Why Invest in W&T Offshore

$ MM SIGNIFICANT FREE CASH FLOW GENERATION $600 $500 $400 Average WTI Price ($/bbl)² $43.29 $50.80 $65.23 $56.99 $344 $283 $39.16 $68.14 $94.90 $564 $300 $268 $220 $202 $179 $200 $72 $149 $159 $121 $120 $100 $130 $72 $29 $91 $118 $76 $59 $21 $3 $27 $49 $18 $32 $42 2016 2017 2018 2019 2020 2021 2022 $11 $138 Adj. EBITDA1 Capex³ ARO Spending 17 W&T OFFSHORE | NYSE:WTI Strong production base and cost optimization delivers steady Adjusted EBITDA1 Adjusted EBITDA1 has materially outpaced capex and ARO spending (before acquisitions) since 2016 Over the last twelve months, free cash flow generated has allowed W&T to reduce Net Debt¹ by ~$253 MM 1) Adjusted EBITDA and Net Debt are non-GAAP financial measure, see Appendix for description of reconciling items to GAAP net income, Net Debt defined as current and long-term debt, net of unamortized debt discounts, less cash and cash equivalents 2) Source: EIA 3) Capex excludes acquisitions; includes only accrual basis capital expenditures W&T OFFSHORE

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