W&T Offshore Corporate and Transaction Overview

4Q22 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

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