W&T OFFSHORE Business Summary

W&T Offshore Inc. (WTI) is an independent oil and natural gas producer exclusively focused on the exploration, development, and acquisition of assets in the U.S. Gulf of Mexico (GOM). The company generates revenue through the sale of crude oil, natural gas liquids (NGLs), and natural gas, with crude oil serving as the primary driver of top-line growth. Its business segments are strategically divided between conventional shelf operations and deepwater projects, utilizing a "buy and build" model that prioritizes the acquisition of mature, cash-flow-positive properties from major oil companies followed by production optimization via low-risk workovers and subsea tie-backs. W&T competes directly with other GOM-focused independents such as Talos Energy, Murphy Oil, and Kosmos Energy. Within this peer group, W&T positions itself as a high-leverage operator specializing in brownfield redevelopment and the efficient management of low-decline assets, offering a distinct risk-reward profile compared to more exploration-heavy rivals. Founded in 1983 by Tracy W. Krohn, the company remains under his leadership as Chairman, President, and Chief Executive Officer; Krohn maintains a significant ~33% equity stake, anchoring the firm’s long-term strategic vision. The executive team is rounded out by Sameer Parasnis, Executive Vice President and Chief Financial Officer, who joined in 2023 with a background in energy investment banking at Stifel and Credit Suisse, and William J. Williford, Executive Vice President and Chief Operating Officer, who brings technical pedigree from Kerr-McGee. In March 2025, the company further strengthened its technical leadership by naming Huan Gamblin as Executive Vice President and Chief Technical Officer. The board of directors features prominent industry figures, including Presiding Director John D. Buchanan, formerly of ExxonMobil, alongside independent directors Virginia Boulet, Dr. Nancy Chang, and Daniel O. Conwill IV, providing a robust framework of governance and capital markets expertise.