Capital Expenditures vs. Production Focused on investing in longer- term high-impact projects in earlier years Forward spending results in production additions over time 2
Premium Assets in the Gulf of Mexico Deepwater Gulf of Mexico 350,000 gross acres (154,000 net acres) 47% of daily production 1P reserves of 25.4 MMBoe 2P reserves of 48.2 MMBoe Substantial upside with existing acreage Gulf…
Recent Events Enhance Liquidity EW 910 A-5 No long-term first production Sale of rig contracts Cost cutting Yellow Rose Term Loan (376 MM) begins Cost cutting Financing (300 MM) continues 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q…
Corporate Overview We focus on projects that will grow reserves, increase production and generate solid returns Exploration We are focusing more and more on deepwater opportunities that potentially offer high rates of oil…
Probable and Possible Reserves Fuel Growth to Proved Reserves and Future Value 6
Incremental Cash Flow Associated with Probable and Possible Reserves (1)(2) Probables and Possibles provide hidden value and significant upside 1.0 Billion 1.4 Billion Total PV-10 Created with Primarily PNP / PUD CAPEX…
DEEPWATER Gulf of Mexico
Deepwater Acquisitions Drive Growth Through acquisitions and lease sales, W&T now holds interests in 350,000 gross / 154,000 net acres in the deepwater of the Gulf of Mexico, approximately 28% of total net offshore acres Total…
Deepwater GOM Overview VK 822/823 Virgo VK 783/784 Tahoe MC 506 Wrigley Cum Gross Prod: 22.4 MMBoe Cum Gross Prod: 98.3 MMBoe GB 258 Powerplay Cum Gross Prod: 8.8 MMBoe Avg. Gross Prod: 1.5 MBoepd Avg. Gross Prod: 5.1 MBoepd Cum Gross…
Ewing Bank 910 Current Status EW 910 Field Water depth of 560 feet Initial two well drilling program in a 50% / 50% joint venture during 2015. Cumulative field production of 15 MMBoe (79% oil) as of The first well, the ST 320 A-5…
Matterhorn Water Injection Program Eastern Waterflood OOIP: 28 MMBO Total Recovery Factor: 25% Reserves added: 2.0 MMBO Future Opportunity: Western Pressure Maintenance Western Waterflood OOIP: 34 MMBO Total Recovery Factor:…
SHELF Gulf of Mexico
Well Positioned on the Shelf Fairway Field & Yellowhammer Plant SS 208 Cum Gross Prod: 127.8 MMBoe Cum Gross Prod: 456.5 MMBoe Avg. Gross Prod: 5.3 MBoepd Avg. Gross Prod: 3.8 MBoepd Company Operated Company Operated SS 222 MP…
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 500% since 2011 Recent activity…
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 3,092 Boe net (3,710 gross) Production is 75% crude oil Cumulative production as of 3/31/16 2,618,500 Boe net (3,142,000 Boe gross) Steady production indicates strong…
Financial and Other
Cost Reduction Efforts Continue ( in millions) (1) (1) (1) Reduction Program Significant reductions in 2015 & 2016 spending Capital Expenditures down by 98% Lease Operating Expenses down by 35% General & Administrative…
BOEM Update The company is in a continuing dialog with the BOEM about financial assurances We proposed a tailored plan dated May 6, 2016 to the BOEM that we believe addresses BOEM financial assurance concerns and are awaiting final…
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…
Guidance ( in millions) Estimated Full Year-2016 Actuals Estimated Production Range Midpoint 2015 Oil and NGLs (MMBbls) 8.5 - 9.3 8.9 9.4 Natural gas (Bcf) 37.9 - 41.9 39.9 46.2 Total (Bcfe) 88.8 - 98.2 93.5 102.3 Total (MMBoe) 14.8 -…
EBITDA Comparison EBITDA Margins Historically Around 60% ( in thousands) Twelve Months Three Months Ended Ended March 31, March 31, Year Ended December 31, 2016 2016 2015 2015 2014 2013 2012 2011 Net Income (loss) (980,132)…
2015 Year End Proved Reserves As of December 31, 2015 Total Equivalent Reserves Natural Gas Classification of Proved Reserves Oil NGLs Natural Oil Equivalent Equivalent % of total PV-10 (1) (MMBbls) (MMBbls) Gas (Bcf) (MMBoe) (Bcfe)…
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