W&T Offshore Issues 2023 Corporate Sustainability Report

HOUSTON, Sept. 19, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (the “Company” or “W&T”) today announced that the Company has issued its 2023 Corporate Environmental, Social, and Governance (“ESG”) report, which is now available on W&T’s website, www.wtoffshore.com, under the “Corporate Responsibility” tab.

Tracy W. Krohn, Chairman and CEO, commented, “We continue to demonstrate our commitment to a high quality, comprehensive ESG effort by issuing our 2023 ESG report. This is our fourth sustainability report and we continue to make strides regarding shareholder rights, board structure and oversight, human rights, labor, health and safety and environmental initiatives. We are constantly improving our capabilities to better allow us to report on an increasing number of SASB standards and GRI standards for the oil and gas sector. W&T’s culture of success and sustainability is built on environmental stewardship, sound corporate governance, and contributing positively to our employees and the communities where we work and operate. In 2023, we added a new Board member, Dr. Nancy Chang, who is the chair of our Environmental, Safety and Governance committee that oversees our ESG efforts. We believe that Dr. Chang will help guide our continuous improvement and assist us in our commitment to the highest standards of ESG and corporate governance. We invite you to review this report to learn more about our sustainability program and our plans for improvement in the future.”

The 2023 ESG report provides detailed information about W&T’s sustainability initiatives and provides important ESG performance data for the five year period from 2019 through 2023.

Highlights of the report include:

• Decreased total Scope 1 GHG emissions 26% from over 435,000 metric tons of CO₂-e in 2019 to 325,000 metric tons of CO₂-e in 2023;
• Decreased scope 1 GHG production intensity by 42% across the past five years;
• Maintained detailed efforts and procedures in place to estimate and track all waste management that is recycled, injected, or sent to landfills;
• Continued reaching out and engaging directly with W&T’s largest shareholders, affirming our commitment to shareholders and ensuring alignment over the long-term; and
• Established an ESG Committee, chaired by Dr. Nancy Chang, which will assist in setting the Company’s general strategy relating to ESG matters and in developing, implementing, and monitoring initiatives and policies based on that strategy.

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 has grown through acquisitions, exploration and development. As of June 30, 2024, the Company had working interests in 63 fields in federal and state waters (which include 55 fields in federal waters and eight in state waters). The Company has under lease approximately 678,100 gross acres (520,400 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 519,000 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

Released September 19, 2024