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Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Oct 26, 2010 · 32 slides

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Slides

  1. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 1
    2010 Credit Suisse Global Credit Products Conference NASDAQ: EXXI AIM: EXXI www.energyxxi.com Presented by West Griffin, Chief Financial Officer 091310
  2. Credit Suisse Global Credit Products 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. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 3
    Energy XXI A Snapshot Stock Ticker (NASDAQ, AIM) EXXI Market Cap 1 Billion Insider Ownership 5% Proved Reserves 75.6 MMBOE Production Capacity 26,000 BOE/d Reserves and production are 2/3rds crude oil EXXI is the 4 oil producer on…
  4. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 4
    Core Properties Oil Focused ENERGY XXI Profile Total Production Capacity: 26,000 BOE/d Main Pass Acreage: 200,000 net 61, 73 & 74 Fields 8,604 BOE/d Rabbit Island Field 578 BOE/d VK1003 Fastball South Pass 49 Field 2,728…
  5. Credit Suisse Global Credit Products 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. Credit Suisse Global Credit Products 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 3,124.4MM (2) Strip PV-10 2,277.8 MM (2) Resource Highlights 75.6 MMBOE of Proved Possible…
  7. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 7
    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 Gross Historical Production…
  8. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 8
    Main Pass Complex Summary Facts Field Discovery Dates 1979 / 2002 Cum Production 130 MMBOE Producing Wellbores 36 Productive Zones 28 EXXI 100% WI Gross Historical Production Reserve Growth 35,000 80 30,000 70 Acquisition 65%…
  9. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 9
    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…
  10. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 10
    Ultra Deep Shallow Shelf vs Deepwater Gulf of Mexico moratorium does not affect shelf…
  11. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 11
    Probing the Depths 12
  12. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 12
    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…
  13. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 13
    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…
  14. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 14
    Davy Jones Cash Flow vs. Production 6 Tcf Case 200 5,450 5,250 Gross Assumptions: 5,050 180 IP 100MMcf/d/Well (20 Bbls/MMcf yield) 4,850 30 Wells 150MM/Well D&C 4,650 160 300MM Facility 4.2 Billion 4,450 4,250 1,500MM…
  15. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 15
    Davy Jones: Potential Timeline FY 2010 FY 2011 FY 2012 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 10 10 10 10 10 10 10 10 10 10 10 10 11 11 11 11 11 11 11 11 11 11 11 11…
  16. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 16
    Key Completion Components Component Status Delivery Vendor 25k SCSSV (Safety Valve) Ordered 2Q2011 Baker/Halliburton 3 20k exists; Expansion of existing technology Sumitomo, Tenaris, Tieback Casing Tenders Received 2Q2011 Hydril…
  17. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 17
    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 Cased at…
  18. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 18
    Lafitte - Blackbeard Cross Section Drilling below 22,300 6,800 extra feet of untested Miocene section
  19. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 19
    The Size of the Prize Davy Jones Lafitte Discovery Blackbeard West Davy Jones 1 John Paul Jones Captain Blood England Blackbeard East SMI Block 230 20 water Barataria 29,000 TD Eocene / Cretaceous Morgan Drake 40+ TCFE Barbosa Swann…
  20. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 20
    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…
  21. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 21
    FY 2011 Capital Program Overview Platte Total Capex 250MM Bayou Carlin Main Pass E&D Drilling 61, 73 Fields 22 Projects 155 MM Davy Jones Offset Blackbeard East Recompletions Lafitte 10 Projects 20MM Eugene…
  22. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 22
    Future Production Profile MBOE/D FY'10 FY'11 FY'12 FY'13 FY'14 Proved Developed Probable Capital Uplift Davy Jones (1) Ultra Deep Exploration (1) Davy Jones 1.5 Tcfe initial development case 23
  23. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 23
    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 40.00 35.70 35.00 EBITDA/BOE 30.00 25.00 20.00 15.00 10.00 5.00 0.00 Peer 1 Peer 2 Peer 3 Peer 4…
  24. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 24
    Stability of EBITDA/BOE EXXI realizes top quartile EBITDA/BOE but with lowest quartile volatility 25
  25. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 25
    Peer Benchmarking 8.2 Reserve Life (years) 300 3 Year Proved Reserves Growth % 260 250 Caa1 5.1 4.5 200 4.0 150 B3 % 100 B3 50 36 B3 B3 Caa1 0 B3 B3 -50 -30 -50 -100 EXXI Peer 1 Peer 2 Peer 3 Peer 2 EXXI Peer 1…
  26. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 26
    Net Debt Multiples EXXI Net Debt/Proved Developed EXXI - Net Debt + Future 30.0 27.8 Historical Development Costs/Proved 23.9 35.0 Historical (1) 25.0 22.8 Caa3 30.0 29.0 28.0 20.0 24.4 25.0 13.5 /BOE 15.0 20.0 17.9 Caa2…
  27. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 27
    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…
  28. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 28
    Natural Gas Hedge Portfolio 35 30 25 Mmbtu/qtr in 1,000s 20 Put Spread 3 Way Collars 15 Swaps 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 23,813…
  29. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 29
    Volume Percent Hedged 80% 70% 67% 60% 50% FY 11 40% 39% FY 12 FY 13 32% 30% 20% 19% 17% 9% 10% 0% Nat Gas Crude Recently monetized certain gas hedges locking in 17MM gain 30 *as of September 8, 2010
  30. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 30
    Undervalued Stock* 90 80 Future Acquisitions 70 & Additional Ultra-deep Exploration Success 60 6 Tcfe DJ 6 Tcfe /SHARE 50 DJ 1.5 Tcfe 1.5 Tcfe 3P 40 2P 30 1P 20 Current Stock Price 10 0 Total Resources (1)…
  31. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 31
    EXXI Competitive Advantages Strong Production and Cash Flow from Core Oil-Focused Assets Core Exploration Opportunities Ultra-Deep Shelf Play Upside Disciplined Financial Approach 32
  32. Credit Suisse Global Credit Products Conference – Energy XXI Gulf Coast, Inc – slide 32
    Contact: West Griffin, CFO Energy XXI (Bermuda) Limited 1021 Main Street, Suite 2626 Houston, Texas 77002 (713) 351-3003 wgriffinenergyxxi.com NASDAQ: EXXI AIM: EXXI, EXXS www.energyxxi.com 33

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