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ANNUAL REPORT 44902Pixd1r2 44902Pixd1r2 3/9/12 4:41 PM Page 2 44902Pixd2r2 44902Pixd2r2 3/11/12 12:47 PM Page 1 44902pixD1R2_44902pixD1R2 3/12/12 7:22 AM Page 1 WE ARE A U.S. COMPANY HELPING TO SUPPLY ENERGY FOR ITS COUNTRY. 2011 ANNUAL REPORT 44902pixD1R2_44902pixD1R2 3/9/12 4:41 PM Page 2 44902pixD2R2_44902pixD2R2 3/11/12 12:47 PM Page 1 SUMMARY OF SELECTED FINANCIAL DATA Year Ending December 31 2011 2010 2009 2008 2007 $1,250 Income Statement Total Revenues $ 971,047 $ 705,783 $ 610,996 $ 1,215,609 $ 1,113,749 1000 Operating Income (Loss) $ 329,460 $ 166,789 $ (219,859) $ (807,145) $ 249,249 750 Net Income (Loss) $ 172,817 $ 117,892 $ (187,919) $ (558,819) $ 144,300 500 Cash-Flow Statement 250 Operating Activities $ 521,478 $ 464,772 $ 156,266 $ 882,496 $ 688,597 0 Capex (oil and natural gas properties) $ 719,026 $ 415,653 $ 276,134 $ 774,879 $ 361,235 11 10 09 08 07 Revenues (In millions) Balance Sheet Total Assets $ 1,868,925 $ 1,424,094 $ 1,326,833 $ 2,056,186 $ 2,812,204 Long-Term Debt $ 717,000 $ 450,000 $ 450,000 $ 653,172 $ 654,764 Shareholders’ Equity $ 544,574 $ 421,743 $ 358,950 $ 572,227 $ 1,151,340 $ 900 720 Operating Data Net Sales: 540 Oil (MMBbls) 6.1 5.9 6.1 5.9 6.9 360 NGLs (MMBbls) 1.9 1.2 1.1 1.1 1.4 Natural Gas (Bcf) 53.7 44.7 51.6 56.1 76.7 180 Total Oil Equivalent (MMboe) 16.9 14.5 15.8 16.3 21.1 0 Total Natural Gas Equivalent (Bcfe) 101.5 87.0 94.8 97.9 126.5 11 10 09 08 07 Cash Provided by Average Daily Oil Sales (MMboe/d) 46.4 39.7 43.3 44.6 57.8 Operating Activities Average Daily Gas Sales (MMcfe/d) 278.2 238.4 259.7 267.5 346.7 (In millions) Average Realized Sales Price: Oil ($/Bbl) $ 105.92 $ 77.33 $ 59.96 $ 105.74 $ 71.89 NGLs ($/Bbl) $ 55.81 $ 43.65 $ 31.96 $ 60.62 $ 46.45 25 Natural Gas ($/Mcf) $ 4.12 $ 4.55 $ 3.97 $ 9.40 $ 7. 2 0 Oil Equivalent ($/Boe) $ 57.32 $ 48.87 $ 38.32 $ 74.50 $ 52.81 20 Natural Gas Equivalent ($/Mcfe) $ 9.55 $ 8.15 $ 6.39 $ 12.42 $ 8.80 15 Estimated Net Proved Reserves 10 Oil (MMBbls) 51.4 34.0 31.2 40.0 46.4 5 NGLs (MMBbls) 17.1 4.2 3.0 3.9 4.6 0 Natural Gas (Bcf) 289.7 256.3 165.8 227.9 332.8 11 10 09 08 07 Total Oil Equivalent (MMBoe) 116.9 80.9 61.8 81.9 106.5 Production Total Natural Gas Equivalent (Bcfe) 701.1 485.4 371.0 491.1 638.8 (MMBoe) Total Proved Developed (MMBoe) 76.4 65.2 47.3 55.7 65.9 Total Proved Developed (Bcfe) 458.2 391.3 283.5 334.1 395.3 Proved Undeveloped (MMBoe) 40.5 15.7 14.6 26.2 40.6 125 Proved Undeveloped (Bcfe) 242.9 94.1 87.5 157.0 243.5 Proved Developed Reserves as 100 a % of Proved Reserves 65.4% 80.6% 76.4% 68.0% 61.9% 75 Forward-Looking Statements This Annual Report (including the letter from Tracy W. Krohn, our Chief Executive Officer) contains forward-looking state- ments within the meaning of the Private Litigation Securities Reform Act of 1995 that involve risks, uncertainties and assumptions. If the risks or uncertain- 50 ties materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, such as those 25 that address activities, events or developments that we expect, believe or anticipate will or may occur in the future. These statements are based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions, expected future developments and 0 other factors we believe are appropriate in the circumstances. Certain factors that may affect our financial condition and results of operations are discussed 11 10 09 08 07 in “Risk Factors” in Item 1A and “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of the Form 10-K included as part of and attached to this Annual report and may be discussed from time to time in our reports filed with the Securities and Exchange Commission subsequent to this report. Proved Reserves We assume no obligation, nor do we intend to update these forward-looking statements. (MMBoe) 44902pixD2R2_44902pixD2R2 3/9/12 6:23 PM Page 2 Fellow Shareholders, By any measure, 2011 was an outstanding year for W&T. We are “pumped up” (no need to pardon the obvious pun) about our business, our prospects and our service as a U.S. company providing energy for our country. It’s a charge we take very seriously, as reflected in our operational and financial results. We delivered on our commitment to increase reserves and production, with proved reserves rising 44 percent to 116.9 