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RBC Capital Markets North American Energy – W&T Offshore Inc.

W&T Offshore Inc. · Jun 6, 2005 · 24 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. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 1
    Confidential W&T Offshore, Inc. 2005 RBC Capital Markets North American Energy Conference Boston, Massachusetts June 6, 2005
  2. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 2
    Key Investment Highlights Well established model Proven acquisition strategy Outstanding drilling record Conservative financial approach 11
  3. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 3
    Newly Public But Not New Founded in 1983 with 12,000 in equity HQ Completed 240M IPO in January 2005 Focused on GOMIncluding deepwater & deep shelf Developed a significant asset base Non-Operated Operated 22
  4. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 4
    W&Ts Track Record 2004 Revenue, Net Income, and EBITDA each exceeded 20% increase over 2003 Proved reserves grew 5% to 467.5 Bcfe for 2004 from proved reserves of 444.7 Bcfe in 2003 2004 Reserve Replacement Ratio of 128%…
  5. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 5
    Winning Strategy Acquisitions Development %5 significant acquisitions since 99 %5+ 2005 Development Wells &188 Million Invested &5% 2004 Reserve Growth &1.2B Remaining PV-10 &4% 2004 Production Growth &90%+ IRR &Expand Acreage…
  6. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 6
    W&T Game Plan Leverage operating expertise Increase exposure to projects with larger reserve potential Deep shelf 4 prospects currently identified for 2005 and 6 additional prospects in 2006+ Deepwater 6 prospects currently…
  7. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 7
    2005 Near Term Exploration/Development Wells 30+ Exploration & 5+ Development Wells planned for 2005 450 Bcfe Unrisked Reserve Potential for Remaining Wells Shelf/Land Deepwater 85 Bcfe 305 Bcfe Deep Shelf 60 Bcfe Note:…
  8. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 8
    Risk vs Reward (or why is this graph is more meaningful than others you may have seen) 100% Risk (100% minus chance of success) 90% 80% 350 Bcfe unrisked 70% 60% 50% 40% 30% 100 Bcfe unrisked 20% 10% 0% - 0.10 0.20 0.30…
  9. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 9
    W&T Operations Success 3 Year Exploration & Development Strong EBITDA Margins 90% 79% 7.00 77% 80% 80% 6.00 70% 79% 78% 60% 5.00 50% 4.00 4.81 3.00 3.46 4.09 40% 30% 2.00 3.14 2.72 20% 1.00 10% 0.00 0% 2000 2001 2002 2003 2004…
  10. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 10
    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)…
  11. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 11
    2005 Production Timing as of 6/1/05 Approximate Net Initial Rate (Mmcfe/day) Project Name WI Q2 2005 Q3 2005 Q4 2005 Facility Projects Pluto 49% 17.4 Mmcfe/day Baccarat 60% 7.4 Mmcfe/day ST 229 100% 12.5 Mmcfe/day Development/PUD…
  12. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 12
    Confidential Financial Overview
  13. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 13
    W&Ts Conservative Financial Approach Drill with Cash Flow Use leverage for acquisitions Use hedges only when necessary 12 12
  14. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 14
    2005 Guidance and Outlook Estimated Daily Production Second Quarter 2005 Full Year 2005 Update/Outlook Crude Oil (MMBbls) 1.1 1.2 4.9 5.2 On Target Mmcfe/day 73.3 80.0 80.5 85.5 Natural Gas (Bcf) 11.5 12.1 53.5 56.2 On Target Mmcfe/day…
  15. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 15
    Future Growth 2005 Remaining 2005 Drilling = 19 exploration wells + 5 development wells 2H Production build up from facility and development projects 2006 and Beyond 7 Gross (2 Net) PUD wells scheduled to be drilled in 2006 20+…
  16. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 16
    Turning Reserves into Cash EBITDA Cash Provided by Operating Activities ( in Millions) ( in Millions) 400 396 400 377 37% CAGR 350 324 350 31% CAGR 300 300 263 250 250 200 200 148 150 133 147 150 124 82 97 100 100 50 50 0 0 2000…
  17. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 17
    Key Investment Highlights Well established model driven by value and rate of return 20+ year history of value creation Increased financial flexibility from IPO Industry leading operational metrics Increasing opportunity to pursue…
  18. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 18
    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 Net income 48,204 63,569 2,049…
  19. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 19
    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
  20. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 20
    Appendix
  21. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 21
    2005 Exploration Drilling - Detail 30 Gross Exploration Wells Over 120M Drill and Evaluate Expenditures 7% 41% 23% 2% 57% 13% 40% 17% Shelf Onshore Deep Water Deepshelf Shelf Onshore Deep Water Deepshelf Over 540 Bcfe Net…
  22. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 22
    Capital Expenditures / Other Major Expenses 2004 2005 32 Exploration Wells 30 Exploration Wells 7 Development Wells 7 Development Wells 266 MM Approximately 280 MM 5% 16% 20% 36% 13% 52% 23% 35% Conventional Shelf…
  23. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 23
    Extending Our Expertise Deep Shelf Note: Company has a discovery and a prospect at Main Pass 69 and Venice. Well locations are not to scale. Main Pass 69 Vermilion 84 Venice Ship Shoal 177 High Island 129 Eugene Island…
  24. RBC Capital Markets North American Energy – W&T Offshore Inc. – slide 24
    Further Extending Our Expertise Deepwater Note: Company has a discovery and a prospect at Ewing Bank 949. Well locations are not to scale. Ewing Bank 949 Ewing Bank 977 Green Canyon 8 Ewing Bank 994 Garden Bank 240…

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