#1W&T OFFSHORE SAL MARCH 2023 INVESTOR PRESENTATION 35th Annual Roth Conference Four Decades of Industry Leadership in the Gulf of Mexico www.wtoffshore.com NYSE: WTI Magnolia H W&T OFFSHORE#2DISCLAIMER 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 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, 2022 and Quarterly Reports on Form 10-Q filed during 2022 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; (2) 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. 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. 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. See Appendix for more information. 2 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#3Non-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 Net Income (Loss), (iii) Adjusted EBITDA and (iv) 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. DISCLAIMER (CONT'D) 3 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#4CORPORATE OVERVIEW W&T-SEASONED GULF OF MEXICO ("GOM") PLAYER 4Q22 Avg. Production Total Fields FY 2022 FY 2022 Adjusted EBITDA¹ Free Cash Flow1 Louis Fairway & Mobile Bay Main Pass 108 Mississippi Canyon 243 (Matterhorn) 38.6 MBoe/d (49% liquids) 47 $563.7 MM $376.4 MM Reserve Category YE 2022 Reserves at SEC Pricing³ (MMBoe) YE 2022 PV-10 at SEC Pricing³ ($MM) Brazos A133 1P 165.3 2P 245.8 $3,129 $4,908 3P 345.3 $7,286 Gulf of Mexico Deepwater Gulf of Mexico Shelf • • ~458,000 gross acres (~384,000 net) 77% of 4022 production of 38.6 MBoe/d Proved SEC reserves of 138.1 MMBoe³ 2P SEC reserves of 195.9 MMBoe³ • Future growth potential from sub-salt projects • Federal vs State Production: Federal 65%, State 35% • • ~159,000 gross acres (~68,000 net) 23% of 4Q22 production of 38.6 MBoe/d • Proved SEC reserves of 27.2 MMBoe³ • 2P SEC reserves of 49.9 MMBoe³ Substantial upside with existing acreage Net Acreage: Federal 79%, State 21% Premier GOM Operator with Four Decades of History in the Basin 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 and operating cash flow 2) Breakout between Deepwater and Shelf reflects total Company production 3) Based on year-end 2022 reserve report by NSAI at SEC pricing (1P Life) of $94.14/Bbl and $6.36/MMBtu; before differentials and excluding ARO. PV-10 is a non-GAAP financial measure, see Appendix 4 W&T OFFSHORE | NYSE:WTI Viosca Knoll 783 (Tahoe/SE Tahoe) Viosca Knoll 823 (Virgo) Mississippi Canyon 698 (Big Bend) Ship Shoal 349 (Mahogany) Ewing Bank 910 Mississippi Canyon 582 (Medusa) 2P Reserves Mix 2,3 20% 4Q22 Avg. Daily Production² By Field By Water Depth 245.8 MMBoe Shelf Deepwater All Other Fields 80% 23% 38.6 MBoe/d 77% W&T OFFSHORE#54Q22 HIGHLIGHTS . • Maintained production of 38.6 MBoe/d (49% liquids) Generated net income of $43.4 MM or $0.30 per diluted share • • Adjusted Net Income totaled $15.2 MM, or $0.10 per diluted share in the fourth quarter of 2022. This mainly reflected the adjustment for unrealized derivative gain and derivative premiums Reported Adjusted EBITDA¹ of $66.1 MM for the fourth quarter of 2022 - Full-Year 2022 Adjusted EBITDA¹ totaled $563.7 MM Produced Free Cash Flow¹ of $25.0 MM for the fourth quarter of 2022, the 20th consecutive quarter of positive Free Cash Flow Full-Year 2022 Free Cash Flow1 totaled $376.4 MM Increased cash and cash equivalents to $461.4 MM, up 88% from $245.8 MM at December 31, 2021 Decreased Net Debt by 52% year-over-year to $232.1 MM as of December 31, 2022 • Continued significant improvement in the Company's leverage profile with Net Debt to last twelve months ("LTM") Adjusted EBITDA of 0.4 times compared to 2.2 times one year ago Subsequent to year-end, the Company closed the previously-announced offering of $275 million in aggregate principal amount of 11.75% Senior Second Lien Notes due 2026 (the "2026 Senior Second Lien Notes") on January 30, 2023 Net proceeds of the offering, along with cash on hand, used to fund the redemption of all of the Company's 9.75% Senior Second Lien Notes due 2023 (the "2023 Senior Second Lien Notes") 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 1 fant PRODUCTION Full Year 2022 Production 40.1 MBoe/d (49% liquids) 4Q22 Production 38.6 Boe/d (49% liquids) ADJUSTED EBITDA Full Year 2022 Adjusted EBITDA1 $564 MM 4Q22 Adjusted EBITDA¹ $66 MM FREE CASH FLOW Full Year 2022 Free Cash Flow1 $376 MM 4Q22 Free Cash Flow1 $25 MM Continued Focus on Delivering Free Cash Flow and Adding Value 5 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#6ATTRACTIVE 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 34%³ Project inventory and existing infrastructure provide paths for both organic growth and acquisitions Significant insider ownership aligns executive management with shareholders 6 W&T OFFSHORE | NYSE:WTI E&P Peer Group Relative Valuation 123 1.0x 2.0x 3.0x EV/LTM Consensus EBITDA 4.0x 5.0x 6.0x 1) Enterprise Value (EV) is calculated as share price as of 3/1/23 times shares outstanding plus total debt less cash as of the most recent reported quarter-end 2) LTM Consensus EBITDA sourced from Capital IQ. Peer group consists of AR, BRY, BTE, PR, CNX, CPE, CPG, CRK, ESTE, KOS, VTLE, MGY, MRO, MTDR, MUR, NOG, PDCE, ROCC, RRC, SBOW, SM, SWN, TALO 3) LTM Free Cash Flow Yield is defined as Free Cash Flow for the last four reported quarters divided by enterprise value W&T OFFSHORE#7INSIDE OWNERSHIP1 AMONG THE HIGHEST OF PUBLIC E&P COMPANIES² 40% 35% 30% 25% 20% 15% 34% W&T Management's Interest is Highly Aligned with W&T's Shareholders