Company by the Numbers (1) Key Financials ( in MMs) LTM 2010 2009 Revenue 896 706 611 Adjusted EBITDA 592 450 341 CAPEX (2) 791 416 276 (3) Field Statistics of Producing Fields w/WI 67 Offshore Acreage (Gross/Net) 854,000 /…
Company Overview Large acreage position in the Gulf of Mexico with 82% held by production Proved reserves on a pro forma basis at historic high and 57% oil and liquids Strong cash flow and crude oil pricing premium Adjusted EBITDA…
Company Operations: Scope and Geographic Coverage Permian Basin Proved Reserves: 30 MMBoe Acreage: 30,000 Net East Texas 5% of Production Acreage: 141,000 Net GOM Shelf (1) GOM Deepwater Proved Reserves: 66 MMBoe Proved…
Onshore
Permian Basin Provides Significant Growth Opportunities Yellow Rose Project: Acquired 21,400 net acres in Martin, Dawson, Andrews & Gaines Counties in May 2011 Currently producing 3,100 BOEPD. Comprised of 91% Oil and Liquids Proved…
West Texas Permian Basin Expands Growth Opportunity Yellow Rose Project - 3 rigs drilling mostly development wells, targeting the Wolfberry Trend. - Expect to drill 27-30 wells in 2011 - Cost of around 2.1 million to drill and…
Focusing on Wolfberry Trend With Potential Upside From Deeper Zones Potential upside includes 40- acre or even 20-acre spacing and deeper zones Horizontal wells could greatly expand EUR and production. Planned for 2012 Deeper…
East Texas: Two Successful Prospects Star Project Condensate rich gas 141,000 net acres 97% WI Completed 1 horizontal exploration well targeting conventional reservoir Well is currently in flow back 300 Bcfe potential Other East…
Gulf of Mexico
Gulf of Mexico Proved Reserves with Geographic Diversification 67 fields 80% operated 853,773 gross acres, 553,212 net acres 82% held by production October production 300 MMcfe/d 44% oil & liquids / 56% gas 10
Continued Success in the Gulf of Mexico Integration of deepwater acquisitions continues to provide benefits Matterhorn field Better well performance, recompletion program, and processing program Tahoe field Compression project and…
Concentrated Operations in Focus Areas Enhances Efficiency 12
Active Offshore 2011 Drilling Program 100% Current Success Rate in 2011 Development MP 108 D-3 ST & MP 108 D-2 ST BP01 Exploration WI: 100% Shelf (Both Drilled and Successful) MP 180 A-2 WI: 100% MP 108 8 Shelf WI: 100%…
Other Operational and Financial Information
Balanced Reserves at Historic Highs Proved Reserves as of June 30, 2011 were 740.6 Bcfe. Highest in company history. (1) Reserves by Category Product Mix 57% 48% 60% 43% 35% 60% 40% 17% 40% 20% 20% 0% 0% PDP PNP PUD Oil…
Production Profile (volumes in Bcfe) 120.0 94.8 87.3 101.1 101.1 represents the 100.0 mid-point of 2011 full year guidance. 80.0 53.9 51.6 44.7 60.0 Natural Gas Oil & NGL's 40.0 43.2 42.6 47.2 20.0 0.0 2009 2010…
Historically Drilled Within Cash Flow Adjusted EBITDA vs. Capital Expenditures ( in millions) 1,000 *Capital expenditures funded largely through 900 internally generated cash flow 800 700 600 470 million through nine 500…
Liquidity For Further Growth New four-year revolver with 575 million borrowing base We have 100 million currently drawn on the revolver Adjusted EBITDA of 470 million through the nine months ended September 30, 2011 Bank Facility…
Key Investment Considerations Strong operating track record with 27+ year history of success in the Gulf of Mexico Recent movement onshore via Permian Basin Property acquisition & East Texas exploration projects Gulf Coast oil…
Appendix
Reconciliation of Net Income to EBITDA The following table presents a reconciliation of our consolidated net income to Twelve Months consolidated EBITDA to Adjusted EBITDA: Nine Months Ended Ended Year Ended December 31, September 30…
Financial Commodity Derivatives Oil Collars Weighted Average Contract Price Barrels Nymex Pricing ( per barrel) 2012 per Day Floor Ceiling First Quarter 4,000 75.00 97.88 Second Quarter 4,000 75.00 97.88 Third Quarter 1,348 75.00…
W&T Offshore, Inc. (NYSE: WTI) 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 www.investorrelationswtoffshore.com
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