W&T海底钻探 2025年度报告

FOCUSED ONTHE GULFOF AMERICASINCE 1983 Founded in 1983, W&T Offshore, Inc. (“W&T”) isan independent oil and natural gas producer withoffshore operations across all water depths in the Gulfof America (“GOA”). For more than 40 years, we havegrown through the right combination of attractiveproperty acquisitions, methodical integration andexploitation of those acquisitions, and successfuldrilling of both development and explorationopportunities on our legacy fields. A majority of our dailyproduction is derived fromwells we operate andapproximately 96% ofour net acreage is heldby production. As of December 31, 2025, we owned working interests in: 200 offshore structures,142 of which are located in fieldsthat we operate309 gross productive wells,268 of which we operate82% of our average daily productionwas in shallowwater while the balance was in deepwater49 producing fields,of which 42 were in federal watersand seven were in state waters624,700 gross acresof leases•477,200 acres are on the GOA shelf in less than500 feet of water•141,900 acres are in deepwater in 500 feet ofwater or greater•5,600 acres are in Alabama state waters. W&T became a public company in 2005 and trades on theNYSE under the symbol “WTI”. 121MMBoeYear-end 2025 Proved Reserves 624,700acres Gross GOA acreage as ofyear-end 2025 34.0MBoe/dAverage Daily 2025 Production 86%Portion of 2025 ProductionWe Operated The GOA basin has been W&T’s primaryfocus since our founding in 1983. Since thefirst successful well was drilled by the industryabout a mile offshore in 13 feet of water in 1937,the GOA has played a major role in assuringAmerica’s energy independence. Today theGOA is the second largest producing regionin the U.S. and accounts for about 15% of totalproduction, or 2 million barrels of oil per day.Over the past nine decades of GOA activity,technology has allowed the industry to drillfurther offshore, in deeper waters and atrecord-setting well depths. W&T is proud tohave had a significant presence in the GOAfor 40+ years. We continue to see attractiveopportunities in this prolific basin allowing usto create value for our shareholders throughthe successful acquisition and exploitation ofproducing properties. To My FellowShareholders Tracy W. KrohnFounder, Chairman, Chief Executive Officer and President I am proud of all the dedicated employees at W&Twho have helped to make 2025 another successfulyear and contributed to our continued success sincewe founded the Company in 1983. We are diligently and methodically executing our strategy and remain committed to soundoperational performance, returning value to our stakeholders and ensuring the safety of ouremployees and contractors. Our ability to deliver consistent production and EBITDA resultsare a testament to W&T’s operational and financial proficiency. This is largely due to our mostvaluable asset, our people, who have done an excellent job executing on our strategic vision, whilemaintaining high levels of safety and operational excellence. Our proven strategy is simple andhighly effective, with a focus on generating free cash flow, maintaining and optimizing our high-quality conventional assets, and opportunistically capitalizing on accretive opportunities to buildshareholder value. We delivered solid operational and financial results in 2025, enhanced ourbalance sheet and are in a stronger position today to succeed in 2026 and beyond. “Over the years, we havecreatedsignificant valueby integrating Gulf ofAmerica producing property acquisitionsthat meet our stringent criteria.” since initiating the dividend policy in late 2023 andcontinued with the payment of the first quarter 2026dividend as well. Our 2025 Accomplishments: Increased production every quarter in 2025,from 30,500 Boe per day in the first quarter to36,200 Boe per day in the fourth quarter, withoutdeploying capital expenditures on new wells oracquiring properties; We have a long track record of successfully integratingassets into our portfolio, and we continue to believethat the Gulf of America is and will continue to be aworld class basin. Quickly evaluating and executingacquisition opportunities within our focus area is apillar of our success. Over the years, we have createdsignificant value by integrating producing propertyacquisitions, which can be a complicated process.Our footprint across the Gulf of America is sizable,which provides us opportunities to streamline andoptimize operations, efficiently increase production,and reduce costs to maximize value. Our commitmentto operational excellence is ongoing and we constantlylook to implement best practices, new technologies andoperational efficiencies aimed at enhancing our assets’capabilities and increasing production. Performed 34 workovers and four recompletions,which increased production from our high-qualityasset base; Generated Adjusted EBITDA of $130 million forfull year 2025; Reduced outstanding debt and lowered W&T’s costof capital by replacing the