Adjusted EBITDA was $42 million for the quarter with negative operating cash flow of $17 million, resulting in negative free cash flow of $22 million.
Cash and liquidity remain strong with $320 million in cash and cash equivalents and $375 million in total liquidity at quarter end.
Revenues for Q2 2025 were $302 million with a gross profit of $15 million and a net loss of $3 million, compared to $278 million in revenue, $28 million in gross profit and net income of $3 million in Q1.
Robotics segment had strong vessel utilization and contract activity, including renewables and trenching projects globally.
Shallow Water Abandonment segment had a slower start to the season, impacting profitability and utilization.
The Well Intervention segment saw impacts from regulatory docking of the Q5000, demobilization of the Q4000, and warm stacking of the Seawell vessel.
Year-to-date revenues were $580 million, gross profit of $42 million, breakeven net income, and adjusted EBITDA of $94 million.
Adjusted EBITDA grew by 9% to $35 million compared to Q1 2025.
Capital expenditures in Q2 2025 were $10 million; asset retirement costs totaled $12 million.
Liquidity increased to $171 million as of June 30, 2025.
Midyear 2025 SEC proved reserves were 123 million barrels of oil equivalent, slightly down from 127 million at year-end 2024 due to production but partially offset by 1.8 million barrels of positive revisions.
Pretax PV-10 value of midyear 2025 proved reserves was flat at $1.2 billion compared to year-end 2024.
Total debt reduced from $393 million at year-end 2024 to $350 million at the end of Q2 2025; net debt reduced from $284 million to $229 million.
Total lease operating expenses were $77 million, within guidance.
Unrestricted cash grew to over $120 million while net debt was lowered by about $15 million to under $230 million.
W&T Offshore increased production by 10% quarter-over-quarter to 33,500 barrels of oil equivalent per day in Q2 2025, within guidance range.
Jeff Miller highlighted that the oilfield services market is softer than previously expected due to trade uncertainties, geopolitical unrest, and accelerated OPEC+ production cuts.
North American operators are planning significant schedule gaps in H2 2025.
International markets, especially large NOCs, are reducing activity and discretionary spend.
Despite short-term softness, demand fundamentals for oil and gas remain strong, with expectations of market improvement as OPEC+ production is absorbed.
Eversource reported second quarter earnings of $0.96 per share, in line with expectations, compared to $0.95 per share last year.
FFO to debt ratio improved to 11.5% as of Q1 2025, up over 200 basis points from December 31, 2024.
Higher utility earnings from transmission, distribution, and natural gas segments were partially offset by increased parent losses due to higher interest expense after the sale of the offshore wind business.
Natural gas segment earnings improved by $0.02 per share due to base distribution rate increases, offset by higher O&M and other expenses.
Operating cash flows improved by over $1 billion year-over-year through the first half of 2025.
Parent losses increased by $0.07 per share primarily due to higher interest expense from the absence of capitalized interest post offshore wind sale.
Transmission earnings increased by $0.02 per share due to investments and lower interest expense; distribution earnings increased by $0.02 per share due to rate increases in New Hampshire and Massachusetts.
Water distribution earnings improved by $0.02 per share due to higher revenues and lower interest expense.
Dafinchi