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IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Apr 16, 2013 · 53 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. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation IPAA OGIS New York April 15-17, 2013 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 4/11/13
  2. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 2
    Performance Financial Program Overview Update Outlook 3
  3. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 3
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production 46,000 BOE/d** Financial One of the Largest Oil Producers Ticker EXXI on GoM Shelf Market Cap (4/10/13) 2.3B 70% of Production is Oil Insider Ownership 5% FY2013…
  4. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 4
    Consistent Growth Since 2005 Milestones: October 2005 Funded With a 300MM Blind Raise August 2007 NASDAQ Listing November 2009 Fourth Acquisition in Four Years December 2010 Acquired GoM Shelf Properties for 1BN September 2012 Joint…
  5. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 5
    Operates 5 of the Largest GoM Oil Fields 6
  6. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 6
    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…
  7. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 7
    FY13 Progress Report 2 Operated and 3 Non-Operated Exploration Wells Underway 5 Development Wells in Progress 11 Recompletions/Workovers Completed 11 Operated and 4 Non-Operated Development Wells Brought Online 340MM EBITDA in…
  8. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 8
    Low-Cost Reserve Development 3P: 281 MMBOE* POSS UNDEV PDP 78 67 POSS DEV 2.62/BOE 4 PDN 1.83/BOE 21 6.07/BOE PROB PUD UNDEV 47 53 11.88/BOE 3.88/BOE PROB DEV Reported 6/30/12 Resources 12 Pro Forma 6/30/12…
  9. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 9
    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 36.7 424% FY10 53.1 Sales FY…
  10. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 10
    Performance Financial Program Overview Update Outlook 11
  11. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 11
    Oil Volumes Drive Results Fiscal 2013 2Q Results (Sept.-Dec. 2012) 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 12
  12. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 12
    Results Lead to Less Leverage 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…
  13. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 13
    FY 2013 Capital Program 750MM (Excluding Acquisitions) Capital Program Details G&G, Land, Admin G&A 17 Horizontal/High Angle Wells: 206.1 MM 32 45 11 Conventional Wells: 157.3 MM Abandonment 27 4 Exploration Wells: 71.6 MM…
  14. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 14
    HLS Getting Premium to Brent 125 115 105 ICE BRENT Platts HLS NYMEX WTI 95 85 75 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 15
  15. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 15
    Attractively Hedged Energy XXI Oil Trends to HLS 30 WTI 3-Way WTI Collar 25 Brent Collars Brent 3-Way Brent Put Spread 20 1,000 bpd 15 10 5 0 Apr-Jun 2013 Jul-Dec 2013 Cal 2014 Cal 2015 Crude Oil Apr-Jun 2013…
  16. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 16
    Performance Financial Program Overview Update Outlook Development 17
  17. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 17
    Operational Strategy Continued Focus on the Committed GoM Shelf to Present and South Value Louisiana Creation Onshore Pursue Maintain Acquisitions Strong that Enhance Financial Existing Position Portfolio 18
  18. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 18
    Current Rig Activity Bayou Carlin 94.4% WI Ca meron Parish, LA 9% WI Eugene Island 330 35% WI Multi-well Redevelopment Dupla ntis Lineha m Creek Ensco 75 Drilling Parker 77 Drilling Unit 201 Drilling Vermilion 179 50% WI Pendra gon…
  19. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 19
    Horizontal Well History Exxon GoM horizontal program started at ST 54 Field in 1995 Most horizontal wells drilled from 1995 to 1998 Smaller and more successful program later drilled at West Delta 73 Field Three successfully…
  20. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 20
    Three Ways to Win Taking Recovery From 45% to 65% Reserves Hiding in Shadow of Salt Ultra Deep Main Pass 72/73 Lineham Creek (booked reserves) West Delta 73 Exxon JV (VR 179) Lomond North (drilling below salt) West Delta 30…
  21. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 21
    Making the Case for Horizontal Drilling Early Life Mid Life Late Life Vertical Drilling Typical Vertical: 200 psi drawdown leads to water coning and inefficient sweep Horizontal Drilling Typical Horizontal: 3-5 psi drawdown…
  22. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 22
    Natural Water-Drive Enhances Recovery Horizontal Type Curve 3% Decline Cumulative Production Comparison (MBO) Years 5 10 15 20 Beyond Horizontal High 834 1,261 1,599 1,890 4,258 Cases Low 334 512 657 783 1,858…
  23. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 23
    WD 73 Enhanced Recovery: F Sands* Original Oil in Place (298 MMBO) 100% 90% Residual 80% % Original Oil in Place 70% Potential Reserve Additions 60% Possible (44.9 MMBO) 12/31/12 Probable 50% Proved 26.5 MMBO Total…
  24. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 24
    Where Horizontals Work Best Best Case More Challenging Most Challenging Greater Geological Risk Salt harder to interpret Little Faulting to Break up precisely Multiple Faults Due to Structure Mineralization can cause…
  25. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 25
