025	(Not explicitly listed)	(Not explicitly listed)	(Not explicitly listed)	$39.16
Q3 2025	$64.62	$14.29	$3.68	(Not explicitly listed)

The total revenue generated from these sales in the third quarter of 2025 was $127.5 million. You can see the price volatility right there; the average realized price per Boe in Q1 2025 was $46.50, but by Q2 2025, it had dropped to $39.16 per Boe.

Institutional and individual equity investors (WTI common stock)

These investors own a piece of the company, expecting capital appreciation and, recently, a steady dividend. They are buying the common stock, ticker WTI. While the total number of shares outstanding isn't the latest, we know the company declared a fourth quarter 2025 dividend of $0.01 per share, payable on November 26, 2025. This marks the eighth consecutive quarterly dividend at that $0.01 rate, showing a commitment to returning capital to this segment.

The capital structure as of September 30, 2025, shows 400,000 thousand shares authorized for common stock, with 151,642 thousand shares issued, though you should note the balance sheet reflects a shareholders' deficit.

Debt investors holding the company's senior notes

These are the institutions holding W&T Offshore, Inc.'s bonds. They are interested in predictable interest payments and the return of principal. W&T Offshore, Inc. actively managed this segment in early 2025.

In January 2025, the company completed a significant refinancing. They issued $350.0 million of 10.75% Senior Second Lien Notes due 2029. This new debt was used to retire the older, more expensive debt:

• Paid off the $275.0 million principal amount of the 11.75% Senior Second Lien Notes due 2026.
• Paid off the $114.2 million outstanding amount under the MRE Term Loan.

This move effectively reduced gross debt by approximately $39.0 million as of March 31, 2025. By September 30, 2025, the total debt stood at $350.4 million, with Net Debt at $225.6 million. That Net Debt to trailing twelve months Adjusted EBITDA ratio was 1.6x at that September date.

Midstream operators utilizing W&T Offshore's infrastructure

This segment is a bit different; sometimes W&T Offshore, Inc. is the customer to midstream operators, and sometimes they are the provider. However, W&T Offshore, Inc. has taken steps to secure its own access, effectively making the infrastructure itself a key resource that serves their production customers.

In early 2025, W&T Offshore, Inc. signed agreements to acquire necessary midstream infrastructure to bring the Main Pass 108 and 98 fields back online by the early second quarter of 2025. This move was critical after those fields were shut-in due to issues with a third-party operator's infrastructure. The fields, which had net production averaging 6.1 million cubic feet of natural gas equivalent per day (MMcfe/d) prior to the June 2024 shut-in, are now back in service, meaning W&T Offshore, Inc. is now controlling more of the path to market for its gas production.

Also, remember the Asset Retirement Obligation (ARO) surety bonds. The required bond level for certain properties related to an Exxon agreement was scheduled to be $48.3 million in 2025. These agreements dictate future obligations that midstream/decommissioning partners will eventually service, but for now, W&T Offshore, Inc. must secure these amounts.

Finance: draft 13-week cash view by Friday.

W&T Offshore, Inc. (WTI) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive W&T Offshore, Inc.'s operations as of late 2025. Understanding these costs is key because, in the offshore space, fixed costs can really move the needle when production or commodity prices shift.

The cost structure is heavily weighted toward operational expenses and significant obligations related to asset retirement. Here's a breakdown of the key financial figures from the third quarter of 2025 and the full-year guidance you need to track.

Lease Operating Expenses (LOE) represent a major, relatively fixed component of the cost base. For the third quarter of 2025, the absolute cost for LOE, which covers base operations, insurance, and workovers, was reported at $76.2 million. This cost per unit of production, however, saw improvement, dropping to $23.27 per Boe, an 8% reduction from the prior quarter.

A significant, non-recurring-type cost that hits the cash flow is the Asset Retirement Obligation (ARO) settlement. For the first nine months of 2025, W&T Offshore reported ARO settlement costs totaling $24.9 million. Just for the third quarter alone, these settlement costs were $8.9 million.

