Investor Presentaiton
DISCLAIMER
The information contained in this presentation has been provided by W&T Offshore, Inc. ("W&T," the
"Company," "we," "our" or "us") and has not been verified independently. Unless otherwise stated, W&T is the
source of the information. This presentation contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the
"Securities Act") and Section 21E of the Exchange Act. Forward-looking statements give our current expectations
or forecasts of future events. They include statements regarding our future operating and financial performance.
Although we believe the expectations and forecasts reflected in these and other forward-looking statements are
reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate
assumptions or by known or unknown risks and uncertainties, many of which are described under "Risk factors"
in our Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Reports on Form 10-Q
filed during 2022 available on our website and at www.sec.gov. You should understand that such risk factors,
could affect our future results and could cause those results or other outcomes to differ materially from those
expressed or implied in the forward-looking statements relating to: (1) amount, nature and timing of capital
expenditures; (2) drilling of wells and other planned exploitation activities; (3) timing and amount of future
production of oil and natural gas; (4) increases in production growth and proved reserves; (5) operating costs
such as lease operating expenses, administrative costs and other expenses; (6) our future operating or financial
results; (7) cash flow and anticipated liquidity; (8) our business strategy, including expansion into the deep shelf
and the deepwater of the Gulf of Mexico, and the availability of acquisition opportunities; (9) hedging strategy;
(10) exploration and exploitation activities and property acquisitions; (11) marketing of oil and natural gas; (12)
governmental and environmental regulation of the oil and gas industry; (13) environmental liabilities relating to
potential pollution arising from our operations; (14) our level of indebtedness; (15) timing and amount of future
dividends; (16) industry competition, conditions, performance and consolidation; (17) natural events such as
severe weather, hurricanes, floods, fire and earthquakes; and (18) availability of drilling rigs and other oil field
equipment and services.
We caution you not to place undue reliance on these forward-looking statements, which speak only as of the
date of this presentation or as of the date of the report or document in which they are contained. Although the
information contained in this presentation may be updated, completed, revised and amended, we undertake no
obligation to update such information. Statements contained in this presentation regarding past events or
performance should not be taken as a guarantee of future events or performance. No representation, warranty
or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,
completeness or correctness of the information or the opinions contained herein. Neither the Company nor any
of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any
loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with
this presentation. The filings with the Securities and Exchange Commission (the "SEC") are hereby incorporated
herein by reference and qualify the presentation in its entirety.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any of our securities, nor
shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Note Regarding Hydrocarbon Quantities
The SEC permits oil and gas companies, in their filings with the SEC, to disclose only
proved reserves that a company has demonstrated by actual production or conclusive
formation tests to be economically and legally producible under existing economic and
operating conditions, and on an optional basis, probable and possible reserves meeting
SEC definitions and criteria. The Company does not include probable and possible
reserves in its SEC filings. This presentation includes information concerning probable
reserves quantities compliant with PRMS/SPE guidelines and related PV-10 values that are
different from quantities of such non-proved reserves that may be reported under SEC
rules and guidelines. In addition, this presentation includes Company estimates of
resources and "EURS" or "economic ultimate recoveries" that are not necessarily reserves
because no specific development plan has been committed for such recoveries. Recovery
of estimated probable reserves and estimates of resources and EUR's and recoverable
resources, are inherently more speculative than recovery of proved reserves.
PV-10 of reserves includes projected revenues, estimated production costs and estimated
future development costs. Unless otherwise stated, PV-10 excludes cash flows for asset
retirement obligations, general and administrative expenses, derivatives, debt service and
income taxes.
Standardized measure or the PV-10 from our proved or 2P oil and natural gas reserves
should not be viewed as representative of the current market value of our estimated oil
and natural gas reserves.
See Appendix for more information.
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