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© W & T OFFSHORE SA INVESTOR PRESENTATION August 2026 Over Four Decades of Industry Leadership in the Gulf of America www.wtoffshore.com NYSE : WTI
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W&T OFFSHORE | NYSE:WTI DISCLAIMER 2 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 Securities Exchange Act of 1934. 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, 2025, 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 America, and the availability of acquisition opportunities; (9) hedging strategy; (10) 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 unless required to do so by law. 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. This presentation is qualified in its entirety by reference to the Company's filings with the Securities and Exchange Commission (the "SEC"). 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. 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 EURs and recoverable resources, are inherently more speculative than recovery of proved reserves. 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 should not be viewed as representative of the current market value of our estimated oil and natural gas reserves. 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 EBITDA and (iii) Free Cash Flow. In addition, Asset Retirement Obligations presented herein are based on management’s latest internal estimates and may vary from the GAAP recording of such liabilities. 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.
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W&T OFFSHORE | NYSE:WTI COMPANY OVERVIEW 3
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W&T OFFSHORE | NYSE:WTI Introducing W&T • GOA-focused oil & gas company founded in 1983 and listed on the NYSE since 2005 (HQ: Houston, TX; Ticker: WTI) • Founded by Chairman and CEO Tracy Krohn, the business has grown mainly through acquisitions of cash flow producing assets and opportunistic new drilling • High levels of shareholder alignment and health and safety standards, essential for its business model, making it a trusted buyer for the oil majors and larger independents • Q2 2026 net production of 34.7 MBoe/d (~49/51 liquids-gas) and mid-year 2026 NSAI 2P reserves of 250.1 MMBoe Creating value via expertise and focus • Over four decades of deep technical and commercial expertise, leveraged to create value across acquisitions and existing asset base by: (i) reducing costs, (ii) increasing production, and (iii) extending reserve life • ~$2.7 Bn of acquisitions since IPO across shallow and deepwater GOA • Approximately 90% drilling success rate since 2011 achieved through rigorous evaluation W&T INTRODUCTION & MANAGEMENT TEAM 4 40 YEARS OF GROWTH BUILDING DEEP EXPERTISE IN THE GULF OF AMERICA (“GOA”) Executive Management Team William J. Williford Executive Vice President and Chief Operating Officer Veteran petroleum engineer with more than two decades of GOA experience. William has advanced through key technical and leadership positions since joining W&T in 2006 Tracy W. Krohn Founder, Chairman, Chief Executive Officer and President Founder and long-time leader of W&T Offshore with deep oil and gas engineering expertise. Tracy has guided the company since 1983 through multiple operational and executive roles George J. Hittner Executive Vice President, General Counsel and Corporate Secretary Corporate attorney with a mix of private-practice and government leadership experience. George oversees legal, compliance, and corporate governance functions Creating Value in the GOA Significant upside opportunities ahead • Near-term low-cost internal workover and recompletion projects to partially replace reserves • Pipeline of asset M&A opportunities from majors and other independents • Robust inventory of drilling projects that target lower-risk, proven reserves in the near-term Sameer Parasnis Executive Vice President and Chief Financial Officer Finance executive with extensive investment banking and energy-sector experience. Sameer brings a blend of commercial, engineering and global financial background to W&T Huan Gamblin Executive Vice President and Chief Technical Officer Reservoir engineering leader with international and GOA expertise. Huan drives technical strategy, major projects and business development
