Barclays CEO Energy-Power Conference New York September 6, 2011
Company by the Numbers (1) Key Financials ( in MMs) LTM 2010 2009 Revenue 820 706 611 Adjusted EBITDA 549 450 341 CAPEX (2) 692 416 276 (3) Field Statistics of Producing Fields w/WI 67 Offshore Acreage (Gross/Net) 854,000 /…
Key Investment Considerations Strong operating track record with 27+ year history of success in the Gulf of Mexico Recent movement onshore via Permian Basin Property acquisition Gulf Coast oil production generating premiums to…
Company Overview Large acreage position in the Gulf of Mexico primarily held by production Proved reserves on a pro forma basis at historic high and more oily Permian Basin Properties acquired on May 11, 2011 create next area of…
Company Operations Permian Basin GOM Shelf (1) Proved Reserves: 175 Bcfe / Proved Reserves: 397 Bcfe / 29 MMBoe 66 MMBoe Acreage: 30,000 Net Acreage: 715,981 Gross / 5% of Production 459,542 Net 65% of Production GOM…
Strategic Plan Drill and develop our Permian Basin Properties Expand acreage positions onshore Continue to explore and develop our large Gulf of Mexico acreage position Continue to pursue GOM acquisition opportunities, both shelf…
2011 Plan Yielding Growth Expanding into new areas onshore, including Permian Basin, East Texas and Gulf Coast Recent acquisitions have provided significant reserve increases and upside opportunities Estimated pro forma mid-year…
Onshore
West Texas Permian Basin Overview Next growth phase for the Company Currently in several distinct areas Current total net acreage of 30,000 Continue to expand acreage position 6 drilling rigs currently running in Permian…
Wolfberry West Texas Primary focus in the West Texas Permian Basin is the Wolfberry Potential upside includes 20-acre spacing and deeper zones Wells drilled to total vertical depths of 11,000 to 13,000 Horizontal wells planned…
Newly Acquired Assets in West Texas: Martin, Dawson, Andrews & Gaines Counties Acquired 21,400 net acres in May 2011 for 399.5 million Currently producing 2,777 Boe per day from 90 wells Proved reserves of 30 MMBoe and probable…
Permian Basin Acquisition Provides Long-term Growth Low risk operations with a multi-year extensive drilling inventory 450 to 500 drilling locations identified for future exploration and development Proved reserves based on 40-acre…
Other Permian Basin Activity Have acquired approximately 9,100 net acres in Terry County Anticipate 2011 drilling to include 8 to 11 exploratory wells Have drilled 2 wells to date and are currently drilling 3 more in Terry county…
East Texas Activity 2 prospective exploratory areas 1 area covers approximately 146,000 net acres Have drilled 1 well to date and will possibly drill 2 to 3 more Working interests vary from 35% to 100% W&T is the operator in…
Gulf of Mexico
Gulf of Mexico Highlights Strong operating track record 10 year exploration drilling success rate of 77% and 10 year development drilling success rate of 91% Proved reserve replacement rate of 231% in 2010 Excellent safety track…
Gulf of Mexico Proved Reserve with Geographic Diversification 67 fields 81% operated 853,773 gross acres, 553,212 net acres 82% held by production Producing 296 MMcfe per day 43% oil & liquids / 57% gas 16
Gulf of Mexico Recent Activity Integrated two deepwater purchases closed in 2010 Closed on the acquisition of a GOM shelf property in August 2011 Restored production to the Main Pass 108 Field early in the 2011 second quarter…
Investment Highlights of Fairway Field and Yellowhammer Plant Acquired the Fairway field and Yellowhammer gas processing plant from Shell Offshore, Inc. on August 10, 2011 for 36. 7 million Completes the Shell transaction from 2010…
Concentrated Operations in Recently Acquired GOM Fields and Focus Areas 19
Offshore 2011 Drilling Program Development MP 108 D-3 ST & MP 108 D-2 ST BP01 Exploration WI: 100% Shelf (Both Drilled and Successful) MP 180 A-2 MP 108 9 WI: 100% WI: 100% Shelf Shelf (Drilled and successful) MP 108 8…
Other Operational and Financial Information
Proved Reserves as of June 30, 2011 (Pro Forma) (1) Reserves by Category Product Mix 123.4 MMBoe (740.6 Bcfe) Oil PNP 57% PDP 17% 48% Gas PUD 43% 35% (1) 2011 Proved reserves include the recently acquired Shell…
Historically Drilled Within Cash Flow Capital expenditures funded largely through internally generated cash flow Adjusted EBITDA vs. Capital Expenditures ( in millions) 1,000 884 900 820 775 800 746+ 700 600 500 450…
Liquidity Profile New four-year revolver with 537.5 million borrowing base Proved reserves for the Permian Basin Properties are not yet included in the borrowing base We have 100 million currently drawn on the revolver Net cash…
Key Investment Considerations Strong operating track record with 27+ year history of success in the Gulf of Mexico Recent movement onshore via Permian Basin Property acquisition Gulf Coast oil production generating premiums to…
Appendix
Reconciliation of Net Income to EBITDA The following table presents a reconciliation of our consolidated net income to consolidated EBITDA to Adjusted EBITDA: Twelve Months Year Ended December 31, Six Months Ended June 30 Ended June…
2011 Guidance 29
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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