W&T Offshore : January 2023 Investor Presentation

JANUARY 2023 INVESTOR PRESENTATION

Four Decades

of Industry

Leadership

in the Gulf of

Mexico

www.wtoffshore.com

NYSE: WTI

DISCLAIMER

The information contained in this presentation has been provided by W&T Offshore, Inc. ("W&T," the "Company," "we," "our" or "us") and has not been verified independently. Unless otherwise stated, W&T is the source of the information. This presentation contains "forward-looking statements" within the meaning of the

Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Exchange Act. Forward-looking statements give our current expectations or forecasts of future events. They include statements regarding our future operating and financial performance. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate

assumptions or by known or unknown risks and uncertainties, many of which are described under "Risk factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Reports on Form 10-Q

filed during 2022 available on our website and at www.sec.gov. You should understand that such risk factors, could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements relating to: (1) amount, nature and timing of capital expenditures; (2) drilling of wells and other planned exploitation activities; (3) timing and amount of future production of oil and natural gas; (4) increases in production growth and proved reserves; (5) operating costs such as lease operating expenses, administrative costs and other expenses; (6) our future operating or financial results; (7) cash flow and anticipated liquidity; (8) our business strategy, including expansion into the deep shelf and the deepwater of the Gulf of Mexico, and the availability of acquisition opportunities; (9) hedging strategy;

1. exploration and exploitation activities and property acquisitions; (11) marketing of oil and natural gas; (12) governmental and environmental regulation of the oil and gas industry; (13) environmental liabilities relating to potential pollution arising from our operations; (14) our level of indebtedness; (15) timing and amount of future dividends; (16) industry competition, conditions, performance and consolidation; (17) natural events such as severe weather, hurricanes, floods, fire and earthquakes; and (18) availability of drilling rigs and other oil field equipment and services.

We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation or as of the date of the report or document in which they are contained. Although the information contained in this presentation may be updated, completed, revised and amended, we undertake no obligation to update such information. Statements contained in this presentation regarding past events or performance should not be taken as a guarantee of future events or performance. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any

loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The filings with the Securities and Exchange Commission (the "SEC") are hereby incorporated

herein by reference and qualify the presentation in its entirety.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy any of our securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

2	W&T OFFSHORE | NYSE:WTI

Cautionary Note Regarding Hydrocarbon Quantities

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions, and on an optional basis, probable and possible reserves meeting SEC definitions and criteria. The Company does not include probable and possible reserves in its SEC filings. This presentation includes information concerning probable reserves quantities compliant with PRMS/SPE guidelines and related PV-10 values that are different from quantities of such non-proved reserves that may be reported under SEC rules and guidelines. In addition, this presentation includes Company estimates of

resources and "EURs" or "economic ultimate recoveries" that are not necessarily reserves

because no specific development plan has been committed for such recoveries. Recovery

of estimated probable reserves and estimates of resources and EUR's and recoverable resources, are inherently more speculative than recovery of proved reserves.

NYMEX Strip priced proved and proved+probable (2P) reserves estimates as of June 30, 2022 in this presentation have been internally generated on the same basis as our SEC reserves, except for the use of pricing based on futures contract prices as quoted on the NYMEX for crude oil and natural gas on December 30, 2022, rather than using the average of the first-day-of-the-month prices for the prior 12 months in accordance with SEC pricing rules. In determining NGL prices used in the NYMEX Strip case, a price ratio was computed for each field with NGL reserves and applied to the applicable NYMEX crude oil price stated above for each future production period. We have included the NYMEX Strip reserves to show the sensitivity of our estimated reserves and related PV-10 to more recent NYMEX oil and natural gas futures pricing.

PV-10 of reserves includes projected revenues, estimated production costs and estimated future development costs. Unless otherwise stated, PV-10 excludes cash flows for asset retirement obligations, general and administrative expenses, derivatives, debt service and income taxes.

Standardized measure or the PV-10 from our proved or 2P oil and natural gas reserves (SEC Case or NYMEX Case) should not be viewed as representative of the current market value of our estimated oil and natural gas reserves.

See Appendix for more information.

DISCLAIMER (CONT'D)

Non-GAAP Measures

This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) Net Debt, (ii) Adjusted Net Income (Loss), (iii) Adjusted EBITDA and (iv) Free Cash Flow. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. Please refer to the slides titled "Non-GAAP Reconciliations" under the Appendix to this presentation for a reconciliation of these measures to the most directly comparable GAAP measures and WTI's definitions (which may be materially different than similarly titled measures used by other companies) of these measures as well as certain additional information regarding these measures. WTI believes the presentation of these metrics

may be useful to investors because it supplements investors' understanding of its operating performance by providing information regarding its ongoing performance that excludes items it believes do not directly

affect its core operations.

3	W&T OFFSHORE | NYSE:WTI

CORPORATE OVERVIEW

W&T - SEASONED GULF OF MEXICO("GOM") PLAYER

FY 2021 | 3Q22 Avg.