and is Incentivized to Maximize Value and Mitigate Risk 10% 8% 6% 6% 5% 4% 5% 3% 3% 3% 2% 2% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 1% 0% 0% Public E&P Companies 1) Ownership percentage of insiders sourced from S&P Capital IQ as of 3/1/23 2) Peers comprised of the following companies: AR, BRY, BTE, CNX, CPE, CPG, CRK, ESTE, KOS, MGY, MRO, MTDR, MUR, NOG, PDCE, PR, ROCC, RRC, SBOW, SD, SM, SWN, VTLE, TALO 7 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#8PROVEN AND CONSISTENT STRATEGY Focus on Free Cash Flow Generation Prioritize Environmental, Social & Governance Matters Maintain High Quality Conventional Asset Base with Low Decline 8 W&T OFFSHORE | NYSE:WTI • • • • • . • Reduce Costs to Improve Margins and Increase ROCE Preserve Ample Liquidity and Financial Flexibility Capitalize on Unique & Accretive Acquisition Opportunities 圖 W&T OFFSHORE#9WHY WE HAVE LIKED THE GULF OF MEXICO FOR 40 YEARS GOM Provides Better Porosity and Permeability than the Unconventionals GOM Historical Sallo Oil Production1 US Oil Production by Key Region 1 MBbls/d Multiple stacked pay 2,500 opportunities • Offer attractive primary 5% 10% 10% production and' Zone 1 2,000 recompletion opportunities Zone 2 Provide multiple targets improving chance of success Zone 3 when drilling 1,500 Zone 4 Natural drive Zone 5 mechanisms generate 1,000 incremental production Zone 6 from 2P reserves 500 High quality sandstones have Zone 7 drive mechanisms superior to depletion drive alone Zone 8 Enjoy incremental reserve adds, partly due to how reserve quantities are booked or categorized under SEC guidelines 9 W&T OFFSHORE | NYSE:WTI 1989 1992 1995 GOM 2nd Highest Producing Basin in the U.S (~15% of total) 1) Based on U.S. Energy Information Administration (EIA) data as of December 2022 GOM Provides Unique Advantages: Low Decline Rates, Superior Porosity/Permeability and Significant Untapped Reserve Potential Permian ■GOM Anadarko Appalachia Bakken Eagle Ford Niobrara Rest of US W&T OFFSHORE 9% 1% 4% Total: 12.0 MMBbl/d 46% 15% 1998 2001 2004 2007 2010 2013 2016 2019 2022#10INCREMENTAL RESERVES MAY BE PRODUCED WITH MARGINAL INCREMENTAL CAPEX Gulf of Mexico Sea floor Water Oil 10 W&T OFFSHORE | NYSE:WTI Reserve Bookings Lowest known oil Oil Oil Oil Proved Undeveloped (Future Wellbore) Proved Producing Probable First Sand Thickness Possible Second Sand Thickness Strong Drive Mechanisms Allow Reserve Production From Fewer Wellbores W&T OFFSHORE#11INCREMENTAL RESERVE UPSIDE POTENTIAL1 $MM Incremental Reserve Increase Possible PV-10 Probable PV-10 • • 1 Prob + Poss Related to PDP No additional capex required Achievable because of WTI's demonstrated understanding of the fields $8632 • 2 Prob + Poss Related to PDNP + PUD Contingent on execution of field development plans De minimis incremental direct capex required Immediately moves to PDP upside¹ following proved capex spend $2,2952 PV-10 $1,398 $897 • ° 3 Prob + Poss Unrelated to 1P Reserves Additional capex required Limited step-out risk $1,000² PV-10 $568 TOTAL High Upside Potential Compared to Capital Employed $4,1582 PV-10 $432 $2,378 PV-10 $412 $451 Capex: 1 $0³ 3 1) Based on year-end 2022 reserve report at SEC pricing (1P Life) of $94.14/Bbl and $6.36/MMBtu 2) Excludes Asset Retirement Obligation 2 $0 MM4 3) Probable and possible cases that are largely associated with producing wellbores and require no material future capex requirements 3 $449 MM 4) Probable and possible reserves with immaterial direct capex requirements that are largely associated with PDNP and PUD reserves and therefore have associated future indirect capex requirements $1,780 TOTAL $449 MM Focused on Realizing the Reserves Upside and Adding Economic Value Across 3 Categories 11 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#12SIGNIFICANT RESERVE APPRECIATION FROM INITIAL BOOKINGS¹ GROSS EUR (MMBoe) Current 1P > Initial 2P booking Current 1P > Initial 3P booking 220 200 +18 180 160 140 200 182 168 163 145 120 118 100 80 60 40 40 20 20 0 Year 1 4 8 Year 3 Year 1 W&T Mobile Bay Complex +8 22 30 30 22 50 50 58 Current 1P > Initial 2P booking 1P Reserves 2P Reserves 3P Reserves 35 11 Year 9 Year 1 MAHOGANY T SAND² 1) Based on year-end 2022 reserve report at SEC pricing (1P Life) $94.14/Bbl and $6.36/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 12 W&T OFFSHORE | NYSE:WTI +6 59 59 47 41 Year 9 MC 698 - Big Bend (DW Field) W&T OFFSHORE#13LEVERAGING FOUR DECADES OF GOM ACQUISITION EXPERTISE ACQUISITION OPPORTUNITIES GOM Exits Companies exiting the GOM provide a large inventory of accretive assets ACQUISITION CRITERIA Generating Free Cash Flow Strong current production rates with the opportunity to reduce operating expenses Asset Sales Majors moving to ultra-deepwater and companies monetizing GOM assets to fund onshore projects Financeable Large portion of reserve base is proved developed with solid probable/possible reserves Consolidation Opportunities Under-capitalized independents with sizeable undeveloped reserves 13 W&T OFFSHORE | NYSE:WTI Identified Upside Undrilled prospects, workover or recomplete opportunities, facility upgrades, secondary recovery projects Gulf of Mexico Provides an Attractive, Large Acquisition Opportunity Set W&T OFFSHORE#14HISTORY OF CREATING LONG-TERM VALUE FROM GOM ACQUISITIONS TOTAL $115 MM1 Paid out in Aug. 2011 Net average production (2) of 950 Boe/d from Matterhorn and Virgo NEWFIELD $206 MM1 Paid out in Nov. 2014 Net average