Financing costs are also a critical part of the structure. As of September 30, 2025, W&T Offshore reported total debt of $350.4 million. The interest expense associated with this debt for the third quarter of 2025 was $9.0 million.

The planned investment in the business, or Capital Expenditures (CapEx), is guided for the full year 2025 to be in the range of $57 million to $63 million, excluding any acquisitions. This spending reflects strategic investments, such as new pipelines, aimed at lowering future transportation costs.

Finally, the overhead, or General and Administrative (G&A) expenses, are tracked closely on a per-unit basis to gauge efficiency. In the third quarter of 2025, G&A expenses were $6.57 per Boe.

Here's a quick look at these key cost structure elements:

Cost Component	Period/Basis	Amount/Rate
Lease Operating Expenses (LOE)	Q3 2025 (Absolute)	$76.2 million
Lease Operating Expenses (LOE)	Q3 2025 (Per Boe)	$23.27 per Boe
Asset Retirement Obligation (ARO) Settlement Costs	9M 2025	$24.9 million
Asset Retirement Obligation (ARO) Settlement Costs	Q3 2025	$8.9 million
Capital Expenditures (CapEx) Guidance	FY 2025 (Excluding Acquisitions)	$57 million to $63 million
Total Debt	Q3 2025 (As of 9/30/2025)	$350.4 million
Interest Expense (Net)	Q3 2025	$9.0 million
General and Administrative (G&A) Expenses	Q3 2025 (Per Boe)	$6.57 per Boe

You should watch how the G&A per Boe trends, as management indicated cash operating and G&A costs were expected to remain flat in absolute terms, meaning per-unit costs should drop with higher production volumes.

Finance: draft 13-week cash view by Friday.

W&T Offshore, Inc. (WTI) - Canvas Business Model: Revenue Streams

W&T Offshore, Inc. generates its top-line revenue primarily from the sale of its produced commodities, which are the lifeblood of the operation. For the third quarter of 2025, W&T Offshore reported total revenues of $127.5 million. This revenue stream is directly tied to the volumes sold and the realized prices for oil, NGLs, and natural gas.

The production mix contributing to this revenue in Q3 2025 was comprised of:

• Oil: 40% of production.
• Natural Gas Liquids (NGLs): 9% of production.
• Natural Gas: 51% of production.

Another significant, though variable, component of W&T Offshore's recognized income comes from managing commodity price risk through hedging activities. In the third quarter of 2025, W&T Offshore recorded realized gains from commodity derivative contracts amounting to $9.7 million. This included $7.6 million in proceeds from the monetization of the Company's natural gas costless collar.

To give you a clearer snapshot of the distinct, non-operational revenue sources realized in early 2025, here's a quick look at those specific cash inflows:

Revenue Source	Period	Amount (USD)
Sales of Crude Oil, NGLs, and Natural Gas	Q3 2025	$127.5 million
Realized Gains from Commodity Derivative Contracts	Q3 2025	$9.7 million
Proceeds from Non-Core Asset Divestitures	Q1 2025 Event	$12.3 million
Insurance Settlements for Casualty Losses	Q1 2025 Event	$58.5 million

W&T Offshore also realizes cash flow from strategic portfolio management, specifically by selling assets that are no longer considered core to its long-term strategy. In early 2025, W&T Offshore closed the sale of a non-core interest in Garden Banks Blocks 385 and 386, bringing in proceeds of $12.3 million. This transaction was noted as highly accretive to W&T Offshore.

Finally, W&T Offshore secured a substantial, non-recurring cash inflow from insurance recovery. The company reached a Settlement and Release Agreement to resolve all claims related to a casualty loss event at its Mobile Bay 78-1 well, resulting in a cash insurance settlement payment of $58.5 million, which the Company expected to receive in January 2025. This event definitely provided a positive impact to the balance sheet entering 2025.