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Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Mar 4, 2013 · 44 slides

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Slides

  1. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Raymond James 2013 Institutional Investors Conference March 4-6, 2013 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 2/28/13
  2. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 2
    Performance Financial Program Overview Update Outlook 3
  3. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 3
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production 47,000 BOE/d** Financial One of the Largest Oil Producers Ticker EXXI on GoM Shelf Market Cap (2/27/13) 2.6B* 70% of Production is Oil Insider Ownership 5% FY2013…
  4. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 4
    Operates 5 of the Largest GoM Oil Fields Ea st Ca meron 334/ 335 Vermilion 164 Ba you Ca rlin South Timba lier 21 Eugene Isla nd 330 Gra nd Isle 16, 18 South Timba lier 54 West Delta 30 West Delta 73 South Pa ss 89 South…
  5. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 5
    Technical Team Differentiates EXXI Varied Operator Experience: Varied Technical Experience: ExxonMobil Aggressive Exploitation Kerr McGee Seismic Reprocessing / Superior Technology Amoco Reservoir Simulation Apache Low Resistivity…
  6. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 6
    FY13 Progress Report 1 New Exploration Well Underway 5 Development Wells in Progress 10 Recompletions/Workovers Completed 7 Operated and 2 Non-Operated Development Wells Brought Online 340MM EBITDA in First Half Reserve Adds…
  7. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 7
    Strong Production & Reserve Growth Annual Production (Net MMBOE/d) Proved Reserves (MMBOE) 206.0 196.2 13.8 119.6 116.6 14.1 104.1 81.7 75.6 9.0 8.0 30.5 53.1 23.4 14.7 11.4 FY 2009 FY 2010 FY 2011 FY 2012 FY…
  8. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 8
    Low-Cost Reserve Development 3P: 206 MMBOE POSS POSS DEV UNDEV 4.2 36.2 PDP 1.83/BOE 2.97/BOE 62.5 PROB UNDEV 34.3 4.61/BOE PUD PDN PROB DEV 37.9 19.2 11.7 14.00/BOE 6.31/BOE 2.02/BOE Total Resources 6/30/12 SEC…
  9. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 9
    No Negative Oil Revisions in History FY 2010 FY 2012 Reserve Growth Million Barrels of Oil Equivalent Reserve Revisions Replacement Ratio Additions 6.4 383% FY 2010 104.7 FY12 Production 119.6 36.7 424% FY10 53.1 Sales FY…
  10. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 10
    Oil Focus & Premium Pricing Drives Results Proved Reserve Mix 29% 36% 41% 52% 71% 64% 59% 48% Peer 1 Peer 3 Peer 2 EXXI Production Mix 30% 34% 46% 51% 70% 66% 54% 49% Peer 3 Peer 1 Peer 2 EXXI Crude Gas…
  11. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 11
    Performance Financial Program Overview Update Outlook 12
  12. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 12
    Second Quarter FY13 Results Oil Volumes 29,400 MBO/d Total Volumes 44,600 MBOE/d Oil Revenues 285.7 MM Total Revenues 320.5 MM Net Realized Price /BOE 78.15 per Bbl EBITDA 198.8 MM Capex excluding M&A 204 MM Dividends 8 MM Total…
  13. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 13
    Impacting the Bottom Line Net Debt to Cap 88% 66% 64% 64% 63% 58% 59% 54% 47% 44% 44% 43% 40% 42% 1st Q F10 2nd Q 3rd Q 4th Q 1st Q F11 2nd Q 3rd Q 4th Q 1st Q F12 2nd Q 3rd Q 4th Q 1st Q F13 2nd Q F10 F10 F10 F11 F11 F11 F12…
  14. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 14
    FY 2013 Capital Program 750MM (Excluding Acquisitions) Capital Program Details 17 Horizontal/High Angle Wells: 206.1 MM G&G, Land, 11 Conventional Wells: 157.3 MM Admin G&A 32 45 4 Exploration Wells: 71.6 MM Abandonment Total…
