W&T Offshore Reports First Quarter 2014 Financial Results, Operations Update And 2014 Production And Expense Guidance

 W&T Offshore Reports First Quarter 2014 Financial Results, Operations Update
                   And 2014 Production And Expense Guidance

PR Newswire

HOUSTON, May 6, 2014

HOUSTON, May 6, 2014 /PRNewswire/ --W&T Offshore, Inc. (NYSE: WTI) today
reported first quarter 2014 financial and operational results. Some of the
highlights include:

  oThe Mississippi Canyon 243 A-5 side-track well at our "Matterhorn" field
    was brought online in early January and averaged over 1,000 barrels of oil
    equivalent ("Boe") per day net to W&T throughout the first quarter.
  oThe Mississippi Canyon 698 #1 "Big Bend" discovery well was recently
    completed and is now waiting on facilities installation to bring it on
    production in 2015. 
  oProduction for the first quarter of 2014 averaged 48,400 Boe per day
    (51.7% oil and liquids), and our average realized sales price was $98.56
    per barrel for oil, $38.26 per barrel for natural gas liquids ("NGLs") and
    $5.02 per thousand cubic feet ("Mcf") for natural gas.
  oNet income for the first quarter of 2014, excluding special items, was
    $16.1 million, and earnings were $0.21 per share.
  oAdjusted EBITDA was $168.0 million, and the Adjusted EBITDA margin was
    66%.

Tracy W. Krohn, W&T Offshore's Chairman and Chief Executive Officer, stated,
"As we execute our 2014 exploration program, we expect to add substantial
value by continuing to delineate and exploit our quality assets. In the Gulf
of Mexico, our use of advanced technology and new seismic is supporting our
exploration efforts at our Mahogany, Matterhorn and East Cameron 321 fields as
we further expand the reserves of these prolific fields and identify
additional drilling opportunities. 

"We are opportunity-rich with quality drilling targets on our existing
acreage, in addition to the numerous joint venture opportunities currently
available to us, particularly in the deepwater. We are pleased to be moving
forward with the development of our deepwater discovery at Big Bend, where our
MC 698#1 well was completed in the first quarter and is waiting for
installation of development infrastructure, with first production expected in
2015. Nearby, the Dantzler discovery is expected to be sanctioned mid-year,
with first production anticipated in 2016. We expect both of these projects
to add substantial proved reserves starting in 2014 and oil production in 2015
and beyond. We have recently committed to participate in a second Dantzler
exploration well to be drilled in 2014 to potentially expand the field. We
also anticipate a new deepwater well at our recently acquired interest in the
Medusa field in Mississippi Canyon 538 and 584.

"ln the Permian Basin, the value of our Yellow Rose field continues to grow as
W&T and other nearby operators demonstrate the productivity of the numerous
reservoirs that underlie our acreage. We believe that the industry is
beginning to realize the potential value of horizontal development of the
Permian Basin. We are working to identify the horizontal potential of our
acreage, including the testing of the Wolfcamp "B" zone with our initial
horizontal test program. We recently completed drilling of the lateral
section of our second operated Wolfcamp "B" horizontal well in Martin County.
In Andrews County, our joint venture Wolfcamp "B" horizontal well has just
begun flowback operations. These drilling activities are the first steps to
developing an optimum horizontal development program at our Yellow Rose
Field," he said.

Production, Revenues and Price: For the first quarter of 2014, total
production volumes were down 3% compared to 2013 due primarily to production
deferrals and weather disruptions affecting various fields, as well as the
divestiture of certain producing fields in 2013. Production deferrals for the
first quarter were estimated at 661,000 Boe or 4.0 billion cubic feet ("Bcf")
equivalent, with the most significant issues being the continued shut-in at
the Mississippi Canyon 506 "Wrigley" field and an eight-day pipeline outage
affecting our Ship Shoal 349 "Mahogany" field. These factors were partially
offset by production from the new A-5 well at Matterhorn, production from the
A-14 well at Mahogany and production from certain properties acquired from
Callon Petroleum during the fourth quarter of 2013.

