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Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Feb 6, 2013 · 45 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. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Credit Suisse Energy Summit February 4-7, 2013 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 1/31/13
  2. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 2
    Performance Financial Program Overview Update Outlook 3
  3. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 3
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production 47,000 BOE/d*** Financial One of the Largest Oil Ticker EXXI Producers on GoM Shelf Market Cap (1/31/13) 2.7B* 70% of Production is Oil Insider Ownership 5.5% FY2013…
  4. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 4
    Operates 5 of the Largest GoM Oil Fields East Cameron 334/335 Vermilion 164 Bayou Carlin 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,…
  5. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 5
    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…
  6. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 6
    FY13 Progress Report 1 New Exploration Well Underway 8 Recompletions Online 16 Development Wells Drilled 338.7 MM EBITDA to Date Reserve Adds Due to FY2013 Acquisitions Vermilion 164 Bayou Carlin 7
  7. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 7
    Strong Production & Reserve Growth Annual Production (Net MMBOE/d) Proved Reserves (MMBOE) 206.0 196.2 13.8 119.6 116.6 14.1 104.1 81.7 75.6 9.0 8.0 30.5 53.1 23.4 14.7 11.4 FY 2009 FY 2010 FY 2011 FY 2012 FY…
  8. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 8
    No Negative Oil Revisions in History FY 2010 FY 2012 Reserve Growth Million Barrels of Oil Equivalent Reserve Revisions Replacement Ratio Additions 6.4 383% FY 2010 104.7 FY12 Production 119.6 FY10 36.7 424% 53.1 Sales 7.9…
  9. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 9
    EXXI is Oiler Than Peers Proved Reserve Mix 36% 29% 41% 52% 64% 71% 59% 48% Peer 1 Peer 3 Peer 2 EXXI Production Mix QE 9/30/12 34% 30% 51% 46% 66% 70% 49% 54% Peer 3 Peer 1 Peer 2 EXXI Crude Gas…
  10. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 10
    Performance Financial Program Overview Update Outlook 11
  11. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 11
    Second Quarter FY13 Results Oil Volumes 29,400 MBO/d Total Volumes 44,600 MBOE/d Oil Revenues 285.7 MM Total Revenues 320.5 MM Net Realized Price /BOE 78.15 per Bbl EBITDA 198.8 MM Capex excluding M&A 204 MM Dividends 8 MM Total…
  12. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 12
    Impacting the Bottom Line Net Debt to Cap 88% 66% 64% 64% 63% 58% 59% 54% 47% 44% 44% 43% 40% 42% 1st Q F10 2nd Q 3rd Q 4th Q 1st Q F11 2nd Q 3rd Q 4th Q 1st Q F12 2nd Q 3rd Q 4th Q 1st Q F13 2nd Q F10 F10 F10 F11 F11 F11 F12…
  13. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 13
    FY 2013 Capital Program CAPEX Breakdown 750MM (Excluding Acquisitions) Conventional Projects: 449.2 MM G&G, Land, Horizontal Projects: 116.8 MM Admin G&A 32 45 Abandonment 27 Reasons for CAPEX Adjustments Acquisitions New…
  14. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 14
    Attractively Hedged Energy XXI Trends to HLS 30 WTI 3-Way WTI Collar 25 Brent 3-Way Brent Collar 20 1,000 bbls/d 15 10 5 0 Bal 2013 Cal 2014 Cal 2015 15
  15. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 15
    Performance Financial Program Overview Update Outlook Development 16
  16. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 16
    Operational Strategy Continued Focus on the GoM Shelf and Louisiana Onshore Committed to Present Value Creation Maintain Strong Financial Position Pursue Acquisitions that Enhance Existing Portfolio 17
  17. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 17
    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 Highlander Area Coastal 22 Lomond North…
  18. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 18
    Horizontal Well History Initial Exxon GoM horizontal program started at ST 54 Field in 1995 Majority of horizontal wells drilled from 1995 to 1998 Smaller and more successful program later drilled at West Delta 73 Field Three…
  19. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 19
    Old Horizontals Support Big Reserves 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 20
  20. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 20
    Successful WD73 Horizontal Program To-Date 10,000 Big Sky WD73 D-1 ST Weimer WD73 D-7 ST2 Hyden WD73 D-42 ST3 EXXI High-Side EXXI Low-Side Average Historical WD73 Horizontals Average Daily Oil Rate, BOPD 1,000 100…
  21. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 21
    WD 73 Drilling Successes Miller Big Sky 2 Magnum HORIZONTAL Weimer Rosebank Quandry Hyden HRZ HORIZONTAL 22
  22. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 22
    WD 73 Horizontal Growth West Delta 73 Historical Production 6000 Crude Gas Horizontals 4000 Hurricane Isaac Net BOE/d 2000 0 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Quarter Ending Field Stats…
  23. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 23
