Investor Presentaiton
$ MM
SIGNIFICANT FREE CASH FLOW GENERATION
$600
$500
$400
Average WTI Price ($/bbl)²
$43.29
$50.80
$65.23
$56.99
$344
$283
$39.16
$68.14
$94.90
$564
$300
$268
$220
$202
$179
$200
$72
$149
$159
$121
$120
$100
$130
$72
$29
$91
$118
$76
$59
$21
$3
$27
$49
$18
$32
$42
2016
2017
2018
2019
2020
2021
2022
$11
$138
Adj. EBITDA1
Capex³
ARO Spending
17
W&T OFFSHORE | NYSE:WTI
Strong production base
and cost optimization
delivers steady Adjusted
EBITDA1
Adjusted EBITDA1 has
materially outpaced capex
and ARO spending
(before acquisitions) since
2016
Over the last twelve
months, free cash flow
generated has allowed
W&T to reduce Net Debt¹
by ~$253 MM
1) Adjusted EBITDA and Net Debt are non-GAAP financial measure, see Appendix for description of reconciling items to GAAP net income, Net Debt defined
as current and long-term debt, net of unamortized debt discounts, less cash and cash equivalents
2) Source: EIA
3) Capex excludes acquisitions; includes only accrual basis capital expenditures
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