Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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Equity Bottom-Up

<ul><li>W&amp;T’s total production is expected to rise in 2H25 with the resumption of output from two fields that had remained shut in since they were acquired in the January 2024 Cox acquisition.</li><li>The West Delta 73 and Main Pass 108/109 fields returned to production in late March/early April and are expected to ramp up during 2Q25.</li><li>2Q25 total production guidance is 32.7-36.2 Mboe/d, compared with 1Q25 total production of 30.5 Mboe/d. t.</li></ul>

W&amp;T’s total production is expected to rise in 2H25 with the resumption of output from two fields that had remained shut in since they were acquired in the January 2024 Cox acquisition.The West Delta 73 and Main Pass 108/109 fields returned to production in late March/early April and are expected to ramp up during 2Q25.2Q25 total production guidance is 32.7-36.2 Mboe/d, compared with 1Q25 total production of 30.5 Mboe/d. t.

W&T Offshore

W&T Offshore, Inc: Estimate Update