    Old Horizontals Support Big Reserves West Delta 73 D10 ST2 West Delta 73 D44 ST 4.5% Decline 3% Decline CUM Prod: 1.422 CUM Prod: 1.660 EUR: 1.917 MMBO EUR: 2.710 MMBO Historical Horizontal Completions Recovered over 800…
  26. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 26
    Successful WD73 Horizontal Program To-Date 10,000 Big Sky WD73 D-1 ST Weimer WD73 D-7 ST2 High-Side* Payout 5 Months Hyden WD73 D-42 ST3 IRR 100 % EUR (20 yrs.) 1,890 MBO EXXI High-Side P/I 16.76 / EXXI Mid-Case Average…
  27. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 27
    WD 73 Drilling Successes Big Sky 2 Maroon HORIZONTAL HORIZONTAL Field Pays Type Log Hyden Weimer (G-20 Sand) HORIZONTAL HRZ 7 Independent Reservoirs 40 Horizontal Locations Identified 28
  28. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 28
    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…
  29. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 29
    Horizontal Program Drives Oil Growth Horizontal Uplift Non-Horizontal Uplift Base Production Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun 30
  30. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 30
    100+ Potential Horizontal Locations in Core Fields South Timbalier 21 8 16 Wells South Timbalier 54 7 12 Wells Grand Isle 16/18 6 11 Wells West Delta 28 40 Wells South Pass 7 9 Wells Main Pass 6 12 Wells 31
  31. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 31
    Main Pass Finding New Reserves MP 73 Onyx Carinos LP-1G Pod A Pod B LP-2 Monte Carlo MP 61 Don Tomas MP 73 C-1 2 BA-4AA MP61 Camacho LP-1G LP-2 BA-4B/5 J-6 J-6 32
  32. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 32
    Large Inventory of Leads & Prospects MP 60 Tex W Quintero Java Monte Carlo-2 Camacho The Judge Reno Vegas Swisher Sweet Upmann Punch Fonseca Angelinos Monte Carlo S Don Lino Don Lino N Maduro Romeo Pantera Don Carlos…
  33. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 33
    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…
  34. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 34
    SP49 D65 Development 56.50% WI 47.08% NRI* D65 Structure Map SP33 A-19 New Reservoir with Significant Upside Potential A-19 ST Hydraulic workover (HWO) unit 6 MMcf/d mobilized in October 2012 First completion in A-7 ST SP49…
  35. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 35
    Performance Financial Program Overview Update Outlook Exploration 36
  36. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 36
    Wide Azimuth (WAZ): Getting Better Data Narrow Azimuth 3D Coverage Wide Azimuth 3D Coverage Two Key GoM Shelf Targets: Deeper, Below Existing Fields Around and Under Salt Domes 37
  37. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 37
    Top Fields Deeper Potential to Probe South Timbalier 21 Grand Isle 16, 18 247 wells drilled 1,101 wells drilled…
  38. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 38
    Better Understanding of Salt Domes Main Pass Grand Isle 16/18 W Delta 30 S Timbalier 21 Vermilion 179 S Timbalier 54 GOM Intrusive Salt Bodies Salt Dome Focus Area Map Area Increased activity around these…
  39. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 39
    Growing With the Right Partners Vermilion 179 Field ExxonMobil JV 40
  40. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 40
    Apache JV Targeting Salt Domes Targets salt domes across 135 blocks on GoM Shelf Acquiring additional 25% WI in 25 non-producing primary term leases New Orleans No promote, no drill commitment Seismic program underway to define…
  41. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 41
    Vermilion 179 ExxonMobil Joint Venture Vermilion Joint Venture Exploration Outline VR 164 Located in 105 Feet of Water Overview Energy XXI Operated JV with ExxonMobil 2-Well Carry to Earn 50% Working Interest First…
  42. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 42
    Bayou Carlin Location Map Bayou Carlin Field Duplantis 1 Pintail Testing Bayou Carlin Look-Alike Bayou Carlin Field Stats High Rate, Large Potential Operated Gas Field Year of Discovery 2007 60.4 BCF Cumulative…
  43. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 43
    Duplantis Goes Up Structure at Bayou Carlin Bayou Carlin Type Log 44
  44. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 44
    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)…
  45. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 45
    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…
  46. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 46
    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 = Maroon…
  47. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 47
    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…
  48. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 48
    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…
  49. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 49
    Addendum 50
  50. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 50
    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 25 Current Stock Price 0 Total Resources (1)…
  51. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 51
    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…
  52. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 52
    Updated Hedging Position* Fiscal Instrument Period Daily Volumes Average Price Index Quarter Type CRUDE OIL 1/2013-2/2013 Q3 2013 Collars 12,500 bbl/day 83.20 floor,125.15 cap BRENT 1/2013-6/2013 Q3-Q4 2013 Collars 3,500 bbl/day 73.57…
  53. IPAA Oil and Gas Investment Symposium – Energy XXI Gulf Coast, Inc – slide 53
    Improving Balance Sheet Net Debt/Total Proved Net Debt/Proved Developed Fixed Costs/BOE produced 9.48 9.31 9.26 10.73 10.00 16.00 13.64 13.30 13.56 12.00 7.53 8.00 12.00 11.03 7.31 6.66 8.00 6.06 6.00 8.00 4.00 4.00 2.00…

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