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W&T OFFSHORE | NYSE:WTI W&T’S 40+ YEAR HISTORY 5 OVER FOUR DECADES, W&T HAS EVOLVED FROM A SMALL INDEPENDENT OPERATOR TO A SEASONED PLAYER IN THE GOA W&T was founded by Tracy Krohn & began expanding via acquisitions • 1983: Tracy Krohn founded W&T Offshore • 1984: Tracy Krohn capitalized the company with $12K • 1985: Purchased 1st property for $500K • 1988 – 1989: Acquired additional properties to increase footprint 1980s 1990s 2000s 2010s 2020s Future W&T proved drilling expertise • 1990 – 1993: Acquired additional properties • 1995 -1996: Drilled over 30 wells on turnkey contracts for other companies W&T completed IPO and made largest acquisition in Company’s history • 2005: IPO’d on the NYSE • 2006: Closed $1.3 Bn acquisition from Kerr-McGee • 2007: $450 MM debut senior notes offering Created Monza drilling JV and purchased largest U.S. offshore natural gas field from Exxon • 2018: Raised ~$360 MM of drilling capital led by HarbourVest and Baker Hughes to form Monza JV • Acquired largest shallow water U.S. offshore natural gas field (Mobile Bay) from Exxon for ~$170 MM W&T simplified its capital structure by refinancing term loan and senior notes • 2025: Simplified capital structure by entering into an undrawn $50 MM revolver and issuing $350 MM second lien notes • Purchased Cox Energy’s select GOA assets for ~$77 MM W&T plans to significantly grow production by increasing operations in deepwater GOA and continuing to make opportunistic acquisitions
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W&T OFFSHORE | NYSE:WTI , ,5 5 , 00 , , 5 , , , 0 , , , , 2,0 5 20 20 5 20 20 20 20 2020 202 2022 202 202 2025 202 5 0 0 5 0 5 2 0 20 20 5 20 20 20 20 2020 202 2022 202 202 2025 202 rilling ost Other acility iscellaneous Su sea WHY GULF OF AMERICA 6 GOA IS A LONG-ESTABLISHED, INFRASTRUCTURE-RICH, PROLIFIC OFFSHORE OIL AND GAS BASIN Attractive Market Opportunity Few operators remaining with the expertise to evaluate and take advantage of the available opportunities in the GOA • Market dynamics resemble those seen in the UK and Norway, with IOC-led portfolio rationalization driving divestments • Geological and operational complexity of the basin creates natural barriers to entry for new participants • Fewer operators create less competition for quality assets Favorable Regulatory Landscape Supporting Seasoned Operators W&T’s financial strength and P&A track record allow it to thrive as weaker independents exit • W&T has successfully spent ~$1 Bn on plugging and abandonment (“P&A”) over its history • Long-term lease stability under the One Big Beautiful Bill provides predictable access to acreage • Favorable fiscal terms, such as the 10-year deepwater royalty cap, improve project economics Active M&A Market Majors continuously divesting creates a steady flow of enhancing acquisition opportunities for a strong operator like W&T • Majors still operate most of the production (~70+%); however, operators like Exxon, Chevron, and Occidental are increasingly focused on other basins as well Increasing Capital Spending Over Recent Years… Resulting in Growing GOA Oil Production Source: Welligence, EIA ($Bn) Strategic window for W&T to create value through asset acquisitions and low risk drilling (MBbl/d)
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W&T OFFSHORE | NYSE:WTI W&T’S STRENGTHS AND STRATEGY 7 W&T PROVIDES AN ATTRACTIVE INVESTMENT OPPORTUNITY IN A COMPELLING REGION FOR GROWTH 1) Highly-experienced team with offshore capabilities and shareholder alignment • Knowledge and delivery for over four decades in the GOA, publicly-listed since 2005 • High standards of health and safety, sustainability and corporate responsibility 2) Proven business model in attractive GOA region • Proven track record of accretive M&A by lowering costs and adding reserves and production • GOA is the 2nd largest oil-producing basin in the U.S., behind the Permian, and has attractive fiscal terms 3) Premier assets with long reserve life, scale and diversification • Large 1P and 2P reserves permitting nearly 20 years of reserve life • Proven track record of production from over 300 productive wells / 49 fields • ~50/50 liquids-gas mix (Mobile Bay gas realizes a considerable premium to Henry Hub) 4) Operatorship permitting control • 96% of net acreage is held by production and 87% of production is operated by W&T • Employing operational experience to extend field-life and maximize