W&t Offshore, Inc. · NYSE:WTI
W&t Offshore — Q1 2026 Earnings Presentation
31 slides from W&t Offshore's earnings presentation, May 8, 2026
Slide 1: Investor Presentation
Over Four Decades of Industry INVESTOR Leadership in the Gulf of PRESENTATION America March 2026 www.wtoffshore.com NYSE: WTI
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation has been provided by W&T Offshore, Inc. ("W&T," the Cautionary Note Regarding Hydrocarbon Quantities "Company," “we,” “our” or “us”) and has not been verified independently. Unless otherwise stated, W&T is the source of the information. This
Slide 3: Company Overview
COMPANY OVERVIEW 3 W&T OFFSHORE | NYSE:WTI
Slide 4: W&T Introduction & Management Team
W&T INTRODUCTION & MANAGEMENT TEAM 40 YEARS OF GROWTH BUILDING DEEP EXPERTISE IN THE GULF OF AMERICA (“GOA”) Creating Value in the GOA Executive Management Team Tracy W. Krohn Introducing W&T Founder, Chairman, Chief Executive Officer and President • GOA-focused oil & gas company founded in 1983 and
Slide 5: W&T's 40+ Year History
W&T’S 40+ YEAR HISTORY OVER FOUR DECADES, W&T HAS EVOLVED FROM A SMALL INDEPENDENT OPERATOR TO A SEASONED PLAYER IN THE GOA 1980s 1990s 2000s 2010s 2020s Future W&T was founded by W&T proved drilling W&T completed IPO Created Monza W&T simplified its W&T plans to Tracy Krohn & began expertise and ma
Slide 6: Why Gulf of America
WHY GULF OF AMERICA GOA IS A LONG-ESTABLISHED, INFRASTRUCTURE-RICH, PROLIFIC OFFSHORE OIL AND GAS BASIN Increasing Capital Spending Over Recent Years… Few operators remaining with the expertise to evaluate and take advantage of the available opportunities in the GOA 50 ($Bn) Attractive • Market dyna
Slide 7: W&T's Strengths and Strategy
W&T’S STRENGTHS AND STRATEGY W&T PROVIDES AN ATTRACTIVE INVESTMENT OPPORTUNITY IN A COMPELLING REGION FOR GROWTH Core Strengths Backing the Opportunity Simple but Effective Strategy 1) Highly-experienced team with offshore capabilities and shareholder alignment • Knowledge and delivery for over four
Slide 8: W&T Key Figures
W&T KEY FIGURES W&T Capital Structure & Top Shareholders Operational Highlights 4Q 2025 Share Price (2/28/2026) $/Share $2.65 Portfolio Metrics Shares Outstanding MM 148.8 Market Cap $MM $394.3 Total Producing Fields 49 offshore fields (42 federal & 7 state waters) Debt as of Q4 25 $MM 350.8 Cash as
Slide 9: Asset Diversification with Operatorship Focus
ASSET DIVERSIFICATION WITH OPERATORSHIP FOCUS Diverse Operations covering 625K Gross / 490K Net YE2025 SEC 1P | 2P 4Q 2025 Production: 36.2 49 GOA Fields Acres Leased Reserves: 121 | 242 MMBoe MBoe/d Working Interest of Top 10 Producing Fields Mobile Bay 90% Ship Shoal 349 100% West Delta 73 100% Ma
Slide 10: Significant Infrastructure Advantage
SIGNIFICANT INFRASTRUCTURE Economic Advantage ADVANTAGE Reduces capital expenditures Platform Rig on infield Subsea tieback to existing production facility (EW 910 Area) infrastructure (MC 800 Gladden) Increases returns by generating cashflow quicker Marketing contracts established and in effect Pro
Slide 11: Multiple Takeaway Options Help Mitigate Hurricane Risk
