W&T Offshore Incremental Reserves and HSE&R Performance
GOM 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 OFFSHOREView entire presentation