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Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Dec 4, 2012 · 41 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. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Delivering the next 5% December 2012 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 11/27/12
  2. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production 46,000 BOE/d*** Financial One of the Largest Oil Ticker EXXI Producers on GoM Shelf Market Cap (11/28/12) 2.7B* 70% of Production is Oil Insider Ownership 5.5% FY2013…
  3. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 3
    From Inception to One of GoMs Largest Oil Producers Acquisitions Large Oil Fields Technical Staff Increased Recoveries
  4. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 4
    Building it Right Acquisition Success 50.00 48.87 48.04 Acquisition Price per BOE 42.03 40.00 33.96 31.34 29.53 29.61 30.00 28.22 27.82 27.01 26.61 25.69 All Others 24.78 24.13 23.15 23.25 27.00 22.48 20.69 20.98 20.82…
  5. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 5
    Operates 5 of the Largest GoM Oil Fields East Cameron 334/335 Vermilion Laphroaig-Pontiff South Timbalier 21 Grand Isle 16, 18 Eugene Island 330 West Delta 30 South Timbalier 54 South Pass 89 West Delta 73 Main Pass 61,…
  6. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 6
    Current Rig Activity Eugene Island 330 Vermilion 179 Ensco 75 Rig Hercules 264 Multi-Well Development Program Pendragon Drilling Cameron Parish, LA Unit 201 Lineham Creek Drilling South Marsh Island 230 Highlander Area Rowan…
  7. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 7
    Technical Team Differentiates EXXI Varied Operator Experience: Varied Technical Experience: ExxonMobil Aggressive Exploitation Kerr McGee Seismic Reprocessing / Superior Technology Amoco Reservoir Simulation Apache Low Resistivity…
  8. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 8
    Continued Growth Through Horizontal Drilling
  9. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 9
    WD 73 Horizontal Well Characteristics CUM Prod: 1.422 CUM Prod: 1.660 EUR: 1.917 MMBO EUR: 2.710 MMBO Average Horizontal Well Expected to Recover Over 800 MBO vs. 350 MBO for Recent Vertical Wells 10
  10. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 10
    WD 73 Recent Drilling Miller Key WD 73 WD 74 FY12 Well Magnum Inventory D-PLAT Big Sky 2 Rosebank Quandry Weimer HORIZONTAL WD 92 WD 91 HRZ 11
  11. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 11
    WD 73 Big Sky 2 Horizontal Big Sky 2 (Conventional) F-30 Sand Net Pay Map Big Sky 2 (Horizontal) Big Sky 2 Big Sky 2 COMPLETING F-30 Well Configuration Comparison: Typical Vertical Well Big Sky 2 Horizontal Pre-Drill…
  12. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 12
    WD 73 Hyden Hyden Pilot Well Log G-20 Sand Structure Map G-20 Well Information Horizontal Well Drilling Below 9,925 MD / 8,600 TVD Primary Target: G-20 Sand Planned TD: 11,780 MD / 8,750 TVD Planned IP (P90): 2,500 BO/d…
  13. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 13
    Apache EI 330 Re-development Success D-19 D-20 D-18 Horizontal GA-2 D-13 D-14 D-15 D-6 ST D D-19 A B-14 ST B-9 ST D-20 B-9 ST B-14 ST D-16 D-17 D-17 C B-16 ST S B-12 ST D-15 B D-16 D-13 D-9 ST D-14 B-16…
  14. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 14
    GI 16/18 Development to Drive Uplift Grand Isle 16/18 Historical Production (Gross BOE/d) 18,000 15,000 March 2011 12,000 EXXI acquires 8,860 operations BOE/d 9,000 6,000 3,000 0 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12…
  15. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 15
    GI 16/18 Proven Repeatability Winters Log Sunny Log Pi Log Costello Log Cake Log 16
  16. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 16
    GI 16/18 Gelato Gelato Type Log C-6 Sand Structure Map C-6 Sand Gelato Well Information Spud Date: December 2012 Primary Targets: C-6 Sand (Horizontal) Planned TD: 13,550 MD / 9,900 TVD Planned IP: 3,500 BOE/d Gross…
  17. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 17
    MP Development with Exploitation Upside Main Pass Historical Production (Gross BOE/d) 20000 15000 15,520 5BOE/d 10000 5000 0 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 June 2007 EXXI acquires operations Field Stats FY13…
  18. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 18
    Main Pass Inventory Rich Key Carinos Log FY12 Well Inventory MP 73 Onyx MP 61 Don Tomas LP-1G BA-4AA LP-2 BA-4B/5 J-6 MP 73 C-1 2 LP-1G LP-2 19
  19. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 19
    MP 61 Monte Carlo Sand Structure Map Current Water Cuts Monte Carlo = a horizontal well near the top of the large J-6 Pod A reservoir. ATTIC AREA A10ST ATTIC AREA High Water Cut Low Water Cut C7 A5 A11 A1 C8 A A8 A3 A6ST2…
  20. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 20
    High-Impact Exploration Vermilion Davy Jones Blackbeard West 2 Lineham Creek Highlander Project
  21. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 21
    Vermilion 179 Exploration Joint Venture Joint Venture Vermilion Exploration Outline VR 164 Located in 105 Feet of Water Well Information Energy XXI Operated JV with ExxonMobil 2-Well Carry to Earn 50% Working Interest…
