Here are 1-3 brief analogies for W&T Offshore:

• Like a pure-play offshore oil and gas producer, much like the Gulf of Mexico operations of an integrated major such as ExxonMobil.
• Think of it as an independent company that drills for and extracts oil and natural gas from the sea, similar to the upstream division of Chevron.

• Crude Oil: W&T Offshore explores for, develops, and produces crude oil from its properties, primarily in the Gulf of Mexico, for sale to third-party purchasers.
• Natural Gas: The company also explores for, develops, and produces natural gas from its fields, selling the extracted gas to various purchasers.
• Natural Gas Liquids (NGLs): As a byproduct of natural gas production, W&T Offshore extracts and sells natural gas liquids.

W&T Offshore (WTI) is an independent oil and natural gas producer focused on the Gulf of Mexico. As such, it sells crude oil, natural gas, and natural gas liquids, which are commodities. These commodities are sold primarily to other companies, such as refiners, pipeline operators, processors, and marketers, rather than directly to individual consumers.

Based on their latest financial filings (e.g., Form 10-K), W&T Offshore typically sells its production to a relatively small number of purchasers. While they may have various counterparties throughout the year, their filings often highlight the concentration of sales to a few major customers. Identifying a complete list of all purchasers can be dynamic, but major customers mentioned or implied by revenue concentration in recent filings often include large energy trading houses, pipeline companies, or refiners.

For example, in their Form 10-K for the fiscal year ended December 31, 2023, W&T Offshore stated:

• "Sales to two customers each accounted for 10% or more of total oil, natural gas and NGL sales for the year ended December 31, 2023. These two customers accounted for approximately 18% and 11%, respectively, of total oil, natural gas and NGL sales for the year ended December 31, 2023."
• "Sales to two customers each accounted for 10% or more of total oil, natural gas and NGL sales for the year ended December 31, 2022. These two customers accounted for approximately 12% and 11%, respectively, of total oil, natural gas and NGL sales for the year ended December 31, 2022."

While W&T Offshore discloses the percentage of revenue from major customers, they typically do not explicitly name these specific customers in their public filings due to commercial confidentiality. Common buyers in the Gulf of Mexico market, however, would include major energy companies and commodity traders that purchase crude oil and natural gas for refining, processing, or onward sale. These can include companies like:

• Major integrated oil companies (e.g., Chevron, ExxonMobil)
• Refiners (e.g., Valero Energy Corporation, Symbol: VLO; Marathon Petroleum Corporation, Symbol: MPC)
• Midstream and marketing companies (e.g., JX Nippon Oil & Energy Corporation which might operate in joint ventures or purchase directly, or other trading arms of large energy entities).

Without explicit disclosure from W&T Offshore, naming specific major customers with their symbols is not possible. However, their major customers are large, typically public, companies engaged in the midstream and downstream sectors of the oil and gas industry.

Tracy W. Krohn, Founder, Chairman, Chief Executive Officer and President

Tracy W. Krohn founded W&T Offshore in 1983 and has served as Chief Executive Officer since its inception and as Chairman of the Board since 2004. He previously held the title of President from the company's founding until September 2008 and again from March 2017 to the present. Prior to founding W&T Offshore, Mr. Krohn was a petroleum engineer and offshore drilling supervisor with Mobil Oil Corporation, and later a Senior Engineer with Taylor Energy Company from 1981 to 1983. From 1996 to 1997, Mr. Krohn also served as Chairman and Chief Executive Officer of Aviara Energy Corporation.

Sameer Parasnis, Executive Vice President and Chief Financial Officer

Sameer Parasnis serves as the Executive Vice President and Chief Financial Officer of W&T Offshore. He is a graduate of the Institute of Chemical Technology in Mumbai, India, and holds a Master of Business Administration from Southern Methodist University and a Master of Finance from the London Business School.

William J. Williford, Executive Vice President and Chief Operating Officer

William J. Williford joined W&T Offshore in 2006 and was appointed Executive Vice President and Chief Operating Officer in March 2022. He has over 25 years of oil and gas technical experience. Before his tenure at W&T, Mr. Williford held various positions in reservoir, production, and operations at Kerr-McGee and Oryx Energy. He earned a Bachelor of Science degree in Petroleum Engineering from Mississippi State University.

Huan Gamblin, Executive Vice President and Chief Technical Officer

Huan Gamblin was promoted to Executive Vice President and Chief Technical Officer in March 2025, having joined W&T Offshore in 2020. He brings over 20 years of experience in the energy industry. Prior to this role, Mr. Gamblin served as Manager of Acquisition and Divestiture and then as Vice President of Business Development at W&T. His previous experience includes serving as Algeria Reservoir Engineering Manager at Occidental Petroleum and holding various engineering positions at Anadarko Petroleum across its U.S. Onshore, Gulf of Mexico, and International assets. Mr. Gamblin holds a bachelor's degree in Petroleum Engineering from The University of Texas.

