W&T Offshore, Inc. Raymond James 30th Annual Institutional Investor Conference JW Marriott Grande Lakes Orlando, FL March 9, 2009
Company Highlights Reserve Data 2007 2008 Proved Reserves (Bcfe) 639 491 Proved Developed Reserves (Bcfe) 395 334 Proved Developed % 62% 68% Oil and Liquids % 52% 54% Highlights Field Statistics (as of 12/31/08) Ticker WTI (NYSE)…
W&Ts Business Strategy Current economic environment creates opportunities Acquisitions Drilling Increase reserves and revenue through the drill bit and by acquisition Continued focus on offshore Gulf of Mexico Conventional shelf…
Hurricane Update
Gulf of Mexico Hurricane Gustav/Ike Summary Gas Pipelines All or part of the ANR gas pipeline remains shut-in ANR estimated to be online in June 2009 Oil Pipelines One major oil pipeline remains shut-in Whitecap Whitecap could be…
Winning Acquisition Strategy Key to our successful acquisition strategy is our ability to target under-exploited assets Key Acquisition Factors Example 1. Cash Flow Strong current production rates, including several behind pipe,…
Drilling Overview
Development and Exploration Success In 2008, W&T continued its strong performance with total average success rate of 77% Development Drilling Exploration Drilling 9 100% 100% 100% 100% 100% 35 100% 100% 100% 8 86% 86% 86% 86%…
Green Canyon 646 Daniel Boone W&T working interest 60% and is the operator Front Runner Reserves (MMBoe) Proved 4 Probable 2 Possible 3 3P Total 9 Total measured depth 12,365 feet 119 miles off coast of Louisiana 4,230 feet…
SS349 Mahogany- Deep Prospect A-11 deepest well in Field 18,380 TVD Deepest pay zone X-Sand SALT 17,150 TVD A-11 TD in lower most Pliocene, P Sand essentially all of Miocene & deeper section not penetrated A-11 recomplete has…
Financials
Drill Within Cash Flow W&T has funded capital expenditures largely through internally generated cash flow Capital Expenditures ( in millions) 900 884 820 800 Adj. EBITDA CapEx 700 642 658 589 600 472 500 396 400 361 324…
W&T Liquidity - Opportunities Cash balance at 1/31/09 300 million Undrawn revolver at 12/31/08 = 500 million Borrowing Base expected to decrease after bank redetermination in April 2009 2009E Capital Expenditures of 220 million to…
Key Drivers Proven Track-Record of Acquiring and Exploiting assets Large inventory of prospects Flexibility Sufficient Liquidity 21 21
Reconciliation of Net Income to EBITDA The following table presents a reconciliation of our consolidated net income to consolidated EBITDA to Adjusted EBITDA: Year Ended December 31, 2000 2001 2002 2003 2004 2005 2006 2007 2008 ( in…
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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