W&T Offshore Financial Performance

ATTRACTIVE INVESTMENT OPPORTUNITY ⚫ Despite strong performance and improved financial position, W&T trades at discounted valuation relative to small-cap peer group Compelling LTM Free Cash Flow yield of 34%³ Project inventory and existing infrastructure provide paths for both organic growth and acquisitions Significant insider ownership aligns executive management with shareholders 6 W&T OFFSHORE | NYSE:WTI E&P Peer Group Relative Valuation 123 1.0x 2.0x 3.0x EV/LTM Consensus EBITDA 4.0x 5.0x 6.0x 1) Enterprise Value (EV) is calculated as share price as of 3/1/23 times shares outstanding plus total debt less cash as of the most recent reported quarter-end 2) LTM Consensus EBITDA sourced from Capital IQ. Peer group consists of AR, BRY, BTE, PR, CNX, CPE, CPG, CRK, ESTE, KOS, VTLE, MGY, MRO, MTDR, MUR, NOG, PDCE, ROCC, RRC, SBOW, SM, SWN, TALO 3) LTM Free Cash Flow Yield is defined as Free Cash Flow for the last four reported quarters divided by enterprise value W&T OFFSHORE

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