Revenues for the first quarter of 2014 were $254.5 million compared to $259.2
million in the first quarter of 2013. During the first quarter of 2014, we
sold 1.7 million barrels of oil, 0.5 million barrels of NGLs and 12.6 Bcf of
natural gas as compared to 1.8 million barrels of oil, 0.5 million barrels of
NGLs and 12.7 Bcf of natural gas during the same period in 2013. Our average
realized sales price was $98.56 per barrel for oil, $38.26 per barrel for NGLs
and $5.02 per Mcf for natural gas in the first quarter of 2014. On a combined
basis, we sold 4.4 million Boe at an average realized sales price of $58.29
per Boe compared to 4.5 million Boe sold at an average realized sales price of
$57.53 per Boe in the first quarter of 2013.

Cash Flow from Operating Activities and Adjusted EBITDA: EBITDA and Adjusted
EBITDA are non-GAAP measures and are defined in the "Non-GAAP Financial
Measures" section at the end of this press release.  

Adjusted EBITDA for the first quarter of 2014 was $168.0 million, compared to
$172.6 million for the first quarter of 2013. Adjusted EBITDA was lower for
the first quarter of 2014 primarily due to lower revenues resulting from
reduced production volumes. Our Adjusted EBITDA margin was 66% for 2014,
compared to 67% in the first quarter of 2013. Net cash provided by operating
activities for the first quarter of 2014 was $118.5 million, down $51.3
million from the same period last year primarily due to lower collections on
joint interest receivables and higher paydowns on accounts payable. The
change in cash flow from operating activities, excluding changes in working
capital, was virtually flat with the first quarter of last year.

At March 31, 2014, we had a cash balance of $20.3 million and $520.6 million
of undrawn capacity available under the revolving bank credit facility, with a
borrowing base of $800.0 million as of March 31, 2014. Effective April 17,
2014, our borrowing base was changed to $750.0 million upon completion of the
semi-annual redetermination by the banks within the revolving bank credit
facility and undrawn capacity was $456 million.

Lease Operating Expenses ("LOE"): LOE, which includes base LOE, insurance
premiums, workovers, facilities expenses, and hurricane remediation costs net
of insurance claims, was $55.6 million for the first quarter of this year,
compared to $59.3 million in the first quarter of 2013. Base LOE decreased
$0.4 million, insurance premiums were lower by $2.1 million, facilities
expense was lower by $0.6 million and insurance reimbursements were up $0.5
million in the first quarter of 2014 as compared to the first quarter of
2013.

Depreciation, depletion, amortization and accretion ("DD&A"): DD&A, including
accretion for asset retirement obligation, increased to $4.72 per Mcfe for the
first quarter of 2014 from $4.03 per Mcfe in the prior-year period. On a
nominal basis, DD&A increased to $123.3 million for the first quarter of 2014
from $108.9 million in the prior-year period. The DD&A rate and accordingly
DD&A expense increased in part due to increases in estimated future
development costs that were made in the fourth quarter of 2013 and partially
due to other increases to the full cost pool without significant changes to
our proved reserves.

Net Income & EPS: Net income for the first quarter of 2014 was $11.2 million
compared to $26.6 million during the same period in 2013. Excluding special
items, net income for the first quarter of 2014 was $16.1 million, and
earnings were $0.21 per common share. Earnings declined on lower revenues,
higher DD&A and general and administrative expense, partially offset by lower
LOE. See the "Reconciliation of Net Income to Net Income Excluding Special
Items" and related earnings per share, excluding special items in the table
under "Non-GAAP Financial Information" at the back of this press release for a
description of the special items.

Capital Expenditures Update: Our capital expenditures for the first quarter
of 2014 were $95.1 million compared to $136.6 million for the same period in
2013. Capital expenditures for oil and gas properties consisted of $51.4
million for exploration activities, $30.8 million for development activities,
and $12.9 million for seismic, leasehold, and other costs. 

