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Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Nov 12, 2013 · 38 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. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Jefferies Energy Conference November 13, 2013 Acquire, Exploit, Explore, Deliver NASDAQ: EXXI AIM: EXXI www.energyxxi.com 11/11/13
  2. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production** 46,600 BOE/d One of the Largest Oil Financial Producers on GoM Shelf Ticker EXXI 62% of Production is Oil Market Cap (11/11/13) 2.4B Insider Ownership 6.25% FY2014…
  3. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 3
    Growth Strategy ACQUIRE Proven growth through acquisitions EXPLOIT Increasing recovery with horizontal drilling EXPLORE Impactful organic growth with the right partners DELIVER Year-over-year growth in shareholder value 4
  4. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 4
    Reserves Grow 50% 2P PV10 8.4 BN 6.1 Billion1 PV-10 10.9 Billion1 PV-10 179 MMBOE Proved Reserves 310 MMBOE 3P Reserves Possible 78.1 MMBOE Proved PV10 Undeveloped 2.6 Billion Proved 69.0 MMBOE Proved Developed 178.5 MMBOE…
  5. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 5
    Image goes here ACQUIRE 6
  6. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 6
    Rapid Growth Since 2005 Acquisition price per BOE* (2006-2012) Weighted average price per BOE* XOM 20.47 Peers 1P 21.88 EXXI pays less per Energy XXI Acquisition EXXI 1P 18.27 Mitsui 12.36 BOE and receives more crude than…
  7. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 7
    Operates Five of the Largest GoM Oil Fields 13 Energy Resources Field Operator South Marsh Island 130 186 MMBO 1 Bay Marchand 2 Chevron 2 West Delta 30 Energy XXI 3 Apache* 3 Eugene Island 330 Apache* Eugene Island 330 436 MMBO 4…
  8. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 8
    History of Making Big Oil Fields Bigger 146 MMBOE 261 MMBOE Acquired To-Date Proved Developed Pogo Non-Producing 20 MMBOE 18 MMBOE Asset Sale 7 MMBOE Proved Developed Producing Marlin 91 MMBOE 25 MMBOE Other MIT 21 MMBOE…
  9. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 9
    Image goes here Enhanced Recovery EXPLOIT 10
  10. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 10
    FY 2014 Drilling Inventory and Schedule West Delta 73 Main Pass Vermilion West Delta 30 Big Sky 3 Columbo Java Merlin* = Stricker Hulk Sabinal Monte Carlo 2 Pendragon* Sea Dart Gunn Mannix Don Lino Crusader Scully El Diente Don…
  11. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 11
    Making the Case for Horizontal Drilling Vertical Drilling Late Life (40-50% recovery rates) Early Life Mid Life Oil Water Typical Vertical: 200 psi drawdown leads to water coning and inefficient sweep Horizontal Drilling…
  12. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 12
    Drilling Horizontal in the GoM Vertical well section Re-entered Re-entered sand sand Base shale Top shale Exxon GoM horizontal program started in 1995 32 horizontal wells drilled in the 1990s Resistivity image Energy…
  13. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 13
    WD 73 Horizontal Growth West Delta 73 Historical Production 6000 < Crude < Gas Horizontals 4000 Hurricane Isaac Net BOE/d 2000 0 Mar Jun 11 Sep Dec Mar Jun 12 Sep Dec Mar Jun 13 Sep 11 11 11 12 Quarter Ending 12 12 13…
  14. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 14
    95+ Potential Horizontal Locations South Timbalier 15-24 wells Grand Isle 6-8 wells South Pass 7-9 wells West Delta Main Pass 40-45 wells 6-11 wells 15
  15. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 15
    Image goes here Partnerships, salt domes & ultra-deep EXPLORE 16
  16. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 16
    Exploring with the Right Partners Lineham Creek Vermilion Cameron Parish, LA Shallow-Water Ultra-Deep Main Pass 17
  17. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 17
    Seismic Rejuvenation Redefining Salt Models 1976-2008 2010 Present Main Pass Field Model Redefined Salt Model Generating Growth and Future Development Opportunities 18
  18. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 18
    Better Understanding of Salt Domes Ala. Louisiana Miss. Florida Narrow Azimuth 3D Coverage Texas Gulf of Mexico Mexico Wide Azimuth 3D Coverage GoM Intrusive Salt Bodies Increasing activity due to new WAZ seismic New and…
  19. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 19
    WAZ Seismic Over Core Properties Energy XXI Apache JV Proposed WAZ Main Pass 900 sq. mi. Extension Area 165 sq. mi. Bay Marchand Field South Timbalier 21 Field South Timbalier 54 Global Geophysical Field 335 sq. mi.…
  20. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 20
