Investor Presentaiton
CAPITAL STRUCTURE AS OF DECEMBER 31, 2022
Net Debt¹ as of 12/31/22 ($MM)
Total Cash & Equivalents (excluding $4.4MM restricted cash)
$461.4
9.75% 2nd Lien Notes due Nov. 2023
RBL Borrowings
7% Non-recourse Term Loan due 2028
Total Debt
Net Debt¹
$550.1
$143.3
$693.4
$232.1
$295.8
$511.4
.
•
•
Proven track record of generating free cash flow and
prudently managing the balance sheet through
multiple price environments
Despite a difficult couple of years with COVID-19,
negative oil prices, and hurricane impacts,
W&T reduced Net Debt by $455 MM from
December 31, 2019 to December 31, 2022
On 1/27/2023, issued New Senior Notes of $275.0 MM
at 11.75% interest due 2/1/2026. The proceeds, along
with cash on hand, were used to repay the Existing
Senior Notes of $552.5 MM in February 2023
First Lien secured term loan is non-recourse to W&T at
the parent level and is amortized over seven years at a
fixed interest rate of 7%
⚫ Calculus Lending, LLC facility
-
$100 MM revolving credit facility with $50 MM borrowing
base provides opportunistic liquidity
$84 MM remaining on ATM Equity Program provides
additional equity for debt repayment
or asset acquisitions
Net Debt Over Time1
($MM)
Year-End Liquidity²
(SMM)
$750
$600
-66%
198%
$687.1
$500
$600
$581.6
$400
$450
$485.1
$300
$300
$200
$150
$232.1
$171.6
$174.3
$100
$0
$0
2019
2020
2021
2022
2019
2020
2021
2022
1) Net Debt is defined as current and long-term debt, net of unamortized debt discounts, less cash and cash equivalents
2) Liquidity is defined as cash and cash equivalents plus availability under RBL, includes restricted cash
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