Jefferies 2012 Global Energy Conference Houston November 28th, 2012
W&T OFFSHORE Overview (NYSE: WTI) Three Months Nine Months ( in millions) Ended Sept 30, 2012 Ended Sept 30, 2012 FINANCIAL PROVED RESERVES DISTRIBUTION Revenues 185.9 637.3 ONSHORE TEXAS (1) Adjusted EBITDA 109.7 391.1…
W&T OFFSHORE Company Operations: Scope And Geographic Coverage ONSHORE TEXAS GOM DEEPWATER GULF OF MEXICO SHELF Onshore Production(1): Deepwater Production(1): Shelf Production(1): 2,603 Boepd net 16,266 Boepd net 28,501 Boepd…
W&T OFFSHORE Our Balanced Approach to Creating Value Exploration Development Acquisitions Identify growth opportunities Develop the opportunities Continuously review both inside and outside our that exist within our acquisition…
W&T OFFSHORE Executing our Approach Exploration Development Acquisitions 4 offshore exploration wells Continuation of the multi- Newfield GOM Properties in the 2nd half of 2012, well development program 432,700 gross acres with…
Exploration Multiple Catalysts to Deliver Growth GOM Deepwater: Newly acquired seismic for the leasehold acquired from Newfield, which have 226,700 undeveloped net acres of exploration potential. We have been contacted by multiple…
Exploration Numerous Opportunities in the Deepwater GOM 6
Exploration New Leases Provide New Opportunities W&Ts combined total for the 11 High Bid blocks only 2.46 million Awarded blocks are close by or contiguous to current W&T operated leases* SS 360 SS 368 MP 89 MP 93 MP 106 MP…
Exploration GOM Exploratory Activity Near Term MC 698 1 Big Bend (WI: 20%) Operator: Noble Energy Est. Drill Cost (net): 13.3 MM Exploratory Joint Venture Est. 1st production: early 2015 Reached TD, logged 150 feet of high…
Exploration Permian Basin Horizontals Targeting the Wolfcamp Yellow Rose Horizontal Wells Chablis 6H awaiting completion W&Ts current Pinotage 8H on flowback horizontal activity Chablis 5H - drilling focus for Yellow Rose and…
Exploration STAR Prospect (WI: 97.6%) Low entry cost, pure exploration play in East Texas Results of the 4 wells will Background determine development plan for Currently 143,700 net acres in six East Texas counties with ongoing the…
Development Continued Success with Development Activity Gulf of Mexico remains a focus for us Majority source of our cash flow High rate of return projects with rapid payback Substantial acreage position provides numerous…
Development Ship Shoal 349 - Mahogany Field (WI:100%) SS 349 has yielded nearly 31 million barrels of oil equivalent since its discovery 12 Month Production History for SS 349 Mahogany Natural Gas NGL's Oil 140 120 MBoe 100…
Development Mississippi Canyon 243 - Matterhorn (WI: 100%) Matterhorn continues to provide significant production and cash flow for W&T MC 243 Matterhorn Production by Category Natural Gas NGL's Oil 120 A-2 well offline, will…
Development Offshore Development Drilling in 2012 SS 349 A-13 WI: 100% Status: Producing D&C : 27.6 MM IP Rate: 1,657 Boepd Days to Payout*: 206 Total Production from the MC 243 A-4 ST since completion SS 349 A-5 ST WI: 100% in…
Development Yellow Rose (WI: 100%) Permian Basin Development Project with long life reserves and exploration upside 2012 Field Update Recent lease position has grown to 23,400 net acres in Dawson, Martin, Andrews, Gaines counties…
Acquisitions W&Ts Acquisition Advantage W&T has proven acquisition criteria Properties generate cash flow, are financeable, and have identified upside We are a preferred buyer in the Gulf of Mexico 28+ years of proven experience…
Acquisitions Growing Footprint in the GOM Deepwater Overview of the Newfield Acquisition Acquired 100% of Newfields remaining Gulf of Mexico assets 78 federal offshore lease blocks, approximately 432,700 gross acres, comprised of…
W&T OFFSHORE Liquidity Available for Further Growth Recently completed a 300 million debt offering of 8.5% senior notes due 2019 Notes issued at 106% of par resulting in gross proceeds of 318 million and yield-to- worst of 6.96%…
W&T OFFSHORE Drilling Within Cash Flow Historically, we have not borrowed money for drilling Adj. EBITDA CAPEX, Excl. Acquisitions Acquisition CAPEX 700 600 ( in millions) 500 400 300 200 100 0 2009 2010…
W&T OFFSHORE Aligned Interests: Shareholder View 53.2% * Ownership percentages portrayed were obtained from the ThomsonOne website in December 2011. Parties included: Apache, Bill Barrett, Cabot Oil & Gas, Comstock Resources,…
W&T OFFSHORE Returning Cash to Investors 0.90 Dividends per share W&T current quarterly 0.80 0.80 0.79 0.79 dividend is 0.08 per share. 0.70 A special dividend of 0.47 per share will 0.60 0.51 be paid on December 3rd, 2012.…
W&T OFFSHORE Why Invest in W&T We remain focused on reserve and production growth at a reasonable price Long history of acquiring assets at an attractive valuation Enhancing value of acquired assets (reserves and/or production)…
W&T OFFSHORE 2012 CAPEX Budget of 425 million Before considering acquisitions CAPEX spending continues to show balance between onshore and offshore activity Offshore Onshore Seismic, Leasehold. & Other 80 70 60 in…
W&T OFFSHORE Liquids Rich Reserves Provide Value 2011 Proved Reserves by Proved Reserves by Category Product NGL 15% Oil 44% Gas 41% W&Ts proved liquid reserves 65% of proved reserves are producing are Crude Oil…
W&T OFFSHORE Pricing Premiums Drive Higher Returns W&T has consistently received the benefit of Gulf Coast oil premiums, which result in higher returns per barrel produced Nine Month Oil Price Comparison Cushing, WTI Spot Price…
W&T OFFSHORE 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, Nine Months Ended June 30, 2009…
W&T OFFSHORE 2011 Year End Proved Reserves As of December 31, 2011 Total Equivalent Reserves Barrel Natural Gas % of Classification of Oil NGLs Natural Gas Equivalent Equivalent Total Proved Reserves (MMBbls) (MMGals) (Bcf)…
W&T OFFSHORE Financial Commodity Derivatives Oil Collars Weighted Average Contract Price Barrels Nymex Pricing ( per barrel) per Day Floor Ceiling 2012 Fourth Quarter 2,728 75.00 98.99 Oil Swaps Barrels Weighted Average…
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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