W&T Offshore (WTI) investor relations material

Executive summary

• Achieved strong operational and financial results in the first nine months of 2025, with production increases each quarter and disciplined capital spending of $42 million year-to-date.

• Production increased to 35.6 MBoe/d in Q3 2025, up 6% sequentially and 15% year-over-year, driven by new fields from the Cox acquisition and successful workover projects.

• Net loss was $71.5 million, or $(0.48) per diluted share, significantly impacted by a $59.9 million non-cash valuation allowance against deferred tax assets.

• Adjusted EBITDA grew 11% quarter-over-quarter to $39 million, despite lower commodity prices.

• Successfully integrated former Cox Operating assets, driving production and cash flow growth.

Financial highlights

• Q3 2025 production rose 6% sequentially to 35,600 BOE/d, near the high end of guidance.

• Q3 2025 revenue was $127.5 million, up 4% sequentially and 5% year-over-year, driven by higher production volumes despite lower realized prices.

• Generated $26.5 million in operating cash flow and increased unrestricted cash to $124.8 million.

• Net debt reduced to $225.6 million, down nearly $60 million year-to-date.

• Reported a GAAP net loss due to a non-cash increase in valuation allowance on deferred tax assets; underlying business performance remains strong.

Outlook and guidance

• Q4 2025 production guidance: 34.2–37.9 MBoe/d; full-year 2025: 32.8–36.3 MBoe/d.

• Full-year 2025 CapEx expected to be $57–$63 million, mainly for new pipelines and facility upgrades.

• Full-year DD&A guidance reduced by 15% to $11.50–$12.50 per BOE.

• Gathering, transportation, and production taxes guidance for 2025 lowered to $24–$26 million.

• Management expects sufficient liquidity for at least the next 12 months, with flexibility to adjust capital expenditures if commodity prices weaken.