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Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Oct 4, 2011 · 39 slides

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Slides

  1. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Johnson Rice Energy Conference NASDAQ: EXXI AIM:EXXI www.energyxxi.com October 2011 09/30/2011
  2. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 2
    Six Years of Growth Stock Ticker (NASDAQ, AIM) EXXI Market Cap 2.0 Billion* Insider Ownership 5.5% Proved Reserves 117 MMBOE Production 42,100 BOE/d** EXXI is the 3 oil producer on the GOM shelf Reserves and production are…
  3. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 3
    Strong Focus on Crude Energy XXI operates 6 of the 11 largest oil fields on the Gulf of West Delta 73 4,400 BOE/d 4,200 West Delta West Delta 30 3,000 BOE/d 3,375 BOE/d 30 Mexico shelf GrandIsle Grand Isle 16, 16, 18 18…
  4. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 4
    Energy XXI: Growing Larger and Stronger Production (MBOE/d) Reserves (MMBOE) 50.0 140.0 42.1 116.6 120.0 40.0 66.4% 54.2% 100.0 30.0 25.3 80.0 75.6 Growing 60.0 20.0 production 40.0 10.0 20.0 - - Replacing 4Q 2010 4Q 2011…
  5. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 5
    Resources Proved, with Upside Total Resources Proved Reserves 195.7 MMBOE, PV-10 4,803 MM (1) 116.2 MMBOE, PV-10 3,216 MM (1) Resource Highlights 116.2 MMBOE of Proved Possible 34.2 MMBOE PDNP 70% Proved Developed PDP 21.6…
  6. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 6
    FY12 Budget Capital Breakout 372MM 450MM ULTRA DEEP 102 G&A 33 XOM 175 G&G, Land, Admin EXXI 23 95 Abandonment Drill and 22 Complete, Recomplete & Facilities 372 UD Dev 46 UD Exp 56 Core Core Dev Exp 231 39…
  7. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 7
    Growth and FCF in Every Scenario 100 Production and Capital 1,000 90 900 80 800 70 700 MBOE/D 60 600 MM 50 500 40 400 30 425 600 425 590 300 20 380 450 200 10 100 0 0 FY'11 FY'12 FY'13 FY'14 Production Low…
  8. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 8
    Current Rig Activity Main Pass 60/61 Hercules 205 Rig Grand Isle 16 Bullfrog Rowan EXL Rig Drilling Multi-well recompletion program Eugene Island 26 Rowan LA South Pass 89 Boudin Sundowner 1 WO Rig Exploration Drilling…
  9. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 9
    Energy XXI Rig Schedule Field Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 South Pass 89 / Grand Isle 16 Sundowner 1 Grand Isle 16 Davy Jones - MMR Rowan EXL 3 West Delta 73 Magnum O Nabors P-17 P Main…
  10. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 10
    Multi-Year Drilling Inventory 201215 FY 2012 2013 2014 2015 2016 + 85+ Additional Opportunities Identified for 2016 and Beyond Sparkplug Pegasus Grays PUD Momus Wombat Rosko SW PUD Orion Big Abbott Viceroy Torreys PUD Gettys…
  11. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 11
    Main Pass Complex Overview Largest field in EXXI Portfolio Field Discovered: MP 73 in 1976 MP 61 in 2000 Water Depth: 80 180 Number of Wells Active 52 80 70 Shut-in 28 60 64% GROSS MMBOE 50 Cumulative Production 40 30…
  12. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 12
    Main Pass Complex 100% WI Gross Field BOE/d Ashton and Onyx wells 25000 re-defined salt model 20000 Both wells tested salt 16,000 BOE/d flanks updip to production 15000 Ashton TDd at 8,353 TVD and encountered seven pay 10000…
  13. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 13
    South Pass 89 Overview 11th Largest oil field on the GOM shelf Field discovered in 1973 Water Depth: 450 Number Platforms: 2 Number Wells Active 18 Shut-in 31 Cumulative Production A PLATFORM 192 MMBO 849 BCF 14
  14. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 14
    South Pass 89 Well Activity Gross Field BOE/d 7000 6,167 BOE/d Actual IP rates exceed 6000 expectations 5000 4000 Payout on work is averaging less 3000 EXXI took over operations than 3 months 2000 1000 0 Dec-10 Feb-11 Mar-11…
  15. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 15
    Grand Isle 16/18 Overview 5th Largest oil field on the GOM Shelf Discovered in 1948 Grand Isle 18 Field Winters Water Depth: 50 Number Platforms: 13 Grand Isle Costello 16 Field Number Wells Sunny Active 33 Big Abbott…
  16. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 16
    Grand Isle 16/18 Well Activity Gross Field BOE/d 7 well recompletion program with a 4500 3,460 BOE/d total planned IP of 4,790 Net BOE/d 4000 3500 3000 4 well Development Drilling program 2500 2000 with a total planned IP of 4,040…
  17. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 17
    Grand Isle 16 Sunny (R-22ST3) Current Completions R-22ST2 and P-26ST2 Sunny well Intercept Point C-2 Sand has produced close to 2 MMBO to date Target is the C-2 Sand with a secondary target of the B-2 Sand Anticipate a…
  18. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 18
    West Delta 73 Overview 7th Largest oil field in GOM Shelf Discovered in 1962 Water Depth: 175 Number Platforms: 7 Number Wells Active 31 Shut-in 27 Cumulative Production 265 MMBO 655 BCF 19
  19. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 19
    West Delta 73 Well Activity Gross Field BOE/d 7000 4 PUD Development Wells 6000 Pipeline Downtime with planned initial IP of 5000 3,710 net BOE/d 4000 1 Exploration Well with 4,180 BOE/d 3000 Assumed planned initial IP of 1,400 net…