OPERATIONS UPDATE

Offshore Well Activity in the First Quarter 2014
 Block/Well    WI%  Type Location  Target              Comments
                                   Target in "A" sand  Production averaged
 MC 243 A-5    100  EXPL Deepwater (producing          over 1,000 Boe per day
 (Matterhorn)                      reservoir) at       in the first quarter
                                   ~6,800' TVD         of 2014.
 MC 698 #1                                             Completion operations
               20   DEV  Deepwater 150 ft.of high      finished and currently
 (Big Bend)                       quality oil pay    waiting on
                                                       facilities.
Current Offshore Well Activity in the Second Quarter 2014
 Block/Well    WI%  Type Location  Target              Comments
                                   Multiple            Successful well,
 SS 349 A-15   100  EXPL Shelf     exploratory oil     logged ~65' of pay
 (Mahogany)                        targets (N, O, P,   in "P" sand. Producing
                                   Q, Q5 sands)       ~ 830 Boe p/d.
                                   Targeting new oil   Currently drilling.
 EC 321 A-2 ST 100  EXPL Shelf     reserves in the     Logged 4 hydrocarbon
                                   Lentic 1 sand at    zones to date.
                                   ~8,500 ' TVD

Offshore: The company currently has two rigs running offshore with one rig
performing recompletion operations on the A-6 well at Mahogany and one rig
drilling the A-2 well at our East Cameron 321 field. 

At our Mahogany field, the A-15 was brought on production at an initial
production rate of approximately 837 Boe per day (82% liquids) and logged over
65 feet of measured depth pay in the "P" sand. The rig has since skidded over
to the A-6 well to initiate an up-hole recompletion to the "N" sand, which is
expected to be finished near the end of May.

Onshore Wells Completed in First Quarter 2014
 Project & Area    WI% Type # of   Target        Comments
                             Wells
Permian Basin
                                    4,500'
 Yellow Rose       100 EXP & 6      vertical       6 wells completed and
 80 Acre Verticals     DEV          section in     producing
                                    the Wolfberry
                                    4,500'
 Yellow Rose       100 EXP & 2      vertical       2 wells completed and
 40 Acre Verticals     DEV          section in     producing
                                    the Wolfberry
Star Prospect
 East Texas        97  EXP   1      Oil window of  1 well completed and
 Horizontal                         James Lime     flowing back.
Current Onshore Well Activity in the Second Quarter 2014
 Project & Area    WI% Type # of   Target        Comments
                             Wells
Permian Basin
                                    4,500'         2 wells completed and on
 Yellow Rose       100 EXP & 6      vertical       flowback, 2 wells awaiting
 80 Acre Verticals     DEV          section in     completion, 2 wells
                                    the Wolfberry  drilling
                                    4,500'
 Yellow Rose       100 EXP & 1      vertical       1 well awaiting completion
 40 Acre Verticals     DEV          section in
                                    the Wolfberry
 Yellow Rose                                       1 non-operated joint
 Horizontal        33  EXP   1      Wolfcamp "B"   venture well undergoing
 (non-operated)                                    completion operations
                                                   Second operated Wolfcamp B
 Yellow Rose                                       well undergoing completion
 Horizontal        100 EXP   2      Wolfcamp "B"   operations. Third operated
 (operated)                                        Wolfcamp "B" well recently
                                                   spud.

Onshore: At our Yellow Rose field in the West Texas Permian basin, we are
currently running three rigs, with two dedicated to our vertical program and
one to our horizontal program. The horizontal well, the Chablis 13H, recently
reached total depth on our second operated Wolfcamp "B" well in Martin
County. Another Wolfcamp "B" operated well is currently being spud from the
same pad, which marks our first multi-well drilling operation from a single
pad site. Completion operations of the recently drilled well are expected to
commence soon. Our non-operated joint venture horizontal well recently
completed frac operations and is now in flowback. 

In East Texas at our Star Project, we have elected not to drill another well
and have subsequently reassigned approximately 145,000 net acres back to the
original assignor.

2014 Outlook:

Our guidance for the second quarter and full year 2014 is provided in the
table below and represents the Company's best estimate of the range of likely
future results. It is affected by the factors described below in
"Forward-Looking Statements."

                                      Second Quarter  Full-Year
Estimated Production
                                     2014             2014
Oil and NGLs (MMBbls)                2.2– 2.4          8.7 – 8.9
Natural gas (Bcf)                     11.4– 12.6        47.0 – 48.4
Total (Bcfe)                        24.3– 26.9         99.0 –
                                                          102.0
Total (MMBoe)                        4.1– 4.5          16.5 – 17.0
Operating Expenses                  Second Quarter         Full-Year

($ in millions)                     2014                   2014
Lease operating expenses            $64– $71             $243 – $269
Gathering, transportation &      $6– $7               $25 – $28
production taxes
General and administrative          $22– $24             $85 – $93
Income tax rate (100% deferred)     37%                   37%

