W&T Offshore, Inc. (WTI) Balance Sheet
WTI balance sheet, 2025
December 31, 2025 · U.S. dollars$955.8M assets = $1.16B liabilities + −$199.8M equity
Liabilities exceed assets: shareholders’ equity is negative (−$199.8M).
Both columns are drawn to the same scale: what WTI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WTI financial health
Descriptive bands, not a rating. Fiscal 2025.
WTI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $829.7M2016 | $955.8M2025 | +1.6%/yr | |
| Total liabilities | $1.49B2016 | $1.16B2025 | −2.8%/yr | |
| Shareholders’ equity | −$659.0M2016 | −$199.8M2025 | — | |
| Cash & short-term investments | $70.2M2016 | $140.6M2025 | +8.0%/yr | |
| Total debt | $1.02B2016 | $350.8M2025 | −11.2%/yr | |
| Net cash (debt) | −$950.5M2016 | −$210.2M2025 | +$740.3M | |
| Working capital | −$11.3M2016 | $5.0M2025 | +$16.3M | |
| Book value per share | −$6.892016 | −$1.352025 | — | |
| Current ratio | 0.942016 | 1.022025 | +0.08 | |
| Debt / equity | 92.432022 | 12.922023 | −79.51 | |
| Shares outstanding | 95.6M2016 | 148.2M2025 | +5.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WTI assets
WTI liabilities and equity
WTI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WTI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $140.6M | $109.0M | $173.3M | $461.4M | $245.8M | $43.7M | $32.4M | $33.3M | $99.1M | $70.2M |
| Cash & equivalents | $140.6M | $109.0M | $173.3M | $461.4M | $245.8M | $43.7M | $32.4M | $33.3M | $99.1M | $70.2M |
| Short-term investments | — | — | −$20.6M | — | — | — | — | — | $0 | $0 |
| Receivables | $84.6M | $89.4M | $69.8M | $80.1M | $64.7M | $49.7M | $78.6M | $116.5M | $78.2M | $107.0M |
| Inventory | $0 | $8.5M | −$11.7M | $4.4M | $4.4M | $1 | $0 | $1 | $1 | $0 |
| Other current assets | $14.0M | $11.5M | $33.6M | $24.3M | $43.4M | $13.8M | $30.7M | $76.4M | $13.4M | $14.5M |
| Total current assets | $239.3M | $218.5M | $265.0M | $570.3M | $358.3M | $107.2M | $141.8M | $226.2M | $190.7M | $191.7M |
| Property, plant & equipment (net) | $662.1M | $787.8M | $759.6M | $745.6M | $675.9M | $686.9M | $748.8M | $515.4M | $579.0M | $547.1M |
| Goodwill & intangible assets | $0 | $0 | $69.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $13.9M | $15.3M | $13.9M | $11.8M | $5.0M | $4.5M | $7.9M | $5.9M | $52.1M | $52.1M |
| Other non-current assets | $40.5M | $77.4M | $5.8M | $104.2M | $154.1M | $142.0M | $105.3M | $101.4M | $85.8M | $38.8M |
| Total assets | $955.8M | $1.10B | $1.11B | $1.43B | $1.19B | $940.6M | $1.00B | $848.9M | $907.6M | $829.7M |
| Liabilities | ||||||||||
| Accounts payable | $98.4M | $83.6M | $78.9M | $65.2M | $67.4M | $41.3M | $102.3M | $82.1M | $79.7M | $81.0M |
| Short-term debt | $8.5M | $28.8M | $30.8M | $583.9M | $44.1M | $394,000 | $2.7M | $0 | $22.9M | $8.3M |
| Deferred revenue | $59.1M | — | −$99,000 | $57.3M | $36.2M | $19.2M | $29.4M | $29.0M | $20.1M | $26.3M |
| Total current liabilities | $234.3M | $246.1M | $216.9M | $792.3M | $324.4M | $115.0M | $190.0M | $186.3M | $168.3M | $203.0M |
| Long-term debt | $342.4M | $365.9M | $361.2M | $111.2M | $687.9M | $625.3M | $719.5M | $633.5M | $969.1M | $1.01B |
| Lease obligations | $12.8M | $1.5M | $12.3M | $12.2M | $12.3M | $11.8M | $7.1M | — | — | — |
| Other long-term liabilities | $578.9M | $539.5M | $504.7M | $520.6M | $428.1M | $408.6M | $343.6M | $353.8M | $343.7M | $273.3M |
| Total liabilities | $1.16B | $1.15B | $1.08B | $1.42B | $1.44B | $1.15B | $1.25B | $1.17B | $1.48B | $1.49B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$780.3M | −$623.8M | −$530.7M | −$544.8M | −$775.9M | −$734.5M | −$772.2M | −$846.3M | −$1.10B | −$1.17B |