production (2) of 1,774 Boe/d from 78 offshore blocks, 65 of which are in deepwater Reserves (3): 1P-5.6 Mmboe 2P 10.3 Mmboe Reserves (3): 1P 1.8 Mmboe 2P 5.1 Mmboe woodside $55 MM1 Investments Post Acquisition Paid out in Sep. 2019 Net average production (2) of 392 Boe/d from Neptune and 24 add'l blocks. One exploration well brought online in 2014 Reserves(3): 1P 2.1 Mmboe 2P 2.5 Mmboe Cobalt International Energy $17 MM1 Paid out in Aug. 2018 Net average production (2) of 276 Boe/d from Green Canyon 859,903, & 904 Marubeni ConocoPhillips $18 MM1 Paid out in Apr. 2021 Net average production (2) of 1,741 Boe/d from Garden Banks 783 & 784 (Magnolia Field) Reserves(3): 1P -0.2 Mmboe 2P 0.3 Mmboe Reserves (3): 1P 12.0 Mmboe 2P 20.8 Mmboe 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $116 MM1 Paid out in Nov. 2012 Net average production (2) of 408 Boe/d from Tahoe and 6 other fields Reserves(3): Marubeni $61 MM1 Paid out in Oct. 2014 Net average production (2) of 2,154 Boe/d from Fairway Field CALLON PETROLEUM $83 MM1 Investments Post-Acquisition Net average production (2) of 445 Boe/d from Medusa and 12 other fields. Two exploration wells brought on production in 6/2015 1P 0.8 Mmboe 2P 1.4 Mmboe Reserves (3): 1P 14.5 Mmboe 2P 15.8 Mmboe Reserves (3): 1P 2.1 Mmboe 2P 3.7 Mmboe ExxonMobil $171 MM1 Chevron Paid out in Jan. 2022 Net average production (2) of 15,279 Boe/d. Potential to add incremental reserves with minimal capital by consolidating operations Reserves (3): 1P 76.1 Mmboe 2P 87.4 Mmboe ANKOF Undisclosed Private Seller $48 MM1 Paid out in Aug. 2022 Net average production (2) of 3,646 Boe/d. Acquired 100% working interest of operated assets, including over 50 producing wells Reserves(3) : 1P 4.8 Mmboe 2P 8.9 Mmboe 1) Purchase prices as of closing dates, which are often adjusted for normal and customary post-effective date adjustments 2) 4Q 2022 net average production; 3Q 2022 net average production used for Woodside acquisition because assets were shut -in during Q4, but back online in February 2023 3) Based on year-end 2022 reserve report at SEC pricing (1P Life) of $94.14/Bbl and $6.36/MMBtu 14 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#15SIGNIFICANT INCREASE IN YEAR-END RESERVES AND PV-10 2P SEC Oil NGL Gas Reserve Category (MMBbl) (MMBbl) (Bcf) Total (MMBoe) % Pre-Tax Reserves¹ Liquids PV10 ($MM) Proved Developed Producing (PDP) 23.7 16.1 499.2 123.0 32.3% $ 2,280.8 PDP 33% 245.8 MMBoe 50% Proved Developed Non-Producing (PDNP) 7.5 1.5 76.8 21.8 41.3% $ 457.6 PDNP Proved Undeveloped (PUD) 9.5 1.3 58.6 20.5 52.4% $ 390.2 PUD 8% Total 1P Reserves (Excluding ARO) 40.6 18.9 634.6 165.3 36.0% $ 3,128.6 PROB 9% Probable Reserves (PROB) 38.1 7.2 211.4 80.5 56.2% $ 1,779.8 Total 2P Reserves (Excluding ARO) 78.7 26.1 845.9 245.8 42.6% $ 4,908.4 Possible Reserves (POSS) 52.9 7.8 Total 3P Reserves (Excluding ARO) 131.6 33.9 233.1 1,079.1 99.5 345.3 61.0% $ 2,378.2 Natural Gas 57.4% Liquids 42.6% 47.9% $ 7,286.6 Est. PV10 of 1P ARO $ (271.5) Proved Reserve PV-101,2 $ in MM $4,000 $3,000 $2,000 $1,622 $1,000 Proved Reserve 1,2 MMBoe Up 93% 180.0 160.0 $3,129 Up 5% 165.3 157.6 140.0 120.0 100.0 YE2021 YE2022 YE2021 YE2022 1) Based on year-end 2022 reserve report at SEC pricing (1P Life) of $94.14/Bbl and $6.36/MMBtu 2) Pre-Tax PV-10 of year-end proved reserves is a non-GAAP financial measure 3) Pre-Tax PV-10 excluding Asset Retirement Obligations 15 W&T OFFSHORE | NYSE:WTI 2P Pre-Tax PV-102,3 36% $4,908 MM 46% 8% 9% W&T OFFSHORE#163-Year RRC ($/Boe) MAJOR DECLINE IN ALL-IN RESERVE REPLACEMENT COST¹ (RRC) $35.00 Since 2014, 3-year RRC Decreased ~91% While Reserve Life2 Increased 123% from 5.1 to 11.3 Years 13 Year RRC -Reserve life $30.00 $29.98 $28.60 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 2014 2015 $17.54 2016 $10.60 2017 12.0 10.0 8.0 6.0 4.0 2.0 $5.43 $4.32 $3.88 $3.24 $2.85 0.0 2018 2019 2020 2021 2022 1) Calculated as total capex divided by total reserve additions. Includes capital costs and reserves associated with revisions, extensions, discoveries and acquisitions. Excludes plugging and abandonment costs. 2) Year-end proved reserves divided by production for the year High Grading Projects, Sustainable Lower Service Costs, and 16 W&T OFFSHORE | NYSE:WTI Utilizing Existing Infrastructure Has Led to Lower RRC W&T OFFSHORE Reserve Life (R/P)#17$ MM SIGNIFICANT FREE CASH FLOW GENERATION $600 $500 $400 Average WTI Price ($/bbl)² $43.29 $50.80 $65.23 $56.99 $344 $283 $39.16 $68.14 $94.90 $564 $300 $268 $220 $202 $179 $200 $72 $149 $159 $121 $120 $100 $130 $72 $29 $91 $118 $76 $59 $21 $3 $27 $49 $18 $32 $42 2016 2017 2018 2019 2020 2021 2022 $11 $138 Adj. EBITDA1 Capex³ ARO Spending 17 W&T OFFSHORE | NYSE:WTI Strong production base and cost optimization delivers steady Adjusted EBITDA1 Adjusted EBITDA1 has materially outpaced capex and ARO spending (before acquisitions) since 2016 Over the last twelve months, free cash flow generated has allowed W&T to reduce Net Debt¹ by ~$253 MM 1) Adjusted EBITDA and Net Debt are non-GAAP financial measure, see Appendix for description of reconciling items to GAAP net income, Net Debt defined as current and long-term debt, net of unamortized debt discounts, less cash and cash equivalents 2) Source: EIA 3) Capex excludes acquisitions; includes only accrual basis capital expenditures W&T OFFSHORE#18W&T HAS GROWN ITS CASH FLOW YEAR-OVER-YEAR AND REDUCED LEVERAGE Adjusted EBITDA and Net Leverage¹ (SMM) Free