W&T Offshore : May Update
WTI
Published on 05/13/2025 at 17:46
Four Decades of Industry Leadership in the Gulf of
America
May 2025
https://www.wtoffshore.com
NYSE: WTI
Legend
Operational & Financing Milestones Acquisitions & Divestitures
2002
Drilled W&T's 1st operated deepwater well and closed $52 MM acquisition from Burlington Resources
2007
Completed $450 MM debut senior notes offering
2013
Closed $87 MM acquisition from Callon Petroleum.
Completed divestitures of $30 MM
2018
Formed Monza Energy as a Drilling JV program. Closed $31 MM acquisition from Cobalt Energy
2023
Repaid $552 MM outstanding 2L senior notes with cash on hand and by issuing new
$275 MM 2L senior notes
1983
Tracy Krohn Founded W&T with $12 K
1995 - 1996
Drilled over 30 wells on turnkey contracts for other companies
2005
Completed IPO and began trading on the NYSE
2010
Closed $121 MM acquisition from Total and $134 MM acquisition from Shell
2015
Completed $376 MM Permian Basin divestiture. Completed
$300 MM senior notes offering
2022
Completed $48 MM acquisition from Ankor E&P and KOA Energy
2024
Closed $77 MM acquisition from Cox
2019
Closed $171 MM acquisition from Exxon for Mobile Bay assets and $20 MM acquisition from ConocoPhillips to become the operator at Magnolia
2014
Closed $65 MM acquisition from Woodside Energy and
$24 MM acquisition from Shell
2011
Closed $397 MM acquisition of Permian assets from Opal Resources and $51 MM GOA acquisition from Shell. Completed $600 MM senior notes offering and repurchased $450 MM of senior notes
2006
Closed $1.3 B acquisition from Kerr-McGee and completed
~10 MM share follow-on offering
2000
Closed $26 MM acquisition from BP Amoco and $44 MM acquisition from EEX
1985
Purchased first property for $500 K
2023
Closed $32 MM acquisition from
undisclosed seller
1988 - 1993
Completed 14 acquisitions
2003
Closed $56 MM acquisition from ConocoPhillips
2008
Closed $119 MM acquisition from Apache
2021
Transferred the Mobile Bay assets into a SPV in return for $215 MM term loan provided by Munich Re
2025
Repaid $275 MM outstanding 2L senior notes and $114 MM outstanding term loan with cash on hand and by issuing new $350 MM 2L senior notes
$32.2 MM
$136.4 MM
1Q25 | LTM 1Q25
Adjusted EBITDA1
PREMIER GOA OPERATOR WITH FOUR DECADES OF HISTORY IN THE BASIN
1Q25 | LTM 1Q25
Production
Total
Fields
Key Highlights for 1Q 2025
30.5 MBoe/d (52% liquids)
32.9 MBoe/d (52% liquids)
Reserve Category
52
YE 2024 Reserves at SEC Pricing2 (MMBoe)
YE 2024 PV-10 at SEC Pricing2 ($MM)
Produced 30.5 MBoe/d (52% liquids)
$10.5 MM
$22.9 MM
1Q25 | LTM 1Q25
Free Cash Flow1
‒ Announced that the West Delta 73 and Main Pass 108/98 fields were placed into production towards the end of March/early April with production expected to ramp up over the course of the second quarter of 2025
1P
127.0
$1,229
2P
239.0
$2,782
3P
358.4
$4,890
Reported Adjusted EBITDA1 of $32.2 MM and Free Cash Flow1 of $10.5 MM
Ended the quarter with $105.9 MM of cash on the balance sheet
Sold a non-core interest in Garden Banks Blocks 385 & 386 in January 2025, which included latest net production of approximately 195 Boe/d for $11.9 MM (over
$60,000 per flowing barrel after customary closing adjustments)
YE 2024 1P Reserves2 1Q 2025 Production Net Acreage
Deepwater Shelf State Federal
Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures, see Appendix for description of reconciling items to GAAP net income and net cash provided by operating activities
Based on year-end 2024 reserve report by NSAI at SEC pricing of $76.32/Bbl and $2.13/MMBtu. PV-10 excludes ARO and is a non-GAAP financial measure
Received $58.5 MM in cash for an insurance settlement related to the Mobile Bay 78-1 well in the first quarter of 2025, further bolstering W&T's balance sheet
In January 2025, successfully refinanced $275.0 MM 11.75% Senior 2L Notes due 2026 and $114.2 MM outstanding term loan provided by Munich Re Risk Financing, Inc. with proceeds from the issuance of new $350.0 MM 10.75% Senior 2L Notes due 2029 and available cash on hand
‒ Paid down and effectively reduced gross debt by ~$39.0 MM
Entered into a new credit agreement for a $50 MM undrawn revolving credit facility which matures in July 2028, and replaces the previous credit facility provided by Calculus Lending, LLC
Paid sixth consecutive quarterly dividend of $0.01 per common share in March 2025
‒ Declared second quarter 2025 dividend of $0.01 per share, which will be payable on May 27, 2025 to stockholders of record on May 20, 2025
3
W&T Deepwater SPARs
1
Magnolia Heidelberg Neptune Medusa Matterhorn
TX LA MS AL
1
2
Asset Base Highlights
Fields: 52
Acres: 635K gross / 497K net
YE24 SEC 1P Reserves: 127 MMBoe LTM 1Q25 Production: 32.9 MBoe/d
3
5 4
Legend
W&T Acreage
Aquasition (SPV)1 Acreage Monza (Operated JV) Acreage
Field Border
2
5
4
Aquasition is 100% owned by W&T
Disclaimer
W&T Offshore Inc. published this content on May 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2025 at 21:45 UTC.