Shelf Prospectively & Strategies Jamie Vazquez President 2008 IPAA-HAPL U.S. OFFSHORE BREIFING Houston Westin Galleria November 13, 2008
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…
Why W&T Offshore likes the Gulf of Mexico The prevailing belief about the Gulf of Mexico The Gulf has a short reserve life The conventional shelf has been picked over The conventional shelf cant move the needle The Gulf is dead…
W&Ts Business Strategy Cash flow returns and generation is our top priority Increase reserves and revenue through the drill bit and by acquisition Focus on offshore Gulf of Mexico Conventional shelf primary focus Deep Shelf and…
W&Ts Business Strategy, Part II Deeper and Deeper and Deeper in Deeper Continued long-term success for W&T will depend on our success in finding oil and gas reserves as we move further away from the shoreline or drill deeper under the…
Deep Shelf Plenty of meat still on the bone Some of the traditional OCS players have left the conventional shelf for Deepwater or other basins, i.e U.S. Onshore and Internationally During the Majors exodus from the Gulf of Mexico, W&T…
Development and Exploration Success Thus far in 2008, W&T has continued its strong performance with total average success rate of 82% Development Drilling Exploration Drilling 2006 Kerr-McGee 9 100% 100% 100% 100% 100% 35 100%…
W&T Liquidity - Opportunities Cash balance at 11/4/08 500 million Undrawn revolver at 11/4/08 = 500 million Free Cash Flow Exploratory Asset Corporate Debt Special Stock Drilling Acquisition Acquisition Repayment Dividend…
Conclusions Why W&T still believes in the Gulf Short reserve life W&T has maintained constant R/P over a long period of time, must work harder but reserve life can be maintained The shelf has been picked over You have to work…
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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