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Extra Everything: The Story of Chipotle
Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
W&T Offshore
W&T Offshore (WTI) investor relations material
W&T Offshore Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary8 May, 2026
Executive summary
Q1 2026 delivered strong operational and financial results, with production at 36,200 BOE/d, flat sequentially and up 19% year-over-year despite adverse weather impacts.
Revenues rose to $150.0 million, up 23% sequentially and 16% year-over-year, driven by higher production and realized prices.
Net loss narrowed to $22.5 million from $30.6 million in the prior year quarter, with EPS at $(0.15); Adjusted Net Loss was $0.7 million, a significant improvement from Q4 2025.
Adjusted EBITDA reached $54.5 million, the highest since Q3 2023, and Free Cash Flow improved to $21.0 million.
Declared a regular quarterly dividend of $0.01 per share for Q1 and Q2 2026, marking the eleventh consecutive quarterly dividend.
Financial highlights
Lease operating expenses (LOE) fell to $66.1 million, 11% lower than Q4 2025 and below guidance midpoint, with LOE per Boe at $20.29.
Average realized price per BOE was $45.08, up 26% from Q4 2025; March oil price reached $88.61/bbl.
Net cash provided by operating activities was $2.6 million, up $5.7 million year-over-year.
Unrestricted cash and cash equivalents stood at $130.9 million; total debt was $351.2 million, net debt at $220.3 million, and liquidity at $174.8 million at quarter-end.
Capital expenditures were $7.2 million; asset retirement obligation settlements totaled $17.2 million.
Outlook and guidance
Full-year 2026 production and cost guidance reiterated, with capital expenditures expected at $19.5–$25 million, excluding acquisitions.
Q2 2026 production expected to decrease 5% to 34,300 BOE/d due to a planned facility turnaround, with normal operations resuming by mid-May.
Q2 LOE forecasted at $71–$79 million, up from Q1 due to turnaround and maintenance; transportation and production taxes expected at $7–$8 million, down from Q1.
Substantially all 2026 income taxes expected to be deferred.
Management expects current liquidity and cash flows to cover operational and capital needs for at least the next 12 months.
Explain Q2 LOE step-up drivers and timing
Rationale for $122.50 oil call option purchases
Impact of BOEM proposed financial assurance rule
Status of surety litigation and antitrust claims
Strategy for converting 2P reserves to PDP
Impact of Mobile Bay turnaround on Q2 LOE
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Latest events from W&T Offshore
- Virtual meeting to elect directors, approve pay, ratify auditors, and expand incentive shares.WTI
Proxy filing23 Apr 2026 - Proxy covers director elections, pay reforms, auditor ratification, and expanded equity incentives.WTIProxy filing23 Apr 2026
- Operational excellence and strategic acquisitions drive growth and resilience in the Gulf of America.WTIInvestor presentation20 Mar 2026
- 2025 saw higher production and cash, lower debt, and strong reserves, but net loss widened.WTIQ4 202517 Mar 2026
- Q2 2024 saw strong cash flow, higher reserves, and a net loss amid stable output and rising costs.WTIQ2 20242 Feb 2026
- Q3 net loss, but positive free cash flow and strong liquidity amid ongoing risks.WTIQ3 202415 Jan 2026
- Recent acquisitions, cost controls, and refinancing position the company for growth in 2025.WTIStatus Update27 Dec 2025
- Shelf registration allows $500M in offerings and major shareholder resale; proceeds fund growth.WTIRegistration Filing16 Dec 2025
- Shelf registration allows flexible issuance of multiple securities, backed by subsidiary guarantees.WTIRegistration Filing16 Dec 2025
Next W&T Offshore earnings date
Q2 20264 Aug, 2026
W&T Offshore
Next W&T Offshore earnings date
Q2 20264 Aug, 2026
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Amina0781App Store
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@theshortbearx.com
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