W&T Offshore (WTI) Status Update summary

Recent acquisitions and production update

• Acquired six shallow water fields in 2024 for $77 million, adding nearly 22 million BOE of proved reserves.

• 2024 production averaged about 33,000 BOE/day, generating $154 million Adjusted EBITDA and $45 million Free Cash Flow.

• 2025 production guidance is 34.9-38.6 thousand BOE/day, with two acquired fields expected online in Q2 2025.

• Remediation work is progressing, with West Delta 73 back online and Main Pass 108 expected to resume production by month-end.

Operational efficiency and asset management

• Focus on maximizing cash flow and reserve base, targeting low-hanging fruit like workovers and facility upgrades.

• Renegotiated transportation agreements to improve margins; further cost reductions possible by leveraging existing infrastructure.

• Regularly identify efficiency gains in operating costs and integrate new assets into established supply lines.

• Emphasize upside potential through seismic reprocessing and exploitation of existing fields.

Reserve base and value creation

• Reserve life on proved reserves increased to over 10 years by end of 2024, doubling from eight years ago.

• Probable reserves, often not credited in U.S. reporting, provide significant cash flow and future reserve bookings.

• Mobile Bay acquisition brought long-lived gas reserves and additional revenue from sulfur sales.

• High-quality Gulf of Mexico rock properties support strong production and recovery rates.