economics • Use advanced seismic and geoscience tools to execute successful drilling projects • Optimizing assets through disciplined operations and targeted reinvestment 5) Scale and footprint enabling infrastructure synergies • Attractive F&D costs driven by tie-backs to owned and operated existing infrastructure 6) Free-cash-flow generative and strong balance sheet • Over $1 Bn of net debt reduction since 2014 and current liquidity of ~$175 MM supports acquisition and organic growth to create shareholder value Simple but Effective StrategyCore Strengths Backing the Opportunity Fundamental focus on generating free cash flow Maintaining and optimising high-quality conventional (offshore) assets with low decline rates Exploiting existing assets to increase reserves and production and exploring for reserves across extensive acreage Pursuing unique and accretive M&A opportunities, often from majors divesting in the GOA Harnessing our significant scale to integrate assets, yielding cost synergies and increasing margins Managing a prudent balance sheet and delivering attractive shareholder returns
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W&T OFFSHORE | NYSE:WTI Portfolio Metrics Total Producing Fields 48 offshore fields (41 federal & 7 state waters) Total GOA Acreage 591K gross acres (449K in the shelf and 142K in deepwater) , 2 , 50 00 5 2 5 2 2 2 2 2 0 220 20 250 500 50 ,000 ,250 ,500 20 20 5 20 20 20 20 2020 202 2022 202 202 2025 2 2 2 W&T KEY FIGURES 8 Net debt reduction achieved, now with strong balance sheet for growth Top Shareholders % O/S Tracy Krohn 32.8 BlackRock Fund Advisors 4.7 Two Sigma Investments 3.5 Goldman Sachs 3.1 Vanguard Capital Management 2.8 Marshall Wace 2.1 Columbia Management 2.1 D.E. Shaw & Co 2.0 Vanguard Portfolio Management 1.9 SSGA Funds Management 1.9 W&T Capital Structure & Top Shareholders Share Price (7/31/2026) $/Share $3.59 Shares Outstanding MM 149.6 Market Cap $MM $536.9 Debt as of Q2 26 $MM 351.6 Cash as of Q2 26 $MM (150.7) Enterprise Value $MM $737.8 Operational Highlights 2Q 2026 Reserve Category MY 2026 Reserves at SEC Pricing1 (MMBoe) MY 2026 PV-10 at SEC Pricing1 ($MM) 1P 127.3 $1,205 2P 250.1 $2,677 3P 372.1 $4,727 Mid-Year 2026 2P Reserves1 2Q 2026 Net Acreage Deepwater Shelf State Federal 4 oe d Source: FactSet 1) Based on year-end 2025 reserve report by NSAI at SEC pricing of $66.01/Bbl and $3.39/MMBtu. PV -10 excludes ARO and is a non-GAAP financial measure 0 0 0 oe 4 000 Net Acres 2Q 2026 Production ($MM) 2Q 2026 Net Debt/ EBITDA 1.2x
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W&T OFFSHORE | NYSE:WTI ASSET DIVERSIFICATION WITH OPERATORSHIP FOCUS 9 W&T field Oil Focused Acreage Natural Gas Focused Acreage Field Border Legend Diverse Operations covering 48 GOA Fields 591K Gross / 457K Net Acres Leased MY 2026 SEC 1P | 2P Reserves: 127 | 250 MMBoe 2Q 2026 Production: 34.7 MBoe/d Working Interest of Top 10 Producing Fields Mobile Bay 90% Ship Shoal 349 100% West Delta 73 100% Main Pass 108 100% Garden Banks 783 100% Mississippi Canyon 698 20% Main Pass 61 100% Vermillion 78 100% Eugene Island 64 100% Mississippi Canyon 800 58%
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W&T OFFSHORE | NYSE:WTI SIGNIFICANT INFRASTRUCTURE ADVANTAGE 10 W&T has generated $89 MM of cumulative production handling revenue from 2019 to 2025 Platform Rig on infield production facility (EW 910 Area) Subsea tieback to existing infrastructure (MC 800 Gladden) 200 Existing structures provide a key advantage when evaluating/ developing prospect opportunities Economic Advantage Reduces capital expenditures Increases returns by generating cashflow quicker Marketing contracts established and in effect Provides revenue upside in potential Production Handling Agreements (PHA)
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W&T OFFSHORE | NYSE:WTI MULTIPLE TAKEAWAY OPTIONS HELP MITIGATE HURRICANE RISK 11 W&T Access to Crude Takeaway Lines W&T Access to Natural Gas Takeaway Lines Prudent hurricane risk management through diverse production base, takeaway optionality, and structural insurance coverage
