Scotia Howard Weil Energy Conference March 25, 2015, New Orleans, LA
W&T Offshore Overview (NYSE: WTI) Financial Summary Track Record of Growth Financial Overview Year Ended ( in millions) 12/31/14 12/31/13 Revenue 948.7 984.1 Adjusted EBITDA (1) 569.2 606.7 1) See the slide titled Reconciliation of…
Premium Assets in Three Prolific Basins Deepwater Gulf of Mexico 539,000 gross acres (289,000 net acres) 39% of daily production 1P reserves of 28.9 MMBoe 2P reserves of 50.9 MMBoe Substantial upside from planned projects (Big…
High Impact Projects Drive Long Term Growth Deepwater success will add significant value over next several years Recent large discoveries yield multi-year reserve additions Provides increased visibility of future growth Current…
Incremental Cash Flow Associated with Probable and Possible Reserves (1) Probables and Possibles provide hidden value and significant upside 3.0 Billion 1.2 Billion Total PV-10 Created with Primarily PNP / Incremental Value…
Proved Reserve Bookings Example 5
3P Reserves of 247 MMBoe Provides Long Term Value 65% liquids 68% liquids 68% liquids 89% liquids 79% liquids 68% liquids Substantial probable and possible reserves provide Our reserves as of year end 2014 do not include that…
2015 Guidance vs. 2014 Actuals ( in millions) Estimated Full Year 2015 Actual Range Mid-point 2014 Production Oil and NGLs (MMBbls) 9.3 - 10.3 9.8 9.3 Natural Gas (Bcf) 44.0 - 48.6 46.3 50.1 (1) Total (Bcfe) 100.0 - 110.2 105.1…
2015 Reduction Efforts ( in millions) Reduction Efforts The Company expects significant reductions in 2015 spending. Currently we see: Capital Expenditures down by 69% Lease Operating Expenses down by 15% General &…
2015 Capital Budget Focused on GOM Deepwater 2015 Budget of 200 Million Onshore: 7.5% Budget is designed for flexibility to respond 14.9 million Seismic, Leasehold & to market conditions and fund key projects Other: 0.3% .6…
Deepwater Acquisitions Drive Growth Through acquisitions and lease sales, W&T now holds interests in 539,000 gross / 289,000 net acres in the deepwater of the Gulf of Mexico, approximately 41% of total net offshore acres Total…
Significant Growth in the Deepwater GOM Between 2009 and 2014, average deepwater production has grown nearly 700% and proved reserves(1) are up 800%. Gross Acres have increased 348% from 2009 to now. Deepwater Net Daily Deepwater Net…
Deepwater GOM Overview MC 538/582 Medusa VK 822/823 Virgo Cum Gross Prod: 64.2 MMBoe Cum Gross Prod: 21.9 MMBoe VK 783/784 Tahoe Avg. Gross Prod: 1.7 MBoepd Cum Gross Prod: 96.8 MMBoe Avg. Gross Prod: 5.7 MBoepd Company Operated…
Deepwater Success MC 698 Big Bend MC 698 Big Bend (WI: 20%; NRI: 16.70%) Located about 165 miles SSE of New Orleans, LA Gross resource estimate of 30 to 65 MMBoe with potential additional 30 50 MMBoe (P75 P25)(1) Targeting…
Deepwater Success MC 782 Dantzler MC 782 Dantzler (WI: 20%; NRI: 16.25%) Located about 160 miles SSE of New Orleans, LA Two oil discovery wells o The Dantzler 2 appraisal well encountered 122 net feet of crude oil pay in two…
Deepwater Success Rio Grande Loop System Big Bend Thunder Hawk Platform Dantzler 1 & 2 Rio Grande Loop System Subsea development tie-back from Big Bend and Dantzler wells Connects to Thunder Hawk platform Loop…
Exploration Opportunities at MC 538 Medusa Medusa (MC 538/582) acquired via the Callon Transaction in 2013 (WI: 15%; NRI: 15%*) August average daily production of roughly 760 Boepd net to W&T (86% oil) Medusa spar is also the…
Neptune Field Neptune Field (WI: 20.0%, NRI: 17.5%) Atwater Valley 574, 575 and 618 January estimated gross average daily production rate of 9,618 Boe (1,683 Boe net to W&Ts interest) (88% oil) Water depth of 6,200; TLP is…