Conference Call Information: W&T will hold a conference call to discuss our
financial and operational results on Wednesday, May 7, 2014, at 9:30 a.m.
Eastern Time. To participate, dial 480-629-9818 a few minutes before the
call begins. The call will also be broadcast live over the Internet from the
Company's website at www.wtoffshore.com. A replay of the conference call will
be available approximately two hours after the end of the call until May 14,
2014, and may be accessed by calling 303-590-3030 and using the pass code
4679511#.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with
operations offshore in the Gulf of Mexico and onshore in the Permian Basin of
West Texas. We have grown through acquisitions, exploration and development
and currently hold working interests in approximately 67 offshore fields in
federal and state waters (62 producing and five fields capable of producing).
W&T currently has under lease approximately 1.2 million gross acres, including
approximately 0.6 million gross acres on the Gulf of Mexico Shelf,
approximately 0.5 million gross acres in the deepwater and approximately
50,000 gross acres onshore in West Texas. A substantial majority of our daily
production is derived from wells we operate offshore. For more information on
W&T Offshore, please visit our website at www.wtoffshore.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements reflect our current
views with respect to future events, based on what we believe are reasonable
assumptions. No assurance can be given, however, that these events will occur.
These statements are subject to risks and uncertainties that could cause
actual results to differ materially including, among other things, market
conditions, oil and gas price volatility, uncertainties inherent in oil and
gas production operations and estimating reserves, unexpected future capital
expenditures, competition, the success of our risk management activities,
governmental regulations, uncertainties and other factors discussed in W&T
Offshore's Annual Report on Form 10-K for the year ended December 31, 2013 and
subsequent Form 10-Q reports found at www.sec.gov or at our website at
www.wtoffshore.com under the Investor Relations section.



W&T OFFSHORE, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Loss)
(Unaudited)
                                         Three Months Ended
                                         March 31,
                                         2014                 2013
                                         (In thousands, except per share data)
Revenues^                               $    254,516         $   259,222
Operating costs and expenses:
Lease operating expenses                    55,617              59,341
Gathering, transportation costs and           7,288               6,233
production taxes
Depreciation, depletion, amortization         123,306             108,872
and accretion
General and administrative expenses          23,588              21,087
Derivative loss                               7,492               3,368
Total costs and expenses                      217,291             198,901
Operating income                              37,225              60,321
Interest expense:
Incurred                                      21,460              21,234
Capitalized                                   (2,072)             (2,433)
Income before income tax expense             17,837              41,520
Income tax expense                           6,648               14,902
Net income                              $    11,189          $   26,618
Basic and diluted earnings per common    $    0.15            $   0.35
share
Weighted average common shares                75,556              75,206
outstanding
Consolidated Cash Flow Information
Net cash provided by operating           $    118,490         $   169,834
activities
Capital expenditures                          95,067              136,626

W&T OFFSHORE, INC. AND SUBSIDIARIES
Condensed Operating Data
(Unaudited)
                                  Three Months Ended
                                  March 31,                       Variance
                                  2014       2013      Variance   Percentage ^
Net sales volumes:
Oil (MBbls)                         1,732      1,844     (112)    -6.1%
NGL (MBbls)                         523        535       (12)     -2.2%
Oil and NGLs (MBbls)                2,255      2,379     (124)    -5.2%
Natural gas (MMcf)                  12,618     12,720    (102)    -0.8%
Total oil and natural gas           4,358      4,499     (141)    -3.1%
(MBoe)^(1)
Total oil and natural gas           26,150     26,993    (843)    -3.1%
(MMcfe)^(1)
Average daily equivalent sales      48.4       50.0      (1.6)    -3.2%
(MBoe/d)
Average daily equivalent sales      290.6      299.9     (9.3)    -3.1%
(MMcfe/d)
Average realized sales prices:
Oil ($/Bbl)                       $ 98.56    $ 107.15  $ (8.59)   -8.0%
NGLs ($/Bbl)                        38.26      34.25     4.01     11.7%
Oil and NGLs ($/Bbl)                84.57      90.75     (6.18)   -6.8%
Natural gas ($/Mcf)                 5.02       3.38      1.64     48.5%
Barrel of oil equivalent ($/Boe)    58.29      57.53     0.76     1.3%
Natural gas equivalent ($/Mcfe)     9.72       9.59      0.13     1.4%
Average per Boe ($/Boe):
Lease operating expenses          $ 12.76    $ 13.19   $ (0.43)   -3.3%
Gathering and transportation        1.67       1.39      0.28     20.1%
costs and production taxes
Depreciation, depletion,            28.29      24.20     4.09     16.9%
amortization and accretion
General and administrative          5.41       4.69      0.72     15.4%
expenses
Net cash provided by operating      27.19      37.75     (10.56)  -28.0%
activities
Adjusted EBITDA                     38.56      38.36     0.20     0.5%
Average per Mcfe ($/Mcfe):
Lease operating expenses          $ 2.13     $ 2.20    $ (0.07)   -3.2%
Gathering and transportation        0.28       0.23      0.05     21.7%
costs and production taxes
Depreciation, depletion,            4.72       4.03      0.69     17.1%
amortization and accretion
General and administrative          0.90       0.78      0.12     15.4%
expenses
Net cash provided by operating      4.53       6.29      (1.76)   -28.0%
activities
Adjusted EBITDA                     6.43       6.39      0.04     0.6%

