W&T OFFSHORE, Inc. (NYSE: WTI) REVENUE (1) 896 MM ADJUSTED EBITDA (1) 592 MM PROVED RESERVES (2) 701.1 Bcfe / 116.9 MMboe RESERVES - OIL & LIQUIDS (2) 59% ACREAGE OFFSHORE 792,519 gross / 513,281 net ACREAGE ONSHORE 205,230…
Company Operations: Scope and Geographic Coverage Permian Basin Proved Reserves: 28 MMBoe Acreage: 31,500 Net East Texas 5% of Production Acreage: 141,700 Net GOM Deepwater GOM Shelf Proved Reserves: 25 MMBoe Acreage:…
G R O WT H Goals and Incentives Aligned with Growth and Profitability Reserve growth goal of 18% over 2011 year proved reserves Growth accomplished via drilling, acquisitions, extensions and revisions Targeting production growth of…
G R O WT H Growth - Reserves Proved reserves increased 44% in 2011 over 2010 Overall reserve replacement ratio of 312% 63% increase in PV-10* reserves for 2011 over 2010 Oil and Natural Gas Liquids are 59% of 2011 proved reserves…
G R O WTH Reserve Growth Year After Year Natural Gas Oil & NGL's 1000.0 900.0 Growth Goal 800.0 701.1 700.0 600.0 485.4 500.0 371.0 400.0 300.0 200.0 100.0 0.0 2009 2010 2011 2012E 5
G R O WTH Rising Production Growth Bcfe Natural Gas Oil & NGL's 140 120 *101.1 to 112.8 *101.1 100 87.3 80 60 40 20 0 2010 2011E 2012E * 2011E volume is guidance mid-point and 2012E volumes represent guidance range.…
G R O WTH Oil and natural gas liquids continue to make up a greater portion of the reserves and production mix W&T Offshore receives Gulf Coast premium prices for 84% of its oil production OIL & NGLs PRODUCTION PROVED RESERVES…
G R O WTH Consistently high oil and liquids as a percentage of proved reserves Currently the highest in 5 years Liquids Natural Gas 100% 90% 80% 70% 60% 59% 50% 54% 55% 40% 48% 47% 30% 20% 10% 0% 2007 2008 2009 2010 2011…
G R O WTH Widening Areas of Expertise Movement onshore provides diversity Extends the average reserve life Extensive drilling during 2011 provided insight into cost saving opportunities, future well placement, and best practices to…
G R O WTH 10
G R O WTH Taking Drilling Risks Within Cash Flow ( in millions) Adj. EBITDA CAPEX, Excl. Acquisitions Acquisition CAPEX 1,000 900 800 700 600 500 400 300 200 100 0 2007 2008 2009 2010 2011E 2012E 2011 Adjusted…
G R O WTH Having Success with the Plan Proved Reserves are up 44% year over year 59% oil and liquids in 2011 versus 47% in 2010 Production is up 16% based upon 2011 mid-point of guidance First call EBITDA for 2011 is 40% higher than…
Looking to 2012
2012 Capital Budget The 2012 capital budget represents a 37% increase over 2011. Allocated dollars are aligned with growth goals and strategies. The budget does not include acquisitions. ( in millions) Estimated of wells Offshore -…
2012 Budget Strategy Exploratory Activities 39% Budget anticipates the drilling of 25 wells with 167 million split 53% offshore and 47% onshore Projects are oil and liquids focused Onshore drilling will be a mix of vertical and…
SS 349/359 Mahogany Field (working interest:100%) Currently drilling the A-13 well, which is expected to add 1,500 barrels per day net beginning Q3 2012. The A-13 is the third well of potentially a six well drilling program that…
MC 243 Matterhorn (working interest: 100%) Currently rigging up to drill the A-4 ST, which is a development well targeting oil sands This well is expected to produce 3,500 Boe per day net to our interest. Timing is dependent on…
Permian Basin Activities in 2012 Yellow Rose Project (WI: 100%) Since acquisition in May 2011, we have drilled 29 wells Current production rate: 3,260 Boepd (gross) 2012 will see 3 rigs drilling vertical wells targeting pay zones in…
East Texas Growth in 2012 Star Project (WI: 97.6%): Project comprised of 141,700 net acres located in five East Texas counties. Drilled and completed in 2011 a horizontal exploration well to test and target the James Lime formation…
Growth Through Strategic Acquisitions Proven Acquisition Guidelines Properties generating cash flow Strong current production rates Financeable Large portion of reserve base is proved developed and can be financed Identified…
W&Ts Acquisition Advantage W&T is a preferred buyer in the Gulf of Mexico 28+ years of proven experience for safe operations Known to pursue acquisitions as part of the overall growth plan since inception Strong liquidity provides…
Creating Value MP 252: Tahoe / Southeast Tahoe Increased reserves by 4.5 MMBoe Projected production increase of 10 MMcfe/d (net to W&T) NGL processing arrangements provided significantly higher recoveries MC 243 - Matterhorn…
Liquidity For Further Growth New four-year revolver with 575 million borrowing base We have 113 million currently drawn on the revolver Current cash balance 33 million EBITDA first call estimate average - 630 million Current…
Aligned Interests: Shareholder View Inside Ownership W&T Offshore McMoran Expl. ATP Oil and Gas 53.2% Comstock Resources Energy XXI Stone Energy Group Sandridge Energy Bill Barrett Corp Swift Energy Newfield Expl.…
Key Investment Considerations Clear evidence that W&T can grow profitably and make money 2011 Reserve growth of 44% 2011 First call EBITDA 40% higher than 2010 A strong company with a proven track record 28+ years of safe operating…
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…
2011 Year End Proved Reserves (unaudited) As of December 31, 2011 Total Equivalent Reserves Barrel Natural Gas % of Oil NGLs Natural Gas Equivalent Equivalent Total Classification of Proved Reserves (MMBbls) (MMGals) (Bcf)…
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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