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W&T OFFSHORE | NYSE:WTI W&T POISED FOR GROWTH 12 W&T UNIQUELY POSITIONED TO TAKE ADVANTAGE OF GOA OPPORTUNITIES • Demonstrated history of performing low cost, low risk workover and recompletion projects to improve the performance of existing wells • Typically, these projects increase production by 300 – 1,500 Boe/d and have a payback period of less than 1 year • There is a ro ust inventory of these internal projects that can reduce W&T’s overall decline rate using comparatively smaller capital spend Low Risk Development Asset Acquisitions • GOA has a continuous pipeline of assets hit the market due to the majors optimizing their portfolios − Typical asset for sale has 10+ years of reserve life remaining and relatively low decline due to mature profile • Private assets can also come up for sale via bankruptcy or sponsors looking to monetize their investments • Plugging and abandonment costs can be subtracted from acquisition price to minimize impact on returns − W&T’s sta ility and history of executing P&A properly presents a competitive advantage in uying assets from majors Greenfield Drilling • W&T has a portfolio of 0+ greenfield well options which could e drilled and su stantially increase the ompany’s production • The Company has strategically deferred drilling to focus on debt reduction and due to PDP acquisitions (which provided instant production) • Many of the wells that have een identified y W&T’s geologists are in the GOA’s deepwater, having predominantly oil reserves • These new drills could be financed solely by W&T or via the creation of a drilling JV if W&T wanted to partner with other E&Ps/investors Moderate Risk Low Risk
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W&T OFFSHORE | NYSE:WTI 2024 CREATING VALUE THROUGH M&A, PIPELINE FOR MORE 13 1) Purchase prices as of closing dates, which are often adjusted for normal and customary post -effective date adjustments 2) 1Q 2026 net average production 3) Based on year-end 2025 reserve report by NSAI at SEC pricing of $66.01/Bbl and $3.39/MMBtu 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Reserves(3) : 1P – 1.0 MMBoe 2P – 2.0 MMBoe Reserves(3) : 1P – 1.2 MMBoe 2P – 1.6 MMBoe Reserves(3) : 1P – 10.9 MMBoe 2P – 11.8 MMBoe Reserves(3) : 1P – 1.1 MMBoe 2P – 1.4 MMBoe Reserves(3) : 1P – 53.2 MMBoe 2P – 63.3 MMBoe $206 MM1 Paid out in Nov. 2014 Net average production(2) of 617 Boe/d from 78 offshore blocks, 65 of which are in deepwater $65 MM1 Investments Post Acquisition Paid out in Sep. 2019 Net average production(2) of 581 Boe/d from Neptune and 2 add’l locks One exploration well brought online in 2014 $87 MM1 Investments Post Acquisition Net average production(2) of 169 Boe/d from Medusa and 12 other fields. Two exploration wells brought on production in 6/2015 $171 MM1 Paid out in Jan. 2022 Net average production(2) of 9,499 Boe/d. Potential to add incremental reserves with minimal capital by consolidating operations Undisclosed Private Seller $48 MM1 Paid out in Aug. 2022 Net average production(2) of 1,485 Boe/d. Acquired 100% working interest of operated assets, including over 50 producing wells Reserves(3) : 1P – 1.6 MMBoe 2P – 3.4 MMBoe $61 MM1 Paid out in Oct. 2014 Net average production(2) of 2,228 Boe/d from Fairway Field 2022 2025 Reserves(3) : 1P – 2.4 MMBoe 2P – 3.5 MMBoe $32 MM1 Closed Sep. 2023 Net average production(2) of 1,490 Boe/d from eight fields located in the GOA Shelf Undisclosed Private Seller Reserves(3) : 1P – 27.5 MMBoe 2P – 68.7 MMBoe 2023 $77 MM1 Closed Jan. 2024 Net average production(2) of 6,569 Boe/d from six producing fields located in the GOA Shelf
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W&T OFFSHORE | NYSE:WTI ACCRETIVE E&P DEEPWATER ACQUISITIONS 14 1) From closing date to June 30, 2026, to match mid-year 2026 reserve report. Free Cash Flow is a non-GAAP financial measure 2) Based on mid-year 2026 reserve report by NSAI at SEC pricing of $72.93/Bbl and $3.64/MMBtu. PV -10 excludes ARO and is a non-GAAP financial measure PROVEN RECORD OF EXTRACTING VALUE FROM ACQUISITIONS LIKE THE MAHOGANY, MATTERHORN, AND VIRGO FIELDS SS 4 Field (“ ahogany”) Matterhorn & Virgo Fields Acquisition Year 2000/2004/2008 2010 Acquisition Price $175 MM $115 MM Sellers Working Interest 100% 64% - 100% Water Depth 0’ , 0’ – 2, 00’ Development & Exploration Recompletions/Workovers Cost Optimization Additional Revenue Opportunities Total Free Cash Flow1 $1,059 MM $496 MM MY 2026 2P PV-102 $371 MM $135 MM 1P Reserves2 11.3 MMBoe 2.4 MMBoe 2P Reserves2 22.2 MMBoe 8.8 MMBoe Transaction Details Post-Acquisiton Asset Optimization Post-Acquisition Financial Performance Remaining Reserves
