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Investor Presentaiton

NON-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
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