Skip to main content Annual ROTH Conference – W&T Offshore Inc. Investor Presentation | Shale Experts
Loading...
Pm

Annual ROTH Conference – W&T Offshore Inc.

W&T Offshore Inc. · Mar 13, 2018 · 34 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. Annual ROTH Conference – W&T Offshore Inc. – slide 1
    30Th Annual ROTH Conference March 11-13, 2018 Creating Value in the Gulf of Mexico
  2. Annual ROTH Conference – W&T Offshore Inc. – slide 2
    Premium Assets in the Gulf of Mexico Premium GOM company with 30+ Years of Operating History SEC Case as of: December 31, 2017 December 31, 2016 Proved reserves: 1P 74.2 MMBoe 74.0 MMBoe NYSE: WTI 2P 124.9 MMBoe 113.0 MMBoe 3P…
  3. Annual ROTH Conference – W&T Offshore Inc. – slide 3
    Key Operating Characteristics of W&T Operate 74% of our production Operating safely and 80% of our acreage is held by production effectively in the Gulf of 94% drilling success over last 4 years and 91% drilling success Mexico for…
  4. Annual ROTH Conference – W&T Offshore Inc. – slide 4
    Strategy For Value Creation in a Lower Oil Price Environment Minor decreases in overall production in the past few years despite a Sustaining production substantially reduced capital program while living within cash Focusing on…
  5. Annual ROTH Conference – W&T Offshore Inc. – slide 5
    GOM Drilling Joint Venture with Private Investors Accelerates Pace to Develop W&Ts High Return Inventory, Leverages Capital Dollars and Maintains Flexibility to Make Acquisitions and Pay Down Debt Project level commitment of up to…
  6. Annual ROTH Conference – W&T Offshore Inc. – slide 6
    Production vs. Capital Expenditures Despite substantial decreases in capital expenditures in the past 3-4 years and an asset divestiture in 2015, production has decreased only moderately. Cap Ex Production ( MM) (MBoe/d) 700 60…
  7. Annual ROTH Conference – W&T Offshore Inc. – slide 7
    Cost Reduction Efforts Continue Spending Reduction (1) 8
  8. Annual ROTH Conference – W&T Offshore Inc. – slide 8
    Extensive Organic Growth Opportunity Set Adding Value From Opportunities at Producing Fields Deep Inventory of organic growth opportunities 36 projects make up nearly 1 billion in drilling/CAPEX inventory 90-165 MMBoe net unrisked…
  9. Annual ROTH Conference – W&T Offshore Inc. – slide 9
    Gulf of Mexico A Prolific & Unique Basin The Permian Basin on Steroids, with Better Porosity and Permeability Highly prolific basin with multiple stacked pay Zone 1 Many of our fields have stacked pay Zone 2 Stacked reservoirs offer…
  10. Annual ROTH Conference – W&T Offshore Inc. – slide 10
    Quality When it Matters The GOM has Superior Rocks Better Porosity and Permeability Allow for Better Flow and Production Rates GOM perms 1 darcy. Permian perms in nano-darcies Generates higher cash flow velocity and delivers fast…
  11. Annual ROTH Conference – W&T Offshore Inc. – slide 11
    Probable and Possible Reserves May Be Produced at No Cost Strong drive mechanisms allow production of reserves with fewer drilled wellbores 12
  12. Annual ROTH Conference – W&T Offshore Inc. – slide 12
    Incremental Cash Flow Associated with Probable and Possible Reserves(1) Probable and Possible Reserves Add Economic Value Probables and Possibles provide hidden value and significant upside 2,500 2.3 Billion PV-10 Incremental Value…
  13. Annual ROTH Conference – W&T Offshore Inc. – slide 13
    W&T Reserves Appreciation Actual Results (1) (2) Significant Reserve Growth from Initial NSAI Bookings 109.4 100 Current 1P Initial 1P booking 80 Current 1P Initial 2P booking GROSS EUR (MMBoe) 60 59.0 52.3 Current…
  14. Annual ROTH Conference – W&T Offshore Inc. – slide 14
    Acquisition Criteria A Proven Approach The Gulf of Mexico provides a large acquisition opportunity set Properties generating cash flow Strong current production rates Opportunity to reduce operating expenses Financeable Large…
  15. Annual ROTH Conference – W&T Offshore Inc. – slide 15
    History of Creating Long-Term Value from GOM Acquisitions Woodside Total USA Newfield 55 million 115 million 206 million Investments post acquisition Current net production of 1,100 Paid out in Aug. 2011 Paid out in Nov. 2014 Boe/d…
  16. Annual ROTH Conference – W&T Offshore Inc. – slide 16
    Recent Acquisition Activity W&T Successful High Bidder on Cobalts Heidelberg Asset On March 12, 2018, we announced that we are the successful high bidder on Cobalts 9.375% working interest in the Heidelberg field for 31.1 million in…
  17. Annual ROTH Conference – W&T Offshore Inc. – slide 17
    Operations and Opportunities
