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March 2014 Investor Presentation – EPL Oil & Gas, Inc.

EPL Oil & Gas, Inc. · Mar 12, 2014 · 27 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. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 1
    EPL Oil & Gas Acquisition March 12, 2014 Acquire, Exploit, Explore, Deliver NASDAQ: EXXI AIM: EXXI www.energyxxi.com 3/11/14
  2. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 2
    Transaction Rationale Creates Premier Public Independent on the GoM Shelf To operate 10 of the largest oil fields on the GoM shelf Almost an oil pure play, 70% by production, 91% by revenue Expanded scale reduces risk through…
  3. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 3
    Acquired Assets Integrate Seamlessly The combined company will operate 10 Highlander of the largest GoM Shelf oil fields. Lineham Creek Laphroaig-Pontiff Davy Jones Grand Isle West Main Pass 16/18 Delta 30 East Bay 296/311…
  4. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 4
    Recovering More From Top Ten Fields 8,000+ Gross MMBOE OOIP Top Ten Fields Remaining Production Left in Ground 3,660 5% Recovery Increase 3,599 Doubles EXXI Reserves Proved Next 5% from 233 Top Ten Fields Possible…
  5. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 5
    Expanded Portfolio Increases Scale Proved EXXI EPL Pro Forma Reserves1 30% 38% 41% 46% PDP 48% 42% 28% PDNP 11% 16% PUD 165 MMBOE 78 MMBOE 243 MMBOE 2P Reserves1 26% 25% 24% 74% Proved 75% 76% Probable 218 MMBOE 106 MMBOE…
  6. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 6
    Becoming the Premier GoM Shelf Independent Proved Reserves (MMBOE)1 Production(MBOE/d)1 65 243 56 50 45 165 144 118 78 21 EXXI - Pro EXXI Peer 1 Peer 2 EPL EXXI - Pro Peer 2 Peer 1 EXXI EPL Forma Forma Adjusted EBITDA…
  7. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 7
    Oiliest Assets on GoM Shelf 4Q 2013 Reserve Crude Percentage by Category1 Peer Production % Oil1 MMBOE Type % Oil 77% 70% 66% 49% 243 Proved 73% 46% 81 Probable 75% EPL EXXI - Pro EXXI Peer 1 Peer 2 12/31/13 Pro Forma 2P Forma…
  8. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 8
    Significant Near-Term Cost Savings Key Highlights Projected Benefits LOE Savings Year 1 Year 2 Eliminate EPLs GI Shorebase LOE (before insurance) 5.0 20.0 Optimize boats/helicopters Insurance/Wind Derivatives 15.0 15.0 Vendor…
  9. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 9
    Acquired Asset Overview Core Acreage Long-Lived Oil Value Play Growth-Driven Portfolio Complementary Asset Base Proved Reserves by Category Proved Reserves by Area SP 78 MP EI 9% Area 258/259 6% PUD 5% Other PDP SMI 30% 12%…
  10. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 10
    Significant Upside Development Inventory 109 Projects Identified Exploration Inventory 73 Projects Identified Infill Drilling Opportunities New seismic commitments Approximately 115 MMBOE Low capital requirements, high success rates…
  11. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 11
    History of Making Big Oil Fields Bigger 146 MMBOE Proved 261 MMBOE Proved 310 Reserves Acquired Reserves To-Date Pogo 20 MMBOE 261 8 206 74 Marlin 196 25 MMBOE Other MIT 21 MMBOE 115 MMBOE 179 26 MMBOE Added 120 117…
  12. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 12
    Transaction Overview EXXI to acquire EPL for 39 per share representing a 2.3 billion transaction value EPL shareholders receive .584 EXXI shares plus 25.35 in cash Consideration Stock consideration results in EPL ownership of 25% of…
  13. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 13
    Financing Summary* Sources (assuming 300 million high-yield issue) EXXI to issue 23.2 MM shares for 35% of outstanding EPL equity, representing an EXXI equity (23.2 MM shares at 23.37/sh.) 542 exchange ratio of 0.584x1 Revolving…
  14. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 14
    Pro Forma Capitalization Acquisition Historical Pro Forma 12/31/2013 12/31/2013 MM, except per share data Cash and cash equivalents 358 128 Revolving credit facility 152 827 Other long-term debt 1,847 2,644 Net debt 1,641 3,343…
  15. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 15
    Summary Highlights Creates largest public independent pure play GoM shelf company High-Grades portfolio with larger opportunity set of oil-focused properties Immediately accretive, with synergies driven by G&A, Insurance and LOE…
  16. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 16
    Image goes here Additional information APPENDIX 17
  17. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 17
    Consolidated Oil Hedge Position* Period Fiscal Quarter Instrument Type Avg. Daily Volumes Average Price Index 1/2014-3/2014 Q3 2014 Three-Way Collars 3,167 bbl/day 68.64 sub-floor, 88.64 floor, 126.77 cap BRENT 1/2014-3/2014 Q3 2014…
  18. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 18
    Consolidated Gas Hedge Position* Period Fiscal Quarter Instrument Type Avg. Daily Volumes Average Price Index 1/2014-3/2014 Q3 2014 Three-Way Collars 60,333 MMBtu/day 3.46 sub-floor, 4.11 floor, 4.71 cap NYMEX 1/2014-3/2014 Q3 2014…
  19. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 19
    Strategic Growth Drivers 109 Development Projects West Delta Non-Core 7 Assets South 6% 13 Timbalier 12% 9 8% East Bay 9 8% South Pass 12 11% Eugene Island Ship Shoal 15 4 14% 4% Main Pass 40 37% Low-risk…
  20. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 20
    Strategic Growth Drivers: Enhancement Focusing on 47 Dump Flood Projects East Bay 13 28% South Timbalier 27 57% Ship Shoal 7 15% 21
  21. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 21
    2P Dump Flood Inventory 47+ MMBOE Preliminary review covers only a Reserve Potential West Delta 7 MMBO portion of EPLs oily core areas by Area Pushes oil to producer leading to increased oil rate & reserve South Timbalier 26/41…
  22. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 22
    Strategic Growth Drivers: Exploration 73 Exploration Projects Main Pass West Delta 10 12 14% 16% South Ship Shoal Timbalier 10 8 14% 11% Non-Core Assets 3 4% South Pass 30 41% 23
  23. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 23
    Resource Inventory 105+ MMBOE Framework Multi-year capital commitment to acquire FAN data EPL core assets Acquisition targets Lease sales Farm-ins Field purchase Multiple RTM projects on core assets and Inventory Overview ahead…
  24. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 24
    EPLs Seismic Footprint 3D Bulk purchase agreements in place Focused reprocessing efforts Drive and test leading reprocessing technology WesternGeco TGS FairfieldNodal 25
  25. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 25
    Combined Seismic Coverage Acquired Seismic Overlapping EXXI Properties Saves 35 MM EPLs WesternGeco EPLs TGS EPLs FairfieldNodal EXXI currently has 8,279 square miles of seismic coverage 26
  26. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 26
    Exploration Program Unlocking Potential Full Azimuth Nodal (FAN) Acquisition Longer-Term Steps to Develop the Play Layout / Retrieval Technical leader in procurement of new 3D Source vessel datasets (1+ million acres, 200 blocks)…
  27. March 2014 Investor Presentation – EPL Oil & Gas, Inc. – slide 27
    Leading Operator by Field and Cum. Production 3000 2500 194 Cumulative Production (MMBO) 221 257 2000 268 1500 304 164 168 1000 659 269 265 374 500 740 802 437 187 0 Energy XXI Energy XXI Operator 1 Operator…

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