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FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Oct 12, 2010 · 32 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. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 1
    FBR Capital Markets Small and Mid-Cap E&P Conference Presented by John D. Schiller, Chairman & CEO NASDAQ: EXXI AIM: EXXI www.energyxxi.com 052410
  2. FBR Capital Markets Small and Mid Cap – 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. FBR Capital Markets Small and Mid Cap – 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 76.1 MMBOE Production Capacity 30,000 BOE/d Reserves and production are 2/3rds crude oil EXXI is the 4 oil producer…
  4. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 4
    Core Properties Oil Focused ENERGY XXI Profile Total Current Production: 27,000 BOE/d1 Main Pass Acreage: 200,000 net Laphroaig Field 61, 73 & 74 Fields 325 BOE/d 9,886 BOE/d Cote de Mer Field 181 BOE/d Main West Pass…
  5. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 5
    Historical Proved Reserve Growth 80.0 76.1 70.0 MITEnergy 60.0 55.6 51.5 50.0 MMBOE 40.0 37.4 30.0 20.0 10.0 0.0 FY 2006* FY 2007 FY 2008 FY 2009** *Castex acquisition effective July 2006 ** MitEnergy…
  6. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 6
    Resources Proved, with Upside Total Resources Proved Reserves 113.3 MMBOE, PV-10 2,462.4 MM (1) 76.1 MMBOE, PV-10 1,645.8 MM (1) Strip: PV-10 3,422.7 MM (2) Strip: PV-10 2,279.7MM (2) Resource Highlights 76.1 MMBOE of Proved…
  7. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 7
    Oilier than GOM Peers 70% 65% 60% % Oil 50% 40% 30% 20% 52% 49% 10% 0% Peer 4 Peer 3 Peer 5 Peer 6 Peer 2 Peer 1 EXXI 40.0 36.6 35.0 EBITDA/BOE 30.0 25.0 /BOE 20.0 15.0 10.0 5.0 0.0 Peer 4 Peer 3 Peer 6…
  8. FBR Capital Markets Small and Mid Cap – 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. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 9
    South Timbalier 21 Field Overview Summary Facts Field Discovery Date 1957 Cumulative Production 320+ MMBOE Production Mix 81% Oil Producing Wellbores 42 9th Largest Oil Field on GOM Shelf EXXI 100% WI South Timbalier Volumes…
  10. FBR Capital Markets Small and Mid Cap – 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. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 11
    Main Pass 61/73 Field Overview Summary Facts Field Discovery Dates 1979 / 2002 Cum Production 130 MMBOE Producing Wellbores 36 Productive Zones 28 EXXI 100% WI post for MitEnergy deal Main Pass Proved Reserves Roll Forward…
  12. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 12
    Main Pass 61 Field FY 2011 Rig Recompletion & Workover Program C-7 C-6 C-5ST Estimated Estimated Payout Reserves ECONOMICS Type of Activity Zone(s) Production Capital (Months (MMBOE) (BOED) (MM) ) C-5ST Recompletion…
  13. FBR Capital Markets Small and Mid Cap – 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. FBR Capital Markets Small and Mid Cap – 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. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 15
    Ultra Deep Shallow Shelf vs Deepwater Gulf of Mexico moratorium does not affect shelf…
  16. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 16
    Probing the Depths 17
  17. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 17
    Davy Jones/Blackbeard Paleogene Model Potential Sand Distribution and Deepwater Discoveries Cascade St. Malo Conceptual Model Depositional Fairways Paleogene (Yegua / Wilcox / Eocene) 18
  18. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 18
    Deepwater Wilcox Seismic Ties Wilcox Discovery Dry Hole (Wilcox) Results not announced False River/Port Hudson Drilling well (8/07) +/- 125miles Davy Jones Blackbeard Mississippi Canyon +/- 185miles +/- 195miles…
  19. FBR Capital Markets Small and Mid Cap – 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. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 20
    Wilcox Sand Distribution Need 4 Gas symbols in this interval Wilcox 2 Wilcox 3 Wilcox 4 21
  21. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 21
    Blackbeard East Summary Located in 85 Feet of Water Drilling a new wellbore from surface location Very Large 3-way Structure /2500 column potential PTD 29,950MD Targeting Middle /Lower Miocene and Possibly Eocene Sands Below…
  22. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 22
    Lafitte Blackbeard Cross Section Top of potential pay sands 22,000 Current MD 16,500 23
  23. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 23
    Ultra Deep Shelf Prospects Davy Jones John Paul Jones England Eocene / Cretaceous Davy Jones 20-30 TCFE Strategic Area Lafitte Blackbeard West Strategic Area Blackbeard Blackbeard East Strategic Area Morgan Barbosa Lafitte…
  24. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 24
    Net Debt + Future Development Costs1/Proved 35.0 29.0 28.0 Energy XXI Historical 30.0 24.4 25.0 /BOE 20.0…
  25. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 25
    Balance Sheet FY 2009 March 2010 Assets: Total current assets 199 139 Net PP&E 1112 1365 Other 18 37 Total Assets 1329 1540 Liability & Stockholders Equity: Total current liabilities 203 207 Total long-term debt 858 7511…
  26. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 26
    Crude Hedge Portfolio* 18 16 14 12 Puts 10 bbls/d in 1,000's Put Spread 8 3 Way Collars 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. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 27
    Natural Gas Hedge Portfolio* 45 40 35 30 Mmbtu/d in 1,000s 25 Put Spread 20 3 Way Collars Swaps 15 10 5 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…
  28. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 28
    Volume Percent Hedged 70% 64% 60% 50% 47% 40% 34% FY 11 FY 12 30% FY 13 20% 14% 12% 10% 8% 0% Nat Gas Crude 29 * as of June 21, 2010
  29. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 29
    Under-Spending Cash Flows FY10 Budget 147MM EBITDA vs. Cash Requirements 500 428 Seismic/Land 6% 400 Exploration - 335 Drill 316 33% 300 265 G&A/Other MM 19% Development 200 Drill 15% Facility 100 17% Recompletes…
  30. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 30
    Undervalued Stock 110 90 Future Acquisitions & Additional Ultra-deep 70 Exploration Success 6 Tcfe DJ 6 Tcfe DJ 1.5 Tcfe /SHARE 50 1.5 Tcfe 3P 2P 1P 30 Current Stock Price 10 Total Resources - Strip (1)…
  31. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 31
    EXXI Competitive Advantages Solid Base of Oil-Focused Core Assets Strong Production and Cash Flow Core Exploration Opportunities Ultra-Deep Shelf Play Upside Disciplined Financial Approach 32
  32. FBR Capital Markets Small and Mid Cap – Energy XXI Gulf Coast, Inc – slide 32
    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 33

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