Confidential W&T Offshore, Inc. 3rd Annual Oil & Gas Investment Symposium West (OGIS West) The Palace Hotel, San Francisco, CA. October 6, 2005
Key Investment Highlights Well established model driven by value and rate of return 20+ year history of value creation Proven acquisition strategy Industry leading operational metrics Increasing opportunity to pursue larger…
Newly Public But Not New 80s and 90s Since 2000 1984 Company organized with 2000 Acquired interests in 30 12,000 fields from EEX and 6 1986-96 Acquired and divested fields from BP Amoco producing properties in 2002 Acquired interests…
W&Ts Recent Track Record 9 1H2005 Revenue, Net Income, EBITDA, CFFO each exceeded 12% increase over 1H2004 9 80% Success rate in Exploration & Development wells for 1H2005 9 Reserve Replacement at Mid-year Internal Estimates…
W&T Game Plan Leverage operating expertise Increase exposure to projects with larger reserve potential Deep shelf 4 prospects currently identified for 2nd Half 2005 and 6 additional prospects in 2006+ Deepwater 4 prospects currently…
Future Growth 2005 Remaining 2005 Drilling = 19 exploration wells + 4 development wells 2H Production build up from facility and development projects 2006 and Beyond 10 Gross (4 Net) PUD wells scheduled to be drilled in 2006 20+…
Confidential Hurricane Update
Production Expectations 24 MMcfe per day Current Production 17 MMcfe per day Expected production within the next 7 days. 14 MMcfe per day Expected to come online when assessments to 3rd party pipelines are completed. 12 MMcfe per day…
W&T Report Card Last Five Acquisitions Creating Value Through Acquisitions, Exploitation and Exploration 1,400 Probable and Possible: 1,287 Probable: 285 Bcfe 603M PV-10 1,200 Possible: 312 Bcfe 737M PV-10 1,000 ( in millions)…
Where Are the Prospects Coming From 2004 DRILLED 2005 DRILLING 32% 38% 42% 59% 3% 10% 16% Farm-in OBO Lease Acquisitions Farm-in OBO Lease Acquisitions PROPOSED 2006 13% 0% 34% 53% Farm-in OBO Lease…
2006 Exploration Drilling 32 Exploration Wells Exploration Drill & Evaluate Budget 25% 19% 13% 41% 40% 62% Shelf Deep Water Deep Shelf Shelf Deep Water Deep Shelf 800+ Bcfe Unrisked 460+ Bcfe Risked Reserve Reserve…
Proposed 2006 Exploration Plan Conventional Shelf Mobile Bay 13% WI Main Pass 213 50% WI Vermilion 23 25% WI Main Pass 183 Eugene Island 219 50% WI 100% WI Galveston 303 Vermilion 225 75% WI 100% WI Ship Shoal 174 100% WI…
Proposed 2006 Exploration Plan Deep Shelf Main Pass 69 98% WI LA Inland State Water 100% WI Vioska Knoll 519 50% WI Ship Shoal 177 75% WI 4 WELLS ( 3.2 NET) Gas Oil 21 21
Proposed 2006 Exploration Plan Deep Water Vioska Knoll 864 100% WI Vioska Knoll 818 100% WI Ewing Bank 994 Garden Banks 140 100% WI Healey East Breaks 164 100% WI Green Canyon 82 100% WI 100% WI Demont Green Canyon 732…
W&Ts Conservative Financial Approach Drill with Cash Flow Use leverage for acquisitions Use hedges only when necessary 26 26
Capital Expenditures / Other Major Expenses 2003 2004 2005 12 Exploration Wells 32 Exploration Wells 30 Exploration Wells 7 Development Wells 7 Development Wells 7 Development Wells 141 MM 266 MM Approximately 280 MM 11% 5% 16%…
Reconciliation of Net Income to EBITDA The following table presents a reconciliation of our consolidated net income to consolidated EBITDA: Year Ended December 31, ( in thousands) 2000 2001 2002 2003 2004 1H2005 Net income 48,204…
Confidential W&T Offshore, Inc. (NYSE: WTI) Eight Greenway Plaza Suite 1330 Houston, TX 77046 Main line - 713-626-8525 Fax - 713-626-8527 Investor Relations - 713-297-8024 www.wtoffshore.com…
Confidential W&T Offshore, Inc. 3rd Annual Oil & Gas Investment Symposium West (OGIS West) The Palace Hotel, San Francisco, CA. October 6, 2005
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