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EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Aug 19, 2014 · 35 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation EnerCom Oil & Gas Conference Denver, Colorado August 18-19, 2014 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 8/4/14
  2. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 2
    Energy XXI Holds the Keys to Success Prime Real Estate on the GoM Shelf Portfolio of Largest 252 blocks; 685,000 net acres 16,146 sq. miles of 3D seismic GoM Shelf Oil Fields Premium oil and gas pricing 6+ year inventory of…
  3. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 3
    Energy XXI is the Premier Shelf Oil Play Key Data Energy XXI operates 10 of the largest Enterprise Value 5.2 BN GoM Shelf oil fields. 4Q FY14 Adjusted EBITDA1 194.3 MM Proved Reserves2 246 MMBOE Probable Reserves2 96 MMBOE 1P R/P2…
  4. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 4
    Image goes here Acquired the right assets at the right price for best returns OIL-FOCUSED ACQUISITIONS 5
  5. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 5
    Giant Oil Fields Helped EXXI Get Here Acquiring assets and executing successful organic programs 50,000 EPL Acquisition 45,000 28.93/BOE Organic 40,000 Growth ExxonMobil Acquisition 35,000 19.40/BOE 30,000 Net MBOED…
  6. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 6
    History of Making Big Oil Fields Bigger Demonstrated organic success on Rapid Reserve Growth (MMBOE) acquired properties 334 New reservoirs in old fields Asset Sales Repeatable formula for success 13 Total Production Since…
  7. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 7
    Recovering More From Top 10 Fields 6,000+ Gross MMBO OOIP Top 10 Fields 75 per FY 2014 BOE* (MMBO) (80% NRI) OOIP 6,168 Production Remaining 2,590 Cum To-date 2,590 Left in Ground EUR 1P 165 7.3 Billion 2,998 EUR 3P 272…
  8. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 8
    EXXI Acquisition Value Realization High-impact Drilling Test New Plays/Concepts Drill PUD Reserves CASHFLOW Applying Technology Recompletions Production Optimization Larger dots indicate greater production…
  9. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 9
    Image goes here High cash-margin properties PRODUCTION OPTIMIZATION
  10. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 10
    Applying Elbow Grease Delivers Results Field/Facility Acquisition Volume Optimization Gas lift optimization Back-pressure reduction Wells returned to service Workovers Supply Chain Efficiency Boats Helicopters Shore bases…
  11. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 11
    Successful Pre-Drill Production Uplift South Pass 89: Non-rig work followed by recompletions 8,000 Non-rig work June 2011 Recompletions Previous 6,000 First recompletion online at 20+ MMCF/d Production Gross BOE/d 4,000 May…
  12. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 12
    Image goes here APPLYING TECHNOLOGY TO REALIZE MORE VALUE
  13. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 13
    New Life for the Gulf of Mexico Shelf Shallow Pay Before Today Many shallow wells Big fields get bigger bypassed productive Technology driving: sands Deeper Field Pay Better imaging Focused on high-decline gas in low oil-price…
  14. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 14
    Largest Seismic Footprint Among GoM Peers Bulk purchase agreements in place Focused reprocessing efforts Adopting best technology 15
  15. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 15
    Horizontal Techniques Successfully Applied West Delta 73 Proved Reserves Example Horizontal Well 70 3.0 Annual Production, MMBOE 60 2.5 Net Reserves, MMBOE 50 2.0 40 1.5 30 1.0 20 10 0.5 0 - YE2011 YE2012 YE2013…
  16. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 16
    100 Potential Horizontal Locations Across Assets Baton Rouge New Orleans Main Pass South Timbalier 21 Grand Isle 6-12 8-16 6-11 East Bay South Timbalier 54 2 7-12 Eugene Island 2 West Delta 16-26 South Pass Ship…
  17. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 17
    Dump Floods Offer Reserve & Volumes Uplift Dump Flood Low risk projects (Ps90%) West Delta Significant reserve adds in known FY15 Plan reservoirs Quick cycle time Bookable as PUDs pre-drill or work-over South Timbalier 26/41…
  18. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 18
    Reversing Decline With a Complete Program Case Study: South Timbalier 21 program extends life of field 10000 January 2006 EXXI acquires ST 21 1000 Increase in oil BOE/d forecast 100 10 Actual Production FY14 PDP…
