W&T Offshore, Inc. Pritchard Capital Partners Energize 2009 Conference The Westin Hotel San Francisco, CA January 12, 2009
Company Highlights Reserve Data (as of 12/31/07) Proved Reserves (Bcfe) 639 Proved Developed Reserves (Bcfe) 395 Proved Developed % 62% Oil and Liquids % 48% Highlights Field Statistics (as of 12/31/07) Ticker WTI (NYSE) of…
W&Ts Business Strategy Cash flow returns and generation is our top priority Increase reserves and revenue through the drill bit and by acquisition Continued focus on offshore Gulf of Mexico Conventional shelf primary focus Deep…
Hurricane Update
Gulf of Mexico Hurricane Gustav/Ike Summary Gas Pipelines All or part of two major gas pipelines remain shut-in ANR and Discovery ANR estimated to be online in March 2009 Discovery anticipated online in Late January/Early February…
Production growth 140.0 Oil & NGLs (Bcfe) -2 007 Natural Gas (Bcf) G R 2000 126.5 120.0 27 % CA Full-Year Guidance 94.6 97.2 100.0 99.2 49.8 4Q 82.4 Guidance Bcfe 80.0 79.0 12.915.6 38.8 71.1 3Q 3Q 3Q 19.9 19.9…
Acquisitions
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,…
Transaction History Ability to overcome natural decline rates Strong acquire and exploit capabilities Cumulative production through 2007 was 473 Bcfe Producing Reserves Transaction Acq. Multiple 2007 Transaction Fields Acq'd Acq'd…
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 2006 Kerr-McGee 35 100% 100% 9 100% 100% 100% 100% 100% 86% 8…
Seismic Coverage Goal is to obtain a continuous 3-D database covering all W&T properties Recent new 3-D seismic acquisition as indicated in the green shaded areas 660 blocks of SEI 3-D across offshore Texas 68 blocks of…
2008 Drilling Program First Quarter Second Quarter Lease Well Category WI% Lease Well Category WI% 1 Ship Shoal 300 A-2ST Shelf 100% 5 Eugene Island 175 H-5 Shelf 25% 2 Ship Shoal 314 A-4ST Shelf 100% 6 Eugene Island 175 I-2ST Shelf…
SS349 Mahogany- Deep Prospect A-11 deepest well in Field 18,380 TVD SALT Deepest pay zone X-Sand 17,150 TVD P Sand A-11 TD in lower most Pliocene, essentially all of Miocene & deeper section not penetrated A-11 Well P-Sand…
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…
Financials
Drill Within Cash Flow W&T has funded capital expenditures largely through internally generated cash flow Capital Expenditures ( in millions) 900 862(2) 820 800 Adj. EBITDA CapEx 700 642 589 611 (3) 600 472 500 396 400 361 324…
W&T Liquidity - Opportunities Cash balance at 12/31/08 350 million Undrawn revolver at 12/31/08 = 500 million Free Cash Flow Exploratory Asset Corporate Debt Special Stock/Bond Drilling Acquisition Acquisition Repayment…
Key Drivers High cash-on-cash returns repeatable over many years Great Liquidity Proven Track-Record of Acquiring and Exploiting assets Large inventory of prospects 23 23
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, 9 Months 2000 2001 2002 2003 2004 2005 2006 2007…
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
Loading...