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W&T OFFSHORE | NYSE:WTI MATERIAL LOE REDUCTION ON EXXON/CHEVRON MOBILE BAY ACQUISITIONS 15 Base LOE/Monthly Average 1) Excludes MO 904 & MO 916 purchased from Cox in 2024 2) From closing date to June 30, 2026, to match mid-year 2026 reserve report. Total does not include any impacts from hedges. Free Cash Flow is a non-GAAP financial measure 3) Based on mid-year 2026 reserve report by NSAI at SEC pricing of $72.93/ Bbl and $3.64/MMBtu. PV-10 excludes ARO and is a non-GAAP financial measure Mobile Bay Fields1 Acquisition Year 2019 Acquisition Price $171 MM Sellers Working Interest 25% - 100% Water Depth 0’ – 50’ Consolidation of treatment facilities Modify treatment of waste oil Reducing downtime Total Free Cash Flow2 $414 MM MY 2026 2P PV-103 $298 MM 1P Reserves3 64.8 MMBoe 2P Reserves3 76.1 MMBoe Transaction Details Post-Acquisiton Asset Optimization Post-Acquisition Financial Performance Remaining Reserves 4 4 4 0 0 2 0 0 0 5 0 0 0 0 Previous Operator 2 AGR vs in ation of
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W&T OFFSHORE | NYSE:WTI ( 20) 02 2 2 5 ( ) 4 PDP PDNP P D P ARO P Net of ARO PRO Related to PDP PRO Related to PDNP + P D PRO nrelated to P Reserves P ARO P Net of ARO 500 ,000 ,500 2,000 2,500 PRICE TO NAV DISCOUNT OF 75%1 ON 2P BASIS 16 1) 2P net asset value (NAV) defined as 2P PV -10 net of 2P ARO PV-10 less net debt; not adjusted for G&A 2) PV-10 is a non-GAAP financial measure based on mid-year 2026 reserve report by NSAI at SEC pricing of $72.93/Bbl and $3.64/MMBtu 3) ARO is ased on the ompany’s latest internal estimates This amount differs from the ARO calculated in accordance with GAAP and reported in W&T’s financial statements P ARO is net of a 2 escrow alance 4) Enterprise value based on latest reported share count multiplied by 7/31/2026 closing share price of $3.59, plus net debt 5) Net debt is defined as current and long -term debt, net of unamortized debt discounts, less cash and cash equivalents. See Append ix for reconciliation Enterprise Value4: $738 MM (PV-102 in $MM) Net Debt5: $201 MM 3 3 3
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W&T OFFSHORE | NYSE:WTI 0,000 20,000 0,000 0,000 50,000 0,000 0,000 0,000 25 5 5 05 2 2 5 5 umulative Production ( oe) Production onth umulative Actual Production umulative NSAI P P orecast 5 , 5 , 0 520, 2 2,50 22 ,022 , 0 00,000 00,000 00,000 ,200,000 ,500,000 E 202 Reserves 202 Reserves P 0 ( 000S) P P P NP PRO P W&T CONTINUES TO CONVERT RESERVES TO PDP 17 • W&T has already produced ~2.3x the original NSAI PDP volumes on its top 10 producing wells up to mid -year (MY) 2026 • Mid-year PDP reserves increased 58% since year-end 2024 without drilling a new well Actual: 78,030 NSAI Forecast: 33,449 Top 10 Wells1 Cumulative Production – Actual vs Original Forecast2 Reserves3 Conversion to PDP 1) ata shown for W&T’s top 0 producing wells (including new drills, acquisitions, and recompletes) on an / ths asis as of mi d-year 2026 2) Original Forecast pertains to the PDP booking in the first reserve report prepared by Netherland, Sewell & Associates after w ells came online or post-acquisition of the asset 3) Year-end 2024 uses SEC pricing of $76.32/Bbl and $2.13/MMBtu, while year -end 2025 uses SEC pricing of $66.01/Bbl and$3.39/MMBtu. PV-10 excludes ARO and is a non-GAAP financial measure 4) First month represents first oil for newly drilled/recompleted wells and first month post -closing for acquired wells. Cumulative data provided from first month 4
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W&T OFFSHORE | NYSE:WTI 5 0 0 5 5 5 2 E 20 E 20 E 20 E 20 E 2020 E 202 E 2022 E 202 E 202 E 2025 202 W&T INVESTMENT HIGHLIGHTS 18 TRACK RECORD OF GROWTH THROUGH ACQUISITIONS OF LARGE QUALITY ASSETS 1) Calculated as year-end or mid-year SEC reserves divided by LTM production 10 Years of Reserve Life Growth = 1P = 2P Attractive GOA location Large resources, encouraging fiscal regime, favourable low-tax environment and significant untapped reserve potential 1 Over four decades of successful and safe operations Making W&T the buyer of choice for many IOC asset sellers2 Proven track record of delivering, at low cost Delivering reserves growth and positive cash flows Low finding and discovery costs driven by existing infrastructure 3 Significant growth options Growth options directly in front – low-risk workovers, further IOC asset sales and option to explore in deep water 4 Underpinned by strong balance sheet and robust cash flows Balance sheet now strengthened to support long-term value creation 5 Experienced management with shareholder alignment Industry-leading expertise, with high management ownership6 Reserve Life (Years) 1
