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W&T Offshore Inc
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November 2023 Investor Presentation
| Tracy W. Krohn | Page 4 of 11 |
April 27, 2024
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"November 2023 Investor Presentation"
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W&T OFFSHORE | NYSE:WTI CORPORATE OVERVIEW 4 Premier GOM Operator with Four Decades of History in the Basin Gulf of Mexico Shelf • ~449,000 gross acres (~384,000 net) • 16% of 3Q23 production of 35.9 MBoe/d • Proved SEC reserves of 131.6 MMBoe 3 • 2P SEC reserves of 184.6 MMBoe 3 • Future growth potential from sub-salt projects Gulf of Mexico Deepwater • ~153,000 gross acres (~62,000 net) • 84% of 3Q23 production of 35.9 MBoe/d • Proved SEC reserves of 26.1 MMBoe 3 • 2P SEC reserves of 47.9 MMBoe 3 • Substantial upside with existing acreage Federal vs State Note: The outer ring of the pie charts represent contribution by field, with color indicating field location on the map 1) As of 9/30/2023 2) Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures, see Appendix for description of reconciling items to GAAP net income and operating cash flow 3) Based on mid-year 2023 reserve report by NSAI at SEC pricing (1P Life) of $83.23/Bbl and $4.76/MMBtu; before differentials and excluding ARO. PV-10 is a non-GAAP financial measure Reserve Category MY 2023 Reserves at SEC Pricing 3 (MMBoe) MY 2023 PV-10 at SEC Pricing 3 ($MM) 1P 157.7 $2,051 2P 232.5 $3,441 3P 327.6 $5,349 Fairway & Mobile Bay Viosca Knoll 783 (Tahoe/SE Tahoe) Viosca Knoll 823 (Virgo) Mississippi Canyon 698 (Big Bend) Mississippi Canyon 582 (Medusa) Ewing Bank 910 Ship Shoal 349 (Mahogany) Brazos A133 Mississippi Canyon 243 (Matterhorn) Main Pass 108 Production: Federal 63%, State 37% Net Acreage: Federal 79%, State 21% 3Q23 Avg. | 2023 YTD 1 Production 35.9 MBoe/d (48% liquids) 35.1 MBoe/d (51% liquids) Total Fields 54 3Q23 | 2023 YTD 1 Adjusted EBITDA 2 $56.3 MM $138.3 MM 3Q23 | 2023 YTD 1 Free Cash Flow 2 $25.4 MM $47.5 MM 3 3 Shelf Deepwater All Other Fields By Field By Water Depth W&T – SEASONED GULF OF MEXICO (“GOM”) PLAYER