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Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Mar 4, 2014 · 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. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Raymond James & Associates Institutional Investors Conference March 3-4, 2014 Acquire, Exploit, Explore, Deliver NASDAQ: EXXI AIM: EXXI www.energyxxi.com 2/27/14
  2. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production 45.2 MBOE/d (2Q FY2013) One of the Largest Oil Financial Producers on GoM Shelf Ticker EXXI 67% of Production is Oil Market Cap (2/27/14) 1.8B Insider Ownership 6.25%…
  3. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 3
    Acquisitions Feed the EXXI Business Model 4
  4. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 4
    Rapid Growth Since 2005 Acquisition price per BOE* (2006-2012) XOM 20.47 Mitsui 12.36 Buying Big Oil Fields 18.27 Energy XXI Acquisition Pogo 20.77 and 15.63 Castex 24.13 Buying Right Marlin 16.71 18.27 Avg. price…
  5. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 5
    Exploitation and Exploration Drives Success 6
  6. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 6
    History of Making Big Oil Fields Bigger 146 MMBOE Proved 261 MMBOE Proved 310 Reserves Acquired Reserves To-Date Pogo 20 MMBOE 261 8 206 74 Marlin 196 25 MMBOE Other MIT 21 MMBOE 115 MMBOE 179 26 MMBOE Added 120 117…
  7. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 7
    Oiliest Assets on GoM Shelf FY 2013 6.1 Billion1 PV-10 179 MMBOE Proved Reserves Proved Undeveloped Proved 69 MMBOE Developed Producing 91 MMBOE Proved Developed Non-Producing 19 MMBOE MMBOE Type %Oil PV-10 179 Proved…
  8. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 8
    Reserves Simply Scratching the Surface 1P Drill Wells (179 MMBOE) BIG SKY 3 HULK GUNN KOJAK JAVA TORREYS MONTE CARLO 2 ALIADOS PUNCH DON LINO C-5ST CANNON DON CARLOS MARLOW CRETE BIG SKY 4 BANSHEE CARBURETOR DUDLEY WHISTLER COLUMBO…
  9. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 9
    Horizontals Outperform in Big Oily GoM Fields Average Shale Horizontal Average EXXI Horizontal (Eagle Ford, Permian) (West Delta 73) Avg. IP Rate: 577 BOPD Avg. IP Rate: 1,750 BOPD Avg. Lateral: 5,400 feet Avg. Lateral: 1,000 feet…
  10. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 10
    WD 73 Successful Horizontal Results Bearclaw El Diente Big Sky 2 Gunn HORIZONTAL Big Sky 3 Maroon Glacier Hyden (G-20 Sand) Hulk (H-35 Sand) HORIZONTAL HORIZONTAL Weimer 11
  11. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 11
    WD 73 Horizontal Growth Drives Production West Delta 73 Historical Production 8000 < Crude < Gas Horizontals 6000 Hurricane Isaac Net BOE/d 4000 2000 0 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 11 11 11 11 12…
  12. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 12
    West Delta 30 is a Huge Oil Field XX,XXX ft. 16,000 ft. West Delta 30 field is more than 50 square miles Productive depths: 3,000 to 18,000 Reservoirs are highly porous Plio-Pleistocene & U. Miocene age: WD 30 salt dome is…
  13. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 13
    WD 30 Drilling Dormant Since 2005 West Delta 30 Historical Production 6000 Growth in production < Crude through non-rig < Gas recompletions 4000 Net BOE/d 2000 0 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar…
  14. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 14
    WD 30 Prolific World Class Rock 2nd largest oil field on Ready to the GoM Shelf Drill Wells EXXI well positioned in Leads the core of WD 30 Produced 580 MMBO 27 drillable locations identified 5 Miles Horizontal West…
  15. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 15
    Substantial Upside Identified in WD 30 Approximately 50 Reservoirs Mapped & Studied to Date This accounts for 35% of the 35% of the total oil production total reservoirs in the field (580 MMBO) in the field Mapped Mapped 35% 35%…
  16. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 16
    Main Pass Finding New Miocene Reserves Carinos Pod A MP 73 Onyx Pod B LP- 1G LP- 2 Don Carlos MP 73 C-1 2 MP 61 Don Tomas Monte Carlo-2 Don Lino LP- BA- 1G 4AA LP- J-6 Sand 2 BA- 4B/5 J- 6 Horizontal West…
  17. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 17
    MP Development with Exploitation Upside Main Pass Historical Production 14000 Gas 12000 Crude 10000 Net BOE/d 8000 6000 4000 2000 0 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12…
  18. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 18
    Focusing on the BA-4AA Sand at Main Pass BA-4AA Plan of Development Don Lino Online Don Carlos Online BA-4AA POD B2 Structure & Isopach Map 5-Well Program C-9 Workover Punch C BA-4AA POD C Structure & Isopach Map Don Lino North…
  19. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 19