| Treasury stock | — | — | — | — | −$24.2M | −$24.2M | −$24.2M | −$24.2M | −$24.2M | −$24.2M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | −$7.67B | −$7.54B | −$7.41B |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | −$199.8M | −$52.6M | $31.2M | $7.6M | −$247.2M | −$208.3M | −$249.4M | −$324.8M | −$573.5M | −$659.0M |
| Key figures | ||||||||||
| Total debt | $350.8M | $394.7M | $402.9M | $705.6M | $743.2M | $625.7M | $722.2M | $633.5M | $992.1M | $1.02B |
| Net cash (debt) | −$210.2M | −$285.7M | −$229.5M | −$244.2M | −$497.4M | −$582.0M | −$689.8M | −$600.2M | −$893.0M | −$950.5M |
| Working capital | $5.0M | −$27.6M | $48.1M | −$222.1M | $33.9M | −$7.8M | −$48.2M | $39.9M | $22.4M | −$11.3M |
| Tangible book value | −$199.8M | −$52.6M | −$38.6M | $7.6M | −$247.2M | −$208.3M | −$249.4M | −$324.8M | −$573.5M | −$659.0M |
| Book value per share | −$1.35 | −$0.36 | $0.21 | $0.05 | −$1.74 | −$1.47 | −$1.77 | −$2.34 | −$4.17 | −$6.89 |
| Shares outstanding | 148.2M | 147.1M | 148.3M | 145.1M | 142.3M | 141.6M | 140.6M | 139.0M | 137.6M | 95.6M |
| Current ratio | 1.02 | 0.89 | 1.22 | 0.72 | 1.10 | 0.93 | 0.75 | 1.21 | 1.13 | 0.94 |
| Quick ratio | 0.96 | 0.81 | 1.12 | 0.68 | 0.96 | 0.81 | 0.58 | 0.80 | 1.05 | 0.87 |
| Debt / equity | — | — | 12.92 | 92.43 | — | — | — | — | — | — |
| Equity / assets | −20.9% | −4.8% | 2.8% | 0.5% | −20.7% | −22.1% | −24.8% | −38.3% | −63.2% | −79.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $150.7M | $130.9M | $140.6M | $124.8M | $120.7M | $105.9M | $109.0M | $126.5M | $123.4M | $94.8M | $173.3M | $149.0M |
| Cash & equivalents | $150.7M | $130.9M | $140.6M | $124.8M | $120.7M | $105.9M | $109.0M | $126.5M | $123.4M | $94.8M | $173.3M | $149.0M |
| Receivables | $92.7M | $100.0M | $84.6M | $85.4M | $89.8M | $91.9M | $89.4M | $72.3M | $94.2M | $87.1M | $69.8M | $64.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $8.5M | $0 | $0 | $1 | $15.1M | $4.4M |
| Other current assets | $19.4M | $18.4M | $14.0M | $19.1M | $27.4M | $24.1M | $11.5M | $27.5M | $30.3M | $25.8M | $6.8M | $30.5M |
| Total current assets | $262.8M | $249.4M | $239.3M | $229.3M | $237.9M | $221.9M | $218.5M | $226.4M | $247.9M | $207.7M | $265.0M | $248.7M |
| Property, plant & equipment (net) | $641.7M | $655.1M | $662.1M | $678.7M | $674.6M | $691.8M | $787.8M | $798.7M | $802.4M | $825.6M | $759.6M | $782.1M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $69.8M | $0 |
| Long-term investments | $0 | $0 | $13.9M | $0 | $0 | $0 | $15.3M | $0 | $0 | $0 | $13.9M | $13.7M |
| Other non-current assets | $55.0M | $54.7M | $40.5M | $52.7M | $111.3M | $111.2M | $77.4M | $102.2M | $98.2M | $93.1M | $5.8M | $80.8M |
| Total assets | $959.5M | $959.2M | $955.8M | $960.6M | $1.02B | $1.02B | $1.10B | $1.13B | $1.15B | $1.13B | $1.11B | $1.13B |
| Liabilities | ||||||||||||
| Accounts payable | $88.8M | $90.6M | $98.4M | $89.4M | $87.2M | $78.0M | $83.6M | $86.9M | $89.1M | $76.0M | $78.9M | $80.4M |
| Short-term debt | $10.0M | $10.1M | $8.5M | $10.3M | $2.3M | $2.3M | $28.8M | $22.5M | $16.4M | $8.5M | $30.8M | $30.9M |
| Deferred revenue | — | — | $59.1M | $54.6M | $53.5M | — | — | — | $63.1M | $52.8M | $99,000 | $275,000 |
| Total current liabilities | $224.4M | $250.6M | $234.3M | $208.5M | $200.6M | $187.9M | $246.1M | $231.6M | $234.4M | $192.0M | $216.9M | $215.7M |
| Long-term debt | $343.4M | $342.9M | $342.4M | $341.8M | $349.5M | $349.5M | $365.9M | $371.6M | $377.0M | $384.2M | $361.2M | $367.1M |
