W&T Offshore, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

LEASES (Tables)

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

The components of lease costs were as follows (in thousands):


	December 31,
	2025		2024		2023
Operating lease costs, excluding short-term leases	$	1,805	$	1,718	$	1,670
Short-term lease cost		236		143		58
Variable lease cost ⁽¹⁾		832		951		765
Total lease cost	$	2,873	$	2,812	$	2,493

⁽¹⁾	Variable lease costs primarily represent differences between minimum lease payment obligations and actual operating charges incurred by the Company related to long-term operating leases.

Schedule for Company's ROU assets and operating lease liabilities

The present value of the fixed lease payments recorded as the Company’s ROU assets and operating lease liabilities, adjusted for initial direct costs and incentives, are as follows (in thousands):


		December 31,
		2025		2024
ROU assets ‒ Other assets		$	11,029	$	10,045

Lease liability:
Accrued liabilities		$	1,765	$	1,522
Other liabilities			11,031		10,390
Total lease liability		$	12,796	$	11,912

Schedule for weighted average remaining lease term and discount rate

The weighted average remaining lease term and discount rate related to the Company’s operating leases are as follows (in thousands):


	December 31,
	2025		2024		2023
Weighted average remaining lease term	13.0 years		11.5 years		12.1 years
Weighted average discount rate	10.4	%	10.3	%	10.3	%

Schedule for supplemental cash flow information

Supplemental cash flow information related to the Company’s operating leases are as follows (in thousands):


	December 31,
	2025		2024		2023
Operating cash outflow from operating leases	$	1,904	$	1,595	$	1,713
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,503	$	—	$	559

Schedule for Undiscounted Future Minimum Payment

As of December 31, 2025, the maturities of the liabilities related to the Company’s operating leases are as follows (in thousands):


2025	$	2,343
2026		1,814
2027		1,868
2028		4,136
2029		1,934
Thereafter		11,186
Total lease payments		23,281
Less: imputed interest		(10,485)
Total	$	12,796