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

Equity Research Firm

Equity Bottom-Up

<ul><li>Successful low-risk workovers completed during 2Q25, coupled with the production restart at the West Delta 73 and Main Pass 108/98 fields are expected to drive production through year-end.</li><li>W&amp;T executed nine workovers during 2Q25 that performed better than expected.</li><li>The midpoint of 3Q25 total production guidance is 34.9 MBoe/d, which would equate to 3.9% Q/Q growth and 12.3% Y/Y growth.</li></ul>

Successful low-risk workovers completed during 2Q25, coupled with the production restart at the West Delta 73 and Main Pass 108/98 fields are expected to drive production through year-end.W&amp;T executed nine workovers during 2Q25 that performed better than expected.The midpoint of 3Q25 total production guidance is 34.9 MBoe/d, which would equate to 3.9% Q/Q growth and 12.3% Y/Y growth.

WTI: 2H25 Production Growth Supported by Asset Performance and Exploitation Activity

W&T Offshore

WTI: 2H25 Production Growth Supported by Asset Performance and Exploitation Activity