Investor Presentaiton

50 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

View entire presentation