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

• A Gulf of Mexico-focused ConocoPhillips.

• Like a regional Chevron, specializing in oil and natural gas extraction from the Gulf of Mexico.

• Crude Oil: A raw fossil fuel extracted from the earth.
• Natural Gas Liquids (NGLs): Hydrocarbons that are extracted from natural gas and condense into liquid at surface conditions.
• Natural Gas: A naturally occurring hydrocarbon gas mixture primarily composed of methane.

W&T Offshore (WTI) primarily sells its products (crude oil, natural gas liquids, and natural gas) to other companies, not directly to individual consumers.

While the company's SEC filings indicate a concentrated customer base, with a relatively small number of purchasers accounting for a significant portion of its revenues, the specific names of these major customers are not publicly disclosed in their annual reports (10-K filings).

Based on the nature of W&T Offshore's products, their customers would typically fall into the following categories:

• Refiners and Integrated Oil Companies: These companies purchase crude oil from W&T Offshore for processing into refined products such as gasoline, diesel, and jet fuel.
• Natural Gas Pipelines, Utilities, and Industrial Users: These entities purchase natural gas for transportation, distribution to residential and commercial customers, power generation, or as feedstock for various industrial processes.
• Petrochemical Companies and NGL Processors: These companies purchase natural gas liquids (NGLs) like ethane, propane, and butane as feedstocks for the production of plastics and other chemicals.

• Monarch Deepwater Offshore, LLC

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

Tracy W. Krohn founded W&T Offshore, Inc. in 1983 and has served as its Chief Executive Officer since inception and Chairman of the Board since 2004. A petroleum engineer, he began his career at Mobil Oil Corporation as an offshore drilling supervisor and later served as a Senior Engineer at Taylor Energy Company from 1981 to 1983. From 1996 to 1997, Mr. Krohn was the Chairman and Chief Executive Officer of Aviara Energy Corporation.

Sameer Parasnis, Executive Vice President and Chief Financial Officer

Sameer Parasnis joined W&T Offshore in July 2023. He brings 25 years of financial and operational experience, including 20 years in banking, where he advised oil and gas and energy transition companies on equity and debt capital markets and strategic M&A. Prior to W&T, Mr. Parasnis served as Managing Director of Stifel's Energy and Natural Resources team and was Executive Vice President and Chief Commercial Officer at Texas Pacific Land Trust. He started his investment banking career at Credit Suisse and later worked at Citigroup, beginning his professional career as a chemical engineer at Reliance Industries Ltd. in 1996.

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

William J. Williford was appointed Executive Vice President and Chief Operating Officer in March 2022, having joined W&T Offshore in 2006. During his tenure with the company, he has held various roles of increasing responsibility, including Reservoir Engineer, Exploration Project Manager, and General Manager of Deepwater and Shelf operations in the Gulf of Mexico. Mr. Williford possesses over 25 years of oil and gas technical experience with large independents in the Gulf of Mexico and Domestic Onshore, and prior to W&T, he held positions in reservoir, production, and operations at Kerr-McGee and Oryx Energy.

Huan Gamblin, Executive Vice President and Chief Technical Officer

Huan Gamblin was promoted to Executive Vice President and Chief Technical Officer in March 2025, after joining W&T Offshore in 2020. He previously served as Manager of Acquisition and Divestiture and then as Vice President of Business Development. Mr. Gamblin has over 20 years of domestic and international industry experience, including serving as the Algeria Reservoir Engineering Manager with Occidental Petroleum and holding various engineering positions at Anadarko Petroleum, focusing on U.S. Onshore, Gulf of Mexico, and international assets.

Bart P. "Trey" Hartman, III, Vice President and Chief Accounting Officer

Bart P. "Trey" Hartman, III, joined W&T Offshore as Controller in April 2021 and was appointed Vice President and Chief Accounting Officer in May 2022. He also served as Interim Chief Financial Officer in May 2023. Before joining W&T, Mr. Hartman was the Vice President – Controller for Sheridan Production Company from 2015 to 2020 and served as Vice President and Controller at Halcon Resources Corporation from 2012 to 2015.

Key Risks to W&T Offshore (WTI)

1. Commodity Price Volatility: W&T Offshore's financial performance is highly sensitive to the volatile prices of crude oil, natural gas liquids, and natural gas. Fluctuations in these commodity prices, driven by global supply and demand, geopolitical events, and OPEC+ decisions, can significantly impact the company's revenues, profitability, and cash flows.
2. Concentration in the Gulf of Mexico and Operational Hazards: The company's operations are primarily located in the Gulf of Mexico, exposing it to increased risks from severe climatic events, such as hurricanes, which can cause physical damage to assets, disrupt production, and lead to significant costs. Additionally, the inherent hazards of offshore exploration and production contribute to operational risks.
3. Financial Risks and Profitability Concerns: W&T Offshore faces financial risks, including elevated net debt to EBITDA ratios, which can lead to steeper interest costs and refinancing risks. The company has also experienced periods of negative profitability and persistent net losses, raising concerns about its ability to achieve sustained profitability and maintain a robust financial position.

Rapidly increasing difficulty and cost in securing capital and insurance for offshore oil and gas projects due to escalating environmental, social, and governance (ESG) mandates and decarbonization commitments by financial institutions.

The addressable markets for W&T Offshore's main products, crude oil, natural gas liquids, and natural gas, are primarily within the Gulf of Mexico region and the broader U.S. market.