  20. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 20
    West Delta 73 Magnum Will penetrate 3 additional F-Sand field pays Sidetracks from existing wellbores reduce costs Planned TD 8,500 TVD 21
  21. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 21
    South Timbalier 54 Overview South Timbalier Inventory Locator Discovered in 1956 Water Depth: 67 Number Platforms: 5 ST 54 ST 55 Number Wells Wombat Active 20 B-30ST Shut-in 21 Carburetor Cumulative Production 70 MMBO…
  22. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 22
    South Timbalier 54 Well Activity Gross Field BOE/d 8000 EXXI took over operations Aug 9 4 well Drilling program to 7000 commence by end of October with 5,389 BOE/d 6000 planned initial IP of 7,550 net 5000 BOE/d 4000 2 gas wells 1…
  23. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 23
    South Timbalier 54 Carburetor Targets the H-3 and H-2 Sands. Planned TD approximately 10,000 24
  24. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 24
    Probing the Depths 25
  25. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 25
    Davy Jones 1st Production On Schedule Field discovered in 2010 Water Depth: 20 All equipment has been manufactured: 25,000 psi production tree (tested) 25,000 psi safety valve (tested) 25,000 psi blowout preventer Specialized…
  26. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 26
    Davy Jones Eocene Discovery with Upside Davy Jones No. 1 Drilled and cased to 29,122 Logged 200 of net Wilcox pay Target first flow Dec. 2011 Davy Jones No. 2 Drilled and cased to 30,731 192 net potential pay in Tuscaloosa and…
  27. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 27
    Blackbeard East Meets West Blackbeard East to Blackbeard West is approximately 10 miles Blackbeard East ST 144 McMoRan McMoRan Blackbeard East 1 Blackbeard West 1BP2 Drilling TA McMoRan Blackbeard W. Prop Blackbeard…
  28. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 28
    Blackbeard East Summary Located in 85 Feet of Water Large 3-way Structure Miocene, Oligocene and Eocene Targets PTD 34,524 TVD Drilling below 31,700 Structural Cross Section Through Blackbeard Strategic Area WI 18% NRI…
  29. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 29
    Blackbeard - East Exited weld at 19,500 Wireline Logs, sidewall cores, formation tests indicate 178 of net pay in upper & middle Miocene Quality reservoir rocks Good porosity, permeability Conventional completion Logged lower…
  30. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 30
    Lafitte Overview Spud Date: October 3, 2010 PTD: 29,950 Drilled to next casing point at 27,034 TVD Logged 95 net pay in Middle Miocene down to 27,000 Targeting Miocene sections as seen at JB Mountain, Flatrock 31
  31. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 31
    Size of the Prize 100+ Tcf Potential Davy Jones Lafitte Blackbeard West John Paul Jones Captain Blood Blackbeard East England Barataria Morgan Eocene / Cretaceous Drake Barbosa 40+ TCFE Swann Calico Jack Miocene / Paleocene Hook…
  32. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 32
    Investment Proposition Third Largest Oil Producer on GOM Shelf % Crude Barrels Oil/Month* 1 Chevron 39% 1,849,588 2 Apache 38% 1,727,461 3 Energy XXI 65% 789,415 Organic Reserves and Production Growth Low risk recompletions and…
  33. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 33
    Contact NASDAQ: EXXI AIM:EXXI www.energyxxi.com Stewart Lawrence, IRO Greg Smith, Director of IR Energy XXI (Bermuda) Limited Energy XXI (Bermuda) Limited 1021 Main Street, Suite 2626 1021 Main Street, Suite 2626 Houston, Texas 77002…
  34. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 34
    Appendix 35
  35. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 35
    Operating Data per BOE Quarter Ended 3/31/10 6/30/10 9/30/10 12/31/10 03/31/11 06/30/11 MBOE/d 25.4 25.3 25.9 29.4 41.4 42.1 Oil % 68% 68% 69% 70% 66% 67% Revenue (Pre-hedge) 61.57 58.10 57.73 64.57 71.24 78.90 LOE Insurance Expense…
  36. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 36
    Enhanced Balance Sheet & Liquidity 6/30/2009 6/30/2010 6/30/2011 Cash and cash equivalents (incl. cash at parent) 89 14 28 Short-term debt 4 3 4 Long-term debt (principal amounts): Revolving credit facility 235 109 108 10% Senior…
  37. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 37
    Hedge Revenue Profile 400 25000 55% of revenue hedged versus Strip for FY 12 350 42% of revenue hedged versus Strip for FY 13 20000 Net effective price: 2012 2013 300 Crude 105.62 103.48 Nat Gas 4.42 4.81 250 Barrels Per…
  38. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 38
    Estimated Realized HLS Spread Jul 11 Aug 11 Sep 11 Vol/d /Bbl Vol/d /Bbl Vol/d /Bbl Fixed 15,000 2.37 13,000 8.94 12,000 9.35 Estimated 8.18 13.08 17.38 Realized* Oct 11 Nov 11 Dec 11 Vol/d /Bbl Vol/d /Bbl Vol/d /Bbl…
  39. Johnson Rice & Company Energy Conference – Energy XXI Gulf Coast, Inc – slide 39
    Potential Stock Upside* 90 80 Future Acquisitions & 70 Additional Ultra-deep and Core Exploration DJ 6 Tcfe Success 60 6 Tcfe DJ 1.5 Tcfe 3P /SHARE 50 1.5 Tcfe 2P 1P 40 30 Current Stock Price 20 10 0 Total…

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