W&T Offshore Issues 2022 Corporate Environmental, Social, and Governance Report

Rhea-AI Summary

W&T Offshore, Inc. has released its 2022 Corporate ESG report, showcasing their ESG initiatives and performance data for the past four years. The report highlights a 20% decrease in total Scope 1 GHG emissions and a significant reduction in onshore facilities air emissions. They have also implemented new waste management procedures and made changes to compensation programs. The company has established an ESG Committee and expanded the Board of Directors to include Dr. Nancy Chang as the chair of the ESG Committee.

HOUSTON, Aug. 16, 2023 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (the “Company” or “W&T”) today announced that the Company has issued its 2022 Corporate Environmental, Social, and Governance (“ESG”) report, which is now available on W&T’s website, www.wtoffshore.com, under the “Corporate Responsibility” tab.

The 2022 ESG report provides detailed information about W&T’s ESG initiatives and provides important performance data for the four-year period from 2019 through 2022. The Company consulted the Sustainability Accounting Standards Board’s (“SASB”) Oil and Gas Exploration and Production Sustainability Accounting Standard, the Global Reporting Initiative’s (“GRI”) standard for the oil and gas sector, the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”), and other reporting guidance from industry frameworks and standards in the preparation of the report.

Tracy W. Krohn, Chairman and CEO, commented, “We continue to demonstrate our commitment to a high quality, comprehensive ESG effort by issuing our 2022 ESG report. We have made significant, positive strides across all three ESG elements, especially focused on addressing shareholder concerns and improving our ESG metrics. 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. Earlier this year 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 ESG program and our plans for improvement in the future.”

The 2022 ESG report provides detailed information about W&T’s ESG initiatives and provides important ESG performance data for the four-year period from 2019 through 2022.

Highlights of the report include:

• Decreased total Scope 1 GHG emissions 20% from over 435,000 metric tons of CO₂-e in 2019 to 350,000 metric tons of CO₂-e in 2022;
• Decreased onshore facilities air emissions significantly from 2019 to 2022, particularly the 54% reduction in SOx emissions;
• Implemented new procedures to estimate and track all waste management that is recycled, injected, or sent to landfills;
• Enacted additional substantive changes to compensation programs based on feedback from our shareholders, affirming our commitment to say on pay and performance alignment over the long-term;
• Established an ESG Committee, 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; and
• Increased the Board of Directors to five members with Dr. Nancy Chang, the new chair of the ESG Committee, expanding the size and diversity of the Board

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, 2023, the Company had working interests in 46 fields in federal and state waters (which include 38 fields in federal waters and eight in state waters). The Company has under lease approximately 578,000 gross acres (419,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 8,000 gross acres in Alabama State waters, 416,500 gross acres on the conventional shelf and approximately 153,500 gross acres in the deepwater. 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.

CONTACTS:

Al Petrie Investor Relations Coordinator investorrelations@wtoffshore.com 713-297-8024

Sameer Parasnis Executive VP and CFO sparasnis@wtoffshore.com 713-513-8654

FAQ

What is the name of the company that released the ESG report?

The company that released the ESG report is W&T Offshore, Inc.

Where can I find the 2022 ESG report?

The 2022 ESG report is available on W&T Offshore's website, www.wtoffshore.com, under the 'Corporate Responsibility' tab.

What does ESG stand for?

ESG stands for Environmental, Social, and Governance.

What are some highlights from the report?

Some highlights from the report include a 20% decrease in total Scope 1 GHG emissions, a significant reduction in onshore facilities air emissions, implementation of new waste management procedures, changes to compensation programs, establishment of an ESG Committee, and expansion of the Board of Directors to include Dr. Nancy Chang as the chair of the ESG Committee.

Who is the Chairman and CEO of W&T Offshore, Inc.?

The Chairman and CEO of W&T Offshore, Inc. is Tracy W. Krohn.

What standards and guidance did the company consult in preparing the report?

The company consulted the Sustainability Accounting Standards Board's (SASB) Oil and Gas Exploration and Production Sustainability Accounting Standard, the Global Reporting Initiative's (GRI) standard for the oil and gas sector, the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and other reporting guidance from industry frameworks and standards.

What is the role of Dr. Nancy Chang in the company?

Dr. Nancy Chang is the chair of the Environmental, Safety and Governance committee that oversees the company's ESG efforts.

What is the size of the Board of Directors?

The Board of Directors has been expanded to five members.

What is the goal of the ESG Committee?

The ESG Committee assists in setting the company's general strategy relating to ESG matters and in developing, implementing, and monitoring initiatives and policies based on that strategy.