Gulf of Mexico Oil and Gas Market

The overall Gulf of Mexico (GOM) oil and gas market was valued at approximately USD 52.20 billion in 2024. It is projected to reach USD 73.67 billion by 2032, with a compound annual growth rate (CAGR) of 4.4% from 2026 to 2032.

• Crude Oil: Crude oil production from U.S. federal waters in the Gulf of Mexico was around 1.8 million barrels per day (b/d) in 2024. It is forecast to average 1.80 million b/d in 2025 and 1.81 million b/d in 2026, contributing approximately 13% of total U.S. crude oil production.
• Natural Gas: Natural gas production from U.S. federal offshore in the Gulf of Mexico is forecast to average 1.72 billion cubic feet per day (Bcf/d) in 2025 and 1.64 Bcf/d in 2026, accounting for about 1% of U.S. marketed natural gas production.

U.S. Addressable Markets for Specific Products

• U.S. Natural Gas Market: The U.S. natural gas market was valued at USD 454.5 billion in 2024 and is expected to grow to USD 577.9 billion by 2032, at a CAGR of 3.2% from 2025 to 2032. Another estimate places the U.S. natural gas market size at approximately USD 473.4 billion in 2025, projected to reach USD 601.8 billion by 2032, with a CAGR of 3.5%.
• U.S. Natural Gas Liquids (NGL) Market: The U.S. natural gas liquid market size was estimated at USD 5.9 billion in 2024 and is projected to increase from USD 6.22 billion in 2025 to USD 10.6 billion by 2035, demonstrating a CAGR of 5.4%. North America, with the U.S. as a dominant player (92.8% share in 2024), has an NGL market estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033. The U.S. natural gas liquid market is also expected to exceed 4.6 million barrels per day by 2034.
• U.S. Crude Oil Market: The United States is the largest producer of petroleum globally. U.S. crude oil production was approximately 13.2 million barrels per day (Mt/d) in 2024 and is expected to reach about 13.5 Mt/d in 2025. The global crude oil market was valued at USD 751.72 billion in 2024 and is projected to grow to USD 867.16 billion by 2033, with a CAGR of 1.6% from 2026 to 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 of Oil and Natural Gas Properties: W&T Offshore has consistently pursued and executed strategic acquisitions of oil and natural gas properties in the Gulf of Mexico. For instance, the company acquired working interests in eight shallow Gulf of Mexico fields in September 2023 and six additional shallow Gulf of Mexico fields in January 2024 for approximately $72 million, which added 18.7 million barrels of oil equivalent to its proved reserves. These acquisitions significantly contributed to an increase in year-end 2024 proved reserves, with oil reserves rising by 39%. The company's disciplined approach to acquiring low-risk, cash-flow-positive assets and its track record of enhancing acquired reserves through operational upgrades position it to continue expanding its production capacity and revenue through further opportunistic acquisitions.
2. Increased Production from Existing and Newly Integrated Fields: The company anticipates revenue growth from bringing recently acquired fields fully online, successful workover projects, and existing fields returning to service. For example, production in the third quarter of 2025 rose 6% sequentially and 15% year-over-year, largely driven by new fields from the Cox acquisition and effective workover projects. Additionally, key fields such as Main Pass 108 and 98, and West Delta 73, are projected to resume production in the second quarter of 2025, which will further boost output. Overall, W&T Offshore expects a slight increase in average annual production for 2025 compared to 2024, indicating continued volume growth.
3. Favorable Commodity Price Environment: As an independent oil and natural gas producer, W&T Offshore's revenue is highly sensitive to the market prices of crude oil, natural gas liquids, and natural gas. Historically, decreases in commodity prices have led to revenue declines and reduced Adjusted EBITDA. Conversely, a sustained increase in global oil and natural gas prices would directly translate to higher realized revenues for the company's production, serving as a significant driver of top-line growth.
4. Deepwater Gulf of Mexico Exploitation and Development: W&T Offshore has articulated a strategy to significantly grow production by increasing its operations in the deepwater Gulf of Mexico. This focus on deepwater exploitation and development represents an expansion within its core operating area, targeting potentially higher-yield assets that could lead to substantial increases in reserves and production volumes over the next few years. The company's investment in midstream infrastructure, with full-year 2025 capital expenditures forecasted between $57 million and $63 million, supports these development activities.

Share Issuance

Outbound Investments

• In January 2022, W&T Offshore acquired working interests in producing properties in the federal shallow waters of the U.S. Gulf of Mexico for a total cash consideration of approximately $64.5 million. This included an initial agreement for $47 million (effective July 1, 2021) and a subsequent acquisition of remaining working interests for an additional $17.5 million (effective April 1, 2022).
• In January 2024, the company completed the acquisition of six fields in the shallow waters of the Gulf of Mexico for a final purchase price of $72.0 million, funded from cash on hand.

Capital Expenditures

• W&T Offshore's capital expenditures for the first half of 2025 amounted to $19 million, with Q2 2025 CapEx totaling $10 million.
• The full-year 2025 capital expenditure forecast was initially between $34 million and $42 million, excluding potential acquisition opportunities. This guidance was later revised to approximately $60 million.
• The revised 2025 capital expenditures primarily reflect strategic investments in owned midstream infrastructure aimed at lowering third-party transportation costs and enhancing production and value for fields acquired in the 2024 Cox acquisition, as well as recompletion and facility workovers.