W&T Offshore : Barclays CEO Energy-Power

BARCLAYS

CEO ENERGY-POWER CONFERENCE

September 7, 2022

www.wtoffshore.com

NYSE: WTI

Four Decades

of Industry

Leadership

in the Gulf of

Mexico

FORWARD-LOOKING STATEMENT DISCLOSURE

The information contained in this presentation has been provided by W&T Offshore, Inc. ("W&T," the "Company," "we," "our" or "us") and has not been verified independently. Unless otherwise stated, W&T is the source of the information. This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of

1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements give our current

expectations or forecasts of future events. They include statements regarding our future operating and financial performance. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known

or unknown risks and uncertainties, many of which are described under "Risk factors" in our Annual Report on Form 10-K for

the year ended December 31, 2021 available on our website and at www.sec.gov. You should understand that the following important factors, could affect our future results and could cause those results or other outcomes to differ materially from

those expressed or implied in the forward-looking statements relating to: (1) amount, nature and timing of capital

expenditures; (2) drilling of wells and other planned exploitation activities; (3) timing and amount of future production ofoil

and natural gas; (4) increases in production growth and proved reserves; (5) operating costs such as lease operating expenses, administrative costs and other expenses; (6) our future operating or financial results; (7) cash flow and anticipated liquidity;

1. our business strategy, including expansion into the deep shelf and the deepwater of the Gulf of Mexico, and the availability of acquisition opportunities; (9) hedging strategy; (10) exploration and exploitation activities and property acquisitions; (11) marketing of oil and natural gas; (12) governmental and environmental regulation of the oil and gas industry; (13) environmental liabilities relating to potential pollution arising from our operations; (14) our level of indebtedness; (15) timing and amount of future dividends; (16) industry competition, conditions, performance and consolidation; (17) natural events such as severe weather, hurricanes, floods, fire and earthquakes; and (18) availability of drilling rigs and other oil field equipment and services.

We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation or as of the date of the report or document in which they are contained, and although the information

contained in this presentation may be updated, completed, revised and amended, we undertake no obligation to update such

information. Statements contained in this presentation regarding past events or performance should not be taken as a

guarantee of future events or performance. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions

contained herein. Neither the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever

(in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The filings with the Securities and Exchange Commission (the "SEC") are hereby

incorporated herein by reference and qualify the presentation in its entirety.

Cautionary Note Regarding Hydrocarbon Quantities

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation teststo be economically and legally producible under existing economic and operating conditions, and on an optional basis, probable and possible reserves meeting SEC definitions and criteria. The Company does not include probable and possible reserves in its SEC filings. This presentation includes information concerning probable and possible reserves quantities compliant with PRMS/SPE guidelines and related PV-10 values that may be different from quantities of such non-proved reserves that may be reported under SEC rules and guidelines. In addition, this

presentation includes Company estimates of resources and "EURs" or "economic ultimate

recoveries" that are not necessarily reserves because no specific development plan has been committed for such recoveries. Recovery of estimated probable and possible reserves, and estimates of resources and EUR's and recoverable resources, are inherently more speculative

than recovery of proved reserves.

NYMEX Strip priced proved and proved+probable (2P) and proved+probable+possible (3P)

reserves estimates as of June 30, 2022 in this presentation have been internally generated on

the same basis as our SEC reserves, except for the use of pricing based on futures contract prices as quoted on the NYMEX for crude oil and natural gas on July 19, 2022, rather than using the

average of the first-day-of-the-month prices for the prior 12 months in accordance with SEC

pricing rules. In determining NGL prices used in the NYMEX Strip case, a price ratio was

computed for each field with NGL reserves and applied to the applicable NYMEX crude oil price stated above for each future production period. We have included the NYMEX Strip reserves to

show the sensitivity of our estimated reserves and related PV-10 to more recent NYMEX oil and

natural gas futures pricing.

PV-10 of reserves includes projected revenues, estimated production costs and estimated future

development costs. Unless otherwise stated, PV-10 excludes cash flows for asset retirement obligations, general and administrative expenses, derivatives, debt service and income taxes.

Standardized measure or the PV-10 from our proved or 2P oil and natural gas reserves (SEC Case or NYMEX Case) should not be viewed as representative of the current market value of our

estimated oil and natural gas reserves.

See Appendix for more information.

2	W&T OFFSHORE | NYSE:WTI | BARCLAYS CONFERENCE

W&T - SEASONED GULF OF MEXICO ("GOM") PLAYER

FY 2021 | 2Q22 Avg.	Total			FY 2021 | 2Q22 Avg.			FY 2021 | 2Q22 Avg.
	Production	Fields			Adjusted EBITDA1			Free Cash Flow1
38.1 MBoe/d (46% liquids)	47			$220.3 MM	$90.9 MM
42.4 MBoe/d (48% liquids)			$294.0 MM	$233.5 MM
Reserve		MY 2022 Reserves		MY 2022 Reserves	MY 2022 PV-10 ($MM)	MY 2022 PV-10 ($MM)
Category		(MMBoe) SEC Pricing3	(MMBoe) NYMEX Strip4	SEC Pricing3	NYMEX Strip4
1P		168.3		164.1	$2,622	$2,282
2P		250.1		245.1	$4,190	$3,528
3P		366.3		359.2	$6,495	$5,381