    ExxonMobil JV Targeting Salt Domes Joint Venture Exploration Outline VR 164 Vermilion 11 Vermilion Blocks Located in 105 Feet of W ater Overview Energy XXI Operated JV with ExxonMobil 2-well carry to earn 50% working…
  21. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 21
    Apache JV Targeting Salt Domes Heron logs first discovery with 100 feet of net oil pay Targets salt domes across 135 blocks on GoM Shelf Includes 25% WI in 25 non-producing New Orleans primary term leases No promote, no drill…
  22. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 22
    De-Risking the Ultra-Deep Lomond North (In progress) Lineham Creek (In progress) Davy Jones Offset (Awaiting completion) England North Davy Jones 1 (Pending) England Hook Blackbeard West (Dev. plan underway) Bonnet…
  23. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 23
    Ultra-Deep Productive Geologic Intervals STRATEGIC STRATEGIC STRATEGIC AREA 2 AREA 3 AREA 1 Initial Completions Target Blackbeard West 2 Blackbeard East 1 Net Pay: 478 ft Separate Discovery Zones Net Pay: 205 ft Base Salt Weld…
  24. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 24
    Image goes here DELIVER 25
  25. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 25
    Value Driven by Oil Reserves Adds in FY13 4.3 Billion1 PV-10 6.1 Billion2 PV-10 120 MMBOE Proved Reserves 179 MMBOE Proved Reserves FY 2012 FY 2013 Proved Undeveloped Proved Proved Make this pie bigger 38 MMBOE Undeveloped Proved…
  26. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 26
    Development Focused Capital Program FY14 Capital Budget 675 MM 80% of capital program Seismic 35 is directed towards P&A 31 G&A, Land 54 development Facilities 82 Ultra Deep 46 76% of uplift capital is Core Exploration 80…
  27. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 27
    Current Activity 3 Operated Rigs Cameron Parish, LA 9% WI New Orleans Lineham Creek Main Pass 61 100% WI Unit 201 Dev. Pending Don Carlos Highlander Area 18% WI Ensco 82 Drilling Lomond North Coastal 22 Drilling West Delta 73…
  28. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 28
    EXXI Trades at Discount to NAV Category1 PV-10 /Share2 83.35 Proved Developed Reserves 3,554 42.21 Proved Undeveloped Reserves 2,596 30.83 49% 56.77 Net Debt3 (1,370) (16.27) Discount Total Net Proved Value 4,780 56.77…
  29. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 29
    Momentum is Building Horizontal oil development impacts reserves & base production Exploring with world-class partners exposes EXXI to game-changing upside Current 1P reserves (PV10 6.1 Billion) implies EXXI is undervalued…
  30. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 30
    Contact 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 slawrenceenergyxxi.com…
  31. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 31
    Image goes here Additional information APPENDIX 32
  32. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 32
    WD 73 Successful Horizontal Results Bearclaw Big Sky 2 HORIZONTAL HORIZONTAL Glacier Hyden Maroon Big Sky 3 (G-20 Sand) Hulk (H-35 Sand) HORIZONTAL HORIZONTAL HORIZONTAL Weimer HORIZONTAL HORIZONTAL…
  33. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 33
    Main Pass Finding New Miocene Reserves Carinos MP 73 Onyx Pod A Pod B LP- 1G LP-2 MP 73 C-1 2 MP 61 Don Tomas Java Monte Carlo-2 Quintero LP- BA- J-6 Sand 1G 4AA J-6 Sand J-6 Sand LP-2 BA-4B/5 J-6 34
  34. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 34
    Large Inventory of Leads & Prospects Main Pass Reserves Growth MP61 Field Pod A 77.0 80 106% 60 increase 27.1 Pod B Punch GROSS MMBOE Don Lino 10.0 Don Carlos Julietta 40 37.4 Panter Vindicator Cohiba 7.2 Gulf…
  35. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 35
    Operating Data per BOE Quarter Ended 3/31/12 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 Revenue (MM) 336.0 341.9 270.2 320.5 303.8 314.3 324.6 MBO/d 31.4 32.2 26.1 29.4 28.6 28.9 29.7 MBOE/d 45.3 47.6 37.3 44.6 43.5 46.8 46.6…
  36. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 36
    Solid Balance Sheet Net Debt/Total Proved All figures in 000s except per unit values 6/30/11 6/30/12 6/30/13 10.00 9.31 Cash and cash equivalents (incl. cash at parent) 28,407 117,087 -- 7.53 7.68 8.00 6.00 Short-term Debt 4,054…
  37. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 37
    Current Hedge Position* Period Fiscal Quarter Instrument Type Daily Volumes Average Price Index CRUDE OIL 10/2013-12/2013 Q2 2014 Put Spread 5,000 bbl/day 87.00 sub-floor; 106.00 floor BRENT 10/2013-12/2013 Q2 2014 Collars 3,500…
  38. Jefferies 2013 Global Energy Conference – Energy XXI Gulf Coast, Inc – slide 38
    Current Crude Hedge Profile* 30 25 20 WTI Collars WTI 3-Ways Mbo/d 15 Brent Put Spreads Brent Collars 10 Brent 3-Ways 5 0 Nov-Dec13 Cal 14 Cal 15 Crude Oil Nov-Dec 2013 2014 Average 2015 Average Subfloor…

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