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

Energy XXI Gulf Coast, Inc · Aug 24, 2010 · 31 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. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 1
    Enercom The Oil and Gas Conference NASDAQ: EXXI AIM: EXXI www.energyxxi.com Presented by John D. Schiller, Chairman & CEO 081810
  2. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 2
    Strategy Three Pronged Approach Acquire Focus on mature oil properties Producing Capture price arbitrage Assets Lock in economics through hedging Exploit to realize minimum 20% increase in value Exploit and Explore Explore…
  3. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 3
    Energy XXI A Snapshot Stock Ticker (NASDAQ, AIM) EXXI Market Cap 1 Billion Insider Ownership 7.6% Proved Reserves 75.6 MMBOE Production Capacity 28,000 BOE/d Reserves and production are 2/3rds crude oil EXXI is the 4 oil producer…
  4. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 4
    Core Properties Oil Focused ENERGY XXI Profile Total Production Capacity: 28,000 BOE/d Main Pass Acreage: 200,000 net 61, 73 & 74 Fields 8,604 BOE/d Main West Pass Cameron Marsh Rabbit Island Field Island Grand West 578…
  5. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 5
    Historical Proved Reserve Growth 80.0 70.0 75.6 60.0 50.0 55.6 51.5 53.1 MMBOE 40.0 30.0 37.4 20.0 10.0 0.0 FY 2006* FY 2007 FY 2008 FY 2009 FY 2010 *Castex acquisition effective July 2006 6
  6. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 6
    Resources Proved, with Upside Total Resources Proved Reserves 104.1 MMBOE, PV-10 2,532 MM (1) 75.6 MMBOE, PV-10 1,849 MM (1) Strip PV-10 3,013MM (2) Strip PV-10 2,193 MM (2) Resource Highlights 75.6 MMBOE of Proved Possible PDP…
  7. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 7
    Oilier than GOM Peers 80% 70% % Oil 67% 60% 50% 40% 30% 20% 52% 49% 10% 0% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 EXXI 40.0 35.7 35.0 EBITDA/BOE 30.0 25.0 /BOE 20.0 15.0 10.0 5.0 0.0 Peer 1 Peer 2 Peer 3…
  8. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 8
    6 Large Legacy Fields Equal Shallow Decline Sum Of Production Data for Six Fields 1,000,000 GAS 12% GAS 18% 100,000 10,000 OIL 15% OIL 20% OIL 18% 397 MMBOE Total Cumulative Production since 1990 1,000 Jan-60 Jan-65…
  9. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 9
    South Timbalier 21 Field Overview Summary Facts Field Discovery Date 1957 FY11 Capital Program Cumulative Production 320+ MMBOE 20 million Production Mix 81% Oil Producing Wellbores 42 2 Development Wells 9th Largest Oil Field on…
  10. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 10
    South Timbalier 21 Drilling Inventory Chardonnay Khios Syrah Samos Bordeaux Crete Mozzarella Barolo Twin Chambord Patmos Inchgower 11 Drilling Locations 113 MMBOE Unrisked Reserve Potential 11
  11. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 11
    Main Pass Complex Summary Facts FY11 Capital Program Field Discovery Dates 1979 / 2002 Cum Production 130 MMBOE 30 million Producing Wellbores 36 2 Development Wells Productive Zones 28 EXXI 100% WI 2 Workovers Facilities Gross…
  12. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 12
    Main Pass 61/62 Field Projects C-7 C-6 C-5ST Estimated Estimated Reserves Payout ECONOMICS Type of Activity Zone(s) Production Capital (MMBOE) (Months) (BOED) (MM) C-5ST Recompletion BA-4B & BA-4AA 0.86 (2P) 1,625 3.46…
  13. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 13
    Main Pass Drilling Inventory Bullfrog Quintero Upmann Swisher Sweet Camacho Fonseca Punch Don Tomas Maduro Cohiba Onyx Ashton 15 Drilling Locations 80 MMBOE Twin Sister Unrisked Reserve Potential Alladros…
  14. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 14
    Ultra-Deep Shelf vs Deepwater Ultra-Deep Shelf Deepwater Target Size 500-1,000 MMBOE 200-400 MMBOE D&C Cost 125-175 Million 200-250 Million Facilities Cost 100-300 Million 1-3 Billion…