Cash Flow² ($MM) $800.0 $700.0 $600.0 $500.0 $400.0 $300.0 245% 0.0x $400.0 0.4x 0.5x $350.0 1.0x $300.0 1.5x $563.7 $250.0 2.0x 2.2x 2.5x $200.0 3.6x $220.3 $200.0 $163.4 $100.0 $- 368% $376.4 3.0x $150.0 3.5x $100.0 4.0x $90.9 $80.4 $50.0 4.5x 5.0x $- 2020 2021 2022 Free Cash Flow ($MM) Free Cash Flow Growth (%) 2020 2021 2022 Adjusted EBITDA ($MM) Net Leverage (x) Adjusted EBITDA Growth (%) 1) Net Leverage defined as Net Debt / Adjusted EBITDA, Net Debt defined as current and long-term debt, net of unamortized debt discounts, less cash and cash equivalents; see Appendix for description of reconciling items to GAAP net income 2) Free Cash Flow defined as Adjusted EBITDA, less capital expenditures (excluding acquisitions), plugging and abandonment costs and interest expense; see Appendix for description of reconciling items to GAAP operating cash flow 18 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#1950 W&T HAS MATERIALLY TRANSFORMED SINCE 2017 Production and WTI Price (Mboe/d) Net Debt and Net Leverage1 ($MM) $150 $1,000 4.00x $893 42.0 42.4 41.5 40.6 38.6 40 40 39.9 38.1 30 20 $68.14 10 $39.16 0 2017A 2018A 2019A 2020A 2021A Avg. Daily Production 30 24 18 12 6 36.5 $65.23 !!! $50.80 $56.99 Net Debt/Daily Production ($000s/Boe/d) 22.4 16.9 16.4 13.8 12.7 13.4 Imm... 37.8 $120 $750 3.6x $108.83 3.3x $687 $600 $582 $485 $505 $93.06 $90 $95.18 $82.78 $500 2.4x $60 1.7x $250 $30 2.2x 2.0x $331 $254 $232 0.7x 1.00x 0.5x 0.4x $0 $- 1Q22A 2Q22A 3Q22A -Avg. WTI price 4022A 2017A 2018A 2019A ■Net Debt 2020A 2021A 1Q22A 2Q22A ◆ TTM Net Leverage Liquidity² ($MM) $600 $480 $360 $296 $249 $253 $265 $240 $33 $378 $99 $172 $175 7.8 $246 $32 6.1 $44 $215 6.0 $120 $219 $150 $139 $131 $50 $50 $50 $50 $50 0 $- 2017A 2018A 2019A 2020A 2021A 1Q22A 2Q22A 3Q22A 4Q22A 2017A 2018A 2019A 2020A ■RCF Availability 2021A 1Q22A 2Q22A 3Q22A 4Q22A Cash ... $497 $511 $428 $447 $461 lll 3.00x 2.00x 0.0x 3Q22A 4Q22A 1) Net Leverage defined as Net Debt / Adjusted EBITDA, Net Debt, defined as current and long-term debt, net of unamortized debt discounts, less cash and cash equivalents; see Appendix for description of reconciling items to GAAP net income 2) Liquidity defined as cash balance + available RCF capacity 3) Cash balance shown includes restricted cash 19 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#20CAPITAL STRUCTURE AS OF DECEMBER 31, 2022 Net Debt¹ as of 12/31/22 ($MM) Total Cash & Equivalents (excluding $4.4MM restricted cash) $461.4 9.75% 2nd Lien Notes due Nov. 2023 RBL Borrowings 7% Non-recourse Term Loan due 2028 Total Debt Net Debt¹ $550.1 $143.3 $693.4 $232.1 $295.8 $511.4 . • • Proven track record of generating free cash flow and prudently managing the balance sheet through multiple price environments Despite a difficult couple of years with COVID-19, negative oil prices, and hurricane impacts, W&T reduced Net Debt by $455 MM from December 31, 2019 to December 31, 2022 On 1/27/2023, issued New Senior Notes of $275.0 MM at 11.75% interest due 2/1/2026. The proceeds, along with cash on hand, were used to repay the Existing Senior Notes of $552.5 MM in February 2023 First Lien secured term loan is non-recourse to W&T at the parent level and is amortized over seven years at a fixed interest rate of 7% ⚫ Calculus Lending, LLC facility - $100 MM revolving credit facility with $50 MM borrowing base provides opportunistic liquidity $84 MM remaining on ATM Equity Program provides additional equity for debt repayment or asset acquisitions Net Debt Over Time1 ($MM) Year-End Liquidity² (SMM) $750 $600 -66% 198% $687.1 $500 $600 $581.6 $400 $450 $485.1 $300 $300 $200 $150 $232.1 $171.6 $174.3 $100 $0 $0 2019 2020 2021 2022 2019 2020 2021 2022 1) Net Debt is defined as current and long-term debt, net of unamortized debt discounts, less cash and cash equivalents 2) Liquidity is defined as cash and cash equivalents plus availability under RBL, includes restricted cash 20 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#21STRATEGIC CAPITAL ALLOCATION PLAN Organic Projects Focus on high rate of return projects and fields with multiple drilling opportunities that can generate cash flow quickly. Utilize GOM expertise and new technologies to identify and develop projects. Evaluate potential for joint venture funding Asset Acquisitions Pursue compelling producing assets generating cash flow at attractive valuations with upside potential and optimization opportunities Generate Shareholder Value Maintain a Prudent Balance Sheet and Debt Pay Down Use free cash flow to reduce debt, optimize the balance sheet and maintain financial flexibility Use Free Cash Flow to Grow Opportunistically and Reduce Debt 21 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#222023 CAPITAL EXPENDITURE AND P&A BUDGET 2023 Capex¹ guidance: $90 $110 MM Included in this range are planned expenditures related to one deepwater well and three shelf wells, as wells as facilities, seismic, and recompletions Capex Allocation 1,2 13% 42.0 Production vs Capex Capex($MM) Production (MBoe/d) $200.0 45.0 $180.0 $160.0 40.0 40.6 40.1 $140.0 39.0 $100 20% $137.8 38.1 $120.0 35.0 MM $100.0 61% $80.0 $100.0 30.0 2023 P&A guidance: $25 $35 MM Current year activity driven by obligations and prior deferrals on terminated leases with BSEE Drilling and Completion Facilities Seismic, Leasehold & Other Recompletions 6% $60.0 $40.0 25.0 $41.7 $20.0 $32.1 $17.6 $- 20.0 2 2019 2020 2021 2022 2023E Capex -Production 1) Accrual