W&T Offshore is an independent oil and natural gas producer operating exclusively in the Gulf of America (Gulf of Mexico). W&T holds working interests in 49 producing fields across a range of water depths, from shallow shelf to deepwater environments, and operates roughly 94% of its proved reserves, giving it direct control over production decisions and costs. W&T's production mix is approximately 44% liquids and 56% natural gas, and W&T sells its output to third-party buyers under short-term, index-priced contracts. As a pure price-taker, W&T's financial performance is driven by production volumes, commodity prices, and cost per barrel. W&T uses costless collars to hedge a portion of its commodity price exposure. Rather than drilling new wells, W&T grows production primarily through acquisitions of producing properties — often from distressed or exiting operators — followed by workovers (repairing existing wells) and recompletions (accessing new pay zones in existing wellbores) to optimize output. A recent example is W&T's 2024 acquisition of six shallow-water fields from Cox out of bankruptcy for ~$77M. W&T's Gulf of America reservoirs tend to have high initial production rates and low natural decline, making the asset base capital-efficient. W&T also invests in owned midstream infrastructure to reduce third-party gathering and transportation fees. W&T carries meaningful decommissioning obligations on its offshore properties, which represent an ongoing cash cost.