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IPAA OGIS 2015 NEW YORK – W&T Offshore Inc.

W&T Offshore Inc. · Apr 20, 2015 · 41 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 1
    2015 IPAA OGIS Conference April 20-22, 2015, New York, NY
  2. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 2
    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…
  3. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 3
    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…
  4. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 4
    High Impact Projects Drive Long-Term Value Deepwater success drives long-term value Recent large discoveries yield multi-year reserve additions Provides increased visibility of future growth Current deepwater projects provide…
  5. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 5
    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…
  6. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 6
    Probable and Possible Reserves Fuel Growth to Proved Reserves and Future Value 5
  7. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 7
    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…
  8. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 8
    2015 Spending Reduction Program ( in millions) Reduction Program The Company expects significant reductions in 2015 spending. Currently we see: Capital Expenditures down by 69% Lease Operating Expenses down by 15% General &…
  9. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 9
    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…
  10. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 10
    DEEPWATER Gulf of Mexico
  11. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 11
    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…
  12. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 12
    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…
  13. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 13
    Deepwater GOM Overview MC 538/582 Medusa VK 822/823 Virgo Cum Gross Prod: 64.4 MMBoe Cum Gross Prod: 22.0 MMBoe VK 783/784 Tahoe Avg. Gross Prod: 1.7 MBoepd Cum Gross Prod: 97.2 MMBoe Avg. Gross Prod: 6.6 MBoepd Company Operated…
  14. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 14
    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…
  15. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 15
    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…
  16. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 16
    Rio Grande Loop System Enhances Return on Investment 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…
  17. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 17
    Exploration Opportunities at MC 538 Medusa Medusa (MC 538/582) acquired via the Callon Transaction in 2013 (WI: 15%; NRI: 15%*) January 2015 average daily production of roughly 990 Boepd net to W&T (85% oil) Medusa spar is also…
  18. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 18
    Growth at Neptune Field Neptune Field (WI: 20.0%, NRI: 17.5%) Atwater Valley 574, 575 and 618 March 2015 estimated gross average daily production rate of 7,389 Boe (1,293 Boe net to W&Ts interest) (89% oil) Water depth of 6,200;…
  19. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 19
    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…
  20. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 20
    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…
  21. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 21
    GOM Deepwater MC 243 Matterhorn Mississippi Canyon 243 WI: 100% Cumulative Production: 25.5 Million Boe Acquired in 2010 Active optimization and enhancement since acquisition Pre-acquisition: 2,050 Boepd Current rate: 4,700 Boepd…
  22. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 22
    MC 243 Matterhorn Injection 2014 Injection Response MATTERHORN PHASE I WATERFLOOD OIL RATE Low Risk Exploitation Optimization and Investment; (BOPD) successful water flood has set path for reserves expansion, value creation and…
  23. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 23
    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…
  24. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 24
    SHELF Gulf of Mexico
  25. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 25
    Well Positioned on the Shelf Fairway Field & SS 208 Yellowhammer Plant Cum Gross Prod: 454.4 MMBoe Cum Gross Prod: 45.5 MBoepd Avg. Gross Prod: 1.1 MBoepd Avg. Gross Prod: 6.7 MBoepd HI 111 Company Operated Company Operated Cum…
  26. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 26
    2015 Seismic Data Reviews Driving Long Term GOM Shelf Offshore Program Review of advanced seismic data plus recent drilling success on GOM Shelf, especially at our Mahogany Field, are creating further opportunities Eight wells have…
  27. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 27
    Exploration Success at Ship Shoal 349 (Mahogany) Since 2011 Mahogany Wells Drilled Before SS 349 Mahogany and After Mid-2011 Continued Sub-Salt Exploration & Development Success (WI: 100%, NRI: 83.3%) We are modeling the techniques…
  28. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 28
    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…
  29. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 29
    Mahogany A-14 T-Sand Strong Production Current Rate is 2,443 Boe net (2,932 gross) Production is 74% crude oil Cumulative production as of 3/31/15 1,619,000 Boe net (1,943,000 Boe gross) Steady production indicates strong water drive…
  30. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 30
    Mahogany A-16 Strong Production from P-Sand Initial Production on 10/28/15 Current Rate is 2,127 Boe net (2,552 gross) Production is 76% crude oil Cumulative production 313,000 Boe net (376,000 Boe gross) as of 3/31/15 Cum Net…
  31. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 31
    PERMIAN BASIN Onshore
  32. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 32
    Quality Acreage in the Permian Basin 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 program is…
  33. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 33
    Multiple Target Formations Create Additional Value in the Permian Basin 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…
  34. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 34
    Stacked Lateral Drilling Offers Efficiency and Cost Reduction W&T expects to pursue multi-well pad drilling with stacked laterals once its Yellow Rose drilling program resumes. Multi-well pad drilling will efficiently unlock…
  35. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 35
    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 Boepd…
  36. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 36
    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 168 59 - - 40 Acre Verticals 68 101 - -…
  37. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 37
    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 February 28, 2015, cash on hand ( 4.8 million) and amount…
  38. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 38
    Appendix
  39. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 39
    2015 Guidance ( in millions) First Quarter Full Year Estimated Production 2015 2015 Oil and NGLs (MMBbls) 2.2 - 2.5 9.3 - 10.3 Natural Gas (Bcf) 12.0 - 13.3 44.0 - 48.6 Total (Bcfe) 25.5 - 28.2 100.0 - 110.2 Total (MMBoe) 4.2 -…
  40. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 40
    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…
  41. IPAA OGIS 2015 NEW YORK – W&T Offshore Inc. – slide 41
    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…

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