Four Decades of Industry INVESTOR Leadership in the Gulf of PRESENTATION America August 2025 www.wtoffshore.com NYSE: WTI
DISCLAIMER The information contained in this presentation has been provided by W&T Offshore, Inc. (W&T, the Cautionary Note Regarding Hydrocarbon Quantities Company, we, our or us) and has not been verified independently. Unless otherwise…
PROVEN OPERATOR WITH OVER 40 YEARS OF GULF OF AMERICA (GOA) EXPERIENCE Legend 2023 2002 2013 2018 Operational & Financing Milestones Repaid 552 MM Drilled W&Ts 1st Closed 87 MM Formed Monza Energy Acquisitions & Divestitures…
CORPORATE OVERVIEW PREMIER GOA OPERATOR WITH FOUR DECADES OF HISTORY IN THE BASIN 2Q25 Total 2Q25 2Q25 Production Fields Adjusted EBITDA1 Free Cash Flow1 Key Highlights for 2Q 2025 33.5 MBoe/d Increased production by 10% over the…
DIVERSIFIED GULF OF AMERICA OPERATIONS W&T Deepwater TX LA MS AL SPARs 1 Matterhorn 2 Medusa 3 Neptune 1 2 4 Heidelberg 5 Asset Base Highlights Legend W&T Acreage Magnolia Fields: 50 3 Acres: 630K…
PRUDENT BALANCE SHEET MANAGEMENT DELIVERED THROUGH STAKEHOLDER ALIGNMENT Managements Interest1 is Highly Aligned with W&Ts Shareholders Which has Driven Debt Reduction by 1,099 MM & P&A Spend of 488 MM since 2014 (MM) (MM) Net…
W&T HAS REDUCED DEBT WHILE MAINTAINING LIQUIDITY Production and WTI Price Net Debt and Net Leverage1 (MBoe/d) (MM) Net Debt/Daily Production Liquidity2 (000s/Boe/d) (MM) 1) Net Leverage defined as Net Debt / Adjusted EBITDA,…
3.9X NET DEBT COVERAGE ON A 1P PV-101,2 BASIS 3.9X Net Debt coverage on a 1P PV-10 basis1,5 Significant price to NAV discount of 70%2,4 3 3 (PV-10, MM) 3 Enterprise Value4: 491 MM Net Debt5: 229 MM 1) PV-10…
CONSIDERABLE RESERVE APPRECIATION FROM INITIAL BOOKINGS1 +17% +361% +581% 1 1 1 MAHOGANY T SAND2 MC 698 - Big Bend (DW Field) W&T Mobile Bay Complex 1) Based on mid-year 2025 reserve report at SEC pricing of 71.20/Bbl…
10 YEARS OF 1P RESERVE LIFE W&T HAS INCREASED ITS RESERVE LIFE OVER THE PAST DECADE Reserve Life (Years) 1 1) Calculated as: year-end SEC reserves divided by production for year = 1P = 2P 10 W&T OFFSHORE NYSE:WTI
PRUDENT COST MANAGEMENT THROUGH COMMODITY CYCLES Strong production base and cost optimization delivers steady Adjusted 2 EBITDA3 Adjusted EBITDA3 has materially outpaced capex and ARO spending (before acquisitions) Free cash…
SIGNIFICANT INFRASTRUCTURE Economic Advantage ADVANTAGE Reduces capital expenditures Platform Rig on infield Subsea tieback to existing production facility (EW 910 Area) infrastructure (MC 800 Gladden) Increases returns by generating…
MULTIPLE TAKEAWAY OPTIONS HELP MITIGATE HURRICANE RISK Prudent hurricane risk management through diverse production base, takeaway optionality, and structural insurance coverage W&T Access to Crude Takeaway Lines W&T Access to Natural…
LEVERAGING FOUR DECADES OF GOA ACQUISITION EXPERTISE ACQUISITION OPPORTUNITIES ACQUISITION CRITERIA GOA Exits Generating Free Cash Flow Companies exiting the GOA provide a large Strong current production rates with the inventory of…
HISTORY OF CREATING LONG-TERM VALUE FROM GOA ACQUISITIONS Undisclosed Private Seller 206 MM1 65 MM1 171 MM1 32 MM1 Paid out in Nov. 2014 Investments Post Acquisition Paid out in Jan. 2022 Closed Sep. 2023 Net average production(2)…
ACCRETIVE E&P DEEPWATER ACQUISITIONS PROVEN RECORD OF EXTRACTING VALUE FROM ACQUISITIONS LIKE THE MAHOGANY, MATTERHORN, AND VIRGO FIELDS SS 349 Field (Mahogany) Matterhorn & Virgo Fields Acquisition Year 2000/2004/2008 2010…
MATERIAL LOE REDUCTION ON EXXON/CHEVRON MOBILE BAY ACQUISITIONS Mobile Bay Fields Base LOE/Monthly Average Acquisition Year 2019 Acquisition Price 171 MM Transaction Sellers Details Working Interest 25% - 100% Water Depth 10…
DRILLING TRACK RECORD MONZA ENERGY In June 2018, secured 361.4 MM commitment for the development of 14 pre-identified drill wells in the GOA with potential to upsize program over time with additional wells Deployed 260.4 MM of the…
Q3 & FY 2025 GUIDANCE Third Quarter 2025 Full Year 2025 Production Oil (MBbl) 1,320 - 1,460 5,150 5,690 NGLs (MBbl) 210 235 1,020 1,140 Natural Gas (MMcf) 9,080 10,040 34,880 38,560 Total Equivalents (MBoe) 3,043 3,368 11,983…
BASE PRODUCTION OPTIMIZATION UPDATE Conducted production optimization operations at 3,500 Boe/d Uplift Mahogany Mobile Bay Mobile Bay and Mahogany fields in 1st half of 2025 A-19 Optimization 5 Wells Optimization Mahogany field:…
HEDGE PROGRAM In February 2025, W&T Offshore (the Company) GAS COSTLESS COLLARS added 50,000 MMBTU/D of gas costless collars for Weighted Avg Weighted Avg Total Volume Avg Daily Volume Floor Price Ceiling Price March 2025 December…
WHY INVEST IN W&T OFFSHORE TBU 1 Four Decades of Safe Operations in the Gulf of America 2 Proven Track Record of Delivering Positive Cash Flows Experienced Management Team With Industry-Leading Inside 3 Ownership Ensuring…
NON-GAAP RECONCILIATIONS Certain financial information included in W&Ts financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non- GAAP…
NON-GAAP RECONCILIATIONS June 30, 2025 December 31, 2024 (000s) (Unaudited) 10.75% Senior Second Lien Notes Principal 350,000 - Unamortized debt issuance costs (8,650) - Total 10.75% Senior Second Lien Notes 341,350 - 11.75%…
NON-GAAP RECONCILIATIONS Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 (000s) (Unaudited) (Unaudited) Net Income (Loss) (20,884) (30,577) (15,388) (51,461) (26,862)…
NON-GAAP RECONCILIATIONS Twelve Months Ended December 31, December 31, December 31, December 31, December 31, December 31, 2024 2023 2022 2021 2020 2019 (000s) (Unaudited) Net Income (Loss) (87,145) 15,598 231,149 (41,478) 37,790…
NON-GAAP RECONCILIATIONS Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 (000s) (Unaudited) (Unaudited) Net cash provided by operating activities 27,962 (3,196) 37,446 24,766…
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