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UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · May 23, 2013 · 52 slides

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Slides

  1. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation UBS Oil & Gas Conference May 21-23, 2013 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 5/17/13
  2. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 2
    Performance Financial Program Overview Update Outlook 3
  3. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 3
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production 50,000 BOE/d** One of the Largest Oil Financial Producers on GoM Shelf Ticker EXXI 70% of Production is Oil Market Cap (5/20/13) 2.2B Insider Ownership 5% FY2013…
  4. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 4
    Consistent Growth Since 2005 Milestones: October 2005 Funded With a 300MM Blind Raise August 2007 NASDAQ Listing November 2009 Fourth Acquisition in Four Years December 2010 Acquired GoM Shelf Properties for 1BN September 2012 Joint…
  5. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 5
    Operates 5 of the Largest GoM Oil Fields Field Operator 1 Bay Marchand 2 Chevron 2 West Delta 30 Energy XXI 13 Energy Resources 3 Eugene Island 330 Apache* South Ma rsh Isla nd 130 4 Grand Isle 16 Energy XXI 186 MMBO 5 Grand Isle…
  6. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 6
    Technical Team Differentiates EXXI EXXI Technical Staff Averages 23 Years of Experience Varied Operator Experience: Varied Technical Experience: ExxonMobil Aggressive Exploitation Kerr McGee Seismic Reprocessing / Technology Superior…
  7. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 7
    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 =…
  8. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 8
    Low-Cost Reserve Development Reported 6/30/12 Resources 3P: 281 MMBOE* 3P: 260.0 MMBOE, PV-10 6,648 MM1 2P: 165.6 MMBOE, PV-10 5,772 MM1 78 MMBOE POSS UNDEV 67 MMBOE Possible 40.4 MMBOE PV-10 876 MM2 2.62/BOE PDP 21 MMBOE Probable…
  9. UBS Global Oil and Gas 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 Additions 6.4 Replacement Ratio 383% FY 2010 104.7 FY12 Production 119.6 424% 36.7 FY10 53.1 Sales FY…
  10. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 10
    Performance Financial Program Overview Update Outlook 11
  11. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 11
    Results Lead to Less Leverage Net Debt to Cap 88% 66% 64% 64% 63% 58% 59% 54% 47% 44% 43% 42% 44% 46% 40% 1QFY10 2QFY10 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13…
  12. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 12
    FY 2013 Capital Program 800MM Capital Program Details (Excluding Acquisitions) 16 Horizontal/High Angle Wells 189.5 MM 40 45 35 86 12 Conventional Wells 166.5 MM 594 3 Exploration Wells 70.6 MM Other Exploration/Development…
  13. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 13
    HLS Getting Premium to Brent 125 115 105 95 85 Brent HLS WTI 75 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 14
  14. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 14
    Attractively Hedged Energy XXI Oil Trends to HLS 30 WTI 3-Way 25 WTI Collar Brent Collars 20 Brent 3-Way 1,000 bpd Brent Put Spread 15 10 5 0 May-Jun 2013 Jul-Dec 2013 Cal 2014 Cal 2015 Crude Oil May-Jun 2013…
  15. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 15
    Performance Financial Program Overview Update Outlook Development 16
  16. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 16
    Three Ways to Win Taking Recovery From 45% to 65% Reserves Hiding in Shadow of Salt Ultra Deep Main Pass 72/73 Lineham Creek (booked reserves) West Delta 73 Exxon JV (VR 179) Lomond North (drilling below salt) West Delta 30…
  17. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 17
    Current Activity 6 Operated Rigs Bayou Carlin 94.5% WI Ca meron Parish, LA 9% WI Eugene Island 330 35% WI Multiwell Redevelopment Dupla ntis Lineha m Creek Ensco 75 Drilling Parker 77 Drilling Unit 201 Drilling Highlander Area 18%…
  18. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 18
