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UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · May 17, 2011 · 27 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. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 1
    UBS Leveraged Finance Conference West Griffin, Chief Financial Officer May 17-18, 2011 NASDAQ: EXXI AIM:EXXI www.energyxxi.com 05/02/2011
  2. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 2
    Proven Strategic 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 around…
  3. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 3
    Company Snapshot Stock Ticker (NASDAQ, AIM) EXXI Market Cap 3 Billion* Insider Ownership 5.5% Proved Reserves 125.1 MMBOE** Production 41,500 BOE/d*** Reserves and production are 2/3rds crude oil EXXI is the 3 oil producer on…
  4. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 4
    Company Historical Timeline EXXI Closed 5 Transactions and Attracted 165 Veteran Employees Since 2005 Acquisition PSA Date Close Date Number of Days Marlin 03/06/06 04/17/06 42 Castex 06/07/06 08/01/06 55 Pogo 04/24/07 06/11/07…
  5. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 5
    Successful M&A Results 800 POGO 600 400 200 MM 0 -200 Payout in April 2011, -400 46 months after acquisition -600 FY2007 FY2008 FY2009 FY2010 FY2011* FY2012 FY2013 FY2014 MIT Energy 600 Cashflow** Cumulative…
  6. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 6
    Current GOM Properties West Delta 73 West Delta 30 4,700 BOE/d 3,600 BOE/d Grand Isle 16, 18 2,100 BOE/d Main Pass 61, 73 & 74 Laphroaig-Pontiff 10,000 BOE/d 1,300 BOE/d South Timbalier 21 3,900 BOE/d South Timbalier…
  7. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 7
    Oil Levered Asset Base Proved Reserve Mix GOM Peer Comparison 100% 90% 80% 42% 38% 37% 45% 70% 53% 65% 60% 50% 40% 30% 58% 62% 63% 55% 20% 47% 35% 10% 0% Peer 1 Peer 2 Peer 3 Peer 4 EXXI Pro-forma Peer 5 %…
  8. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 8
    Main Pass Complex 100% WI Field Discovery 1979 / 2002 Cum Production 130 MMBOE Producing Wellbores 36 Productive Zones 28 9
  9. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 9
    Stability of EBITDA/BOE 80.00 45 40.00 ATPG 41.98 High - Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 ATPG 80.00 EXXI 40.00 CPE 40.73 CPE 40 SGY - Mar-08 Jun-08 Sep-08 Dec-08 Mar-09…
  10. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 10
    Credit Metrics Net Debt/EBITDA(1) TTM ended 3/31/11 Caa2 8 5.78 6 Caa1 Caa1 Caa1 Caa1 Caa1 4 1.91 2 0.86 1.03 1.24 0 0 Peer 1 Peer 3 Peer 5 Peer 2 EXXI Peer 4 Net Debt/BOE(2) 15 Caa2 Caa1 10 Caa1 Caa1 Caa1 Caa1 14.22…
  11. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 11
    Enhanced Balance Sheet Net Debt/Total Net Debt/Total Capitalization (Book) Capitalization Net Debt / Total 100.0% (Market) Proved 100.0% 16.00 85.8% 91.0% 14.58 80.0% 14.00 80.0% 12.00 62.1% 60.0% 57.6% 10.00 9.50 9.58…
  12. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 12
    High/Low Capex Case 100 Production and Capital 1,000 90 900 80 800 70 700 595 600 590 MBOE/D 60 600 MM 50 500 380 375 365 40 400 30 300 20 200 10 100 0 0 FY'11 FY'12 FY'13 FY'14 Production Low Production High…
  13. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 13
    Hedge Revenue Profile Revenue Profile based upon Strip Prices* 450 54% of revenue hedged versus Strip for FY 12 MM / Qtr. 41% of revenue hedged versus Strip for FY 13 Net effective price: 2012 2013 Crude 104.40 105.06…
  14. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 14
    Effective Crude Hedge Price Sensitivities FY 11 Crude Hedge Benefit FY 12 Crude Hedge Benefit 130 130 FY 11 Eff. Price Spot Price FY 12 Eff. Price Spot Price 120 120 110 110 100 100 Effective Price /Bbl Effective Price…
  15. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 15
    *as of 5/9/2011 0 5 10 15 0 5 10 15 -5 Jun-11 May-06 Jul-11 Jul-06 Aug-11 Sep-06 Sep-11 Nov-06 Oct-11 Jan-07 Nov-11 Mar-07 Dec-11 Jan-12 May-07 Feb-12 Jul-07 Mar-12 Sep-07 Apr-12 Nov-07 May-12 Jan-08…
  16. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 16
    Estimated Realized HLS Spread May 11 Jun 11 Jul 11 Aug 11 Vol/d /Bbl Vol/d /Bbl Vol/d /Bbl Vol/d /Bbl Physically 15,000 2.37 15,000 2.37 15,000 2.37 11,000 8.51 Hedged Estimated 7.59 6.80 6.71 10.25 Realized* Sep 11 Oct 11 Nov…
  17. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 17
    Rig and Well Activity Main Pass 72 Rowan Gorilla III Onyx Prospect Drilling South Marsh Island 234 Rowan Mississippi Rig Davy Jones 2 Logging South Pass 89 Sundowner 1 WO Rig Six Well Workover Program Drilling South…
  18. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 18
    Probing the Depths 19
  19. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 19
    Davy Jones Eocene Discovery, with Upside Davy Jones 1 Drilled to 29,122 and Cased Logged 200 of net Wilcox pay Davy Jones 2 Logged 100 of Net Wilcox Pay Possibly encountered Tuscaloosa section Permitted to 30,450 TVD WI BCP…
  20. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 20
    Blackbeard East Summary Located in 85 Feet of Water Large 3-way Structure Miocene, Oligocene and Eocene Targets PTD 34,000 TVD Drilled to 32,920 WI BCP 16% WI ACP 18% NRI 14.35% Structural Cross Section Through…
  21. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 21
    Lafitte Prospect Summary Located in 140 Feet of Water Very Large 3-way Structure Targeting Miocene Sections as Seen at JB Mountain, Flatrock Currently Drilling PTD 29,950 WI BCP 16% WI ACP 18% NRI 14.35% 22
  22. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 22
    Size of the Prize 100+ Tcf Potential Davy Jones Lafitte Blackbeard West John Paul Jones Captain Blood Blackbeard East England Barataria Morgan Eocene / Cretaceous Drake Barbosa 40+ TCFE Swann Calico Jack Miocene / Paleocene Hook…
  23. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 23
    Third-Largest Oil Producer in GOM Shelf ExxonMobil Deal Redefining Energy XXI Multi-year Exploration & Development Inventory: Strong core growth opportunities Multiple ultra-deep projects First-Class Technical Organization A…
  24. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 24
    Appendix 25
  25. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 25
    Enhanced Balance Sheet 6/30/2009 6/30/2010 3/31/2011 Cash and cash equivalents 89 14 33 Long-term debt (principal amounts): Revolving credit facility 235 109 120 10% Senior Notes 624 277 106 16% Second Lien Notes --- 342 --- 9.25%…
  26. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 26
    Operating Data per BOE Quarter Ended 3/31/10 6/30/10 9/30/10 12/31/10 03/31/11 MBOE/d 25.4 25.3 25.9 29.4 41.4 Oil % 68% 68% 69% 70% 66% Revenue (Pre-hedge) 61.57 58.10 57.73 64.57 71.24 LOE Insurance Expense 2.89 3.13 2.58 2.40…
  27. UBS Leveraged Finance Conference – Energy XXI Gulf Coast, Inc – slide 27
    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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