  15. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 15
    Attractively Hedged Energy XXI Oil Trends to HLS 30 25 20 1,000 bbls/d WTI 3-Way 15 WTI Collar Brent 3-Way 10 Brent Collar 5 0 Bal 2013* Cal 2014 Cal 2015 Crude Oil 2013 Average 2014 Average 2015 Average…
  16. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 16
    Performance Financial Program Overview Update Outlook Development 17
  17. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 17
    Operational Strategy Continued Focus on the GoM Shelf and South Louisiana Onshore Committed to Present Value Creation Maintain Strong Financial Position Pursue Acquisitions that Enhance Existing Portfolio 18
  18. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 18
    Current Rig Activity Eugene Island 330 Cameron Parish, LA D-06 ST Lineha m Creek Ensco 75 Drilling Unit 201 Drilling Vermilion 179 Pendra gon Highlander Area Hercules 264 Drilling Eugene Island 18 Lomond North Coa stal 22…
  19. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 19
    Horizontal Well History Exxon GoM horizontal program started at ST 54 Field in 1995 Most horizontal wells drilled from 1995 to 1998 Smaller and more successful program later drilled at West Delta 73 Field Three successfully…
  20. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 20
    Old Horizontals Support Big Reserves West Delta 73 D10 ST2 West Delta 73 D44 ST CUM Prod: 1.422 CUM Prod: 1.660 EUR: 1.917 MMBO EUR: 2.710 MMBO Historical Horizontal Completions Recovered over 800 MBO vs. 350 MBO for Vertical…
  21. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 21
    Successful WD73 Horizontal Program To-Date 10,000 Big Sky WD73 D-1 ST Weimer WD73 D-7 ST2 Hyden WD73 D-42 ST3 EXXI High-Side EXXI Low-Side Average Daily Oil Rate, BOPD 1,000 Average Historical WD73 Horizontals…
  22. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 22
    WD 73 Drilling Successes Miller Big Sky 2 Magnum HORIZONTAL Weimer Rosebank Quandry Hyden HRZ HORIZONTAL 7 Independent Reservoirs 40 Horizontal Locations Identified 23
  23. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 23
    WD 73 Horizontal Growth West Delta 73 Historical Production 6000 Crude Gas Horizontals 4000 Hurricane Isaac Net BOE/d 2000 0 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Quarter Ending Field Stats…
  24. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 24
    Horizontal Program Drives Oil Growth 45 40 Horizontal Uplift 35 Non-Horizontal Uplift 30 25 MBO/d 20 Base 15 10 5 0 Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun 25
  25. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 25
    100+ Potential Horizontal Locations in Core Fields South Timba lier 21 8 16 Wells Gra nd Isle 16/ 18 South Timba lier 54 6 11 Wells 7 12 Wells West Delta 28 40 Wells South Pa ss 7 9 Wells Ma in Pa ss 61 6 12 Wells…
  26. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 26
    Apache EI 330 Re-development Success B-12 ST IC Sand GA Sand B-9 ST D-18 Horizontal GA-2 B-6 ST3 KE Sand OI Sand D-15 D-19 D-13 LF Sand HB Sand NI Sand D-16 D-17 B-14 ST D-20 B-16 ST D-14 27
  27. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 27
    EI 330 Consistent Redevelopment EI330 Historical Production Crude Gas 2000 Hurricane Hurricane Damage Impact Net BOE/d 1000 0 Dec 07 Mar 08 Jun 08 Dec 08 Mar 09 Jun 09 Dec 09 Mar 10 Jun 10 Dec…
  28. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 28
    Main Pass Finding New Reserves MP 73 Onyx Carinos Log LP-1G Pod A Pod B LP-2 Monte Carlo MP 61 Don Tomas MP 73 C-1 2 BA-4AA LP-1G LP-2 BA-4B/5 J-6 J-6 29
  29. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 29
    Large Inventory 31 Leads & Prospects MP 60 Tex W Quintero Monte Carlo Tweener Attic2 Camacho The Judge Upmann Vegas Swisher Sweet Punch Fonseca Angelinos Monte Carlo S Don Lino Don Lino N Maduro Romeo Pantera Don Carlos…