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W&T OFFSHORE | NYSE:WTI FINANCIAL SUMMARY 19
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W&T OFFSHORE | NYSE:WTI 5 0 2 0 5 5 5 2 2 2 2 2 2 2 2 25 2 25 25 25 2 2 2 GOA OPERATIONS ALLOW W&T TO CONSISTENTLY OFFSET PRODUCTION DECLINE 20 Average Daily Production Vertical Wells with Low Decline Rates The Gulf of America’s a undant reservoirs and geologic properties allow for vertical wells with significantly slower decline rates than onshore Well Optimization Projects Workovers and recompletions on existing wells allow W&T to boost production on its assets with minimal additional expense Advantages of Producing in GOA Maintain/Increase Production Without New Drilling Since 2023, W&T has increased or maintained production through these internal well optimization projects and modest tack-on acquisitions (MBoepd)
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W&T OFFSHORE | NYSE:WTI 0 4 4 0 2 2 2 55 5 2 0 4 00 200 00 00 500 00 20 2020 202 2022 202 202 2025 T as of / 0/202 5 0 Average WTI Price ( l) 5 5 PRUDENT COST MANAGEMENT THROUGH COMMODITY CYCLES 21 1) Source: EIA 2) Includes net gain of $138 MM from the sale of natural gas call options the Company owned 3) Adjusted EBITDA is a non-GAAP financial measure, see Appendix for description of reconciling items to GAAP net income and cash f low provided by operating activities 4) Capex excludes acquisitions; includes only accrual basis capital expenditures 5) 2026E P&A based on mid-point of 2026 full-year guidance Adj. EBITDA3 Capex4 ARO Spending • Strong production base and cost optimization delivers steady Adjusted EBITDA3 • Adjusted EBITDA3 has materially outpaced capex and ARO spending (before acquisitions) • Free cash flow has funded debt reduction and acquisitions P&A Expenditure ($MM) 2 5
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W&T OFFSHORE | NYSE:WTI 3Q & FY 2026 GUIDANCE 22 1) Quarterly guidance not provided for select items Third Quarter 2026 Full Year 2026 Production Oil (MBbl) 1,215 – 1,340 4,710 – 5,210 NGLs (MBbl) 405 – 450 1,620 – 1,820 Natural Gas (MMcf) 8,660 – 9,570 35,380 – 39,180 Total Equivalents (MBoe) 3,063 – 3,385 12,227 – 13,560 Average Daily Equivalents (MBoe/d) 33.3 – 36.8 33.5 – 37.2 Expenses Lease Operating Expense ($MM) $73.0 – $81.0 $264.7 – $294.7 Gathering, Transportation & Production Taxes ($MM) 8.8 – 9.7 33.3 – 37.3 General & Administrative – Cash ($MM) 17.2 – 19.0 63.2 – 70.2 DD&A ($ per Boe)1 $10.25 – $11.35 Capital Investment Program Capital Expenditures1 $19.5 – $24.5 Plugging & Abandonment1 34.0 – 42.4
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W&T OFFSHORE | NYSE:WTI HEDGE PROGRAM 23 Note: The costless collars were entered into in January 2026, the swaps were entered into in February 2026, and the calls wer e purchased in April 2026 OIL COSTLESS COLLARS Period Total Volume (BBL) Avg Daily Volume (BBL/D) Weighted Avg Floor Price ($/BBL) Weighted Avg Ceiling Price ($/BBL) 3Q26 368,000 4,000 56.18 69.40 4Q26 368,000 4,000 56.18 69.40 OIL SWAPS Period Total Volume (BBL) Avg Daily Volume (BBL/D) Weighted Avg Price ($/BBL) 3Q26 184,000 2,000 64.53 4Q26 184,000 2,000 64.53 OIL PURCHASED CALLS Period Total Volume (BBL) Avg Daily Volume (BBL/D) Weighted Avg Strike Price ($/BBL) 3Q26 920,000 10,000 122.50 4Q26 920,000 10,000 122.50 1Q27 900,000 10,000 122.50 2Q27 300,000 3,297 122.50
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W&T OFFSHORE | NYSE:WTI APPENDIX 24 NON-GAAP RECONCILIATIONS