basis capital expenditures only 2) Based on midpoint of annual guidance range 2023 Capex Includes More Capital for Recompletions 22 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#23ENVIRONMENTAL, SOCIAL, AND GOVERNANCE 2021 Corporate Environmental, Social, and Governance Report W&T OFFSHORE Disclosure & Reporting Framework SASB (Sustainability Accounting Standards Board) TCFD (Task Force on Climate-related Financials Disclosures) SDG (Sustainable Development Goals) 1) Spill Ratio: Barrels spilled / millions of barrels produced Environmental Committed to protecting and preserving the environment • Robust program of policies and continuous training • Focused on best practices and strategies to reduce emissions • In 2022 consolidated two Mobile Bay treating facilities into one plant, reducing emissions Spill Ratio¹: W&T's ratio in 2022 was 0.057 compared to 1.83 GOM average in 2021 • • • . Social • Governance Focused on our organization and our communities Organization focused on open communication and trust to build a strong culture Continuous professional development of our workforce and safety performance 57% of our executive officers and board members are women or minorities Required diversity training throughout organization • Strong Board oversight responsible for strategy, governance and creating long-term value • Highest legal and ethical standards expected across entire organization • Focused on being a responsible corporate citizen with policies and procedures Employee and Executive Compensation tied to ESG performance metrics Note: Additional details on our 2021 ESG report and initiatives can be found on the W&T website: https://www.wtoffshore.com/corporate-responsibility 23 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#24WHY INVEST IN W&T OFFSHORE? 1 Four Decades of Safe Operations in the Gulf of Mexico 2 3 Proven Track Record of Delivering Positive Cash Flows with 20 Consecutive Quarters of Positive Free Cash Flow Experienced Management Team With Industry-Leading Inside Ownership Ensuring Alignment of Incentives 4 Strong and Robust Liquidity and Leverage Metrics 5 Low Organic Finding and Discovery Costs Driven by Existing Infrastructure 6 Proven History of Realizing Probable and Possible Upside 7 Extensive Track Record of Creating Long-Term Value from Accretive, Low-Risk Acquisitions 8 Rigorous Technical Evaluation Resulting in High Drilling Success 24 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#25W&T OFFSHORE APPENDIX 25 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#2640 YEARS OF SAFE OPERATIONS IN THE GULF OF MEXICO 墨 888 LP HSE&R Philosophy • HSE&R performance is a key pillar for • WTI Operations ⚫ Specific HSE&R department reports directly to the COO Robust and Developed Safety and Environmental Management System (S.E.M.S.) ⚫ Instituted corporate wide S.E.M.S. program in 2011 • Well developed, documented, . • articulated, and robust system used to drive and support company safety procedures Covers 17 key elements which form the cornerstone of safety and operations 3rd party audits conducted to strengthen and evolve this program HSE&R Performance ⚫ No employee fatalities since inception Outstanding environmental record compared to any GOM operator . Environmental Spill ratio averaged 0.057 in 2022 vs. 1.83 average in the GOM for 2021 Consistently outperform peer group on BSEE benchmark tracking index (BSEE spill ratio for operators)1 Deeply engrained culture to prevent and contain environmental exposure with exceptional performance levels for years 1) BSEE spill ratio is defined as volume discharged/million bbls produced 26 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#27RIGOROUS TECHNICAL EVALUATION RESULTS IN DRILLING SUCCESS PROCESS 1 2 3 888 Fii 4 5 LEADS Leads high graded for review; once approved, project team assigned and deadlines set SCREENING Cursory technical evaluation with management and land review with scoping cost and business and technical planning TECHNICAL EVALUATION Full technical evaluation with probabilistic risk analysis, AFE costing and economic evaluation Track Record of Drilling Success AFE REVIEW Presentation to Executive management for AFE approval EXECUTE Project turned over to execution team and deadlines set Over 400 Leads evaluated since 2011 27 W&T OFFSHORE | NYSE:WTI Success Rate 2011-2022 >90% Rigorous Evaluation Process Has Led to >90% Success Rate Since 2011 50 888 Successful offshore wells drilled since 2011 W&T OFFSHORE#2828 SELECT OPPORTUNITIES Texas 44 HI Shelf Leases Deepwater Leases WC CC 口 GB EC VR SM ΕΙ EB GB 783 A-4 "Holy Grail" AC KC W&T OFFSHORE | NYSE:WTI 日 Louisiana Mobile Bay "Morgan" ST 316 A-7 "Caiman" SS 332 "Prickly Pear" PL El 389 "Thunderbolt" WR GI WD BS ST 320 SS #1 MP MO VK Alabama ☐ Inventory Highlights 1 38 E&P Opportunities 79% Avg Working Interest 87% Operated Mahogany "QV Attic" AT 斷 74% HBP LU 38 Opportunities with 16 Platform Wells and 22 Subsea Tiebacks (all < 15 miles) W&T OFFSHORE#29SIGNIFICANT INFRASTRUCTURE ADVANTAGE Platform Rig on infield Subsea tieback to existing production facility (EW 910 Area) infrastructure (MC 800 Gladden) 155 29 W&T OFFSHORE | NYSE:WTI MEDUSA SPAR REXIBLE RISER PRODUCTION UMBILICAL 187 MLES-5.5x8.625 PE-IN-PIPE FLOWLINE GLADDEN #1 WELL Existing structures provide a key advantage when evaluating/ developing prospect opportunities PLET UTA Economic Advantage Sant Reduces capital expenditures Increases returns by