MULTIPLE TAKEAWAY OPTIONS HELP MITIGATE HURRICANE RISK Prudent hurricane risk management through diverse production base, takeaway optionality, and structural insurance coverage W&T Access to Crude Takeaway Lines W&T Access to Natural Gas Takeaway Lines 11 W&T OFFSHORE | NYSE:WTI
Slide 12: W&T Poised for Growth
W&T POISED FOR GROWTH W&T UNIQUELY POSITIONED TO TAKE ADVANTAGE OF GOA OPPORTUNITIES Low Risk • Demonstrated history of performing low cost, low risk workover and recompletion projects to improve the performance of existing wells Low Risk • Typically, these projects increase production by 300 – 1,50
Slide 13: Creating Value Through M&A, Pipeline for More
CREATING VALUE THROUGH M&A, PIPELINE FOR MORE Undisclosed Private Seller $206 MM1 $65 MM1 $171 MM1 $32 MM1 Paid out in Nov. 2014 Investments Post Acquisition Paid out in Jan. 2022 Closed Sep. 2023 Net average production(2) of 745 Paid out in Sep. 2019 Net average production(2) of Net average product
Slide 14: Accretive E&P Deepwater Acquisitions
ACCRETIVE E&P DEEPWATER ACQUISITIONS PROVEN RECORD OF EXTRACTING VALUE FROM ACQUISITIONS LIKE THE MAHOGANY, MATTERHORN, AND VIRGO FIELDS SS 4 Field (“ ahogany”) Matterhorn & Virgo Fields Acquisition Year 2000/2004/2008 2010 Acquisition Price $175 MM $115 MM Transaction Sellers Details Working Intere
Slide 15: Material LOE Reduction on Exxon/Chevron Mobile Bay Acquisitions
MATERIAL LOE REDUCTION ON EXXON/CHEVRON MOBILE BAY ACQUISITIONS Mobile Bay Fields1 Base LOE/Monthly Average 0 Acquisition Year 2019 Previous Operator Acquisition Price $171 MM 0 Transaction Sellers Details 0 Working Interest 25% - 100% 50 2 AGR vs Water Depth 0’ – 50’ in ation of 0 Consolidation of
Slide 16: Price to NAV Discount of 80% on 2P Basis
PRICE TO NAV DISCOUNT OF 80%1 ON 2P BASIS 2,500 4 2,000 ( )3 3 2 (PV-102 in $MM) ,500 2 2 ,000 2 ( 0) 3 0 0 Enterprise Value4: $605 MM 500 Net Debt5: $210 MM PDP PDNP P D P ARO P Net of ARO PRO PRO PRO P ARO P Net of ARO Related Related to nrelated to to PDP PDNP + P D P Reserves 1) 2P net asset val
Slide 17: W&T Continues to Convert Reserves to PDP
W&T CONTINUES TO CONVERT RESERVES TO PDP • W&T has already produced ~2.2x the original NSAI PDP volumes on its top 10 producing wells up to year-end (YE) 2025 • Year-end PDP reserves increased 51% year-over-year without drilling a new well Top 10 Wells1 Cumulative Production – Actual vs Original For
Slide 18: W&T Investment Highlights
W&T INVESTMENT HIGHLIGHTS TRACK RECORD OF GROWTH THROUGH ACQUISITIONS OF LARGE QUALITY ASSETS Attractive GOA location 10 Years of Reserve Life Growth 1 Large resources, encouraging fiscal regime, favourable low-tax 25 0 environment and significant untapped reserve potential Over four decades of succ
Slide 19: Financial Summary
FINANCIAL SUMMARY 19 W&T OFFSHORE | NYSE:WTI
Slide 20: GOA Operations Allow W&T to Consistently Offset Production Decline
GOA OPERATIONS ALLOW W&T TO CONSISTENTLY OFFSET PRODUCTION DECLINE Advantages of Producing in GOA Average Daily Production 40.0 Vertical Wells with Low Decline Rates 36.2 35.1 35.6 34.9 The Gulf of America’s a undant reservoirs and 34.1 33.5 geologic properties allow for vertical wells with 32.1 sig
