Barclays CEO Energy-Power Conference September 10, 2015, New York
W&T Offshore Overview (NYSE: WTI) Financial Overview Reserves Mix Twelve Months Ended ( in millions) 6/30/15 12/31/14 13% 35% Oil Revenue 708.2 948.7 Adjusted EBITDA (1) 353.5 569.2 Nat. Gas 51% 1) See the slide titled…
Premium Assets in the Gulf of Mexico Deepwater Gulf of Mexico 390,000 gross acres (189,000 net acres) 38% of daily production 1P reserves of 28.9 MMBoe 2P reserves of 50.9 MMBoe Substantial upside from numerous projects (Big Bend,…
Recent Events Enhance Liquidity Sale of Yellow Rose Field in Permian Basin Expected To Yield Net Proceeds of 376.1 Million Announced transaction to divest Yellow Rose field. Closing is expected as early as September 2015 Proceeds are…
Corporate Overview We focus on projects that will grow reserves, increase production and generate profit. Exploration We are focusing more and more on deepwater opportunities Acquisitions Requirements are: Cash flow Upside…
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…
Probable and Possible Reserves Fuel Growth to Proved Reserves and Future Value 6
DEEPWATER Gulf of Mexico
Deepwater Acquisitions Drive Growth Through acquisitions and lease sales, W&T now holds interests in 390,000 gross / 189,000 net acres in the deepwater of the Gulf of Mexico, approximately 32% of total net offshore acres Total…
Deepwater Success MC 698 Big Bend First production expected in 4th Qtr 2015 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…
Deepwater Success MC 782 Dantzler MC 782 Dantzler First production expected by year-end 2015 (WI: 20%; NRI: 16.25%) Located about 160 miles SSE of New Orleans, LA Two oil discovery wells o The Dantzler 2 appraisal well…
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 fields progressing on schedule SubSea…
MC 538 Medusa 2015 Expansion Activities Medusa (MC 538/582) acquired via the Callon Transaction in 2013 (WI: 15%; NRI: 15%*) Expansion activity recently completed at Medusa The SS 6 well reached TD at year-end encountering net…
Upside Opportunities at Medusa MC 538 / 582 (WI: 15%; NRI: 15%*) MEDUSA SS6 MEDUSA SS9 Producer Medusa includes ownership in SPAR as well as dry Prospect tree and subsea wells Amplitude play with no false positives Second…
Growth at Neptune Field Neptune Field (WI: 20.0%, NRI: 17.5%) Atwater Valley 574, 575 and 618 July 2015 estimated gross average daily production rate of 9,300 Boe (1,623 Boe net to W&Ts interest) (87% oil) Water depth of 6,200;…
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 Current Status EW 910 Field Initial two well drilling program in a 50% / 50% joint venture Water depth of 560 feet during 2015, with potential for third well thereafter. Cumulative field…
GOM Deepwater MC 243 Matterhorn Mississippi Canyon 243 WI: 100% Cumulative Production (through July 2015): 26.4 Million Boe Acquired in 2010 Active optimization and enhancement since acquisition July 2015 average rate: 3,600…
Matterhorn Phase I Water Injection Response MATTERHORN PHASE I WATERFLOOD OIL RATE (Bopd) Low Risk Exploitation Optimization and Investment; successful water flood has set path for reserves expansion, value creation and…
Matterhorn Phase II Water Injection Program Eastern Waterflood OOIP: 28 MMBO Total Recovery Factor: 25% Reserves added: 2.0 MMBO Future Opportunity: NPV: 50MM+ Western Pressure Maintenance Western Waterflood OOIP: 34 MMBO Total…
Deepwater Success Creates Production Growth Outlook 30 Deepwater production, predominantly 25 oil, is expected to grow over 50% to a rate of 25,900 Boe per day in December 2015(2). 20 Mboe per day Repeatable deepwater growth…
SHELF Gulf of Mexico
Well Positioned on the Shelf Fairway Field & SS 208 Yellowhammer Plant Cum Gross Prod: 455.4 MMBoe Cum Gross Prod: 126.7 MBoe Avg. Avg. Gross Prod: 6.9 MBoepd Gross Prod: 6.5 MBoepd Company Operated Company Operated SS 222 Cum…
Working to Identify Opportunities to Replicate Past Success on the Shelf Success adding value to GOM shelf properties demonstrates the upside potential in known fields Mahogany field production growth of over 500% since 2011 Recent…
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%) Have substantially expanded…
Mahoganys Prolific P & T Sand Mahogany's primary field pay P Sand has cumulatively produced approximately 31 million Boe since 1997 from multiple wells T Sand is 3,000 feet deeper and better quality than P Sand Upside potential for…
Mahogany A-14 T-Sand Strong & Stable Production Current Rate is 3,032 Boe net (3,639 gross) Production is 73% crude oil Cumulative production as of 8/18/15 1,987,000 Boe net (2,385,000 Boe gross) Steady production indicates strong…
Mahogany A-16 Strong & Stable Production from P-Sand Initial Production on 10/28/15 Current Rate is 1,826 Boe net (2,191 gross) Production is 78% crude oil Cumulative production 573,000 Boe net (687,000 Boe gross) as of 8/18/15…
Financial Overview
2015 Capital Budget Focused on GOM Deepwater 2015 Budget of 200 Million Onshore: 7.5% 14.9 million Seismic, Leasehold & Deepwater GOM development at Big Bend Other: 0.3% and Dantzler. Budget includes 100MM .6 million for the Rio…
2015 Spending Reduction Program ( in millions) (1) (1) Reduction Program Significant reductions in 2015 spending. Capital Expenditures down by 69% Lease Operating Expenses down by 15% General & Administrative Expenses…
Liquidity Status Revolving bank credit facility of 1.2 billion with an 500 million borrowing base Borrowing base (1) (2) at 500 million with facility maturity of November 2018 Revised terms (1) to credit facility agreement As of…
Investment Highlights Outstanding acquisition track record adds near-term value as well as growth through further exploration and development Deepwater success drives production growth and long-term value Excellent asset base…
Appendix
Reconciliation of Net Income to Adjusted EBITDA ( in thousands) The following table presents a reconciliation of our consolidated net income to consolidated EBITDA to Adjusted EBITDA: Twelve Months Six Months Ended June 30, Year…
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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