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Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Dec 7, 2011 · 42 slides

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Slides

  1. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Capital One Southcoast Energy NASDAQ: EXXI AIM:EXXI www.energyxxi.com December 5-7, 2011 11/29/2011
  2. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Snapshot Stock Ticker (NASDAQ, AIM) EXXI Market Cap 2.7 Billion* Insider Ownership 5.5% Proved Reserves 117 MMBOE Production 40,800 BOE/d** EXXI is the 3 producer on the GOM shelf Reserves and production are 2/3rds…
  3. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 3
    Strong Focus on Crude Energy XXI operates 6 of the 11 largest oil fields on the West Delta 73 4,400 BOE/d 4,950 West Delta West Delta 30 3,000 BOE/d 4,200 BOE/d 30 Gulf of Mexico shelf Grand Isle Grand Isle 16, 16, 18 18…
  4. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 4
    Resources Proved, with Upside Total Resources Proved Reserves 196.2 MMBOE, PV-10 5,501 MM (1) 116.6 MMBOE, PV-10 3,716 MM (1) Resource Highlights 116.6 MMBOE of Proved Possible 34.3 MMBOE PDNP 70% Proved Developed PDP 21.9…
  5. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 5
    FY12 Budget Capital Breakout 372MM 450MM ULTRA DEEP 102 G&A 33 XOM 175 G&G, Land, Admin EXXI 23 95 Abandonment Drill and 22 Complete, Recomplete & Facilities 372 UD Dev 46 UD Exp 56 Core Core Dev Exp 231 39…
  6. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 6
    Growth and FCF in Every Scenario 100 Production and Capital 1,000 90 900 80 800 70 700 MBOE/D 60 600 MM 50 500 40 400 30 425 600 425 590 300 20 380 450 200 10 100 0 0 FY'11 FY'12 FY'13 FY'14 Production Low…
  7. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 7
    Current Rig Activity Grand Isle 16 West Delta 73 Hercules 201 Rig Nabors P-17 Single Well Development En Route Rigging Up Main Pass 60/61 Grand Isle 16 Hercules 205 Rig Ensco 99 Rig Bullfrog Multi-well Development Program…
  8. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 8
    Energy XXI Rig Schedule* Field Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Grand Isle 16 Sundowner 1 South Marsh Island 230 Davy Jones - MMR Rowan EXL 3 West Delta 73 Magnum Nabors P-17 Main Pass 60 Bullfrog Hercules…
  9. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 9
    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…
  10. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 10
    Main Pass Complex Overview Largest complex in EXXI Portfolio Field Discovered: MP 73 in 1976 MP 61 in 2000 Water Depth: 80 180 Number of Wells Active 52 80 70 Shut-in 28 60 64% GROSS MMBOE 50 Cumulative Production 40…
  11. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 11
    Main Pass Complex 100% WI Gross Field BOE/d Ashton and Onyx wells 18000 re-defined salt model 16000 14000 Both wells tested salt flanks updip to production 12000 13,150 10000 BOE/d Ashton TDd at 8,353 TVD 8000 and encountered seven…
  12. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 12
    South Pass 89 Overview 11th Largest oil field on the GOM shelf Field discovered in 1973 Water Depth: 450 Number Platforms: 2 Number Wells Active 18 Shut-in 31 Cumulative Production 192 MMBO 849 BCF 13
  13. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 13
    South Pass 89 Well Activity Six well recompletion program completed Gross Field BOE/d 7,000 5,970 BOE/d All projects pay out within nine months 6,000 EXXI 5,000 Total Net CAPEX: 18.5 MM acquired operations 4,000 Initial Net…
  14. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 14
    Grand Isle 16/18 Overview 5th Largest oil field on the GOM Shelf Discovered in 1948 Grand Isle 18 Field Winters Water Depth: 50 Number Platforms: 13 Grand Isle Costello 16 Field Number Wells Sunny Active 33 Big Abbott…
  15. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 15
    Grand Isle 16 Well Activity Seven well recompletion program underway Gross Field BOE/d 7,000 6,341 J-21 unloading to production BOE/d 6,000 Sunny (R-22 ST3) unloading to production EXXI 5,000 acquired operations Rig currently on…
  16. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 16
    Grand Isle 16 Sunny (R-22ST3) Original target was C-2 sand, but additional pay was encountered in multiple B and C sands Logged a total 225 of net pay Anticipate a rate of 1,400 Bbl/d starting up in December 2011 Drilled to…
  17. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 17
    West Delta 73 Overview 7th Largest oil field in GOM Shelf Discovered in 1962 Water Depth: 175 Number Platforms: 7 Number Wells Active 31 Shut-in 27 Cumulative Production 265 MMBO 655 BCF 18
  18. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 18
    West Delta 73 - Well Activity Gross Field BOE/d 7,000 4 PUD Development Wells with EXXI acquired operations Compressor 6,000 Repairs 4,950 planned initial IP of 3,245 net BOE/d BOE/d 5,000 4,000 1 Exploration Well with planned…
  19. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 19
    West Delta 73 Magnum Prospect WD 73 TYPE LOG Pliocene F-35 Sand Structure F35 Will penetrate 3 additional F-Sands Sidetracks from existing wellbores reduce costs Planned TD 8,500 TVD 20
  20. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 20