Neptune Field and Other Woodside Acquisition Upside Neptune Upside Drilling Northern half of field has never been tested due to the difficulty of seismic imaging under the salt overhang. Significant upside exists to potentially…
Multi Well Potential at Ewing Bank 910 EW 910 Field Current Drilling Plans Water depth of 560 feet Initial two well drilling program in a 50% / 50% joint Cumulative field production of venture, with potential for third well…
Deepwater GOM Production Growth Outlook Deepwater production, predominantly oil, is expected to grow over 50% to a rate of 23,500 Boe per day in January 2016(2) Mboe per day Repeatable deepwater growth We anticipate one - two…
SHELF Gulf of Mexico
Well Positioned on the Shelf Fairway Field & SS 208 Yellowhammer Plant Cum Gross Prod: 454.3 MMBoe Acquired remaining 35.7% WI for Avg. Gross Prod: 5.9 MBoepd 18.2MM in Sept. 2014 HI 111 Company Operated Cum Gross Prod: 80.3 MMBoe…
2015 Seismic Data Reviews Driving Long Term GOM Shelf Offshore Program Seismic data reviews plus recent drilling success on GOM Shelf, especially at our Mahogany Field, are creating further opportunities Eight wells have been drilled…
GOM Shelf Exploration at Ship Shoal 349 in 2014 SS 349 Mahogany Continued Sub-Salt Exploration & 2014 Activity at SS 349 Development Success (WI: 100%, NRI: 83.3%) SS 349 A-18 Exploration well targets SS 349 A-6 Mahogany production…
Mahoganys Prolific P & T Sand Mahogany's primary field pay P Sand has cumulatively produced approximately 30 million Boe since 1997 from multiple wells T Sand is 3,000 feet deeper and better quality than P Sand Upside potential up-dip…
Mahogany A-14 T-Sand Strong Production Current Rate is 2,479 Boe net (2,975 gross) Production is 74% crude oil Cumulative production 1,519,000 Boe net (1,823,000 Boe gross) Steady production indicates strong water drive and/or large…
PERMIAN BASIN Onshore
Permian Basin: Overview of Asset and Activity Permian Basin (WI: 100%, NRI: 78%) 32,000 net acres with 26,000 highly contiguous net acres in the heart of the Northern Midland Basin portion of the Permian Basin Current drilling…
Permian Basin Northern Midland Basin Portion W&Ts approximately 28,000 gross acre leasehold in the Yellow Rose Field is located in the Northern Midland Basin, slightly east of the basin axis. Deep position allows for higher…
Stacked Lateral Drilling W&T is moving towards multi-well pad drilling with stacked laterals to efficiently unlock the value of the stacked pay resource potential. 31
Significant Activity Near W&T Acreage SM Energy Tatonka 1H WTI Beaujolais A Unit 1302H 1 18 18 24hr: 549 Boepd (90% oil) Waiting on Results FANG KCSL 1701H FANG Brown-Martin 2101H 2 1 19 24hr: 541 Boepd (92% oil) 24hr: 136 Bopd…
Untapped Reserve and Inventory Growth Potential Preliminary Unbooked Net Net Drilled Net Booked Unbooked Potential Target / Bench Locations Locations Locations (Net) (MMBOE) 80 Acre Verticals 166 59 0 5 40 Acre Verticals 67 102 0 7…
Liquidity Status Revolving bank credit facility of 1.2 billion with an 750 million borrowing base Borrowing base(1) at 750 million with facility maturity of Nov. 2018 As of January 30, 2015, cash on hand ( 9.2 million) and amount…
Appendix
Reconciliation of Net Income to Adjusted EBITDA The following table presents a reconciliation of our consolidated net income to consolidated EBITDA to Adjusted EBITDA: Year Ended December 31, ( in thousands) 2014 2013 2012 2011…
2014 Year End Proved Reserves Natural Gas Clas s ific ation of Pr ov ed Res er v es NGLs Natural Gas Oil Equivalent Equivalent % of total PV-10 (1) Oil (MMBbls) (MMBbls) (Bcf) (MMBoe) (Bcfe) reserves (Millions) Proved developed…
Nine Greenway Plaza, Suite 300 Houston, TX 77046 Main line: 713-626-8525 Fax: 713-626-8527 Investor Relations: 713-297-8024 www.wtoffshore.com www.investorrelationswtoffshore.com
Loading...