  18. Annual ROTH Conference – W&T Offshore Inc. – slide 18
    Key Near Term/Recent Opportunities Low Risk / High Margin LEGEND MP 286 Exploration Amplitude supported Developed Leases Extensional to nearby Main Pass Area production MP 283 Undeveloped Exploration Leases Multiple recompletion…
  19. Annual ROTH Conference – W&T Offshore Inc. – slide 19
    Project TIMELINE: Key Capital Projects 2017 2018 2019 ST 315 P/L work Project Completed and online Sept. 2017; Incremental Rate: 700+ Boe/d SS 300 B-5 ST B-5ST COMPL Successful Well; 5 zones Discovered; IP: 1,100 Boe/d (95%…
  20. Annual ROTH Conference – W&T Offshore Inc. – slide 20
    Successful Drilling Program at Ship Shoal 349 (Mahogany) SS SS 349 Mahogany 349 Mahogany Continued Continued Sub-Salt Sub-Salt Mahogany Field Map and Drilling History Exploration &&Development Exploration Development Success Success…
  21. Annual ROTH Conference – W&T Offshore Inc. – slide 21
    Mahoganys Prolific P & T Sands Mahogany Field has achieved cumulative production of 46.6 Million Boe T Sand is 3,000 feet deeper and better quality than P Sand with cumulative production of 5.9 Million Boe The A-18 success in 2016…
  22. Annual ROTH Conference – W&T Offshore Inc. – slide 22
    SS 349 Mahogany A-17 Western Field Extension Well All productive sands are not shown Salt A-17 Well A-17 WELL Western Field Extension Success Exploration/Extension well to Western Reservoir test and extend field limits…
  23. Annual ROTH Conference – W&T Offshore Inc. – slide 23
    SS 300 B-5 ST Successful Field Extension Well New fault block field extension Field Extension into undrilled fault block well. Risked by prolific offset Prolific offset fault block (large with low risk) production and seismic High…
  24. Annual ROTH Conference – W&T Offshore Inc. – slide 24
    Main Pass 286 Successful Exploration Well W&T WI: 100% New Field Discovery NRI: 81.25% Nearby W&T controlled infrastructure High liquids content Status: Reached TD 12/2017; Progressing towards 2019 first production date Successful…
  25. Annual ROTH Conference – W&T Offshore Inc. – slide 25
    VK823 VIRGO: Executing on our Inventory of Opportunities Benefits at Virgo De-risked drilling with 3D seismic, amplitudes and strong analog offsets VIRGO Central PROVED VIRGO NORTH Updip of logged pay Identified PUD drilling…
  26. Annual ROTH Conference – W&T Offshore Inc. – slide 26
    VIRGO VK822: A-10 ST Well First of multi-well package J/L Sand Map VIRGO A-10 ST JL Upper: 113 Pay MD (76 Pay TVD) A-10ST 300 Gross Hydrocarbon Interval MD JL Stray JL Upper Downdip well control WI: W&T Operator…
  27. Annual ROTH Conference – W&T Offshore Inc. – slide 27
    Ewing Bank 910 - Successful Phase I Program with Phase II initiating in early 2018 PHASE II EW 910 Expansion(1)(2) ST320 A-2 & Deepwater platform A-3 wells Low F&D costs; Characterization: 100% rate of A3 Producing field A2…
  28. Annual ROTH Conference – W&T Offshore Inc. – slide 28
    Potential Additional Drilling Opportunities LEGEND FAIRWAY Developed Leases Plant life extension 2 identified exploratory targets Undeveloped Exploration Leases SS 350 100% working interest GC 19 Cost and operational Platform…
  29. Annual ROTH Conference – W&T Offshore Inc. – slide 29
    Financial Overview
  30. Annual ROTH Conference – W&T Offshore Inc. – slide 30
    EBITDA Comparison ( in thousands) Year Ended December 31, 2017 2016 2015 2014 2013 2012 Net Income (loss) 79,682 (249,020) (1,044,718) (11,661) 51,322 71,984 Income tax expense (benefit) (12,569) (43,376) (202,984) (4,459) 28,744…
  31. Annual ROTH Conference – W&T Offshore Inc. – slide 31
    Long-Term Debt Principal Only ( in thousands) Exchange transaction resulted in debt reduction of over 400 million Annual cash interest expense has been decreased by approximately 50 - 60 million December 31, 2017 Principal 11.00%…
  32. Annual ROTH Conference – W&T Offshore Inc. – slide 32
    2018 Guidance ( in millions) First Quarter Full Year Production 2018 2018 Oil and NGL's (MMBbls) 1.8 - 2.0 7.5 - 8.3 Natural Gas (Bcf) 7.9 - 8.8 31.7 - 35.1 Total (Bcfe) 18.7 - 20.7 76.8 - 84.8 Total (MMBoe) 3.1 - 3.5 12.8 -…
  33. Annual ROTH Conference – W&T Offshore Inc. – slide 33
    Year-End 2017 vs. Year-End 2016 Reserves SEC Pricing YE 2017 - SEC Pricing YE 2016 - SEC Pricing Delta YE 2017 - YE 2016 Equiv. Equiv. PV-10 Equiv. Equiv. PV-10 Equiv. Equiv. PV-10 MMcfe Mboe M MMcfe Mboe M MMcfe Mboe M PDP…
  34. Annual ROTH Conference – W&T Offshore Inc. – slide 34
    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 investorrelationswtoffshore.com

From the store

Browse maps, data & reports in the Shale Experts store