		Fairway & Mobile Bay
Main Pass 108
	Viosca Knoll 783 (Tahoe/SE Tahoe)
Mississippi Canyon 243 (Matterhorn)
Brazos A133		Viosca Knoll 823 (Virgo)
Ship Shoal 349		Mississippi Canyon 698 (Big Bend)
(Mahogany)
Ewing Bank 910	Mississippi Canyon 582
(Medusa)

Gulf of Mexico Shelf

• ~462,000 gross acres (~381,000 net)
• 78% of 2Q22 production of 42.4 MBoe/d
• Proved SEC reserves of 141.5 MMBoe3
• 2P SEC reserves of 199.8 MMBoe3
• Future growth potential from sub-salt projects

Gulf of Mexico Deepwater

• ~175,000 gross acres (~72,000 net)
• 22% of 2Q22 production of 42.4 MBoe/d
• Proved SEC reserves of 26.8 MMBoe3
• 2P SEC reserves of 50.3 MMBoe3
• Substantial upside with existing acreage

2P Reserves Mix 2,3			2Q22 Avg. Daily Production2
		By Field

Federal	Production: Federal 65%, State 35%	Net Acreage: Federal 79%, State 21%
vs State

Note: The outer ring of the pie charts represent contribution by field, with color indicating field location on the map

1. Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures, see Appendix for description of reconciling items to GAAP net income
2. Breakout between Deepwater and Shelf reflects total Company production
3. Based on mid-year 2022 reserve report by NSAI at SEC pricing (1P Life) of $85.82/Bbl and $5.13/MMBtu before differentials
4. Based on mid-year 2022 reserve at 7/19/22 weighted-average NYMEX Strip pricing (1P Life) of $75.13/Bbl and $4.69/MMBtu

Premier GOM Operator with Four Decades of History in the Basin

20%		By Water Depth
	22%
250.1				Shelf	42.4
			Deepwater
MMBoe				All Other		MBoe/d
				Fields

80%	78%

3	W&T OFFSHORE | NYSE:WTI | BARCLAYS CONFERENCE

2Q22 HIGHLIGHTS

• Increased average daily production by 12% to 42.4 MBoe/d (48% liquids) in 2Q22 compared to 1Q22 and above the high end of guidance
• Monetized a portion of the Company's existing hedge position through the restructuring of strike prices on outstanding purchased natural gas calls
• • Restructured strike prices on calls from second half of 2022 through first quarter of 2025
  • Resulted in net proceeds of $105.3 million and a net gain from the transaction of $138.0 million
• Grew Adjusted EBITDA by 228% quarter-over-quarter to $294.0 MM for 2Q22
• Generated Free Cash Flow for the 18th consecutive quarter, with Free Cash Flow growing to $233.5 MM in 2Q22 from $46.9 MM in 1Q22
• Net Debt down $214 million, or 39%, from year-over-year as of June 30, 2022 to $331.4 million
• • Substantially increased cash balance to $377.7 million at quarter-end
  • Current Net Debt / 2Q22 LTM Adjusted EBITDA of 0.7x with additional deleveraging expected through 2022
• Announced the signing of a Memorandum of Understanding ("MOU") with Korea
  National Oil Corporation to jointly consider and pursue various opportunities in upstream oil and gas in North America
• Acquired the remaining 20% working interests in oil and gas producing properties at Ship Shoal 230, South Marsh Island 27/Vermilion 191, and South Marsh Island 73 fields for $17.5 million

1. Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures, see Appendix for description of reconciling items to GAAP net income
2. Excludes cash received of $151 MM f rom hedge monetization less $5 MM of other hedge-related adjustments

Continued Focus on Delivering Free Cash Flow and Adding Value

4	W&T OFFSHORE | NYSE:WTI | BARCLAYS CONFERENCE

PRODUCTION

Full Year 2021 Production

38.1 MBoe/d

(46% liquids)

2Q22 Production

42.4 Boe/d

(48% liquids)

ADJUSTED EBITDA

Full Year 2021 Adjusted EBITDA1

$220 MM

2Q22 Adjusted EBITDA1

$294 MM

2Q22 Adjusted EBITDA (ex hedge monetization)2

$148 MM

FREE CASH FLOW

Full Year 2021 Free Cash Flow1

$91 MM

2Q22 Free Cash Flow1

$234 MM

2Q22 Free Cash Flow (ex hedge monetization)2

$87 MM

ATTRACTIVE INVESTMENT OPPORTUNITY

• Despite strong performance and improved financial position, W&T trades at discounted valuation relative to small-cap peer group
• Compelling LTM Free Cash Flow yield of 37%3
• Project inventory and existing infrastructure provide paths for both organic growth and acquisitions
• Significant insider ownership aligns executive management with shareholders

Relative Valuation1,3

E&P Peer Group

WTI

-

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x

EV / 2022 Consensus EBITDA

1. Enterprise Value (EV) is calculated as share price as of September 1, 2022 times shares outstanding plus total debt less cash as of the most recent reported quarter-end
2. Consensus EBITDA sourced from Capital IQ. Peer group consists of AR, BRY, BTE, CDEV, CNX, CPE, CPG, CRK, ESTE, KOS, LPI, MGY, MRO, MTDR, MUR, NOG, PDCE, ROCC, RRC, SBOW, SM, SWN, TALO
3. LTM Free Cash Flow Y ield is defined as Free Cash Flow for the last four reported quarters divided by market capitalization

5	W&T OFFSHORE | NYSE:WTI | BARCLAYS CONFERENCE