  15. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 15
    Ultra Deep Shallow Shelf vs Deepwater Gulf of Mexico moratorium does not affect shelf…
  16. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 16
    Probing the Depths 17
  17. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 17
    Davy Jones/Blackbeard Paleogene Model Sand Distribution and Deepwater Discoveries Cascade St. Malo Conceptual Model Depositional Fairways Paleogene (Yegua / Wilcox / Eocene) 18
  18. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 18
    Deepwater Wilcox Seismic Ties Wilcox Discovery Dry Hole (Wilcox) Results not announced False River/Port Hudson +/- 125miles Davy Jones Blackbeard Mississippi Canyon +/- 185miles +/- 195miles Green Canyon Champlain…
  19. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 19
    Davy Jones Eocene Structure Depth Map Located in 20 Feet of Water Found Eocene/Paleocene (Wilcox) Sands Below Listric Fault on Shelf of GOM Wireline logs indicate 200 net feet of pay sands Drilled to 29,122 and cased Spud…
  20. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 20
    Wilcox Sand Distribution 21
  21. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 21
    Blackbeard East Summary Located in 85 Feet of Water Very Large 3-way Structure / 2,500 column potential PTD 29,950MD Targeting Middle /Lower Miocene and Possibly Eocene Sands Below a Salt Sill on Shelf of GOM Drilling below…
  22. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 22
    Lafitte Blackbeard Cross Section Top of potential pay sands Drilling below 20,000 23
  23. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 23
    The Size of the Prize Davy Jones John Paul Jones England Eocene / Cretaceous Davy Jones 40+ TCFE Strategic Area Blackbeard West Lafitte Blackbeard East Strategic Area Blackbeard Morgan Strategic Area Barbosa Lafitte Calico…
  24. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 24
    Net Debt + Future Development Costs1/Proved 30.0 27.8 Energy XXI Historical 25.0 23.9 22.8 20.0 17.9 /BOE 15.0 13.0 10.0 5.0 0.0 FY 2007 FY2008 FY 2009 FY 2010 Target 35.0 32.1 Peer Comparison 30.0 Caa2 25.0 19.9…
  25. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 25
    Under-Spending Cash Flows FY11 Budget 250MM EBITDA vs. Cash Requirements 500 400 400 Exploration - 345 Drill Seismic/Land 300 17% MM 4% Development 200 G&A/Other Drill 11% 44% 100 Facility Recompletes 4% 7% 0…
  26. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 26
    Crude Hedge Portfolio* 18 16 14 12 Puts bbls/d in 1,000's 10 Put Spread 3 Way Collars 8 Collars 6 Swaps 4 2 0 Q1 - FY 11 Q2 - FY 11 Q3 - FY 11 Q4 - FY 11 Q1 - FY 12 Q2 - FY 12 Put Swaps Puts Collars 3 ways…
  27. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 27
    Natural Gas Hedge Portfolio* 60 50 40 Mmbtu/qtr in 1,000s Put Spread 30 3 Way Collars Swaps 20 10 0 Q1 - FY 11 Q2 - FY 11 Q3 - FY 11 Q4 - FY 11 Q1 - FY 12 Q2 - FY 12 Swaps Put Spreads 3 ways Total 24,828…
  28. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 28
    Volume Percent Hedged 70% 65% 60% 56% 55% 50% 40% FY 11 FY 12 FY 13 30% 20% 17% 15% 10% 7% 0% Nat Gas Crude 29 * as of August 18, 2010
  29. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 29
    Undervalued Stock* 110 100 90 80 Future Acquisitions 70 & Additional Ultra-deep DJ 6 Tcfe Exploration Success /SHARE 60 DJ 1.5 Tcfe 50 3P 6 Tcfe 2P 40 1.5 Tcfe 1P 30 20 Current Stock Price 10 0 Total…
  30. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 30
    EXXI Competitive Advantages Strong Production and Cash Flow from Core Oil-Focused Assets Core Exploration Opportunities Ultra-Deep Shelf Play Upside Disciplined Financial Approach 31
  31. The Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 31
    Contact: Stewart Lawrence, IRO Energy XXI (Bermuda) Limited 1021 Main Street, Suite 2626 Houston, Texas 77002 (713)351-3006 slawrenceenergyxxi.com NASDAQ: EXXI AIM: EXXI, EXXS www.energyxxi.com 32

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