Total

FY 2021 | 3Q22 Avg.

FY 2021 | 3Q22 Avg.

Production

Fields

Adjusted EBITDA1

Free Cash Flow1

38.1 MBoe/d (46% liquids)

47

$220.3 MM

$90.9 MM

41.5 MBoe/d (50% liquids)

$113.9 MM

$71.1 MM

Reserve

MY 2022 Reserves

MY 2022 Reserves

MY 2022 PV-10 ($MM)

MY 2022 PV-10 ($MM)

Category

(MMBoe) SEC Pricing3

(MMBoe) NYMEX Strip4

SEC Pricing3

NYMEX Strip4

1P

168.3

165.3

$2,622

$2,105

2P

250.1

246.8

$4,190

$3,245

3P

366.3

358.8

$6,495

$4,962

Gulf of Mexico Shelf

Gulf of Mexico Deepwater

•

~457,000 gross acres (~380,000 net)

•

~165,000 gross acres (~70,000 net)

•

76% of 3Q22 production of 41.5 MBoe/d

•

24% of 3Q22 production of 41.5 MBoe/d

•

Proved SEC reserves of 141.5 MMBoe3

•

Proved SEC reserves of 26.8 MMBoe3

•

2P SEC reserves of 199.8 MMBoe3

•

2P SEC reserves of 50.3 MMBoe3

•

Future growth potential from sub-salt

•

Substantial upside with existing acreage

projects

Federal Production: Federal 65%, State 35% Net Acreage: Federal 79%, State 21% vs State

Note: The outer ring of the pie charts represent contribution by field, with color indicating field location on the map

1. Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures, see Appendix for description of reconciling items to GAAP net income and operating cash flow
2. Breakout between Deepwater and Shelf reflects total Company production
3. Based on mid-year 2022 reserve report by NSAI at SEC pricing (1P Life) of $85.82/Bbl and $5.13/MMBtu before differentials excluding ARO. PV-10 is a non-GAAP financial measure, see Appendix
4. Based on mid-year 2022 reserves at 12/30/22 weighted-average NYMEX Strip pricing (1P Life) of $68.54/Bbl and $4.98/MMBtu excluding ARO. PV-10 is a non-GAAP financial measure, see Appendix

Premier GOM Operator with Four Decades of History in the Basin

4	W&T OFFSHORE | NYSE:WTI

Fairway & Mobile Bay

Main Pass 108

Viosca Knoll 783 (Tahoe/SE Tahoe)

Mississippi Canyon 243 (Matterhorn)

Viosca Knoll 823 (Virgo)

Brazos A133

Mississippi Canyon 698 (Big Bend)

Ship Shoal 349

(Mahogany)

Mississippi Canyon 582

Ewing Bank 910

(Medusa)

2P Reserves Mix 2,3								3Q22 Avg. Daily Production2
						By Field
20%			By Water Depth
							24%
250.1					Shelf	41.5
				Deepwater
MMBoe					All Other				MBoe/d
					Fields

80%	76%

3Q22 HIGHLIGHTS

• Maintained strong production of 41.5 MBoe/d (50% liquids), or 3.8 MMBoe
• Generated net income of $66.7 MM or $0.46 per diluted share
• • Adjusted Net Income totaled $48.7 MM, or $0.33 per diluted share in the third quarter of 2022, mainly reflecting the adjustment for unrealized derivative gain and derivative premiums;
• Reported Adjusted EBITDA of $113.9 MM for the third quarter of 2022;
• • Year-to-dateAdjusted EBITDA totaled $497.6 MM;
• Produced Free Cash Flow of $71.1 MM for the third quarter of 2022, the 19th consecutive quarter of positive Free Cash Flow;
• • Year-to-dateFree Cash Flow totaled $351.5 MM;
• Increased cash and cash equivalents to $447.1 MM, up 74% from $257.6 MM at September 30, 2021;
• • Decreased Net Debt by 48% year-over-year to $254.3 MM as of September 30, 2022;
• Continued significant improvement in the Company's leverage profile with Net Debt to last twelve months ("LTM") Adjusted EBITDA of 0.5 times compared to 2.5 times one year ago; and
• Subsequent to quarter-end, the Company entered into an amendment to the credit agreement for its first priority secured revolving facility, which, among other things, extended the maturity date and the lender's commitment by up to one year to
  January 3, 2024.

1. Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures, see Appendix for description of reconciling items to GAAP net income and operating cash flow

Continued Focus on Delivering Free Cash Flow and Adding Value

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PRODUCTION

Full Year 2021 Production

38.1 MBoe/d

(46% liquids)

3Q22 Production

41.5 Boe/d

(50% liquids)

ADJUSTED EBITDA

Full Year 2021 Adjusted EBITDA1

$220 MM

3Q22 Adjusted EBITDA1

$114 MM

FREE CASH FLOW

Full Year 2021 Free Cash Flow1

$91 MM

3Q22 Free Cash Flow1

$71 MM