    MMcfe and MBoe are determined using the ratio of six Mcf of natural gas to
    one Bbl of crude oil, condensate or NGLs (totals may not compute due to
(1) rounding). The conversion ratio does not assume price equivalency and the
    price on an equivalent basis for oil, NGLs and natural gas may differ
    significantly.

W&T OFFSHORE, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
                                                    March 31,     December 31,
                                                    2014          2013
                                                    (In thousands, except
                                                    share data)
Assets
Current assets:
Cash and cash equivalents                           $ 20,335      $  15,800
Receivables:
 Oil and natural gas sales                          93,937         96,752
 Joint interest and other                           27,588         27,984
 Income taxes                                       3,155          3,120
 Total receivables                               124,680        127,856
Prepaid expenses and other assets                     27,015         29,946
Total current assets                                  172,030        173,602
Property and equipment – at cost:
Oil and natural gas properties and equipment (full
cost method, of which $118,125 at
March 31, 2014 and $116,612 at December 31, 2013
were excluded from
amortization)                                         7,443,733      7,339,097
Furniture, fixtures and other                         21,633         21,431
Total property and equipment                          7,465,366      7,360,528
Less accumulated depreciation, depletion and          5,202,966      5,084,704
amortization
Net property and equipment                            2,262,400      2,275,824
Restricted deposits for asset retirement              39,961         37,421
obligations
Other assets                                          20,213         20,455
Total assets                                        $ 2,494,604   $  2,507,302
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable                                    $ 115,344     $  145,212
Undistributed oil and natural gas proceeds            38,312         42,107
Asset retirement obligations                         68,679         77,785
Accrued liabilities                                   43,698         28,000
Total current liabilities                             266,033        293,104
Long-term debt                                        1,193,847      1,205,421
Asset retirement obligations, less current portion    285,720        276,637
Deferred income taxes                                 188,183        178,142
Other liabilities                                     13,497         13,388
Commitments and contingencies                         -              -
Shareholders' equity:
Common stock, $0.00001 par value; 118,330,000
shares authorized; 78,503,419
issued and 75,634,246 outstanding at March 31,
2014; 78,460,872 issued and
75,591,699 outstanding at December 31, 2013           1              1
Additional paid-in capital                            406,752        403,564
Retained earnings                                     164,738        161,212
Treasury stock, at cost                               (24,167)       (24,167)
Total shareholders' equity                            547,324        540,610
Total liabilities and shareholders' equity          $ 2,494,604   $  2,507,302

W&T OFFSHORE, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
                                                    Three Months Ended
                                                    March 31,
                                                    2014          2013
                                                    (In thousands)
Operating activities:
Net income                                         $ 11,189      $ 26,618
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion, amortization and             123,306       108,872
accretion
Amortization of debt issuance costs and premium      187           447
Share-based compensation                            3,758         2,255
Derivative loss                                     7,492         3,368
Cash payments on derivative settlements (realized)    (4,670)       (4,271)