    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…
  19. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 19
    Making the Case for Horizontal Drilling Early Life Mid Life Late Life Vertical Drilling Typical Vertical: 200 psi drawdown leads to water coning and inefficient sweep Early Life Mid Life Late Life Horizontal Drilling…
  20. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 20
    Natural Water-Drive Enhances Recovery Horizontal Type Curve Cumulative Production Comparison (MBO) Years 5 10 15 20 Beyond Horizontal 3% Decline Cases High 834 1,261 1,599 1,890 4,258 Low 334 512 657 783 1,858…
  21. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 21
    WD 73 Enhanced Recovery: F Sands* Shifting to Horizontals May Lead to Significant Reserve Bookings Original Oil in Place (298 MMBO) 100% 90% Residual 80% 70% Potential Reserve % Original Oil in Place Additions 60%…
  22. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 22
    Where Horizontals Work Best Best Case More Challenging Most Challenging Greater Geological Risk Salt harder to interpret Little Faulting to Break up precisely Multiple Faults Due to Structure Mineralization can cause…
  23. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 23
    Old Horizontals Support Big Reserves Historical Horizontal Completions Recovered over 800 MBO vs. 350 MBO for Vertical Completions West Delta 73 D10 ST2 West Delta 73 D44 ST 4.5% Decline 3% Decline CUM Prod: 1.422 CUM Prod:…
  24. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 24
    Horizontal Program Economics Net Capital PV10 Program Net MMBOE %Oil Disc. P/I (MM) (SMM) West Delta 73 50.9 7.7 92% 283 5.8 Grand Isle 16 31.1 0.9 78% 22 0.7 South Timbalier 54 21.2 0.9 92% 18 0.9 Main Pass 61 26.0 0.7 94%…
  25. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 25
    WD 73 Drilling Successes Big Sky 2 7 Independent Reservoirs Bearclaw 40 Horizontal Locations Identified HORIZONTAL HORIZONTAL Hyden Field Pays Type Log Maroon (G-20 Sand) HORIZONTAL HORIZONTAL Weimer HRZ 26
  26. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 26
    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 Mar 13 Quarter Ending Field…
  27. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 27
    Production Ramp-Up Bayou Carlin Maroon Viper Iceman Gelato Bearclaw Camacho SP49A-17 Slider Vanguard Glacier Acquisition Downtime Downtime Current Production 50,000 BOE/d 1/1/2013 6/30/2013 28
  28. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 28
    100+ Potential Horizontal Locations in Core Fields South Timbalier 21 8 16 Wells South Timbalier 54 7 12 Wells Grand Isle 16/18 6 11 Wells West Delta 28 40 Wells South Pass 7 9 Wells Main Pass 6 12 Wells 29
  29. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 29
    Main Pass Finding New Miocene Reserves Carinos Log MP 73 Onyx LP-1G Pod A Pod B LP-2 Monte Carlo MP 61 Don Tomas Quintero Log MP 73 C-1 2 BA-4AA J-6 Sand LP-1G LP-2 BA-4B/5 J-6 J-6 30
  30. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 30
    Large Inventory of Leads & Prospects MP 60 Tex W Quintero Java Pod A Monte Carlo-2 Camacho Reno The Judge Vegas Pod B Swisher Sweet Upmann Punch Fonseca Angelinos Monte Carlo S Don Lino Don Lino N Maduro Romeo Pantera Don…
  31. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 31
    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…
  32. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 32
    SP49 D65 Development 56.50% WI 47.08% NRI* D65 Structure Map SP33 A-19 New Reservoir with Significant Upside Potential First completion in A-7 ST A-19 ST 19 MMcf/d Second completion in A-19 ST A-17 SP49 A-17 4.9 MMcf/d & 125…
  33. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 33
    Performance Financial Program Overview Update Outlook Exploration 34
  34. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 34
    Wide Azimuth (WAZ): Getting Better Data Two Key GoM Shelf Targets: Deeper, Below Existing Fields Around and Under Salt Domes Narrow Azimuth 3D Coverage Wide Azimuth 3D Coverage 35
  35. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 35
