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Presentation to Capital One Securities 13 th Annual Energy Conference December 5, 2018 Creating Value in the Gulf of Mexico Forward-Looking Statement Disclosure This presentation, contains forward-looking statements within the meaning of


  1. Presentation to Capital One Securities 13 th Annual Energy Conference December 5, 2018 Creating Value in the Gulf of Mexico

  2. Forward-Looking Statement Disclosure This presentation, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of 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 From 10-K for the year ended December 31, 2017 available on our website and at www.sec.gov. You should understand that the following important 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; (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, and we undertake no obligation to update such information. The filings with the SEC are hereby incorporated herein by reference and qualifies the presentation in its entirety. Cautionary Note Regarding Hydrocarbon Quantities. The U.S. Securities and Exchange Commission 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 and possible reserves quantities compliant with PRMS/SPE guidelines and related PV-10 values that may be 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 and possible reserves, and estimates of resources and EUR’s and recoverable resources, are inherently more speculative than recovery of proved reserves. 2

  3. Premium Assets in the Gulf of Mexico Premium GOM company with 35+ Years of Operating History Current (1) Reserve Report (2) Reserves PV-10% Proved reserves : NYSE: WTI 82.1 MMBOE $1.4 Billion 1P: 145.5 MMBOE $2.4 Billion 2P: Market Cap (2) : 3P: 265.3 MMBOE $4.1 Billion $808 Million Oil & liquids (% of 1P): 60% Enterprise Value (2) : Avg. Daily Production (3Q18): 36,508 Boe/d $1.5 Billion 9 mo. 2018 Adjusted EBITDA (3) : $262.7 (60% EBITDA Margin) Deepwater Gulf of Mexico • 210,000 gross acres (80,000 net acres) • 44% of daily production of 36,508 Boe/d • 1P reserves of 21.7 MMBoe / 2P reserves of 37.1 MMBoe (2) • Substantial upside with existing acreage Gulf of Mexico Shelf • 440,000 gross acres (250,000 net acres) • 56% of daily production of 36,508 Boe/d • 1P reserves of 60.4 MMBoe / 2P reserves of 108.4 MMBoe (2) • Future growth potential from sub-salt projects identified with advanced seismic (1) Mid-Year 2018 Reserve Report prepared by NSAI & DeGolyer and MacNaughton at SEC pricing (see slide 39). (2) Market Cap and Enterprise Value calculated using W&T’s stock price as of 11/30/18, $5.81/share and 10/18/18 cash balance of $40.8 million and total debt principal of $686 million. 3 (3) EBITDA & Adjusted EBITDA are non-GAAP financial measures, see slide 38 for a reconciliation to GAAP net income.

  4. High Quality Asset Base W&T Key Assets SEC 2P Reserves Mix (1) 2017 Avg. Daily Production (3) By Field By Water Depth 26% 44% Shelf Deepwater 145.5 MMBoe 39.9 MBoed All Other Fields 74% 56% Note: The outer ring of the pie charts represent contribution by field, with color indicating field location on the map (1) Based on Mid-year 2018 NSAI and DeGolyer & MacNaughton Reserve Reports with SEC pricing (2) Pre-Tax PV10% excluding 1P asset retirement obligation 4 (3) Breakout between Deepwater and Shelf reflects production from 10 largest fields as of respective time periods

  5. W&T Shares Outperformed Major Indices 9/27/2018 WTI Launches Senior Notes Offering 3/12/2018 WTI Announces Drilling JV and Heidelberg Acquisition 12/21/2017 WTI Announces Successful Exploration Wells 24% 14% 12% Jan ‘17 Mar ‘17 May ‘17 Sept ‘17 Nov ‘17 Jan ‘18 Mar ‘18 May ‘18 July ‘18 Sept ‘18 Nov ‘18 July ‘17 5

  6. W&T’s Investment Highlights • Capital allocation to high return quick payback projects allowed W&T to Generating Significant generate $294.9 million of operating cash flow in nine months of 2018 Free Cash Flow and • Q3 2018 Adjusted EBITDA (1) of $92.2 million and margin of 60% High Profit Margins • Inventory of lower risk/higher return projects, plus upside opportunities • Leveraging expertise of technical teams, combined with innovations to add value to existing assets High Quality Asset Base with Substantial • Better seismic data is leading to better decisions and enhanced recoveries Low-Risk Upside • Projects include high rate of return stacked-pay development with exploration components in very large known reservoirs • Optimizing operations has reduced LOE per BOE and D&C costs • Platform drilling, subsea tiebacks to existing infrastructure and high quality Improving returns assets led to 2-year F&D costs < $8.00/BOE • Surplus equipment and services in GOM allows for improved contract terms that significantly lowers drilling, development and asset retirement costs • In October 2018, closed debt refinance that reduced debt by $217 million, increased borrowing facility by $100 million and extended maturities Restructured Balance • Established a drilling joint venture that allows us to drill and exploit assets Sheet and Good on a promoted basis with reduced capital outlay Liquidity • Leveraged low cost service environment to reduce P&A liabilities • Over $220 million in liquidity as of November 1, 2018 (1) EBITDA and Adjusted EBITDA are non-GAAP financial measures, see slide 38 for a reconciliation to GAAP net income. 6

  7. Gulf of Mexico – A Prolific & Unique Basin Better Porosity and Permeability than the Permian Basin Highly prolific basin with multiple stacked Zone 1 pay development opportunities  Stacked reservoirs offer attractive primary Zone 2 production and recompletion opportunities  Advanced seismic and geoscience greatly Zone 3 improve ability to identify drilling opportunities and enhance success Zone 4 Natural drive mechanisms generate Zone 5 incremental production from 2P and 3P reserves Zone 6  Typical fields with high quality sands have drive mechanisms superior to primary depletion alone Zone 7  These fields enjoy incremental reserve adds annually, partly due to how reserve Zone 8 quantities are booked under SEC guidelines 7

  8. Gulf of Mexico Investment Thesis 2 nd Highest Producing Basin in U.S. Provides Unique Advantages Through Low Declining Production and Incremental Reserve Bookings Aug. ‘18 US Oil Production by Key Region (MMBod) (1) Gulf of Mexico Historical Oil Production MMBod 1.3 2500 3.4 GOM production near all-time high 0.5 2000 0.6 Total: 1500 10.4 MMBod 1000 1.3 500 1.9 0 1.4 Permian GoM GOM ~18% of Total Eagle Ford Bakken Niobrara Anadarko (SCOOP / STACK) Other WTI Midland Differentials (2) were ($12.25) as of 9/21/2018 compared to Q3 2018 WTI average differential of ($0.12) (1) Based on U.S. Energy Information Administration (EIA) data 8 (2) Source: Bloomberg

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