W&T Offshore, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the W&T Offshore Second Quarter 2025 conference call. During today's call, all parties will be in listen-only mode. Following the company's prepared comments, the call will be open for questions and answers. During the question and answer session, we ask that you limit your questions to one and a follow-up. You can always rejoin the queue. This conference call is being recorded and a replay will be available on the company's website following the call. I would now like to turn the conference over to Al Petrie, Investor Relations Coordinator.

Thank you, Jaylene. And on behalf of the management team, I'd like to welcome all of you to today's conference call to review W&T Offshore's Second Quarter 2025 financial and operational results. Before we begin, I would like to remind you that our comments may include forward-looking statements. It should be noted that a variety of factors could cause W&T's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements. Today's call may also contain certain non-GAAP financial measures. Please refer to the earnings release that we issued yesterday for disclosures on forward-looking statements and reconciliations of non-GAAP measures. With that, I'd like to turn the call over to Tracey Crone, our chairman and CEO. Thanks, Al. Morning, everyone. Welcome to our Second

Quarter Conference Call for 2025. With me today are William Wilford, our Executive Vice President and Chief Operating Officer, Samir Parasnis, our Executive Vice President and Chief Financial Officer, and Trey Hartman, our Vice President and Chief Accounting Officer. They're all available to answer questions later during the call. So before we discuss the Second Quarter results, I would like to say how proud I am of all the people who've helped make W&T a success since we founded the company in 1983. We've been an active operator in the Gulf of America and a staunch advocate for the offshore industry for over 40 years. Yesterday, I was honored to celebrate the 20th anniversary of W&T going public by ringing the closing bell at the New York Stock Exchange. We're conducting today's earnings call from the New York Stock Exchange, where I have several media interviews scheduled that will give us a chance to discuss the company. As you will hear throughout the call today, we're continuing to enhance shareholder value through operational excellence and maximizing production across our impressive portfolio of assets. Across the first half of 2025, we've delivered strong operational and financial results. Quite simply, we're executing on our proven and successful strategy that's committed to profitability, operational execution, returning value to our stockholders and ensuring the safety of our employees and contractors. Our ability to deliver production and EVDA growth while seamlessly integrating or creative producing property acquisitions has helped W&T grow during our 40-year history. Some of our Second Quarter highlights include, we increased production by 10% quarter over quarter to 33,500 barrels of oil equivalent per day. That's within our guidance range. Also, we performed nine low-cost, low-risk workovers that exceeded expectations and positively impacted production and revenue for the quarter. I'd like to point out that five of the workovers were performed in Mobile Bay, helping to increase production at this low-decline long-life asset, which is also our largest natural gas field and the largest natural gas field in the Gulf of America. Total lease operating expenses were $77 million, again, within guidance. We grew adjusted EVDA by 9% to 35 million compared to the first quarter of 2025. We've also grown our unrestricted cash to over $120 million while lowering our net debt by about $15 million to under $230 million. Our 2025 Mid-Year Reserve Report generated by Netherlands Civil and Associates showed net positive revisions