  30. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 30
    MP Development with Exploitation Upside Main Pass Historical Production 14000 Gas 12000 Crude 10000 Net BOE/d 8000 6000 4000 2000 0 Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep…
  31. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 31
    SP49 D65 Development 56.50% WI 47.08% NRI* New Reservoir with Significant Upside Potential Low resistivity reservoir initially tested through-tubing in A-7 ST in February 2012 Hydraulic workover (HWO) unit mobilized in…
  32. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 32
    GI 16/18 Targeting Multiple Reservoirs Cake Log Sunny Log Costello Log Winters Log Pi Log 33
  33. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 33
    GI 16/18 Development to Drive Uplift Grand Isle 16/18 Historical Production 12000 Gas 10000 Crude Hurricane Isaac 8000 Net BOE/d 6000 4000 2000 0 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Quarter…
  34. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 34
    Performance Financial Program Overview Update Outlook Exploration 35
  35. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 35
    Vermilion 179 Exploration Joint Venture Joint Venture Vermilion Exploration Outline VR 164 Located in 105 Feet of Water Well Information Energy XXI Operated JV with ExxonMobil 2-Well Carry to Earn 50% Working Interest…
  36. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 36
    De-Risking the Ultra-Deep Lomond North (in progress) Lineham Creek England North Hook (in progress) Barbosa England Bonnet Lafitte Davy Jones Offset (dev. plan filed) (awaiting completion) Blackbeard East (dev. plan filed)…
  37. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 37
    Ultra-Deep Productive Geologic Intervals Strategic Area 2 Strategic Area 3 Strategic Area 1 Initial Completions Target Blackbeard East 1 Blackbeard West 2 Net Pay: 478 ft Separate Discovery Zones Base Salt Weld Potential…
  38. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 38
    FY13 Drilling Inventory by Field = = Don Tomas Sparkplug X West Delta 73 Main Pass Complex Grand Isle 16/18 South Timbalier 54 Weimer Cake = Big Sky 2 Dr O X = Monte Carlo = Viper = Hyden Pi = Camacho = Iceman = Maroon…
  39. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 39
    Energy XXI Positioned for the Future Why Invest in Energy XXI Big Oil Fields Keep Getting Bigger EXXI owns 5 of the largest oil fields on the shelf Reserves Growing through Increased Recovery on Existing Properties and Strategic…
  40. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 40
    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…
  41. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 41
    Addendum 42
  42. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 42
    EXXI Trading Below Proved Value* 250 10% Increase in EUR 225 5% Increase in EUR 200 MMR Deal Valuation Additional Core 3P Exploration 175 2P Success 150 1P 125 100 75 50 Current Stock Price 25 0 Total Resources (1)…
  43. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 43
    Operating Data per BOE Quarter Ended 06/30/11 9/30/11 12/31/11 3/31/12 6/30/12 9/30/12 12/31/12 Revenue (MM) 282.8 284.9 340.6 336.0 341.9 270.2 320.5 MBO/d 28.3 28.0 30.6 31.4 32.2 26.1 29.4 MBOE/d 42.1 40.8 42.7 45.3 47.6 37.3…
  44. Raymond James 34th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 44
    Updated Hedging Position* Fiscal Instrument Period Daily Volumes Average Price Index Quarter Type CRUDE OIL 1/2013-6/2013 Q3-Q4 2013 Collars 3,500 bbl/day 73.57 floor,105.63 cap WTI 1/2013-6/2013 Q3-Q4 2013 Collars 10,500 bbl/day…

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