million barrels of oil equivalent last year and production climbing to 49,800 barrels per day of oil equivalent for the fourth quarter representing a 21 percent increase over the comparable period of 2010. Our reserve replacement ratio for the year was 312 percent and the PV-10 value of our proved reserves grew to $3.1 billion, representing a 63 percent increase over 2010. We continue to generate significant cash flow. Operating income increased $162.7 mil- lion in 2011 to $329.5 million SHAREHOLDER’S LETTER 2011 the highest level in the Com- pany’s history. Net income rose by $54.9 million to $172.8 million on revenues of $971.0 million. Excluding special items, 2011 net income rose 54 percent to $179.9 million. Earnings per share increased 71 cents to $2.29 (up 81 cents or 52 percent to $2.38, excluding special items). Adjusted EBITDA grew 44 percent to more than $646.5 million. We paid a special dividend to shareholders in 2011 for the fourth time in five years, with a total dividend yield of 3.7 percent. In fact, we recently doubled the size of our quarterly dividend to eight cents per share per quarter from four cents per share previously. For 2011, our total shareholder return, which represents the change in our stock price during the year plus dividends, was approximately 25 percent in a year in which many E&P companies’ stock prices were down and the S&P index was flat to slightly negative. This placed us first in a list of 17 peer-group companies. We improved our liquidity position in 2011, entering into a new four-year revolving credit facility and refinancing our high-yield notes to extend the maturity by five years to 2019. In addition, we increased our borrowing base to $575.0 million from $405.5 million at year-end 2010. 44902pixD2R2_44902pixD2R2 3/11/12 12:47 PM Page 3 During the year we achieved an all-in reserve replace- our exploration and development programs offshore pro- ment cost of $13.59 per barrel of oil equivalent. Even vided us profitable opportunities with excellent rates of though we have had a consistently high oil component return and low finding and development costs. We drilled throughout the past five years, at year-end 2011, we are an eight wells on the conventional shelf last year—three ex- oilier company with oil and NGLs representing 59 percent ploratory and five development—all of which were successful. of proved reserves. With liquid hydrocarbon prices continuing W&T operates seven of those eight wells. These wells to outpace natural gas prices, we have continued to focus included two wells at our Ship Shoal 349 “Mahogany” on crude oil and NGLs. We’ve also become more diversi- field, three wells at our Main Pass 108 field, a well at Main fied, with approximately 173,000 net acres onshore now un- Pass 180 and a well each at our South Timbalier 41 and der our control. The W&T team achieved equally impressive South Timbalier 315 fields. The Mahogany field is our results with the drill bit in 2011, completing a 54-well drilling largest offshore field by category of proved reserves and program, with a success ratio greater than 98 percent. the wells drilled in 2011 represent the first two of a poten- The Gulf of Mexico, which provides 30 percent of the tial six-well drilling program that could extend into 2013. nation’s oil and gas, continues to be the most significant We also completed a compressor project at our Main Pass part of our asset base and source of cash flow. Last year’s 252 platform which expanded our total proved reserves by acquisition of the Fairway field off the coast of Alabama and 2 MMBoe. TEXAS LOUISIANA GULF OF MEXICO Onshore and Offshore Properties 44902pixD2R2_44902pixD2R2 3/9/12 4:19 PM Page 4 Onshore, specifically in West Texas, was a very active area for us. In May, 2011, we acquired the Yellow Rose Properties adding 30 MMBoe of proved reserves at closing. Subse- quently, we were successful on 45 of the 46 wells that were drilled to total depth last year. Twenty-nine wells were in the Permian Basin on the Yellow Rose Properties and 13 wells were in Terry County, Texas. The wells drilled in Terry County are all exploration wells and are still in the delineation phase of the project, but initial results have been encouraging.
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