Page 1

May 4 , 2021 W & T OFFSHORE W & T Offshore Announces First Quarter 2021 Results HOUSTON , May 04 , 2021 ( GLOBE NEWSWIRE ) - W & T Offshore , Inc. ( NYSE : WTI ) ( " W & T " or the " Company " ) today reported operational and financial results for the first quarter 2021 . Key highlights included : • Produced 39,657 barrels of oil equivalent per day ( " Boe / d " ) , or 3.6 million Boe ( 50 % liquids ) , in the first quarter of 2021 , above the midpoint of W & T's guidance range and reflecting a 4 % increase from the fourth quarter of 2020 ; Reported net loss of $ 0.7 million or $ 0.01 per share and Adjusted Net Income of $ 15.9 million or $ 0.11 per share in the first quarter of 2021 ; • Generated significant Adjusted EBITDA of $ 57.6 million for the first quarter of 2021 , up 63 % from $ 35.3 million in the fourth quarter of 2020 ; • Recorded strong net cash provided by operating activities of $ 45.0 million in the first quarter ; • Increased Free Cash Flow to $ 40.0 million in the first quarter of 2021 , an increase of 182 % from $ 14.2 million in the fourth quarter of 2020 ; Remained focused on controlling expenses and reported first quarter 2021 lease operating expense ( " LOE " ) and general and administrative ( " G & A " ) costs at the low end or below W & T's guidance ranges ; and • Issued W & T's inaugural Environmental , Social and Governance ( " ESG " ) report which is now available on the Company's web site . Tracy W. Krohn , W & T's Chairman and Chief Executive Officer , stated , " We had a good first quarter with our operational and financial results and believe that the improved commodity price environment and our commitment to expanding margins will lead to a very good year for us in 2021. Operationally we exceeded guidance in several areas . We were above the midpoint in production , below the midpoint in LOE and below the low end of guidance for G & A . Our strong operational performance coupled with higher commodity pricing led to a 182 % increase in Free Cash Flow and a 63 % increase in Adjusted EBITDA compared to the fourth quarter of 2020. The efforts we made in 2020 to reduce costs , maintain production and pay down debt are paying off . Additionally , in the first quarter of 2021 we continued to pay down our debt and increase our liquidity position . We have remained true to our strategic vision that has guided us for nearly 40 years to maximize the value of our premier assets that have strong , stable production and generate solid free cash flow . " " While I am pleased with our results , I am equally proud of our inaugural ESG report that we released in March . We founded W & T with core values centered around safely and