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The Oil Services Conference IX – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Feb 23, 2011 · 39 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. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 1
    Enercom The Oil & Services Conference February 23, 2011 NASDAQ: EXXI AIM: EXXI www.energyxxi.com Presented by Stewart Lawrence VP of Communications & Investor Relations 2/23/11
  2. The Oil Services Conference IX – 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. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 3
    Energy XXI A Snapshot Stock Ticker (NASDAQ, AIM) EXXI Market Cap 2.8 Billion Insider Ownership 5.5% Proved Reserves 125.1 MMBOE* Production 46,000 BOE/d* Reserves and production are 2/3rds crude oil EXXI is the 3 oil producer on…
  4. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 4
    EXXI GOM Properties ENERGY XXI Profile Production: 46,000 BOE/d* Acreage: 354,113 net West Delta 73 West Delta 30 1,895 BOE/d 4,375 BOE/d Grand Isle 16, 18 2,213 BOE/d Main Pass 61, 73 & 74 10,344 BOE/d South Timbalier 21…
  5. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 5
    EXXI Rig and Well Activity St. Mary Parish, LA Hercules 49 Laphroaig Offset Pontiff 1 Development Well South Marsh Island 234 Rowan Mississippi Rig Davy Jones 2 Appraisal Well South Timbalier 144 Rowan Ralph Coffman…
  6. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 6
    ExxonMobil Transaction Highlights Purchase Price 1.01 Billion Effective Date Dec. 1, 2010 Effective Closing Date Dec. 17, 2010 Proved Reserves 49.5 MMBOE Probable Reserves 16.5 MMBOE Production 20,000 BOE/d Net Acreage 130,853…
  7. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 7
    Properties Fit Like a Glove West Delta 30 4,375 BOE/d WI 100% NRI 87.5% Main Pass West Delta 73 61, 73 & 74 1,895 BOE/d 10,344 BOE/d WI 100% NRI 83% Grand Isle 16, 18 2,213 BOE/d WI 100% NRI 87.5% South Timbalier 21…
  8. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 8
    Combined, A Much Larger Energy XXI EXXI EXXI EXXI Proved Reserves Proved + Probable Production MBOE/D 92.1MMBOE 2P 75.6 16.5 26,000 MMBOE 1P 75.6 69% Oil 63% Oil 61% Oil 65% 72% 77% Pro Forma Pro Forma Pro Forma 158.1MMBOE…
  9. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 9
    Oily Asset Base1 Oil Production % LTM 24% 47% 47% 58% 63% Proved Reserve Mix GOM Peer Comparison 100% 90% 80% 45% 42% 38% 70% 53% 65% 60% 50% 40% 30% 55% 58% 62% 20% 47% 35% 10% 0% Peer 1 Peer 2 Peer 3 Peer 4…
  10. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 10
    Production Profile Top Fields and Acquired Assets Gas 12% Gas 12% Gas 6% OIL 20% OIL 15% OIL 8% Acquired Assets Sum of Production Data for Six Fields 1,000,000 100,000 10,000 Total Cumulative Production for Acquired…
  11. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 11
    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…
  12. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 12
    Crete Prospect SALT Diapiric Gouge 3 Stacked Amplitude Targets Gulf 73 Crete Prospect Amoco 1 Stratigraphic Tex W Amplitudes Confirms Tex W PTD -17,500 DHC 11.2mm IP rate 40mmcfpd 13 P10 Reserves 300 BCF+30mmbo
  13. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 13
    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%…
  14. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 14
    Main Pass 61/62 Field Projects C-7 C-6 C-5ST Initial Production Capital Well Type of Activity Producing Zone Payout (Net BOED) (MM) C-5ST Recompletion Single Select BA-4B 1,000 3.5 65/bo C-6 Recompletion Single Select…
  15. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 15
    Ashton Prospect C-15 ST LP2 Sand LP2 Sand LP3Sand LP3Sand TX1Sand TX1Sand BA3Sand BA3Sand BA4Sand J6Sand J6Sand 16
  16. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 16
    XOM Acquisition Highlights 9 Fields 73 Proved Recompletion opportunities 40 Drill locations (1P + 2P Only) 90 potential exploration prospects exposing us to 700 MMBOE 17
  17. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 17
    West Delta 73 Field Ownership: 100% GWI / 83.33% NRI Water Depth: 200 Number Platforms: 5 Number Wells WEST DELTA 73 Active - 29 Shut-in - 48 1,895 MBOE/d, net Cumulative Production 203 MMBO, 432.5 BCF Proved Reserves 14.6…
  18. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 18
    WD 73: Typical Infield PUD F35 Sand Infield Location between Producers Reserves: 510 MBO Gross MULDER IP: 500 BOPD/Well TD: 8300 TVD 19
  19. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 19
    WD 73 Upside: Golden Bear-Grizzly Amplitude Supported Resource Prospects Resource Reserves- Golden Bear: 40 BCF Gross Golden Bear Grizzly: 29 BCF Gross IP: 15 MMcf/d per well TD: 13000NFLD TVD1 Grizzly E-26 E Red Pud:…
  20. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 20