generating cashflow quicker Marketing contracts already in place W&T Owns Infrastructure with an Estimated Replacement Value >$1.0B Provides revenue upside in potential Production Handling Agreements (PHA) • 2018 $13.4 MM • 2019 $15.3 MM • 2020 $7.5 MM . • 2021 $12.2 MM • 2022 $15.4 MM W&T OFFSHORE#30SUCCESSFUL PARTICIPATION IN VALUABLE DEEPWATER PROJECTS • ⚫ W&T's deepwater portfolio was expanded and diversified with Magnolia (2019) as its latest addition • W&T operates and participates in various deepwater production facilities, including TLPS, E-TLPS, SPARS, deepwater fixed structures, and sub-sea tiebacks 0 1,000' EW910 557' Virgo 1,130' Medusa 2,223' Matterhorn Neptune 2,850' 4,216' Magnolia 4,700' Heidelberg 5,310' 2,000' Tahoe 1,001' E P.Play 1,847' 3,000' Gladden 2,785' 4,000' 5,000'- 6,000' 7,000' 30 W&T OFFSHORE | NYSE:WTI Big Bend 7,018 Dantzler 6,555' W&T OFFSHORE#31MULTIPLE TAKEAWAY OPTIONS HELP MITIGATE HURRICANE RISK Prudent hurricane risk management through diverse production base, takeaway optionality, and adequate insurance coverage W&T Crude Takeaway Lines Key W&T Fields Oil Delivery Points Oil Pipelines Primary Alternate W&T Natural Gas Takeaway Lines Pascagoula PCP Williams Mary Ann MO823 MO Fairway Texas City 31 GA MO PE Houma Clovelly Gibson VK HI24 Endymion BS MP108 MP98 Fourchon Empire DD HI22 MP MP283 SM LVK783 VK WC SM27 WD VK823 SP EC GI VR HI EI SS SS239 SM73 MC243 MC SS230 EC321 EC338 SS208 ST MC582 MC698 DC HI SS299 ST311 MC782 MC800 SS349 ST314 EW910 GB GC EB GB783 GC859 AC KC W&T OFFSHORE | NYSE:WTI WR AT LL JAT575 Kaplan Sea Robin Neptune Pelican Gibson Larose Cocodrie Venice CA BS MP108 MP98 MP MP283 VK SM VK783 VK VK823 WC SM27 SS WD SP PL EC GI VR ΕΙ SS208 ST SM73 SS230 SS239 EC321 SS299 ST311 SS349 EC338 ST314 JEW910 EW MC243 MC DC MC582 MC698 MC782 MC800 GB EB LU HE AC KC GC GB783 GC859 WR AT575 AT LL LU HE W&T OFFSHORE#32P&A EXPENDITURES1 ($MM) $120 $112.8 $100 $80 $60 $60.0 $40 $20 $81.5 $74.3 $72.3 $72.4 $76.2 $32.6 $28.6. $30.0 $27.3 $11.4 $3.3 $- 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E² 1) Net of amounts held in escrow (total of $21.5 MM) 2) Midpoint of 2023 plugging and abandonment expenditures guidance of $25-$35 million 32 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#33GOM DRILLING JOINT VENTURE Secured $361.4 MM commitment for the development of 14 pre-identified drill wells in the GOM with potential to upsize program over time with additional wells - Covers the total estimated cost of the 14 wells of $336 MM, plus contingency Drilled and completed ten wells through December 31, 2022 The most recent completion was the East Cameron 338/349 #1 (Cota well), which came online in March 2022 W&T initially receives 30% of the net revenues from the drilling program wells for contributing 20% of the capital expenditures plus associated leases and providing access to available infrastructure Upon private investors achieving certain return thresholds, W&T's share of each well's net revenue increases to 38.4% • HarbourVest Partners and Baker Hughes/GE are the two largest JV interest owners • Leverages BHGE's unique and flexible offering to potentially consolidate engineering, products and services and lower costs Allowed W&T to develop its high return drilling inventory at a faster pace with a greatly reduced capital outlay and maintain flexibility to make acquisitions and pay down debt ⚫ JV structure expands W&T's access to well capitalized investors 33 W&T OFFSHORE | NYSE:WTI Accelerates Development of High Return Inventory, Leverages Capital Dollars and Maintains Financial Flexibility W&T OFFSHORE#34MUNICH RE TRANSACTION OVERVIEW . • • . Partnered with Munich Re, a reputable AA-rated counter-party, to fund future growth needs Increased cash on hand with non-recourse financing Leverage-neutral transaction in non-recourse SPV structure No maintenance covenants or redetermination requirements and no covenants at the parent level or recourse to any other assets of parent Term loan interest rate of 7% is at a substantially lower level compared to recent GOM high yield deals Mandatory amortization over 7 years supports deleveraging Executed natural gas derivatives contracts through term of loan to cover debt service CORPORATE STRUCTURE Prior to 1 Transaction Mobile Bay Area Assets Only cash flows from the Mobile Bay area asset will be used to service the term loan debt going forward Post 2 Transaction . W&T owns 100% of the equity in the SPVS NEW 1L TL 100% . Keeps all cash flows associated with the Mobile Bay area assets after debt service and reserves Adds cash to the balance sheet to reinvest in accretive acquisitions or other accretive drilling opportunities Keeps future drilling opportunities • On a consolidated basis, all earnings and debt are reported at the W&T level, public filings will reflect all activity for W&T and the SPVs 34 W&T OFFSHORE | NYSE:WTI W&T (PubCo) 100% W&T (PubCo) RBL 2L Notes Other Gulf of Mexico Assets 100% RBL 2L Notes SPVs Mobile Bay Area Assets Other Gulf of Mexico Assets Boosted Cash and Allowed Repayment of the RBL Facility ☑ No Cross Collateralization ☑ W&T OFFSHORE#35• • MOBILE BAY ACQUISITION - KEY HIGHLIGHTS Acquired ExxonMobil's interests and operatorship in the eastern region of the Gulf of Mexico, offshore Alabama that are adjacent to existing properties owned and operated by W&T as well as related onshore processing facilities ⚫ Allowed for significant synergies, consolidations, and