Offshore producer W&T Offshore reported strong cash flow growth and reduced leverage in the second quarter of 2026.
W&T Offshore reported second-quarter 2026 net income of $12.6 million, or $0.08 per share, with adjusted EBITDA exceeding $54 million. The result matched the first quarter, bringing the first-half total to nearly $110 million.
Free cash flow reached $31 million, a 50% increase from the prior quarter, lifting the first-half total to over $52 million. The company reduced net debt to $200 million and ended the quarter with $150 million in cash and $194 million in liquidity.
Production averaged 34,700 barrels of oil equivalent per day, up 3% year-over-year, without new drilling. Management expects leverage to fall below 1.0 times by year-end if margins hold.