  19. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 19
    Image goes here Repeatable growth inventory with proven track record INVENTORY GROWTH
  20. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 20
    Proved Reserves: Continued Growth 300 9000 6-Year PV-10 CAGR: Natural Gas 8000 48% 246 250 Oil PV-10 7000 6-Year Proved 61 Reserve CAGR: 200 6000 36% 179 5000 MMBOE 150 45 117 120 4000 Steady Increase in Oil…
  21. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 21
    New Reserve Portfolio Increases Opportunities EXXI Outperforms 85+ E&P Companies Debt Adjusted Reserve Growth Per Share* EXXI: 94% 3P: Industry Median: 9% 432 MMBOE 2P: 342 MMBOE 1P: 246 MMBOE 246 MMBOE Proved 96 MMBOE…
  22. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 22
    1P Reserves: Repeatable & Predictable Proved Reserves 246 MMBOE1 239 PUD locations identified Low-risk, predictable & repeatable Main Pass horizontal projects at WD 73 13% West Other Ramping up program at WD 29 & 30 Delta 10% 36%…
  23. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 23
    Oil Weighted Multi-Year Low Risk Inventory Proved inventory is just the tip of EXXIs portfolio Proved Undeveloped: 239 Projects 96 MMBOE 75% Oil Probables Inventory: 96 MMBOE Probables: In historical field pays 45 Projects…
  24. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 24
    Resource Potential in Core Fields Total Gross Unrisked Resource Potential 2+ Billion BOE Potential by Play Potential by Field EPL Potential EPL Potential 300 MMBOE 300 MMBOE West Delta 30 98 MMBOE Deep Miocene South Pass 49 464…
  25. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 25
    Exploration Upside in Two Play Concepts Counter Regional Salt-Domes Ultra-Deep Acreage on 14 salt domes Multiple identified play targets FAN seismic data being acquired Improved onshore drilling economics Liquid-rich deep…
  26. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 26
    Development Focused Capital Program FY15 Capital Budget 875 MM Exploration 33 77% of capital is directed towards development G&A, ARO, Land 82% of uplift capital is 166 Development oil-directed Drilling, Capitalized G&A…
  27. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 27
    The Case for Owning Energy XXI EXXI trades at a significant discount to proved NAV Largest GoM Shelf oil producer Offers scalability, repeatability and potential for high rates of return Specialize in exploitation and production…
  28. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 28
    Contact Stewart Lawrence, IRO Greg Smith, Director of IR Energy XXI Energy XXI 1021 Main Street, Suite 2626 1021 Main Street, Suite 2626 Houston, Texas 77002 Houston, Texas 77002 713.351.3006 713.351.3149 slawrenceenergyxxi.com…
  29. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 29
    Image goes here ADDENDUM
  30. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 30
    Balance Sheet All figures in 000s except per unit values, and include Net Debt/Total Proved cash and debt at the parent 6/30/11 6/30/12 6/30/13 6/30/14 Cash and cash equivalents 28,407 117,087 -- 248,138 16.00 13.34 12.00 9.31…
  31. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 31
    Focused on Value Delivering Growth FY 2015 Volume Projections Business Goals FY 2015 1Q FY15 Net Production (per day) Oil, including NGLs (Bbls) 42,000 47,000 40,000 43,000 Increase Production Boe 59,000 64,000 57,000 60,000…
  32. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 32
    History of Reducing Leverage EPL ExxonMobil Net Debt / Total Capitalization Acquisition Acquisition June 2014 Dec 2010 67% 62% Share Repurchase 53% 49% 39% 2010 2011 2012 2013 2014 Targeting debt/total capitalization…
  33. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 33
    Energy XXI Operating Data per BOE Quarter Ended 12/31/12 3/31/13 6/30/13 9/30/13 12/31/13 3/31/14 6/30/14 Revenue (MM) 320.5 303.8 314.3 324.6 296.8 285.2 324.1 MBO/d 29.4 28.6 28.9 29.7 30.2 28.4 32.0 MBOE/d 44.6 43.5 46.8 46.6…
  34. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 34
    Current Hedge Position* Period Fiscal Quarter Instrument Type Daily Volumes Average Price Index CRUDE OIL 7/2014-12/2014 Q1Q2 2015 Collars 2,000 bbl/day 90.00 floor, 108.38 cap BRENT 7/2014-12/2014 Q1-Q2 2015 Put Spreads 7,000…
  35. EnerCom Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 35
    Current Consolidated Crude Hedge Profile* 30 25 Brent 3-Way Collars 20 WTI Put Spreads MBbl/d WTI puts 15 Brent Swap 10 LLS Swap LLS Collar 5 Brent Collars WTI 3-Way Collars 0 Crude Oil Aug-Dec 2014 Average 2015…

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