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W&T Offshore Inc
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January 2025 Investor Presentation
| Tracy W. Krohn | Page 4 of 11 |
December 20, 2025
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"January 2025 Investor Presentation"
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W&T OFFSHORE | NYSE:WTI CORPORATE OVERVIEW 4 1) Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures, see Appendix for description of reconciling items to GAAP net income and net cash provided by operating activities 2) Based on mid-year 2024 reserve report by NSAI at SEC pricing of $79.45/Bbl and $2.32/MMBtu. PV-10 excludes ARO and is a non-GAAP financial measure 3) Not adjusted for expected run-rate production from the Cox assets acquired in January 2024 and higher than normal downtime over LTM 3Q24; Net Debt is a non-GAAP financial measure; see Appendix for description of reconciling items to the closest GAAP measure Reserve Category MY 2024 Reserves at SEC Pricing 2 (MMBoe) MY 2024 PV-10 at SEC Pricing 2 ($MM) 1P 141.9 $1,388 2P 258.6 $3,165 3P 377.8 $5,402 3Q24| LTM 3Q24 Production 31.0 MBoe/d (52% liquids) 33.8 MBoe/d (52% liquids) Total Fields 53 3Q24| LTM 3Q24 Adjusted EBITDA 1 $26.7 MM $167.0 MM 3Q24| LTM 3Q24 Free Cash Flow 1 $3.9 MM $70.9 MM PREMIER GOM OPERATOR WITH FOUR DECADES OF HISTORY IN THE BASIN • Produced 33.8 MBoe/d (52% liquids) • Reported Adjusted EBITDA 1 of $167.0 MM • Produced Free Cash Flow 1 of $70.9 MM ? 3Q24 marked 27 consecutive quarters of positive Free Cash Flow • Ended the quarter with $126.5 MM of cash on the balance sheet • Continued to maintain a low leverage profile with Net Debt to last twelve months (“LTM”) Adjusted EBITDA of 1.6 times 3 at the end of the third quarter • Paid fourth consecutive quarterly dividend of $0.01 per common share in August 2024 ? Declared 4Q24 dividend of $0.01 per share which was paid on November 29, 2024 • Continued commitment to sustainability by publishing the 2023 Corporate Environmental, Social and Governance (“ESG”) report LTM 3Q24 Highlights MY 2024 Reserves 2 LTM 3Q24 Production Net Acreage Deepwater Shelf State Federal