Corporate Responsibility

2020 Corporate Environmental, Social, and Governance Report

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Letter to Stakeholders

Chairman and CEO Tracy Krohn’s comments on Corporate Responsibility:

"It is my pleasure to present W&T Offshore’s Inaugural Environmental, Social and Governance report. We founded W&T nearly 40 years ago with the same core values we have today that have guided our success and provided the foundation for W&T to grow into a trusted operator in the Gulf of Mexico. From day one, we have been committed to developing and producing oil and gas resources in a safe and environmentally responsible manner, while meeting or exceeding all regulatory requirements. Our people are our most valuable asset and HSE&R issues and requirements are treated with the utmost importance and respect. Regardless of the acronym you use to describe our corporate responsibility, one thing is clear, W&T has developed a good reputation as a trusted operator, generous partner to the communities where we operate and good stewards to the environment. We believe that every employee has a responsibility to ensure that we operate with the highest regards toward ESG and we have empowered our management to allocate resources and tools necessary to create a working environment focused on accomplishing our ESG objectives. We have a Vice President of HSE&R who oversees our programs, processes and systems with the goal of making sure key aspects of our business are appropriately and effectively implemented and maintained. This includes HSE&R communication with all personnel, including Stop Work Authority, oil spill prevention, waste minimization, incident planning, contractor management, personnel training and coordinating with regulatory agencies and industry groups to keep W&T abreast of upcoming HSE regulations, industry trends and best practices. We have also adopted best-practice governance standards. We are proud of our multi-year track record in each of these key areas as demonstrated by the measurable results described in this report. We remain committed to implementing additional measure in the future to further address these obligations as we hope to continue powering America safely and in a more sustainable manner for another 40 years.”

Environmental >

We are committed to protecting and preserving the environment in all aspects of our business, including production operations, well work programs, and decommissioning activities. Supporting our efforts is a robust program of policies, procedures and continuous training that meets or exceeds all regulatory requirements, and we expect our contractors to have similar programs in place. We recognize that the production and use of fossil fuels can contribute to climate change, and we will look for opportunities to further reduce our greenhouse gas emissions, while continuing our multi-faceted initiatives to promote safety, prevent spills, minimize the use of fresh water, and limit direct interaction with marine life.

Social >

We view our people as our most valuable asset, and we strive to provide a work environment that attracts and retains the top talent in the industry. We spend considerable time and resources to advance the safety, health, and continuous professional development of our workforce. We also pride ourselves on providing an attractive compensation and benefits program that allows our employees to view working at W&T not as simply a job, but developing a career. The key to our past and future success is promoting a workforce culture that embraces integrity, honesty, and transparency with everyone we interact with, as well as fostering a trusting and respecting environment that embraces changes that push our Company forward in an innovative and positive way. As important, we look forward to continuing to support the communities in which we operate. We recognize and appreciate the ongoing efforts of our employees in their personal commitments from both a time and financial perspective in enhancing the quality of life in our local communities.

Governance >

Our Board and its committees are responsible for our strategy and governance. Our fundamental policy is to conduct our business with honesty and integrity in accordance with the highest legal and ethical standards, which we view as critical to our long-term success and sustainability. We expect all employees across the
organization to exemplify the same perspective as they carry out their work activities and appreciate their collective efforts.