The accelerated global energy transition away from fossil fuels, driven by rapid advancements in renewable energy technologies, increasingly stringent climate policies, and a significant shift in investment capital towards decarbonization, presents a clear emerging threat to W&T Offshore.

W&T Offshore (symbol: WTI) is an independent oil and natural gas producer primarily engaged in the acquisition, exploitation, development, and exploration of oil and natural gas assets. Their main products are crude oil, natural gas, and natural gas liquids (NGLs). The company's operations are concentrated offshore in the U.S. Gulf of Mexico and Alabama State Waters, encompassing deepwater, conventional shelf, and deep shelf drilling.

The addressable market for W&T Offshore's main products and services is the oil and gas market within its operating regions, primarily the U.S. Gulf of Mexico.

Market Size for U.S. Gulf of Mexico Oil and Gas (Upstream)

The Gulf of Mexico Oil and Gas Market was valued at USD 52.20 billion in 2024. This market is projected to reach USD 73.67 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.4% from 2026 to 2032. This market size specifically covers the oil and gas industry in the Gulf of Mexico, which aligns with W&T Offshore's primary operational focus on exploration and production.

Broader U.S. Oil and Gas Market (Upstream)

For the broader U.S. oil and gas market, W&T Offshore operates within the upstream sector (exploration and production). Estimates for the overall U.S. oil and gas market size vary across different reports. For instance, the U.S. oil and gas market size was estimated at USD 453.2 billion in 2024, projected to reach USD 665.5 billion by 2033, with the upstream sector occupying 58.5% of the share in 2024. Another estimate valued the U.S. oil and gas market at USD 1.55 trillion in 2024, expecting it to grow to USD 2.24 trillion by 2034, with the upstream segment holding a 50% share in 2024. A different report valued the market at USD 252.6 billion in 2024, with a projection to reach USD 339.5 billion by 2033.

W&T Offshore (WTI) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and market dynamics:

1. Strategic Acquisitions and Asset Integration: W&T Offshore has historically expanded through the acquisition of producing properties and continues to view this as a core growth strategy. The successful integration of recent acquisitions, such as the former Cox Operating assets, has been instrumental in sustaining and increasing production. The company is strategically positioned to pursue further accretive acquisitions, which directly contribute to revenue by expanding its asset base and production volumes.

2. Optimizing Production from Existing Fields: The company anticipates enhancing production from its current portfolio through a focused program of strategic workovers, recompletions, and facility upgrades. These efforts, particularly in the Gulf of Mexico, are designed to boost output from existing wells without the immediate need for new drilling, thereby increasing hydrocarbon sales and revenue.

3. Investments in Midstream Infrastructure: W&T Offshore plans to make strategic investments in midstream infrastructure. While primarily aimed at lowering transportation costs, these improvements effectively increase the netback price received for its oil and natural gas production, thereby enhancing per-unit revenue.

4. Leveraging Natural Gas Market Demand: Despite fluctuations in oil prices, the natural gas market presents a potential avenue for revenue growth. W&T Offshore may benefit from increased natural gas demand, which appears more responsive to price changes, especially during periods of higher consumption like winter, leading to greater sales volumes and potentially higher prices.

Outbound Investments

• In 2024, W&T Offshore's acquisitions totaled $80.6 million, including $77.3 million for the Cox acquisition and $3.3 million in final purchase price adjustments for a September 2023 acquisition, adding 21.7 million barrels of oil equivalent to 2024 crude reserves.
• The company completed two producing property acquisitions in early 2022 for approximately $34 million in cash, which added 6.0 MMBoe in reserves.
• In 2020, acquisitions, primarily additional interests in the Mobile Bay area and Magnolia field, contributed 3.9 MMBoe in reserve additions.

Capital Expenditures

• For the nine months ended September 30, 2025, capital expenditures on an accrual basis totaled $41.5 million, with a revised full-year 2025 guidance between $57 million and $63 million. These expenditures are focused on recompletion and facility capital work related to the 2024 Cox acquisition and new pipeline infrastructure to lower transportation costs.
• Capital expenditures were $41.70 million in 2024, $118.18 million in 2023, $81.07 million in 2022, and $93.19 million in 2021.
• In 2020, capital expenditures were $17.6 million, following the suspension of all drilling activities and a significant reduction in the year's estimated capital expenditures.