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Energy XXI Suspends Drilling at West Delta; IDs Latest Asset Sales
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Energy XXI announced fiscal fourth-quarter and full-year financial and operating results for the period ended June 30, 2015, and provided an operations update.
Highlights include: Production remaining stable into fiscal first quarter at 58,300 BOE/d Current liquidity is $679 million $124 million available on $500 million revolver Proved reserves estimated at 183.5 MMBOE, 75 percent oil Non-cash impairment causes ceiling test write-down due to commodity prices Acquisitions and divestitures in fiscal fourth-quarter and to-date Monetized Grand Isle Gathering System Sold East Bay field Acquired producing Gulf of Mexico assets from M21K, LLC Cost control efforts driving per barrel equivalent costs lower LOE down 30 percent from fiscal 4Q2014 to 4Q2015 G&A down 36 percent from fiscal…- ✓ Full news archive — U.S., Canada & international coverage
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