cost savings as W&T became the largest operator in the area • Initial transaction closed on August 30, 2019, with total cash consideration paid of $167.6 MM which included a previously-funded $10 MM deposit ⚫ Utilized cash on hand and previously undrawn revolving credit facility to finance acquisition • • Included working interests in nine GOM offshore producing fields (eight operated) and onshore natural gas treatment facility capable of treating 420 MMcf/d Year-end 2022 proved reserves of ~104 MMBoe¹ of which the vast majority are natural gas (84%) and proved developed producing; 4Q22 avg production of 15.3 MBoe/d Contains future opportunities including Norphlet drilling leads and optimization of compression facilities CC PI MU Shelf Leases Deepwater Leases 90 WC EC HI GA BA Completed consolidation of natural gas treating facilities at Mobile Bay, which resulted in cost savings beginning in 2021 and reduction of GHG emissions Dm 1) Based on year-end 2022 reserve report at 12/31/22 by NSAI at SEC pricing (1P Life) of $94.14/Bbl and $6.36/MMBtu 35 W&T OFFSHORE | NYSE:WTI Low Decline, Long-Life, Mostly PDP Mobile Bay • • Discovered in 1979 27 producing wells 7 major platforms VR 55 SM ΕΙ SS WD PL GI ST EW SP MC W&T OFFSHORE#36MOBILE BAY AREA - ASSET MAP • Acquired ten working interest fields 109,184 gross acres (107,686 net acres) Initial production in 1988 I Water depths of 10 - 50 ft 36 SPV 100% owned by W&T and provides collateral for non- recourse term loan W&T Facilities W&T Leases Fields State/Federal Boundary W&T OFFSHORE | NYSE:WTI SPV 100% owned by W&T Onshore Treatment Facility Yellowhammer Facility Mobile Bay Retired through consolidation ALOE BAY MARY ANN BON SECOUR Воп Secour Bay NORTHWEST GULF NORTH CENTRAL GULF FAIRWAY MOBILE 823 MOBILE 827 MOBILE 868 FIRE WATER PUMP STATION W&T OFFSHORE WARNIN HOT SURFA#37BBtu HEDGE PROGRAM | YE 2022 Natural Gas Hedges 35,000 ■Swaps Collars Aquasition Swaps ■Purchased Aquasition Puts Purchased Calls 30,000 25,000 20,000 15,000 10,000 5,000 2023 2024 2025 2026 2027 2028 1) Based on the guidance range for 2023 natural gas production provided by the Company on 3/7/23 37 W&T OFFSHORE | NYSE:WTI . • Mobile Bay transaction required gas hedges at the SPV level to cover a majority of debt service W&T has ~60% of 2023 estimated natural gas production hedged by swaps¹ W&T structured "synthetic long puts" through 1Q25 using purchased calls and sold swaps that protect against low gas prices while preserving benefits of higher gas prices Beyond 2022, ~95% of swaps are covered by purchased calls W&T is unhedged on oil, which provides considerable upside if WTI price increases throughout the year The Company monitors commodity prices and will opportunistically add hedges when favourable to the business plan W&T OFFSHORE#38HEDGE SUMMARY1 W&T (excluding Aquasition, LLC) Natural Gas - Henry Hub NYMEX PURCHASED CALLS 2023 2024 1Q25 Aquasition, LLC Weighted Avg Total Volume (MMBTU) (MMBTU/d) Avg daily volume strike price per MMBTU 25,550,000 70,000 $ 7.50 23,790,000 65,000 $ 6.13 5,580,000 62,000 $ 5.50 Natural Gas Henry Hub NYMEX PERIOD 2023 2024 1Q25 2Q25 3Q25 4Q25 2026 2027 1Q28 2Q28 SWAPS Total Volume (MMBTU) 26,400,085 24,000,084 Avg daily volume (MMBTU/d) Weighted Avg strike price per MMBTU Total Volume (MMBTU) PURCHASED PUTS Avg daily volume (MMBTU/d) Weighted Avg strike price per MMBTU 72,329 $ 2.48 65,574 $ 2.46 5,699,970 63,333 $ 2.72 5,658,562 62,182 $ 2.27 5,720,744 62,182 $ 2.27 5,720,744 62,182 $ 2.27 20,399,850 55,890 $ 2.35 19,200,095 52,603 $ 2.37 4,462,830 49,587 $ 2.50 1,487,610 16,347 $ 2.50 1) Periods are presented by quarter unless every quarter in a given year has the same volumes at the same price 38 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#39NON-GAAP RECONCILIATIONS Adjusted EBITDA/ Free Cash Flow Reconciliations The Company defines Adjusted EBITDA as net (loss) income plus income tax (benefit) expense, net interest expense, and depreciation, depletion, amortization and accretion, excluding the unrealized commodity derivative gain or loss, amortization of derivative premium, bad debt reserve, gain on debt transactions, non-recurring IT transition costs, release of restricted funds, non-ARO P&A costs, and litigation and other. The Company defines Net Debt as current and long-term debt, net of unamortized debt discounts, less cash and cash equivalents. The Company defines Net Leverage as Net Debt divided by the last 12 month's Adjusted EBITDA. Company management believes this presentation is relevant and useful because it helps investors understand W&T's operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as W&T calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use. The Company defines Free Cash Flow as Adjusted EBITDA (defined above), less capital expenditures, asset retirement obligations and interest expense (all on an accrual basis). For this purpose, the Company's definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) and equipment, furniture and fixtures, but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company's capital expenditures guidance provided to investors. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures, asset retirement obligations and interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition of Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non-GAAP measures reported by other companies. While the Company includes interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non- discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses. The following tables present (i) a reconciliation of Total Debt to Net Debt and Net Leverage (ii) a reconciliation of the Company's net (loss) income, a GAAP measure, to Adjusted EBITDA and Free Cash Flow (iii) a reconciliation of cash flow from operating activities, a GAAP measure, to Free Cash Flow, as such terms are defined by the Company. 39 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#40NON-GAAP RECONCILIATIONS Term loan Principal Unamortized debt issuance costs Total term loan Credit agreement borrowings Senior second lien notes Principal Unamortized debt issuance costs Total senior second lien notes 40 W&T OFFSHORE | NYSE:WTI Total Debt Cash and cash equivalents Net Debt LTM Adjusted EBITDA Net Leverage December 31, December 31, 2022 2021 (In thousands, unaudited) $ 147,899 $ 190,859 (4,592) (7,545) A 143,307 $ 183,314 $ SA 552,460 (2,330) SA $ 550,130 SA $ +A 693,437 461,357 232,080 563,736 0.41x 552,460 (4,876) $ 547,584 SA A 730,898 245,799 485,099 220,298 2.20x W&T OFFSHORE#41NON-GAAP RECONCILIATIONS 41 Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 (In thousands) (Unaudited) (In thousands) (Unaudited) Net Income (loss) Interest expense, net $ 43,449 $ 48,904 $ 231,149 $ (41,478) 14,526 19,574 69,441 70,049 Income tax expense, (benefit) 6,859 10,789 53,660 (8,057) Depreciation, depletion, amortization and accretion 34,246 29,567 133,630 113,447 Unrealized commodity derivative (gain)/loss and effect of derivative premiums, net (53,132) (39,471) 45,475 87,901 Allowance for credit losses 43 315 (76) 323 Write-off debt issue costs 989 1,230 Non-cash incentive compensation 2,743 1,585 7,922 3,364 Non-recurring costs related to IT services transition 1,844 8,237 Release of restricted funds Non-ARO P&A costs Other Adjusted EBITDA 15,899 (372) (11,102) 4,495 46 18,402 (11,102) (4,495) (4,104 126 $ 66,105 $ 65,691 $ 563,736 $ 220,298 Investment in oil and natural gas properties, equipment and other Asset retirement obligation settlements Interest expense, net Free Cash Flow W&T OFFSHORE | NYSE:WTI (11,666) (16,037) (41,632) (32,060) (14,940) (7,565) (76,225) (27,309) (14,526) (19,574) (69,441) (70,049) $ 24,973 $ 22,515 $ 376,438 $ 90,880 W&T OFFSHORE#42NON-GAAP RECONCILIATIONS Twelve Months Ended December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 (In thousands) (Unaudited) Net Income (loss) $ 231,149 $ (41,478) $ 37,790 $ Interest expense, net 69,441 70,049 61,143 Income tax expense, (benefit) 53,660 (8,057) (30,153) 74,086 59,569 (75,194) $ 248,827 $ 48,645 535 79,682 45,521 (12,569) $ (249,020) 92,109 (43,376) Depreciation, depletion, amortization and accretion 133,630 113,447 120,284 148,498 149,854 155,682 211,609 Unrealized commodity derivative (gain)/loss and effect of derivative 45,475 87,901 20,762 74,914 (50,375) 7,672 premiums, net Ceiling test write-down 279,063 Allowance for credit losses (76) 323 (981) 206 730 888 Write-off debt issue costs 1,230 444 1,368 Non-cash incentive compensation 7,922 3,364 3,959 Non-recurring costs related to IT services transition 8,237 Release of restricted funds Non-ARO P&A costs Gain on debt transactions (11,102) 18,402 4,495 Other Adjusted EBITDA Investment in oil and natural gas properties, equipment and other Asset retirement obligation settlements Interest expense, net Free Cash Flow 1) Excludes proceeds from asset sales 42 W&T OFFSHORE | NYSE:WTI (4,104) 126 $ 563,736 $ 220,298 $ (47,469) (2,708) 163,391 816 $ 282,895 $ (47,109) (3,982) 347,125 $ (7,811) 6,996 268,389 (123,923) 3,615 $ 179,117 (41,632) (32,060) (18,162) (137,905) (106,191) (130,981) (48,702) (76,225) (27,309) (3,339) (11,443) (28,617) (72,409) (72,320) (69,441) (70,049) (61,463) (59,569) (48,645) (45,521) (92,109) $ 376,438 $ 90,880 $ 80,427 $ 73,978 $ 163,672 $ 19,478 $ (34,014) W&T OFFSHORE#43NON-GAAP RECONCILIATIONS Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 (In thousands) (Unaudited) (In thousands) (Unaudited) Net cash provided by operating activities $ 12,679 $ Allowance for credit losses 43 Litigation and other contingent loss Release of restricted funds Amortization of debt items and other items Non-recurring costs related to IT services transition Current tax benefit (372) 22,376 315 46 $ 339,530 $ 133,668 (76) 323 (4,104) 126 (11,102) (11,102) (1,437) (1,471) (7,551) (5,325) 1,844 8,237 1,846 152 8,476 132 Changes in derivatives receivable/(payable) 12,085 14,231 47,933 34,370 Non-ARO P&A costs 15,899 4,495 18,402 4,495 Changes in operating assets and liabilities, excluding ARO settlements (5,948) 9,510 7,223 (33,747) Investment in oil and natural gas properties, equipment and other (11,666) (16,037) (41,632) (32,060) Free Cash Flow $ 24,973 $ 22,515 $ 376,438 $ 90,880 Current tax benefit: Income tax expense (benefit) Less: Deferred income taxes Current tax benefit $ 6,859 $ 10,789 $ 53,660 $ (8,057) 5,013 10,637 45,184 (8,189) $ 1,846 $ 152 $ 8,476 $ 132 Changes in derivatives receivable: Derivatives payable, end of period +A $ (4,574) $ (6,396) $ (4,574) $ (6,396) Derivatives payable, beginning of period 16,659 12,511 6,396 282 Derivative premiums paid 8,116 46,111 40,484 Change in derivatives receivable (payable) $ 12,085 $ 14,231 $ 47,933 $ 34,370 43 W&T OFFSHORE | NYSE:WTI W&T OFFSHORE#44W&T OFFSHORE THANK YOU CONTACT US 5718 Westheimer Suite 700 Houston, TX 77057 www.wtoffshore.com NYSE: WTI