W&T Offshore : Seaport Global Investor Conference

ANNUAL SUMMER INVESTOR CONFERENCE

August 23, 2023

www.wtoffshore.com

NYSE: WTI

Four Decades

of Industry

Leadership

in the Gulf of

Mexico

DISCLAIMER

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 Exchange Act. 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, 2022, 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 Mexico, 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;

1. 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. 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. The filings with the Securities and Exchange Commission (the "SEC") are hereby incorporated herein by reference and qualify the presentation in its entirety.

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.

2 W&T OFFSHORE | NYSE:WTI

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 EUR's 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.

2Q 2023 HIGHLIGHTS

• Produced 37.0 MBoe/d (50% liquids)
• Reported Adjusted EBITDA1 of $38.8 MM
• Produced Free Cash Flow1 of $9.7 MM, W&T's 22nd consecutive quarter of positive Free Cash Flow
• Ended quarter with $171.6 MM of cash on the balance sheet
• Continued to maintain a low leverage profile with Net Debt to trailing twelve months ("TTM") Adjusted EBITDA of 0.9 times
• Awarded two shallow water blocks, Eugene Island South Addition block 371 and Eugene Island South Addition block 387, as apparent high bidder in the recent Gulf Of Mexico Lease Sale 259
• Reported mid-year SEC proved reserves of 157.7 MMBoe
• • The present value of those SEC proved reserves discounted at 10% ("PV-10") is $2.1 billion

1. Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures, see Appendix for description of reconciling items to GAAP net income and operating cash flow

Continued Focus on Delivering Free Cash Flow and Adding Value

5 W&T OFFSHORE | NYSE:WTI

PRODUCTION

Full Year 2022 Production

40.1 MBoe/d

(49% liquids)

2Q23 Production

37.0 Boe/d

(50% liquids)

ADJUSTED EBITDA

Full Year 2022 Adjusted EBITDA1

$564 MM

2Q23 Adjusted EBITDA1

$39 MM

FREE CASH FLOW

Full Year 2022 Free Cash Flow1

$376 MM

2Q23 Free Cash Flow1

$10 MM