    Horizontal Program Drives Oil Growth 45 40 Horizontal Uplift 35 Non-Horizontal Uplift 30 25 MBO/d 20 Base 15 10 5 0 Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun 24
  24. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 24
    100+ Potential Horizontal Locations in Core Area South Timbalier 21 8 16 Wells South Timbalier 54 Grand Isle 16/18 7 12 Wells 6 11 Wells West Delta 28 40 Wells Main Pass 61 6 12 Wells South Pass 7 9 Wells 25
  25. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 25
    Apache EI 330 Re-development Success B-12 ST IC Sand GA Sand B-9 ST D-18 Horizontal GA-2 B-6 ST3 KE Sand OI Sand D-15 D-19 D-13 LF Sand HB Sand NI Sand D-16 D-17 B-14 ST D-20 B-16 ST D-14 26
  26. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 26
    EI 330 Consistent Redevelopment EI330 Historical Production Crude Gas 2000 Horizontals Hurricane Hurricane Damage Impact Net BOE/d 1000 0 Dec 07 Mar 08 Jun 08 Dec 08 Mar 09 Jun 09 Dec 09 Mar 10 Jun…
  27. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 27
    Main Pass Wells Drilled MP 73 Onyx Carinos Log LP-1G Pod A Pod B LP-2 Monte Carlo MP 61 Don Tomas MP 73 C-1 2 BA-4AA LP-1G LP-2 BA-4B/5 J-6 J-6 28
  28. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 28
    Large Inventory 31 Leads & Prospects MP 60 Tex W Quintero Monte Carlo Tweener Attic2 Camacho The Judge Upmann Vegas Swisher Sweet Punch Fonseca Angelinos Monte Carlo S Don Lino Don Lino N Maduro Romeo Pantera Don Carlos…
  29. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 29
    Monte Carlo Extends Size of Field Sand Structure Map Current Water Cuts Monte Carlo P10 New Zero Monte Carlo Thickness 31 TVT Net Pay Contour Line High Water Cut A6ST3 Low Water Cut A10ST C7 A5 A11 Old Zero C8 A…
  30. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 30
    MP Development with Exploitation Upside Main Pass Historical Production 14000 Gas 12000 Crude 10000 Net BOE/d 8000 6000 4000 2000 0 Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep…
  31. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 31
    SP49 D65 Development 56.50% WI 47.08% NRI* D65 Structure Map SP33 A-19 New Reservoir with HWO Significant Upside Potential Low resistivity reservoir initially tested through-tubing in A-7 ST in February 2012 SP49 A-17…
  32. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 32
    GI 16/18 Targeting Multiple Reservoirs Cake Log Sunny Log Costello Log Winters Log Pi Log 33
  33. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 33
    GI 16/18 Development to Drive Uplift Grand Isle 16/18 Historical Production 12000 Gas 10000 Crude Hurricane Isaac 8000 Net BOE/d 6000 4000 2000 0 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Quarter…
  34. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 34
    Performance Financial Program Overview Update Outlook Exploration 35
  35. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 35
    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…
  36. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 36
    De-Risking the Ultra-Deep Lomond North (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)…
  37. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 37
    Ultra-Deep Productive Geologic Intervals Strategic Area 2 Strategic Area 3 Strategic Area 1 Initial Completions Target Blackbeard East 1 Blackbeard West 2 Net Pay: 478 ft Separate Discovery Zones Base Salt Weld Potential…
  38. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 38
    FY13 Drilling Inventory by Field = = Don Tomas = Sparkplug X West Delta 73 Main Pass Complex Grand Isle 16/18 South Timbalier 54 Weimer Cake = Big Sky 2 = Dr O X = Monte Carlo = Viper = Hyden Pi = Camacho = Iceman =…
  39. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 39
    Energy XXI Positioned for the Future Why Invest in Energy XXI Big Oil Fields Keep Getting Bigger EXXI owns 5 of the largest oil fields on the shelf Reserves Growing through Increased Recovery on Existing Properties and Strategic…
  40. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 40
    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…
  41. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 41
    Addendum 42
  42. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 42
    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…
  43. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 43
    EXXI Trading Below Proved Value* 250 10% Increase in EUR 225 5% Increase in EUR 200 MMR Deal Valuation Additional Core 3P Exploration 175 2P Success 150 1P 125 100 75 50 Current Stock Price 25 0 Total Resources (1)…
  44. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 44
    Operating Data per BOE Quarter Ended 06/30/11 9/30/11 12/31/11 3/31/12 6/30/12 9/30/12 12/31/12 Revenue (MM) 282.8 284.9 340.6 336.0 341.9 270.2 320.5 MBO/d 28.3 28.0 30.6 31.4 32.2 26.1 29.4 MBOE/d 42.1 40.8 42.7 45.3 47.6 37.3…
  45. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 45
    Updated Hedging Position* Fiscal Instrument Period Daily Volumes Average Price Index Quarter Type CRUDE OIL 1/2013-6/2013 Q3-Q4 2013 Collars 3,500 bbl/day 73.57 floor,105.63 cap WTI 1/2013-6/2013 Q3-Q4 2013 Collars 12,500 bbl/day…

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