W&T Offshore (WTI) Status Update summary

Recent acquisitions and production update

• Acquired six shallow water fields in 2024 for $77 million, adding 22 million BOE of proved reserves and boosting production to 33,000 BOE/day on average.

• Two acquired fields are being brought back online in Q2 2025, with West Delta 73 already producing and Main Pass 108 expected to resume production by month-end.

• 2025 production guidance is 32,800–36,300 BOE/day, with further increases expected as remediation progresses.

Operational efficiency and cost management

• Renegotiated transportation agreements have reduced expenses and improved margins on acquired assets.

• Integration with existing Gulf infrastructure enables lower transportation and operating costs, leveraging supply lines and reducing helicopter and boat usage.

• Focus on maximizing cash flow and margins, especially during periods of price volatility.

Acquisition strategy and reserve management

• Asset evaluation prioritizes cash flow, solid reserve base, and low-hanging fruit such as workovers and facility upgrades.

• Upside is often realized through seismic reprocessing and efficient exploitation of existing fields, with most acquisitions valued on proved developed producing (PDP) reserves.

• Probable reserves, though not credited under SEC rules, provide significant future cash flow and reserve life extension.