Hedge Program and Incremental Reserve Upside Potential
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 OFFSHOREView entire presentation