| Lease obligations | $1.8M | $1.8M | $12.8M | $1.7M | $1.7M | $1.7M | $1.5M | $1.5M | $1.5M | $1.5M | $12.3M | $12.6M |
| Other long-term liabilities | $587.9M | $587.4M | $578.9M | $582.8M | $576.5M | $570.3M | $539.5M | $555.6M | $532.2M | $529.5M | $504.7M | $512.6M |
| Total liabilities | $1.16B | $1.18B | $1.16B | $1.13B | $1.13B | $1.11B | $1.15B | $1.16B | $1.14B | $1.11B | $1.08B | $1.10B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $1,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$793.5M | −$804.5M | −$780.3M | −$751.5M | −$678.5M | −$655.9M | −$623.8M | −$598.9M | −$560.5M | −$543.6M | −$530.7M | −$528.7M |
| Accumulated other comprehensive income | — | — | — | $0 | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | −$196.2M | −$221.8M | −$199.8M | −$172.5M | −$102.7M | −$82.8M | −$52.6M | −$31.5M | $5.0M | $20.8M | $31.2M | $30.0M |
| Key figures | ||||||||||||
| Total debt | $353.4M | $353.0M | $350.8M | $352.2M | $351.8M | $351.7M | $394.7M | $394.1M | $393.4M | $392.7M | $402.9M | $409.7M |
| Net cash (debt) | −$202.7M | −$222.1M | −$210.2M | −$227.4M | −$231.1M | −$245.8M | −$285.7M | −$267.5M | −$270.0M | −$297.9M | −$229.5M | −$260.7M |
| Working capital | $38.4M | −$1.3M | $5.0M | $20.8M | $37.4M | $34.0M | −$27.6M | −$5.1M | $13.5M | $15.8M | $48.1M | $33.1M |
| Tangible book value | −$196.2M | −$221.8M | −$199.8M | −$172.5M | −$102.7M | −$82.8M | −$52.6M | −$31.5M | $5.0M | $20.8M | −$38.6M | $30.0M |
| Book value per share | −$1.24 | −$1.49 | −$1.34 | −$1.16 | −$0.69 | −$0.56 | −$0.36 | −$0.21 | $0.03 | $0.14 | $0.21 | $0.20 |
| Shares outstanding | 157.7M | 148.8M | 148.8M | 148.6M | 147.8M | 147.6M | 147.4M | 147.2M | 146.9M | 146.9M | 146.6M | 151.5M |
| Current ratio | 1.17 | 0.99 | 1.02 | 1.10 | 1.19 | 1.18 | 0.89 | 0.98 | 1.06 | 1.08 | 1.22 | 1.15 |
| Quick ratio | 1.08 | 0.92 | 0.96 | 1.01 | 1.05 | 1.05 | 0.81 | 0.86 | 0.93 | 0.95 | 1.12 | 0.99 |
| Debt / equity | — | — | — | — | — | — | — | — | 78.60 | 18.92 | 12.92 | 13.66 |
| Equity / assets | −20.4% | −23.1% | −20.9% | −18.0% | −10.0% | −8.1% | −4.8% | −2.8% | 0.4% | 1.8% | 2.8% | 2.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
WTI financial position
At the end of fiscal 2025 (December 31, 2025), W&T Offshore had total assets of $955.8 million (down 13.0% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of -$199.8 million. It held $140.6 million in cash and short-term investments against $350.8 million of debt, net debt of $210.2 million. Its current ratio was 1.02. In the latest quarter (ended June 30, 2026) total assets were $959.5 million and equity -$196.2 million.
Related: WTI income statement, WTI cash flow statement, WTI key metrics. See the WTI stock overview for the latest quote and news.
WTI balance sheet FAQ
What are W&T Offshore's total assets?
W&T Offshore reported total assets of $955.8 million at the end of fiscal 2025 (December 31, 2025), compared with $1.1 billion a year earlier.
How much debt does W&T Offshore have?
W&T Offshore had $350.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does W&T Offshore have?
W&T Offshore held $140.6 million in cash and short-term investments at the end of fiscal 2025; with $350.8 million of debt that is net debt of $210.2 million.
What is W&T Offshore's book value?
W&T Offshore's shareholders' equity (book value) was -$199.8 million at the end of fiscal 2025, or −$1.35 per share.
What is W&T Offshore's current ratio?
W&T Offshore had current assets of $239.3 million and current liabilities of $234.3 million, a current ratio of 1.02 (it can cover its short-term obligations).