W&T Offshore is an independent oil and gas producer that extracts crude oil and natural gas from the Gulf of Mexico, both on the shallow shelf and in deepwater fields.
Revenue comes from selling crude oil, natural gas, and NGLs; gross margin is around 38.68% but net margin is negative (-19.32%), and the company has posted annual losses in 2024 and 2025.
Competitors like Chevron and ExxonMobil can bid for the same Gulf leases, and W&T's offshore assets are not unique; no durable cost or scale advantage is visible, so the moat is weak.
