W&T OFFSHORE INC

Our reserve information is derived from our reserve report prepared by Netherland, Sewell & Associates, Inc (“NSAI”), our independent reserve engineering firm. Our estimates of proved reserves are based on the quantities of oil, NGLs and natural gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimate.

In order to establish reasonable certainty with respect to our estimated proved reserves, NSAI used technical and economic data including, but not limited to, well logs, geologic maps, seismic data, historical price and cost information, and property ownership interests. The reserves in this report have been estimated using deterministic methods; these estimates have been prepared in accordance with the Standards Pertaining to the Estimating of and Auditing of Oil & Gas Reserves information promulgated by the Society of Petroleum Engineers (SPE Standards). NSAI used standard engineering and geoscience methods, or a combination of methods, including performance analysis, volumetric analysis, analogy and reservoir modeling that are considered to be appropriate and necessary to categorize and estimate reserves in accordance with SEC definitions and regulations.

The data in the table below represents estimates only. Oil, NGLs and natural gas reserve engineering is inherently a subjective process of estimating underground accumulations of oil, NGLs and natural gas that cannot be measured exactly. The accuracy of any reserve estimate is a function of the quality of available data and engineering and

geological interpretation and judgment. Accordingly, reserve estimates may vary from the quantities of oil, NGLs and natural gas that are ultimately recovered.

The following table presents our estimated net proved reserves at December 31, 2025:

Oil · NGLs · Natural · PV-10

(MMBbls) · (MMBbls) · Gas (Bcf) · MMBoe · (in millions)

Proved developed producing · 22.5 · 8.9 · 325.1 · 85.5 · 829.2

Proved developed non-producing · 10.4 · 2.7 · 93.8 · 28.8 · 244.3

Total proved developed · 32.9 · 11.6 · 418.9 · 114.3 · 1,073.5

Proved undeveloped · 5.8 · 0.1 · 4.4 · 6.7 · 41.8

Total proved · 38.7 · 11.7 · 423.3 · 121.0 · 1,115.3

In accordance with guidelines established by the SEC, our estimated proved reserves as of December 31, 2025 were calculated using the WTI oil average spot price of $66.01 per barrel and the Henry Hub natural gas average spot price of $3.39 per MMBtu as the referenced price and, after adjusting for quality, transportation, fees, energy content and regional price differences, the adjusted average product prices were $64.97 per barrel for oil, $19.67 per barrel for NGLs and $3.88 per Mcf for natural gas. In determining the estimated price for NGLs, a ratio was computed for each field of the NGL realized price compared to the WTI oil spot price. This ratio was then applied to the oil price using SEC guidance. Such prices were held constant throughout the estimated lives of the reserves. Future production and development costs are based on year-end costs with no escalation.

Reconciliation of PV-10 to Standardized Measure of Discounted Future Net Cash Flows

Future prices received for production and costs may vary, perhaps significantly, from the prices and costs assumed for purposes of these estimates. The standardized measure of discounted future net cash flows is the after-tax present value of estimated future net revenues to be generated from the production of proved reserves, determined in accordance with the rules and regulations of the SEC, without giving effect to non–property related expenses such as general and administrative expenses and debt service or to depreciation, depletion and amortization and discounted using an annual discount rate of 10%. Future income tax expenses are calculated by applying the year-end statutory tax rates to the pre-tax net cash flows. The standardized measure of discounted future net cash flows shown should not be construed as the current market value of the reserves. The 10% discount factor, which is required by Financial Accounting Standards Board pronouncements, is not necessarily the most appropriate discount rate. The present value, no matter what discount rate is used, is materially affected by assumptions as to timing of future production, which may prove to be inaccurate.

At December 31, 2025, our proved reserves had a standardized measure of discounted future net cash flows of $651.3 million and a present value of future net pre-tax cash flows attributable to estimated net proved reserves, discounted at 10% per annum (“PV-10”) of $1,115.3 million. PV–10 is a computation of the standardized measure of discounted future net cash flows on a pre–tax basis and is computed on the same basis as standardized measure of discounted future net cash flows but does not include a provision for ARO, federal income taxes, Texas gross margin tax or other state taxes.

