Every material Form 8-K W&T OFFSHORE INC has filed with the SEC since August 07, 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
W&T Offshore reported third quarter 2026 results, with revenue of $167.1 million, up 31% from a year earlier, and a net loss of $13.6 million, or $(0.09) per diluted share, compared with a net loss of $71.5 million a year earlier. Adjusted EBITDA rose 30% year over year to $51.1 million, but it fell 10% from the second quarter, and the company swung from second-quarter net income of $12.6 million to a loss. The company also declared a $0.01 per share dividend for the fourth quarter and converted its credit facility to a reserve-based structure with a potential commitment increase from $50 million to $100 million.
Third quarter revenue $167.1 million, up 31% year over year and 3% from the second quarter; net loss $13.6 million versus $71.5 million a year earlier
Adjusted EBITDA $51.1 million, up 30% year over year but down 10% from $56.6 million in the second quarter
Production averaged 38.2 thousand barrels of oil equivalent per day, up 7% year over year; fourth quarter dividend of $0.01 per share payable November 19, 2026
On October 1, 2026, the credit facility was converted to a reserve-based lending structure with a $50.0 million borrowing base and up to $100.0 million in maximum commitments; annual restricted payments capacity rose to $15.0 million
W&T Offshore signed a second amendment to its credit agreement on October 1, 2026, converting its revolving credit facility into a reserve-based facility with an initial $50.0 million borrowing base and elected commitments. The company says the amendment removes the cash sweep, quarterly clean-down and asset coverage covenant, and raises the annual restricted payments cap from $10.0 million to $15.0 million, with pricing and financial covenants unchanged.
Facility matures on the earlier of July 28, 2028 and six months before the Senior Second Lien Notes mature; aggregate maximum credit amount is $100.0 million
Initial borrowing base and elected commitment are $50.0 million; borrowing base redetermined semi-annually starting November 1, 2026
Annual restricted payments cap raised from $10.0 million to $15.0 million; net leverage covenant remains at most 2.50 to 1.00
Macquarie Bank exited the facility; Canadian Imperial Bank of Commerce joined with a $10.0 million commitment
W&T Offshore entered into a First Amendment to CEO Tracy Krohn's employment agreement on August 5, 2026. Under the amendment, his annual base salary will be no less than $1,000,000, subject to annual Board review, and it cannot be decreased; other material terms are unchanged.
Amendment dated August 5, 2026, to the employment agreement effective April 20, 2023
Annual base salary set at no less than $1,000,000 and cannot be decreased
Board reviews salary annually and may increase it; no other material terms changed
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