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Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Oct 27, 2011 · 20 slides

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Slides

  1. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 1
    FY 2012 First Quarter Conference Call NASDAQ: EXXI AIM:EXXI www.energyxxi.com October 27, 2011 10/26/2011
  2. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 2
    John D. Schiller Chairman and CEO
  3. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 3
    EXXI Crude Prices Remain Strong WTI, Brent and HLS Spot 140 130 120 110 100 90 80 70 Date 2/7/2011 3/22/2011 5/4/2011 6/16/2011 7/29/2011 9/12/2011 WTI spot Brent Spot HLS spot 83% of crude production priced…
  4. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 4
    West Griffin Chief Financial Officer
  5. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 5
    Aggressive Debt Paydown Change in Long Term Net Debt - Exxon Acquisition through 10/26/11 (MM) 1,400 1,300 XOM: 1,280.7MM 1,200 328.9MM 1,100 9/30/11: 1,010.5MM 1,000 Revolver Borrowings Less Cash 10% Notes 10/26/11:…
  6. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 6
    Shift to Brent Hedges WTI and Brent Historical Spot Prices 150 125 100 75 50 3/1/2006 9/1/2006 3/1/2007 9/1/2007 3/1/2008 9/1/2008 3/1/2009 9/1/2009 3/1/2010 9/1/2010 3/1/2011 9/1/2011 WTI spot Brent spot 30 Brent-WTI…
  7. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 7
    Hedge Monetization Impact Income Recognition (Cash and Non-Cash) 20,000,000 18,000,000 16,000,000 14,000,000 Nat Gas Cash Received Q2 2012 12,000,000 Oil Cash Received Q2 2012 10,000,000 Oil Deferred Cash 8,000,000 Nat Gas…
  8. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 8
    Daily Production Profile Daily Net Production 50 45 14 days 40 35 4 days of 30 Tropical deferred MBOEPD 25 Storm Lee production 20 19.52 15 10 5 0 Jul-11 Aug-11 Sep-11 Oct-11 No major damage from Lee or…
  9. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 9
    Operating Data per BOE Quarter Ended 6/30/10 9/30/10 12/31/10 03/31/11 06/30/11 9/30/11 MBOE/d 25.3 25.9 29.4 41.4 42.1 40.8 Oil % 68% 69% 70% 66% 67% 69% Revenue (Pre-hedge) 58.10 57.73 64.57 71.24 78.90 74.05 LOE Insurance Expense…
  10. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 10
    Hedge Profile 400 100% 90% Est. Net Effective Price** FY 12 FY 13 80% Crude 110.15 106.10 Nat Gas 4.53 4.55 70% Percent of PDP Hedged 60% Revenue (MM) 50% Total Est. Rev. Strip* 40% Total Revenue Hedged - NG Collars…
  11. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 11
    1Q FY 2012 Operational Highlights
  12. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 12
    SP 89 Recompletion Program Gross Field BOE/d Six well recompletion program completed 7,000 6,065 BOE/d 6,000 All projects pay out within nine months EXXI 5,000 acquired operations Total Net CAPEX: 18.5 MM 4,000 3,000 Initial…
  13. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 13
    GI 16 Recompletion Program Gross Field BOE/d Seven well recompletion program underway 6,000 5,353 Q-43 recently unloaded and on production BOE/d EXXI Rig currently on J-21 5,000 acquired operations Net CAPEX To Date: 18.6 MM…
  14. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 14
    Grand Isle 16 Sunny (R-22ST3) Target is the C-2 Sand with a secondary target of the B- 2 Sand Logged 78 of net pay in B-2 and B-4 Sands Anticipate a rate of 1,000 Bbl/d starting up in December 2011 Planned TD 9,000 TVD 15
  15. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 15
    Energy XXI Rig Schedule Field Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Grand Isle 16 Sundowner 1 Grand Isle 16 Davy Jones - MMR Rowan EXL 3 West Delta 73 Magnum Nabors P-17 O Main Pass 60 Bullfrog P Hercules…
  16. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 16
    Multi-Year Drilling Inventory 201215 FY 2012 2013 2014 2015 2016 + 95+ Additional Opportunities Identified for 2016 and Beyond EI 330 (5 wells) Pontiff E-03 ST Accel* Quito Ouiski Bayou Glendullen* Bogota Big Abbott* RI DA008…
  17. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 17
    Shallow Water Ultra Deep Update Davy Jones All equipment has been manufactured 25K psi production tree (tested) 25K psi safety valve 25K psi BOP Specialized tubulars DJ 1: Drilled and cased to 29,122 Logged 200 net Wilcox pay…
  18. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 18
    Shallow Water Ultra Deep Update Blackbeard East Lafitte Drilling Progress: Drilling Progress: PTD 34,524 TVD PTD 29,950 Exited weld at 19,500 Exited weld at 22,595 Drilling ahead at 32,650 Drilling ahead at 28,422 Log data…
  19. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 19
    Q&A
  20. Q1 2012 Earnings Call – Energy XXI Gulf Coast, Inc – slide 20
    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…

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