    Defined Future Development at Main Pass MP61 Field Pod A Angelinos Don Lino Don Lino N Punch Romeo Pod B Julietta Don Carlos Cohiba MP73 Field Gurkha Cibao St. Luis Oliva Indios Bauza Onyx Attic C-9 Recomplete La…
  20. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 20
    2+ Billion BOE Potential in Core Areas Gross Unrisked Exploration Potential Potential by Play Potential by Field West Delta 30 Vermilion Deep Miocene 98 MMBOE 314 MMBOE 464 MMBOE South Pass 49 64 MMBOE Grand Isle 770 MMBOE…
  21. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 21
    600+ MMBOE Potential in Salt Dome Play 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…
  22. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 22
    Joint Ventures Targeting Salt Domes ExxonMobil Vermilion Fieldwood/Apache Main Pass 2-well carry to earn 50% WI Heron logs first discovery with 100 feet of net oil pay Exploration plan under review Includes 25% WI in 25 non- 7…
  23. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 23
    Inboard Lower Tertiary/Cretaceous Area Lomond Lineham North Creek Davy Jones England Blackbeard Area Lafitte Development and Prospect Summary 15 identified exploration and development projects Net resource potential…
  24. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 24
    Highlander Discovery Cretaceous Tuscaloosa Source: Freeport-McMoRan 25
  25. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 25
    Delivering Value Team 26
  26. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 26
    Development Focused Capital Program FY14 Capital Budget 705 MM* 73% of capital program is Seismic 42 directed towards G&A, Land 73 development Facilities 90 Ultra Deep 67 86% of drill capital is Core Exploration 89…
  27. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 27
    The Model Continues to Deliver Results MM EXXI Value Growth MM EXXI NAV Growth 7,000 6,000 Proved PV10 NAV 6,000 6,150 Enterprise Value 5,000 Market Cap 4,780 5,000 4,000 4,000 4,297 3,396 3,000 3,630 3,337…
  28. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 28
    EXXI Dedicated to Profitable Growth Experts at exploiting big oil fields EXXI positioned for production growth Long-life PDP oil reserves PUD inventory provides visible growth Program is predictable and repeatable West Delta 73…
  29. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 29
    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…
  30. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 30
    Image goes here Additional information APPENDIX 31
  31. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 31
    Current Rig Activity New Orleans Main Pass 61 100% WI C-9 Ensco 82 Recomplete West Delta 30 100% WI Highlander Area 18% WI P-43 Lomond North Ensco 99 Recomplete Coastal 22 Dev. Pending West Delta 73 100% WI South Marsh…
  32. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 32
    FY 2014 Drilling Inventory West Delta 73 Main Pass Vermilion West Delta 30 Big Sky 3 Scully Java Merlin* = Stricker Hulk Cannon Monte Carlo 2 Stricker Delineation Gunn Mulder Don Lino Banshee El Diente Don Carlos Crusader Columbo…
  33. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 33
    Reserves PV-10 Comparison Total Reserves 6/30/13 SEC Pricing Total Reserves 12/31/13 SEC Pricing 310.2 MMBOE, PV-10 10,947 MM1 310.2 MMBOE, PV-10 10,889 MM2 2P: 232.1 MMBOE, PV-10 8,387 MM1 2P: 232.2 MMBOE, PV-10 8,344 MM2…
  34. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 34
    Share Repurchase Value Creation Category1 (in MMs except per unit amounts) PV-10 /Share2 55.48 Proved Developed Reserves 3,554 40.52 Proved Undeveloped Reserves 2,596 29.60 Net Debt3 (1,258) (14.34) Total Proved NAV 4,892 55.77…
  35. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 35
    Operating Data per BOE Quarter Ended 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 12/31/13 Revenue (MM) 341.9 270.2 320.5 303.8 314.3 324.6 296.8 MBO/d 32.2 26.1 29.4 28.6 28.9 29.7 30.2 MBOE/d 47.6 37.3 44.6 43.5 46.8 46.6…
  36. Raymond James 35th Annual Institutional Investors 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 12/31/13 12.00 Cash and cash equivalents (incl. cash at 9.31 9.59 10.00 parent) 28,407 117,087 -- 357,828 7.53 7.68 8.00…
  37. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 37
    Current Hedge Position* Period Fiscal Quarter Instrument Type Daily Volumes Average Price Index CRUDE OIL 1/2014-6/2014 Q3-Q4 2014 Collars 2,000 bbl/day 90.00 floor, 108.38 cap BRENT 1/2014-6/2014 Q3-Q4 2014 Three-Way Collars…
  38. Raymond James 35th Annual Institutional Investors Conference – Energy XXI Gulf Coast, Inc – slide 38
    Current Crude Hedge Profile* 20 18 16 14 12 WTI 3-Way 10 Brent Collars Mbo/d 8 Brent 3-Way 6 4 2 0 Apr-Dec14 Cal 2015 Crude Oil Apr-Dec 2014 Average 2015 Average Subfloor Floor Ceiling Subfloor Floor Ceiling WTI…

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