Deferred income taxes                               6,645         12,507
Asset retirement obligation settlements             (16,342)      (23,464)
Changes in operating assets and liabilities          (13,075)      43,502
Net cash provided by operating activities            118,490       169,834
Investing activities:
Investment in oil and natural gas properties and      (95,067)      (136,626)
equipment
Purchases of furniture, fixtures and other           (260)         (114)
Net cash used in investing activities                (95,327)      (136,740)
Financing activities:
Borrowings of long-term debt                         92,000        112,000
Repayments of long-term debt                         (103,000)     (139,000)
Dividends to shareholders                            (7,563)       (6,020)
Other                                                 (65)          (42)
Net cash used in financing activities                (18,628)      (33,062)
Increase in cash and cash equivalents                4,535         32
Cash and cash equivalents, beginning of period       15,800        12,245
Cash and cash equivalents, end of period           $ 20,335      $ 12,277

W&T OFFSHORE, INC. AND SUBSIDIARIES
Non-GAAP Information

Certain financial information included in our financial results are not
measures of financial performance recognized by accounting principles
generally accepted in the United States, or GAAP. These non-GAAP financial
measures are "Net Income Excluding Special Items," "EBITDA" and "Adjusted
EBITDA." Adjusted EBITDA margin represents the ratio of Adjusted EBITDA to
total revenues. Our management uses these non-GAAP financial measures in its
analysis of our performance. These disclosures may not be viewed as a
substitute for results determined in accordance with GAAP and are not
necessarily comparable to non-GAAP performance measures which may be reported
by other companies.

Reconciliation of Net Income to Net Income Excluding Special Items

"Net Income Excluding Special Items" does not include the derivative loss and
associated tax effects. Net Income excluding special items is presented
because the timing and amount of these items cannot be reasonably estimated
and affect the comparability of operating results from period to period, and
current periods to prior periods.

                                    Three Months Ended
                                    March 31,
                                    2014                     2013
                                    (In thousands, except per share amounts)
                                    (Unaudited)
Net income                         $     11,189             $    26,618
Derivative loss                          7,492                   3,368
Income tax adjustment for above           (2,622)                 (1,179)
items at statutory rate
Net income excluding special items  $     16,059             $    28,807
Basic and diluted earnings per
common share, excluding special     $     0.21               $    0.38
items

Reconciliation of Net Income to Adjusted EBITDA

We define EBITDA as net income plus income tax expense, net interest expense,
depreciation, depletion, amortization, and accretion. Adjusted EBITDA excludes
the loss related to our derivative contracts. We believe the presentation of
EBITDA and Adjusted EBITDA provides useful information regarding our ability
to service debt and to fund capital expenditures. We believe this
presentation is relevant and useful because it helps our investors understand
our operating performance and makes it easier to compare our results with
those of other companies that have different financing, capital and tax
structures. EBITDA and Adjusted EBITDA should not be considered in isolation
from or as a substitute for net income, as an indication of operating
performance or cash flows from operating activities or as a measure of
liquidity. EBITDA and Adjusted EBITDA, as we calculate them, may not be
comparable to EBITDA and Adjusted EBITDA measures reported by other
companies. In addition, EBITDA and Adjusted EBITDA do not represent funds
available for discretionary use. Adjusted EBITDA margin represents the ratio
of Adjusted EBITDA to total revenues. 

The following table presents a reconciliation of our consolidated net income
to consolidated EBITDA and Adjusted EBITDA along with our Adjusted EBITDA
margin.

                                                     Three Months Ended
                                                     March 31,
                                                     2014        2013
                                                     (In thousands)
                                                     (Unaudited)
Net income                                          $ 11,189    $ 26,618
Income tax expense                                    6,648       14,902
Net interest expense                                  19,391      18,801
Depreciation, depletion, amortization and accretion    123,306     108,872
EBITDA                                                 160,534     169,193
Adjustments:
Derivative loss                                       7,492       3,368
Adjusted EBITDA                                      $ 168,026   $ 172,561
Adjusted EBITDA Margin                                 66%         67%



CONTACT: Lisa Elliott               Danny Gibbons
         Dennard Lascar Associates  SVP & CFO
         lelliott@dennardlascar.com investorrelations@wtoffshore.com
         713-529-6600               713-624-7326

SOURCE W&T Offshore, Inc.

Website: http://www.wtoffshore.com
 
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