W&T Offshore : March 2024 Investor Presentation

MARCH 2024

INVESTOR PRESENTATION

Four Decades

of Industry

Leadership

in the Gulf of

Mexico

www.wtoffshore.com

NYSE: WTI

DISCLAIMER

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 of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934. 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, 2023, available on our website and at www.sec.gov. You should understand that such risk 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;

1. drilling of wells and other planned exploitation activities; (3) timing and amount of future production of oil 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; (8) 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. Although the information contained in this presentation may be updated, completed, revised and amended, we undertake no obligation to update such information unless required to do so by law. 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.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy any of our securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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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 tests to 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 reserves quantities compliant with PRMS/SPE guidelines and related PV-10 values that are 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 reserves and estimates of resources and EUR's and recoverable resources, are inherently more speculative than recovery of proved reserves.

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 should not be viewed as representative of the current market value of our estimated oil and natural gas reserves.

Non-GAAP Measures

This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) Net Debt, (ii) Adjusted EBITDA and (iii) Free Cash Flow. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. Please refer to the slides titled "Non-GAAP Reconciliations" under the Appendix to this presentation for a reconciliation of these measures to the most directly comparable GAAP measures and WTI's definitions (which may be materially different than similarly titled measures used by other companies) of these measures as well as certain additional information regarding these measures. WTI believes the presentation of these metrics may be useful to investors because it supplements investors' understanding of its operating performance by providing information regarding its ongoing performance that excludes items it believes do not directly affect its core operations.

CORPORATE OVERVIEW

PREMIER GULF OF MEXICO ("GOM") OPERATOR WITH FOUR DECADES OF HISTORY IN THE BASIN

4Q23 Avg. | FY 2023		Total		4Q23 | FY 2023		4Q23 | FY 2023		FY 2023 Highlights
Production		Fields		Adjusted EBITDA1		Free Cash Flow1
34.1 MBoe/d (49% liquids)		53		$44.9 MM		$15.8 MM		• Produced 34.9 MBoe/d (51% liquids)
34.9 MBoe/d (51% liquids)			$183.2 MM		$63.3 MM
								• Reported Adjusted EBITDA1 of $183.2 MM

Reserve	YE 2023 Reserves at SEC Pricing2	YE 2023 PV-10 at SEC Pricing2
Category	(MMBoe)	($MM)
1P	123.0	$1,081
2P	188.2	$2,151
3P	281.3	$3,674
Gulf of Mexico Shelf	Gulf of Mexico Deepwater

• Produced Free Cash Flow1 of $63.3 MM

‒ 4Q23 marked 24 consecutive quarters of positive Free

Cash Flow

• Ended 2023 with $173.3 MM of cash on the balance sheet

• Continued to maintain a low leverage profile with Net Debt to

trailing twelve months ("TTM") Adjusted EBITDA of 1.2 times

• ~444,000 gross acres (~378,000 net)
• 79% of 4Q23 production of 34.1 MBoe/d
• Proved SEC reserves of 99.9 MMBoe2
• 2P SEC reserves of 145.3 MMBoe2
• Future growth potential from sub-salt projects

• ~153,000 gross acres (~62,000 net)
• 21% of 4Q23 production of 34.1MBoe/d
• Proved SEC reserves of 23.1 MMBoe2
• 2P SEC reserves of 42.8 MMBoe2
• Substantial upside with existing acreage

• Completed two accretive acquisitions adding over 20

MMBoe3 of 1P reserves at an average cost of ~$4.75 per Boe

• Adopted quarterly cash dividend policy in November 2023

and paid initial dividend of $0.01 per common share on

December 22, 2023

‒

Federal
Production: Federal 62%, State 38%		Net Acreage: Federal 78%, State 22%
vs State

Declared first quarter 2024 dividend of $0.01 per share

which will be payable on March 25, 2024 to stockholders

of record on March 18, 2024

1. 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
2. Based on year-end 2023 reserve report by NSAI at SEC pricing of $78.21/Bbl and $2.64/MMBtu. Table does not include Cox acquisition closed January 2024. PV-10 excludes ARO and is a non-GAAP financial measure
3. NSAI reserves at time of acquisitions; includes Cox acquisition closed January 2024

