W&T Offshore Inc. (WTI) Tuesday said it slipped to a loss in the first quarter on hefty impairment charges and lower revenues as a result of lower prices realized during the period from last year.
First quarter loss of W&T Offshore was $230.7 million or $3.04 per share, compared to profit of $79.8 million or $1.05 per share in the prior year period. Without the effect of the ceiling test impairment and the unrealized derivative gain, net loss for the first quarter would have been $41.2 million or $0.54 per share.
Results for the quarter reflect the impact of a $210.2 million ceiling test impairment and a $1.0 million unrealized derivative gain or $0.9 million after-tax. Excluding items, net loss would have been $41.2 million or $0.54 per share.
On average, fourteen analysts polled by Thomson Reuters expected a loss of $0.53 per share. Analysts' estimates typically exclude one-time items.
Revenues for the quarter plummeted to $117.42 million from $356.5 million in the year-earlier quarter, down from Street estimates of $121.87 million.
Operating loss was $244.51 million, compared to operating income of $127.49 million in the same quarter a year ago. Total costs and expenses surged to $361.93 million from $229.01 million in the prior-year quarter.
During the quarter, W&T Offshore sold 12.55 Bcf or billion cubic feet of natural gas at an average price of $5.08 per Mcf or thousand cubic feet in the first quarter of 2009. Oil and natural gas liquids sold during the quarter touched 1.48 MMBbls or million barrels at an average price of $36.29 per Bbl or barrel.
In the previous quarter, the company sold 17.7 Bcf of natural gas at an average price of $8.70 per Mcf and 2.2 MMBbls of oil and natural gas liquids at an average price of $92.52 per Bbl.
On a natural gas equivalent basis, the company sold 21.4 Bcfe at an average price of $5.48 per Mcfe in the first quarter of 2009, compared to 30.8 Bcfe sold at an average price of $11.57 per Mcfe in the first quarter of 2008.
WTI is currently trading at $9.97, down $0.86 or 7.94%, on a volume of 0.96 million shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.