    South Timbalier 54 Overview South Timbalier Inventory Locator Discovered in 1956 Water Depth: 67 Number Platforms: 5 ST 54 ST 55 Number Wells Wombat Active 20 Camshaft Shut-in 21 Cumulative Production 70 MMBO Sparkplug…
  21. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 21
    South Timbalier 54 Well Activity 3-well drilling program to commence Gross Field BOE/d 6,000 by mid-December with planned initial EXXI IP of 5,250 net BOE/d acquired operations August 9th 5,000 3,450 1 Gas Well (Exploration)…
  22. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 22
    South Timbalier 54 Camshaft Camshaft Type Log G-9A Sand Structure Map Camshaft Drilling to a depth of 13,461 MD / 11,997 TVD to target the G-6B, G-8, G-9A Sands Plans are to complete as a gravel packed dual in the G-9A and…
  23. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 23
    Probing the Depths 24
  24. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 24
    Davy Jones 1st Production On Schedule Field discovered in 2010 Water depth: 20 Initial production facilities in place Completion operations commenced October 27 Production testing on schedule 25
  25. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 25
    Davy Jones Eocene Discovery with Upside Davy Jones No. 1 Drilled and cased to 29,122 Logged 200 of net Wilcox pay Production on early 2012 Davy Jones No. 2 Drilled and cased to 30,731 Target first flow 2nd half 2012 Logged 120…
  26. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 26
    Blackbeard Summary Blackbeard West Located in 85 Feet of Water Current TD Structural Cross Section Through Blackbeard Complex 27
  27. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 27
    Blackbeard - East Exited weld at 19,500 Tests indicate 178 of net pay in upper & middle Miocene Quality reservoir rocks Good porosity, permeability Conventional completion Logged pay within the Miocene and Frio (Oligocene)…
  28. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 28
    Blackbeard - West Blackbeard East ST 168 Unit Outline Blackbeard West Blackbeard West 3 Ship Shoal South Timbalier Targets Upper & Middle Miocene WD = 75 WI = 22.9% NRI = 17.5% PTD = 22,600 TVD 29
  29. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 29
    Lafitte Prospect Overview Spud Date: October 3, 2010 Permitted TD: 32,000 TVD -10,000 Currently drilling 30,113 Logged 171 net pay in Lower Miocene Current Depth WI 18% NRI 14.6% 30,113 -20,000 Lafitte SAL + 6000…
  30. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 30
    Barataria - Lafitte - Captain Blood Cross Section Barataria EAST Lafitte Captain Blood SOUTH WEST Drilling +9.85 - Miles +15.2 - Miles S A LT SALT Salt Weld -20,000 -20,000 Salt TD 32,997 Current TD 24,900…
  31. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 31
    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…
  32. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 32
    Investment Proposition Third Largest Oil Producer on GOM Shelf % Crude* Barrels Oil/Month* 1 Chevron 39% 1,860,256 2 Apache 38% 1,754,806 3 Energy XXI 63% 924,206 Organic Reserves and Production Growth Low risk recompletions and…
  33. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 33
    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…
  34. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 34
    Addendum 35
  35. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 35
    Energy XXI: Growing Larger and Stronger Production (MBOE/d) Reserves (MMBOE) 50.0 140.0 40.8 116.6 120.0 40.0 54.2% 57.5% 100.0 75.6 Growing 30.0 25.9 80.0 60.0 20.0 40.0 production 10.0 20.0 - - Replacing 1Q 2011 1Q 2012…
  36. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 36
    Enhanced Balance Sheet & Liquidity 6/30/2009 6/30/2010 6/30/2011 Cash and cash equivalents (incl. cash at parent) 89 14 28 Short-term debt 4 3 4 Long-term debt (principal amounts): Revolving credit facility 235 109 108 Senior…
  37. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 37
    Aggressive Debt Paydown 11/1/2011 At September 30, 2011, 29.4MM was drawn on Revolver, plus 231MM of LCs Revolver was completely paid off October 20th. 38
  38. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 38
    FY12 Capex by Program 70.0 60.0 Corporate 450 MM Load 56 50.0 XOM ULTRA 177 DEEP 102 40.0 EXXI MM 115 30.0 20.0 10.0 0.0 Development Drill Exploration Drill Facilities Recompletions *Corporate Load…
  39. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 39
    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…
  40. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 40
    Hedge Profile 400 100% 90% Est. Net Effective Price** FY 12 FY 13 80% Crude 111.68 104.36 70% Nat Gas 4.52 4.58 Percent of PDP Hedged 60% Revenue (MM) 50% 40% 30% Total Est. Rev. Strip* Total Revenue Hedged -…
  41. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 41
    Updated Hedging Position* Fiscal Instrument Period Daily Volumes Average Price Index Quarter Type CRUDE OIL 10/2011-12/2011 Q2 2012 Swaps 1,000 bbl/day 83.66 strike WTI 10/2011-12/2011 Q2 2012 Basis Swaps 1,000 bbl/day 11.75 Argus…
  42. Capital One Southcoast 6th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 42
    Estimated Realized HLS Spread Oct 11 Nov 11 Dec 11 Vol/d /Bbl Vol/d /Bbl Vol/d /Bbl Physically 12,000 9.35 10,000 10.85 10,000 10.85 Hedged Estimated 20.25 20.48 15.49 Realized* Currently there is no physically hedged…

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