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W&T GULF OF MEXICO OPERATIONS

W&T Deepwater

SPARs

1 Matterhorn

2 Medusa

3 Neptune

4 Heidelberg

TX

MSAL

LA

1

2

5 Magnolia

3

5

4

W&T Acreage

AquasitionW&T(SPV)fieldAcreage

Monza (Operated JV) Acreage

Field Border

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INSIDE OWNERSHIP1

AMONG THE HIGHEST OF PUBLIC E&P COMPANIES2

Management's Interest is Highly Aligned with W&T's Shareholders

and is Incentivized to Maximize Value and Mitigate Risk

Public E&P Companies

1. Ownership percentage of insiders sourced from S&P Capital IQ as of 3/5/2024
2. Peers comprised of the following companies: AR, BRY, BTE, CNX, CPE, CPG, CRK, KOS, MGY, MRO, MTDR, MUR, NOG, PR, RRC, SBOW, SD, SM, SWN, TALO, VTLE

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PROVEN AND CONSISTENT STRATEGY

Focus on Free

Cash Flow Generation

Prioritize Environmental,

Social & Governance

Matters

Maintain High Quality Conventional Asset Base with Low Decline

Reduce Costs to Improve Margins and Increase ROCE

Preserve Ample

Liquidity and

Financial Flexibility

Capitalize on Unique

• Accretive Acquisition Opportunities

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WHY WE HAVE LIKED THE GULF OF MEXICO FOR 40 YEARS

GOM Provides Better Porosity and Permeability than the Unconventionals

Multiple stacked pay opportunities

• Offer attractive primary production and recompletion opportunities
• Provide multiple targets improving chance of success when drilling

Natural drive mechanisms generate incremental production from 2P reserves

• High quality sandstones have drive mechanisms superior to depletion drive alone
• Enjoy incremental reserve adds, partly due to how reserve quantities are booked or categorized under SEC guidelines

GOM Historical	US Oil Production
Oil Production1	by Key Region1

MBbls/d

Total:

13.3

MMBbl/d

GOM

2nd Highest

Producing Basin

in the U.S

(~14% of total)

1) Based on U.S. Energy Information Administration (EIA) data as of December 2023

GOM Provides Unique Advantages:

Low Decline Rates, Superior Porosity/Permeability and Significant Untapped Reserve Potential

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INCREMENTAL RESERVES MAY BE PRODUCED WITH MARGINAL INCREMENTAL CAPEX

Strong Drive

Mechanisms Allow

Reserve Production

From Fewer Wellbores

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SIGNIFICANT RESERVE APPRECIATION FROM INITIAL BOOKINGS1

Current 1P > Initial 3P booking

Current 1P > Initial 2P booking

Current 1P > Initial 1P booking

+ 12

+ 8

+ 9

MAHOGANY T SAND2

MC 698 - Big Bend (DW Field)

W&T Mobile Bay Complex

1. Based on year-end 2023 reserve report at SEC pricing $78.21/Bbl and $2.64/MMBtu
2. Initial 1P booking includes A-14 well only; YE 2021 1P booking includes A-14,A-18 and A-19 wells; 2P & 3P includes additional development wells

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PRO FORMA RESERVES PV-101,2

($MM)

$2,444

3

3

Enterprise Value4: $662 MM

Net Debt5: $289 MM

1. Reserves presented pro forma for Cox acquisition. Based on year-end 2023 reserve report by NSAI at SEC pricing of $78.21/Bbl and $2.64/MMBtu
2. PV-10is a non-GAAP financial measure
3. ARO is based on the Company's latest internal estimates. This amount differs from the ARO calculated in accordance with GAAP and reported in W&T's financial statements
4. Enterprise value calculated as 146,857,077 outstanding shares (as of 2/29/24) multiplied by $2.54 share price (as of 3/13/24) plus net debt. Enterprise Value shown is pro forma Cox acquisition of $72.0 MM (uses 12/31/2023 cash balance less $72.0 MM in calculation)
5. Net debt is defined as current and long-term debt, net of unamortized debt discounts, less cash and cash equivalents. Net debt shown is pro forma Cox acquisition of $72.0 MM (uses 12/31/2023 cash balance less $72.0 MM in calculation)

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