    Top Fields Deeper Potential to Probe Only 4% of wells drilled deeper than 15,000 TVD South Timbalier 21 Grand Isle 16, 18 247 wells drilled 1,101 wells drilled 5 15,000 TVD 19 15,000 TVD West Delta 30 908 wells drilled 20…
  36. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 36
    Better Understanding of Salt Domes Grand Isle 16/18 Main Pass W Delta 30 S Timbalier 21 Vermilion 179 S Timbalier 54 GOM Intrusive Salt Bodies Salt Dome Focus Area Map Area Increased activity around these…
  37. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 37
    Growing With the Right Partners ExxonMobil JV 38
  38. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 38
    Apache JV Targeting Salt Domes Targets salt domes across 135 blocks on GoM Shelf Acquiring additional 25% WI in 25 non-producing primary term leases New Orleans No promote, no drill commitment Seismic program underway to define…
  39. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 39
    Vermilion 179 ExxonMobil Joint Venture Vermilion Joint Venture Exploration Outline VR 164 Located in 105 Feet of Water Overview Energy XXI Operated JV with ExxonMobil 2-Well Carry to Earn 50% Working Interest Merlin…
  40. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 40
    Bayou Carlin Location Map Bayou Carlin Field Duplantis 1 Pintail Testing Bayou Carlin Look-Alike Bayou Carlin Field Stats High Rate, Large Potential Operated Gas Field Year of Discovery 2007 60.4 BCF Cumulative…
  41. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 41
    Duplantis Goes Up Structure at Bayou Carlin Bayou Carlin Type Log 42
  42. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 42
    De-Risking the Ultra-Deep Gross Unrisked Potential Could Approach 150 Tcfe Lomond North (in progress) Lineham Creek England North (in progress) England Bonnet Blackbeard West Hook (dev. plan underway) Davy Jones Offset…
  43. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 43
    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…
  44. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 44
    Energy XXI Positioned for the Future Why Invest in Energy XXI Five of the Largest GoM Shelf Oil Fields are EXXI Operated Five Years of Continued Reserves Growth Oil Focused Production Drives Cash Flow Horizontal Redevelopment…
  45. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 45
    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…
  46. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 46
    Addendum 47
  47. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 47
    EXXI Trades at Discount to NAV Category1 PV-10 /Share2 Proved Developed Reserves 3,229 36.82 Proved Undeveloped Reserves 1,239 14.12 Net Debt3 (1,197) (13.65) Total Net Proved Value 3,271 37.29 Probable Reserves 1,700 19.38…
  48. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 48
    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 25 Current Stock Price 0 Total Resources…
  49. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 49
    Operating Data per BOE Quarter Ended 9/30/11 12/31/11 3/31/12 6/30/12 9/30/12 12/31/12 3/31/13 Revenue (MM) 284.9 340.6 336.0 341.9 270.2 320.5 303.8 MBO/d 28.0 30.6 31.4 32.2 26.1 29.4 28.6 MBOE/d 40.8 42.7 45.3 47.6 37.3 44.6…
  50. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 50
    Updated Hedging Position* Fiscal Instrument Period Daily Volumes Average Price Index Quarter Type CRUDE OIL 4/2013-6/2013 Q4 2013 Collars 3,500 bbl/day 73.57 floor,105.63 cap WTI 4/2013-6/2013 Q4 2013 Three-Way Collars 6,000 bbl/day…
  51. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 51
    Solid Balance Sheet Net Debt/Total Proved Net Debt/Proved Developed Fixed Costs/BOE produced 9.48 9.31 13.64 13.30 10.00 15.00 15.00 7.53 11.03 10.73 8.00 10.00 10.00 7.31 6.00 6.06 4.00 5.00 5.00 2.00 0.00 - 0.00 6/30/10…
  52. UBS Global Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 52
    Horizontal Well Review Initial Rate Current Rate First Project Oil Gas Oil Gas Comments Production West Delta 73 Program Big Sky II Sep 13, 2012 2,830 1,300 775 2,050 Water production coming from toe Weimer Oct 27, 2012 1,425…

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