• We are subject to numerous risks inherent to the exploration and production of oil and natural gas.
• We are subject to drilling and other operational hazards.
• The geographic concentration of our properties in the Gulf of America subjects us to an increased risk of loss of revenues or curtailment of production from factors specifically affecting the Gulf of America, including hurricanes.
• A significant portion of our production, revenue and cash flow is concentrated in our Mobile Bay Properties. Because of this concentration, any production problems, impacts of adverse weather or inaccuracies in reserve estimates could have a material adverse impact on our business.
• New technologies may cause our current exploration and drilling methods to become obsolete, and we may not be able to keep pace with technological developments in our industry.
• Estimates of our proved reserves depend on many assumptions that may turn out to be inaccurate. Any material inaccuracies in the estimates or underlying assumptions will materially affect the quantities of and present value of future net revenues from our proved reserves. Our actual recovery of reserves may substantially differ from our estimated proved reserves.
• Prospects that we decide to drill may not yield oil or natural gas in commercial quantities or quantities sufficient to meet our targeted rates of return.
• We may not realize all of the anticipated benefits from our future acquisitions.
• Our future acquisitions and divestitures could expose us to potentially significant liabilities, including plugging and abandonment and decommissioning liabilities.
• Our operations could be adversely impacted by security breaches, including cybersecurity breaches, which could affect the systems, processes and data needed to run our business.
• Acquisitions and emerging technologies may increase our cybersecurity risk.
• The loss of members of our senior management could adversely affect us.
• There may be circumstances in which the interests of significant stockholders could conflict with the interests of our other stockholders.
• Capital Risks
• Our debt level could negatively affect our financial condition, results of operations and business prospects.
• Our debt agreements contain restrictions that limit our abilities to incur certain additional debt or liens or engage in other transactions, which could limit growth and our ability to respond to changing conditions.
• We have significant capital needs to conduct our operations and replace our production, and our ability to access the capital and credit markets to raise capital or refinance our existing indebtedness on favorable terms may be limited by industry conditions and financial markets.
• If we default on our secured debt, the value of the collateral securing our secured debt may not be sufficient to ensure repayment of all of such debt.
• We may not be able to repurchase the 10.75% Notes upon a change of control.
• We may be required to post cash collateral pursuant to our agreements with sureties under our existing or future bonding arrangements, which could have a material adverse effect on our liquidity and our ability to execute our capital expenditure plan, our ARO plan and comply with our existing debt instruments.
• Legal, Government and Regulatory Risks
• We are subject to numerous environmental, health and safety regulations which are subject to change and may also result in material liabilities and costs.
• We may be unable to provide financial assurances in the amounts and under the time periods required by the BOEM if the BOEM submits future demands to cover our decommissioning obligations.
• Additional deepwater drilling laws, regulations and other restrictions, delays and other offshore-related developments in the Gulf of America may have a material adverse effect on our business, financial condition, or results of operations.
• Our estimates of future ARO may vary significantly from period to period, and unanticipated decommissioning costs could materially adversely affect our future financial position and results of operations.
• We are subject to numerous laws, rules, regulations and policies that can adversely affect the cost, manner or feasibility of doing business.
• We are subject to laws, rules, regulations and policies regarding data privacy and security. Many of these laws and regulations are subject to change and reinterpretation, and could result in claims, changes to our business practices, monetary penalties, increased cost of operations or other harm to our business.
• The Inflation Reduction Act of 2022 could accelerate the transition to a low carbon economy and could impose new costs on our operations.
• Changes in U.S. trade policy and the impact of tariffs may have a negative effect on our business, financial condition and results of operations.
• A prolonged government shutdown or lapse in federal appropriations could disrupt our offshore operations and delay required regulatory approvals.
• We are subject to risks arising from climate change, including risks related to energy transition, which could result in increased costs and reduced demand for the oil and natural gas we produce and physical risks which could disrupt our production and cause us to incur significant costs in preparing for or responding to those effects.
• Attention to ESG matters may impact our business.
• Certain U.S. federal income tax deductions currently available with respect to oil and natural gas exploration and development may be eliminated as a result of future legislation.
• Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.
• Our articles of incorporation and bylaws, as well as Texas law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our common stock.
• While we paid quarterly dividends during 2025, there can be no assurance that we will pay dividends in the future.