Slide 21: Prudent Cost Management Through Commodity Cycles
PRUDENT COST MANAGEMENT THROUGH COMMODITY CYCLES Average WTI Price ( l) P&A Expenditure 5 0 5 5 ($MM) 00 2 4 500 00 00 0 200 4 4 • Strong production base and cost optimization 0 delivers steady Adjusted EBITDA3 00 2 0 • Adjusted EBITDA3 has materially outpaced capex 55 2 2 2 and ARO spending (before
Slide 22: 1Q & FY 2026 Guidance
1Q & FY 2026 GUIDANCE First Quarter 2026 Full Year 2026 Production Oil (MBbl) 1,210 – 1,340 4,710 – 5,210 NGLs (MBbl) 400 – 450 1,620 – 1,820 Natural Gas (MMcf) 8,405 – 9,305 35,380 – 39,180 Total Equivalents (MBoe) 3,011 – 3,341 12,227 – 13,560 Average Daily Equivalents (MBoe/d) 33.5 – 37.1 33.5 –
Slide 23: Hedge Program
HEDGE PROGRAM OIL COSTLESS COLLARS Weighted Avg Weighted Avg Total Volume Avg Daily Volume Floor Price Ceiling Price Period (BBL) (BBL/D) ($/BBL) ($/BBL) 1Q26 120,000 1,333 $ 56.18 $ 69.40 2Q26 364,000 4,000 56.18 69.40 3Q26 368,000 4,000 56.18 69.40 4Q26 368,000 4,000 56.18 69.40 OIL SWAPS Weighted
Slide 24: Appendix
APPENDIX NON-GAAP RECONCILIATIONS 24 W&T OFFSHORE | NYSE:WTI
Slide 25: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS Certain financial information included in W&T’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non- GAAP financial measures are “Net e t”, “Adjusted E IT A,” “ ree Cash l
Slide 26: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS December 31, 2025 December 31, 2024 ($000s) (Unaudited) 10.75% Senior Second Lien Notes Principal $ 350,000 $ - Unamortized debt issuance costs (7,645) - Total 10.75% Senior Second Lien Notes $ 342,355 $ - 11.75% Senior Second Lien Notes Principal $ - $ 275,000 Unamortized d
Slide 27: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 ($000s) (Unaudited) (Unaudited) Net Income (Loss) $ (27,127) $ (71,474) $ (23,362) $ (150,062) $ (87,145) Interest expense, net 9,000 8,998 10,22
Slide 28: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS Twelve Months Ended December 31, December 31, December 31, December 31, December 31, December 31, 2024 2023 2022 2021 2020 2019 ($000s) (Unaudited) Net Income (Loss) $ (87,145) $ 15,598 $ 231,149 $ (41,478) $ 37,790 $ 74,086 Interest expense, net 40,454 44,689 69,441 70,049
Slide 29: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS Three Months Ended Twelve Months Ended December 31, 2025 September 30, 2025 December 30, 2024 December 31, 2025 December 31, 2024 ($000s) (Unaudited) (Unaudited) Net cash provided by operating activities $ 25,940 $ 26,537 $ (4,317) $ 77,243 $ 59,539 Allowance for credit loss
Slide 30: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS December 31, ($MM) 2025 2024 PV-10 $ 1,115 $ 1,230 Future income taxes, discounted at 10% (131) (155) PV-10 after ARO 985 1,075 Present value of estimated ARO, discounted at 10% (333) (335) Standardized measure $ 651 $ 740 30 W&T OFFSHORE | NYSE:WTI
Slide 31: 5718 Westheimer Suite 700 Houston, TX 77057
5718 Westheimer Suite 700 Houston, TX 77057 www.wtoffshore.com www.wtoffshore.com NYSE: WTI