Hedge Program and Incremental Reserve Upside Potential
WHY WE HAVE LIKED THE GULF OF MEXICO FOR 40 YEARS
GOM Provides Better Porosity and
Permeability than the Unconventionals
GOM Historical
Sallo
Oil Production1
US Oil Production
by Key Region 1
MBbls/d
Multiple stacked pay
2,500
opportunities
•
Offer attractive primary
5%
10%
10%
production and'
Zone 1
2,000
recompletion opportunities
Zone 2
Provide multiple targets
improving chance of success
Zone 3
when drilling
1,500
Zone 4
Natural drive
Zone 5
mechanisms generate
1,000
incremental production
Zone 6
from 2P reserves
500
High quality sandstones have
Zone 7
drive mechanisms superior
to depletion drive alone
Zone 8
Enjoy incremental reserve
adds, partly due to how
reserve quantities are
booked or categorized
under SEC guidelines
9
W&T OFFSHORE | NYSE:WTI
1989
1992
1995
GOM
2nd Highest
Producing Basin
in the U.S
(~15% of total)
1) Based on U.S. Energy Information Administration (EIA) data as of December 2022
GOM Provides Unique Advantages:
Low Decline Rates, Superior Porosity/Permeability and Significant Untapped Reserve Potential
Permian
■GOM
Anadarko
Appalachia
Bakken
Eagle Ford
Niobrara
Rest of US
W&T OFFSHORE
9%
1%
4%
Total:
12.0
MMBbl/d
46%
15%
1998
2001
2004
2007
2010
2013
2016
2019
2022View entire presentation