On its third quarter of 2026 earnings call, held on Oct. 30, 2026, W&T Offshore (NYSE:WTI) reported production of 38,200 barrels of oil equivalent (BOE) per day, exceeding the high end of its guidance by 4% without drilling new wells. The company continues to extract cash from mature Gulf of Mexico assets by funding cheap well repairs instead of expensive offshore drilling. That disciplined approach keeps debt low and builds cash for future property purchases. Three things management said stand out. W&T avoids the massive capital expenditures that sink traditional offshore drillers. Instead, the company spent just over $3 million on seven workover projects and one recompletion, yielding an additional 2,000 BOE per day. Cash on hand reached over $190 million while net debt fell 20% to $160 million, dropping leverage below 0.9 times trailing adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Rather than funding speculative development wells, management plans to deploy that cash into acquiring producing Gulf properties.
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