  22. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 22
    De-Risking the Ultra-Deep Highlander (in progress) Lineham Creek England North Hook (in progress) Barbosa England Bonnet Lafitte Davy Jones Offset (dev. plan filed) (awaiting completion) Blackbeard East (dev. plan filed)…
  23. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 23
    Davy Jones 1 Davy Jones 1 Log Top of Wilcox 2C Sand Structure Map 20,000 acres Davy Jones 1 Davy Jones 2 Perfs Well Information Drilled and Cased: 29,122 MD Targets: Logged 200 of Net Wilcox Pay Current Status:…
  24. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 24
    Blackbeard West 2 Testing the Cupola Blackbeard East ST 168 Unit Blackbeard West Blackbeard West 2 BBW 2 Ship Shoal South Timbalier Located in 75 Feet of Water Well Information Drilling Below: 25,200 MD Primary…
  25. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 25
    Lineham Creek Cross Section* Lineham Creek Well Information Drilled To: 25,250 MD Primary Targets: Eocene / Paleocene Objectives Below Salt Weld; Logged Potential Hydrocarbon Sands Planned TD: 29,000 TVD; Chevron Operated…
  26. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 26
    Highlander Project Cross Section* Lomond North Well Information Drilling Below: 10,700 MD Primary Targets: Eocene/Paleocene/Cretaceous Objectives Below Salt in Davy Jones Wells Planned TD: 30,000 TVD; McMoRan Operated…
  27. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 27
    Ultra-Deep Spanning the Ages Strategic Area 2 Strategic Area 3 Strategic Area 1 Initial Completions Target Blackbeard West 2 Blackbeard East 1 Separate Discovery Zones D r illing Base Salt Weld Potential Completion Upper Blackbeard…
  28. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 28
    FY2013 and Beyond
  29. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 29
    FY13 Budget Capital Breakout 700MM 599MM G&G, Land, Admin G&A ULTRA 43 28 DEEP 94 Abandonment 30 EXXI XOM 183 322 Ultra-Deep 94 Drill and Complete, Recomplete & Facilities 505 Other GI 16 EI 330 109 119 22 BB West…
  30. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 30
    Growing FY13 Volumes Other VERMILION 164 Hurricane WEST DELTA 30 Downtime SOUTH TIMBALIER 54 GRAND ISLE 16 WEST DELTA 73 MAIN PASS BLK 061 Base Total Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 31
  31. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 31
    Energy XXI Rig Schedule Field Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 4Q FY2013 West Delta 73 Nabors P-17 5 Development Wells Grand Isle 16 Ensco 90 3 Development Wells, 1 Rig Workovers South Tim. 54 / Grand Isle 16 Ensco 99…
  32. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 32
    FY13 Drilling Inventory by Field West Delta 73 Grand Isle 16/18 Main Pass Complex South Timbalier 54 = Weimer = Cake Don Tomas = Circe = Maroon = Dr O = Monte Carlo = Viper = Hyden = Gelato = Camacho = Iceman = El…
  33. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 33
    Multi-Year Inventory Drives Y/Y Growth 2013 2014 2015 2016+ POINTIFF 2 CRETE* ANISTON STARDUST GERHRIG_B ST 21 125 ST EI 330 (4 WELLS) ALTERNATOR GLENLOSSIE* STEALTH 1* GLENDULLAN* CAMSHAFT ACCEL BROWNIE= CIRCE= ANGELENOS= TILAPIA…
  34. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 34
    Current Crude Hedge Profile WTI Put Spread 40.0 Brent Collar Brent 3W Collar WTI 3W Collars 35.0 WTI Collars Swap Limit PDP 30.0 PDNP PUD 25.0 1,000 Bbls/d 20.0 15.0 10.0 5.0 - Dec-12 Apr-13 Jun-13…
  35. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 35
    Why Energy XXI Large GoM Oil Fields Provide Significant Opportunity for Reserve Growth 5% Increased Recovery of Oil-in-Place in Top 5 Fields Doubles Reserves Horizontal Redevelopment Will Have an Impact Multi-Year Drilling…
  36. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 36
    Contact Delivering 5% the next 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…
  37. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 37
    Addendum 38
  38. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 38
    Low-Cost Development of 3P Reserves 3P: 206 MMBOE *Reserves Do Not Include POSS DEV POSS UNDEV 78 MMBOE Contingent and 4.2 1.83/BOE 36.2 2.97/BOE PDP 308 MMBOE Prospective 62.5 Resources Attributed to PROB UNDEV Ultra-Deep…
  39. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 39
    EXXI Trading Below Proved Value* 250 Risked Ultra-Deep 225 10% Increase in EUR 200 Additional Ultra-deep 5% Increase in EUR and Core 175 Exploration 3P Success 150 2P 125 1P 100 75 50 Current Stock Price 25 0 Total…
  40. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 40
    Operating Data per BOE Quarter Ended 06/30/11 9/30/11 12/31/11 3/31/12 6/30/12 9/30/12 MBOE/d 42.1 40.8 42.7 45.3 47.6 37.3 Oil % 67% 69% 72% 69% 68% 70% Revenue (Pre-hedge) 78.90 74.05 83.40 81.16 77.13 75.81 LOE Insurance Expense…
  41. Dahlman Rose Ultimate Oil Services and EP Conference – Energy XXI Gulf Coast, Inc – slide 41
    Updated Hedging Position* Fiscal Instrument Period Daily Volumes Average Price Index Quarter Type CRUDE OIL 10/2012-12/2012 Q2 2013 Put Spreads 10,000 bbl/day 75.00 sub-floor; 85.00 floor WTI 10/2012-6/2013 Q2-Q4 2013 Collars 5,000…

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