Mobile Bay Acquisition and GOM Infrastructure Advantage
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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
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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
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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
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Discovered in 1979
27 producing wells
7 major platforms
VR
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SS
WD
PL
GI
ST
EW
SP
MC
W&T OFFSHOREView entire presentation