  The electronic structure basis of the extremely large magnetoresistance in
layered non-magnetic tungsten ditelluride has been investigated by
angle-resolved photoelectron spectroscopy. Hole and electron pockets of
approximately the same size were found at the Fermi level, suggesting that
carrier compensation should be considered the primary source of the effect. The
material exhibits a highly anisotropic, quasi one-dimensional Fermi surface
from which the pronounced anisotropy of the magnetoresistance follows. A change
in the Fermi surface with temperature was found and a high-density-of-states
band that may take over conduction at higher temperatures and cause the
observed turn-on behavior of the magnetoresistance in WTe$_2$ was identified.
