Hedge Program and Incremental Reserve Upside Potential
50
W&T HAS MATERIALLY TRANSFORMED SINCE 2017
Production and WTI Price
(Mboe/d)
Net Debt and Net Leverage1
($MM)
$150
$1,000
4.00x
$893
42.0
42.4
41.5
40.6
38.6
40
40
39.9
38.1
30
20
$68.14
10
$39.16
0
2017A 2018A 2019A
2020A 2021A
Avg. Daily Production
30
24
18
12
6
36.5
$65.23
!!!
$50.80
$56.99
Net Debt/Daily Production
($000s/Boe/d)
22.4
16.9
16.4
13.8
12.7
13.4
Imm...
37.8
$120
$750
3.6x
$108.83
3.3x
$687
$600
$582
$485
$505
$93.06
$90
$95.18
$82.78
$500
2.4x
$60
1.7x
$250
$30
2.2x
2.0x
$331
$254
$232
0.7x
1.00x
0.5x
0.4x
$0
$-
1Q22A 2Q22A 3Q22A
-Avg. WTI price
4022A
2017A 2018A
2019A
■Net Debt
2020A
2021A 1Q22A 2Q22A
◆ TTM Net Leverage
Liquidity²
($MM)
$600
$480
$360
$296
$249
$253
$265
$240
$33
$378
$99
$172
$175
7.8
$246
$32
6.1
$44
$215
6.0
$120
$219
$150
$139
$131
$50
$50
$50
$50
$50
0
$-
2017A
2018A
2019A
2020A
2021A
1Q22A 2Q22A 3Q22A
4Q22A
2017A
2018A
2019A 2020A
■RCF Availability
2021A
1Q22A
2Q22A
3Q22A
4Q22A
Cash
...
$497
$511
$428
$447
$461
lll
3.00x
2.00x
0.0x
3Q22A 4Q22A
1) Net Leverage defined as Net Debt / Adjusted EBITDA, Net Debt, defined as current and long-term debt, net of unamortized debt discounts, less cash and cash equivalents; see Appendix for description of reconciling items to GAAP net income
2) Liquidity defined as cash balance + available RCF capacity
3) Cash balance shown includes restricted cash
19
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