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W&T OFFSHORE | NYSE:WTI NON-GAAP RECONCILIATIONS 25 Certain financial information included in W&T’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non- GAAP financial measures are “Net e t”, “Adjusted E IT A,” “ ree Cash low” and “P -10” or are derivable from a combination of these measures. Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Prior period amounts have been conformed to the methodology and presentation of the current period. We calculate Net Debt as total debt (current and long-term portions) net of unamortized debt discounts, less cash and cash equivalents. Management uses Net Debt to evaluate the ompany’s financial position, including its ability to service its debt obligations. The Company defines Adjusted EBITDA as net (loss) income plus net interest expense, income tax expense, depreciation, depletion, amortization, and ARO accretion, excluding the unrealized commodity derivative (gain) loss net of derivative premiums, allowance for credit losses, non-cash incentive compensation, non-recurring IT-transition costs, non-ARO plugging and abandonment costs, and other. Company management believes this presentation is relevant and useful because it helps investors understand W&T’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as W&T calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use. The Company defines Free Cash Flow as Adjusted EBITDA (defined above), less capital expenditures, plugging and abandonment costs and interest expense (all on an accrual basis). For this purpose, the ompany’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) and equipment, furniture and fixtures, but excludes acquisition costs of oil and gas properties from third parties that are not included in the ompany’s capital expenditures guidance provided to investors. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures, plugging and abandonment costs and interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition of Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non-GAAP measures reported by other companies. While the Company includes interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses. The following tables present (i) a reconciliation of Total Debt to Net Debt and Net Leverage (ii) a reconciliation of the ompany’s net (loss) income, a GAAP measure, to Adjusted EBITDA and Free Cash Flow (iii) a reconciliation of cash flow from operating activities, a GAAP measure, to Free Cash Flow, as such terms are defined by the Company. Reconciliation of PV-10 to Standardized Measure The Company also discloses PV-10, which is not a financial measure defined under GAAP. The standardized measure of discounted future net cash flows is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. Company management believes that the non-GAAP financial measure of PV-10 is relevant and useful for evaluating the relative monetary significance of oil and natural gas properties. PV-10 is also used internally when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. Company management believes that the use of PV-10 is valuable because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid. Additionally, Company management believes that the presentation of PV-10 provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. PV-10 is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of the ompany’s estimated oil and natural gas reserves. PV-10 should not be considered in isolation or as substitutes for the standardized measure of discounted future net cash flows as defined under GAAP. Investors should not assume that PV-10 of the ompany’s proved oil and natural gas reserves represents a current market value of the ompany’s estimated oil and natural gas reserves. With respect to PV-10 calculated as of an interim date (i.e., other than year-end), it is not practical for the Company to reconcile the PV-10 of its SEC pricing proved reserves because GAAP does not provide for disclosure of standardized measure on an interim basis.
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W&T OFFSHORE | NYSE:WTI NON-GAAP RECONCILIATIONS 26 1) Cash balance excludes restricted cash June 30, 2026 December 31, 2025 ($000s) (Unaudited) 10.75% Senior Second Lien Notes Principal 350,000$ 350,000$ Unamortized debt issuance costs (6,582) (7,645) Total 10.75% Senior Second Lien Notes 343,418$ 342,355$ TVPX Loan Principal 8,275$ 8,825$ Discount (96) (305) Unamortized debt issuance costs (21) (62) Total term loan 8,159$ 8,458$ Credit agreement borrowings -$ -$ Total Debt 351,577$ 350,813$ Cash and cash equivalents1 150,683 140,558 Net Debt 200,894$ 210,255$ LTM Adjusted EBITDA 171,047 129,555 Net Leverage 1.2x 1.6x
