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Energy XXI IDs Preliminary 2016 Capital Budget
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Energy XXI provided an operations update and announced capital budget estimates for fiscal 2016.
Fiscal 2016 Outlook Highlights: Full year production guidance is 54,000 to 59,000 BOE/d net, as compared to 58,900 BOE/d net for fiscal 2015 Targeting full fiscal year capital expenditures of $130 to $150 million Acquisition of M21K assets will add 5,500 BOE/d net to current production with primary fields located in our core asset areas Recompletions across core acreage expected to drive fiscal 2016 uplift with over 25 projects identified Lease operating costs per barrel down 30 percent from fiscal first-quarter 2015 Current liquidity as of July 31, 2015, was $875 million, of which $750 million was cashChairman, President and Chief Executive Officer John Schiller said: "We have demonstrated…
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