    West Delta 30 Field Ownership: Varied based on unit ownership 100% GWI / 87.5 NRI 50% GWI / 43.75% NRI Water Depth: 47 Number Platforms: 12 WEST DELTA 30 Number Wells Active - 45 Shut-in - 71 4,375 MBOE/d, net Cumulative…
  21. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 21
    WD 30: Rosko PUDS (P4 Sand) Updip to Production Reserves: 2 MMBO Gross Total IP: 230 BOPD/Well TD: 5,000 TVD The Rosko PUD locations are updip of 3 current producers; F21ST, F28, Rosko and N20ST wells. Current North EUR of these…
  22. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 22
    WD 30 Upside : Stricker Prospect P2 P4 P6 SW Flank Untested Fault Block Adjacent P2 Resource Reserves: P4 2 MMBOE Gross P6 IP: 400 BOPD / Completion TD: 5,000 TVD 23 J26 (down dip)
  23. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 23
    Probing the Depths EXXI WI 24
  24. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 24
    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 Davy Jones 1 drilled to 29,122 and…
  25. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 25
    Ultra-Deep Economic Model Value of Potential 6 Tcfe Davy Jones* 2,500 MM NPV, Net to EXXI 2,220 MM F&D Cost 1.23/Mcfe 2,000 MM Breakeven Price: 0.75/Mcf 1,930 MM For 15% IRR 1,640 MM 1,500 MM 1,340 MM 1,050 MM 1,000…
  26. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 26
    Blackbeard East Summary New Orleans Blackbeard West Located in 85 Feet of Water Very Large 3-way Structure / 2,500 column potential PTD 34,000TVD Miocene, Oligocene (Frio) and Possibly Eocene Sands Below a Salt Sill on…
  27. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 27
    Blackbeard East Detailed Cross Section Summary of Findings to Date Exited Weld at 19,500; Consistent with Pre- drill Model Wireline Logs, Side Wall Cores and Formation Tests Indicated 178 of Net Pay in Upper & Middle Miocene Quality…
  28. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 28
    Lafitte Prospect Summary Located at Eugene Island Block 223 in 140 of water Very Large 3-way Structure / 2,000 column potential JB Mtn Current TD Type Log Targeting Miocene sections as seen at JB Mountain and Flatrock Currently…
  29. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 29
    The Size of the Prize 100+ Tcfe Davy Jones Lafitte John Paul Jones Blackbeard West Captain Blood England Blackbeard East Barataria Eocene / Cretaceous Morgan Drake 40+ TCFE Barbosa Swann Calico Jack Miocene / Paleocene Hook…
  30. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 30
    Debt Maturity Schedule 1,000 +98% 670 MM 500 +35% 338 93 126 - Capital Charges EBITDA EXXI (1) EXXI Pf (2) 1,000 800 750 700 10% 16% 9.25% Notes 600 Undrawn Revolver 157 Notes MM Notes 400 Letters of Credit Issued…
  31. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 31
    Forecasted Revenue Hedged Revenue % hedged based upon 60 & 4 Revenue % hedged based upon SEC Price Deck 350 350 Total Unhedged Rev. 60 & 4 Total Unhedged Rev. SEC Price Deck Total Revenue Hedge Total Revenue Hedge 300 300…
  32. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 32
    Potential Stock Upside* 90 Future Acquisitions 80 & Additional Ultra-deep 70 and Core Exploration Success DJ 6 Tcfe 6 Tcfe 60 DJ 1.5 Tcfe 3P 1.5 Tcfe /SHARE 50 2P 1P 40 Current Stock Price 30 20 10 0…
  33. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 33
    EXXI Competitive Advantages Oil-Focused Assets Strong Production and Cash Flow Core-Area Exploitation & Exploration Opportunities Ultra-Deep Shelf Play Upside Attractive Acquisition Market Remain Financially Disciplined 34
  34. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 34
    Contact: Stewart Lawrence, IRO Energy XXI (Bermuda) Limited 1021 Main Street, Suite 2626 Houston, Texas 77002 (713)351-3006 slawrenceenergyxxi.com NASDAQ: EXXI AIM: EXXI, EXXS www.energyxxi.com 35
  35. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 35
    Appendix 072610
  36. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 36
    Project Opportunities by Field Field Workovers Drill Wells Resource GI 16/18 20 3 43 GI 43 1 1 0 MC 397 4 0 0 SP 78 3 1 1 SP 89 9 3 11 ST 54 10 4 20 WD 30 17 8 10 WD 73 9 21 4 TOTAL 73 41 89 37
  37. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 37
    WD 73: Golden Bear - Grizzly Key Seismic Line WD 73 E-26 W E K-30 4.2 BCF K30- Untested Golden Bear K-40 Target 13.8 BCF 1 MBO L-10 6.5 BCF 2 MBO 38
  38. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 38
    Enhanced Balance Sheet & Liquidity Historical Adjusted Pro Forma Raised 555.9MM of Equity (net of fees) December 31, 12/31/2010 12/31/2010 (2) 2010 286.4MM of Common (Gross) 287.5MM of Preferred (Gross) Cash and cash equivalents…
  39. The Oil Services Conference IX – Energy XXI Gulf Coast, Inc – slide 39
    Davy Jones 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…

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