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W&T OFFSHORE | NYSE:WTI NON-GAAP RECONCILIATIONS 27 Three Months Ended Six Months Ended June 30, March 31, June 30, 2026 2026 2025 ($000s) (Unaudited) (Unaudited) Net Income (Loss) 12,562$ (22,530)$ (20,883)$ Interest expense, net 9,230 9,186 9,004 Loss on extinguishment of debt - - - Income tax (benefit) expense (1,367) 2,636 (2,382) Depreciation, depletion and amortization 25,578 27,265 26,446 Asset retirement obligations accretion 8,777 8,517 8,681 Unrealized commodity derivative (gain)/loss and effect of derivative premiums, net (11,774) 21,835 (2,554) Allowance for credit losses 120 170 197 Non-cash incentive compensation 11,062 7,443 2,874 Non-recurring legal and IT related costs 15 (66) 48 Non-ARO P&A costs - - 13,855 Other 207 84 (47) Adjusted EBITDA 54,411$ 54,540$ 35,240$ Capital expenditures, accrual basis 1 (10,358) (7,230) (10,446) Asset retirement obligation settlements (3,437) (17,166) (12,207) Interest expense, net (9,230) (9,186) (9,004) Free Cash Flow 31,385$ 20,958$ 3,583$ 1) Capital expenditures, accrual basis reconciliation Investment in oil and natural gas properties and equipment (8,631) (10,127) (10,422) Less: changes in operating assets and liabilities associated with investing activities 1,727 (2,897) 24 Capital expenditures, accrual basis (10,358)$ (7,230)$ (10,446)$
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W&T OFFSHORE | NYSE:WTI NON-GAAP RECONCILIATIONS 28 Twelve Months Ended December 31, December 31, December 31, December 31, December 31, December 31, December 31, 2025 2024 2023 2022 2021 2020 2019 ($000s) (Unaudited) Net Income (Loss) (150,062)$ (87,145) 15,598$ 231,149 (41,478)$ 37,790$ 74,086$ Interest expense, net 36,495 40,454 44,689 69,441 70,049 61,463 59,569 Loss on extinguishment of debt 15,015 - - - - - - Income tax (benefit) expense 50,927 (9,985) 18,345 53,660 (8,057) (30,153) (75,194) Depreciation, depletion, amortization and accretion 149,786 175,399 143,695 133,630 113,447 120,284 148,498 Unrealized commodity derivative (gain)/loss and effect of derivative premiums, net 2,663 (710) (58,846) 45,475 87,901 20,762 74,914 Ceiling test write-down - - - - - - - Allowance for credit losses 578 558 37 (76) 323 (981) 206 Write-off debt issue costs - - - - 1,230 444 - Non-cash incentive compensation 12,226 10,192 10,383 7,922 3,364 3,959 - Non-recurring legal and IT related costs 1,137 5,798 3,044 8,237 - - - Release of restricted funds - - - - (11,102) - - Non-ARO P&A costs 17,586 20,925 6,246 18,402 4,495 - - Gain on debt transactions - - - - - (47,469) - Other (6,796) (1,845) 31 (4,104) 126 (2,708) 816 Adjusted EBITDA 129,555$ 153,641$ 183,222$ 563,736$ 220,298$ 163,391$ 282,895$ Capital expenditures, accrual basis (54,777) (28,626) (41,278) (41,632) (32,060) (18,162) (137,905) Asset retirement obligation settlements (36,765) (39,692) (33,970) (76,225) (27,309) (3,339) (11,443) Interest expense, net (36,495) (40,454) (44,689) (69,441) (70,049) (61,463) (59,569) Free Cash Flow 1,518$ 44,869$ 63,285$ 376,438$ 90,880$ 80,427$ 73,978$
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W&T OFFSHORE | NYSE:WTI NON-GAAP RECONCILIATIONS 29 Three Months Ended Twelve Months Ended June 30, 2026 March 31, 2026 June 30, 2025 ($000s) (Unaudited) (Unaudited) Net cash provided by operating activities 33,322$ 2,551$ 27,962$ Allowance for credit losses 120 170 197 Amortization of debt items and other items (794) (779) (740) Non-recurring legal and IT related costs 15 (66) 48 Current tax (benefit) expense (1,341) 2,663 (70) Changes in derivatives (payable) receivable 155 (2,996) 1,252 Derivative premium payment 7,300 - - Non-ARO P&A costs - - 13,856 Changes in operating assets and liabilities, excluding ARO settlements 2,757 26,561 (28,430) Capital expenditures, accrual basis (10,358) (7,230) (10,445) Other 207 84 (47) Free cash flow 31,383$ 20,958$ 3,583$ Current tax (benefit) expense: Income tax (benefit) expense 1,367$ 2,636$ (2,382)$ Less: Deferred income (benefit) taxes (26) (27) (2,312) Current tax (benefit) expense 1,393$ 2,663$ (70)$ Changes in derivatives (payable) receivable: Derivatives (payable) receivable, end of period (2,523)$ (2,678)$ 1,562$ Derivatives payable (receivable), beginning of period 2,678 (318) (310) Change in derivatives (payable) receivable 155$ (2,996)$ 1,252$
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W&T OFFSHORE | NYSE:WTI NON-GAAP RECONCILIATIONS 30 December 31, ($MM) 2025 2024 PV-10 1,115$ 1,230$ Future income taxes, discounted at 10% (131) (155) PV-10 after ARO 985 1,075 Present value of estimated ARO, discounted at 10% (333) (335) Standardized measure 651$ 740$
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