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Enercom Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Jul 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. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation The Oil and Gas Conference Enercom Denver, Colorado August 12-15, 2013 Acquire, Exploit, Explore, Deliver NASDAQ: EXXI AIM: EXXI www.energyxxi.com 8/9/13
  2. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production** 47,000 BOE/d One of the Largest Oil Financial Producers on GoM Shelf Ticker EXXI 62% of Production is Oil Market Cap (8/9/13) 2.3B Insider Ownership 6.25% FY2014…
  3. Enercom 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. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 4
    Reserves Grow 50% 2P PV10 8.4 BN Proved Reserves Total 3P Reserves Total: Total: 179 MMBOE PV-10: 6.1 Billion1 310 MMBOE PV-10: 10.9 Billion2 Possible 78.1 MMBOE Proved PV10 Undeveloped 2.6 Billion Proved 69.0 MMBOE Proved…
  5. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 5
    Image goes here ACQUIRE 6
  6. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 6
    Rapid Growth Since 2005 Acquisition price per BOE (2006-2012) XOM 20.47 Corporate milestones Energy XXI Acquisition Mitsui 12.36 October 2005 Funded with a 300MM blind raise Pogo 20.77 August 2007 NASDAQ listing November…
  7. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 7
    Operates Five of the Largest GoM Oil Fields 13 Energy Resources Field Operator South Ma rsh Isla nd 130 186 MMBO 1 Bay Marchand 2 Chevron 2 West Delta 30 Energy XXI 3 Apache* 3 Eugene Island 330 Apache* Eugene Isla nd 330 433…
  8. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 8
    AcquireThen Exploit 80% Uplift on Proved Reserves Purchased 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…
  9. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 9
    Image goes here Enhanced Recovery EXPLOIT 10
  10. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 10
    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…
  11. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 11
    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…
  12. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 12
    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 Mar 13 Jun 13 Quarter Ending…
  13. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 13
    95+ Potential Horizontal Locations South Tim b a lier 15-24 wells Gra nd Isle 6-8 wells South Pa ss 7-9 wells West Delta Ma in Pa ss 40-45 wells 6-11 wells 14
  14. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 14
    FY13 Horizontals: Every 1.00 Spent Added 2.32 PV Net Capital Net NPV10 %Oil Disc. P/I (MM) MMBOE (MM) West Delta 73 63.3 9.5 86% 317.4 5.26 Grand Isle 16 50.1 1.4 84% 47.0 1.00 South Timbalier 54 31.7 1.1 89% 10.7…
  15. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 15
    Image goes here Partnerships, salt domes & ultra-deep EXPLORE 16
  16. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 16
    Exploring with the Right Partners Lineham Creek Cameron Parish, LA Vermilion Shallow-Water Ultra-Deep Main Pass 17
  17. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 17
    Seismic Rejuvenation Redefining Salt Models 1976-2008 2010 Present MP 73 Field Model Redefined Salt Model Generating Growth and Future Development Opportunities 18
  18. Enercom 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 GoM Intrusive Salt Bodies Wide Azimuth 3D Coverage Increasing activity due to new WAZ seismic New and…
  19. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 19
    WAZ Seismic Covering 1,600+ Square Miles Apa che JV Energy XXI Ma in Pa ss 900 sq. mi. WAZ Extension Area 165 sq. mi. Ba y Ma rcha nd Field South Timba lier 21 Field South Timba lier 54 Globa l Geophysica l Field 335 sq.…
  20. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 20
    ExxonMobil Sub-Salt Joint Venture Joint Venture Exploration Outline VR 164 Vermilion 11 Vermilion Blocks Located in 105 Feet of Water Overview Energy XXI Operated JV with ExxonMobil 2-well carry to earn 50% working…
  21. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 21
    Apache JV Targeting Salt Domes Heron logs first discovery with 76 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. Enercom 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. Enercom 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. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 24
    Image goes here DELIVER 25
  25. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 25
    Year Over Year Proved Reserves Growth Fiscal Year 2012 Fiscal Year 2013 Total: Total: 120 MMBOE PV-10: 4.3 Billion1 179 MMBOE PV-10: 6.1 Billion2 Proved Proved Undeveloped Undeveloped Proved 37.9 MMBOE Proved 50% increase in…
  26. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 26
    Exercising Financial Discipline in FY14 660 MMFY14 Capital Budget 82% of capital program G&A, Land, G&G 120 is directed towards Facilities 80 development Exploration 100 76% of uplift capital is oil-directed Development 360…
  27. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 27
    Current Activity 3 Operated Rigs New Orleans Highla nder Area 18% WI Ma in Pa ss 61 100% WI Lomond North Monte Ca rlo 2 Coa sta l 22 Drilling Ca meron Pa rish, LA 9% WI Ensco 82 Drilling Lineha m Creek Unit 201 Drilling West Delta…
  28. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 28
    Current Crude Hedge Profile 30 25 20 WTI 3-Way 1,000 bpd WTI Collar 15 Brent Collars Brent 3-Way Brent Put Spread 10 5 0 Aug-Sep13 Oct-Dec13 Cal 2014 Cal 2015 Crude Oil Aug-Sep 2013 Oct-Dec 2014 2014 Average…
  29. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 29
    Solid Balance Sheet Net Debt/Total Proved 6/30/11 6/30/12 6/30/13 Estimate All figures in 000s except per unit values 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…
  30. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 30
    EXXI Trades at Discount to NAV Category1 PV-10 /Share2 Proved Developed Reserves 3,554 42.21 Proved Undeveloped Reserves 2,596 30.83 Net Debt3 (1,370) (16.27) Total Net Proved Value 4,780 56.77 Probable Reserves 2,238 26.58…
  31. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 31
    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…
  32. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 32
    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…
  33. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 33
    Image goes here Additional information APPENDIX 34
  34. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 34
    WD 73 7 Independent Reservoirs Bearclaw Big Sky 2 HORIZONTAL HORIZONTAL Hyden Field Pays Type Log Glacier (G-20 Sand) Maroon HORIZONTAL HORIZONTAL HORIZONTAL Weimer HRZ IP Rate: 1,530 BOE/d Gross…
  35. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 35
    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 Quintero LP- BA- J-6 1G 4AA J-6 Sand Sand LP-2 BA-4B/5 IP Rate: J-6 1,200 BOE/d…
  36. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 36
    Large Inventory of Leads & Prospects MP 60 Tex W Main Pass Reserves Growth Pod A MP61 Field 77.0 80 Reno The Judge Vegas Fonseca 106% Upmann increase 27.1 60 Punch Swisher Sweet Angelino GROSS MMBOE Don Lino Pod…
  37. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 37
    Operating Data per BOE Quarter Ended 9/30/11 12/31/11 3/31/12 6/30/12 9/30/12 12/31/12 3/31/13 Revenue (MM) 284.9 340.6 336.0 341.9 270.2 320.5 303.8 MBO/d 28.0 30.6 31.4 32.2 26.1 29.4 28.6 MBOE/d 40.8 42.7 45.3 47.6 37.3 44.6…
  38. Enercom Conference – Energy XXI Gulf Coast, Inc – slide 38
    Current Hedge Position* Period Fiscal Quarter Instrument Type Daily Volumes Average Price Index CRUDE OIL 7/2013-12/2013 Q1-Q2 2014 Put Spread 8,000 bbl/day 86.61 sub-floor; 105.88 floor BRENT 7/2013-12/2013 Q1-Q2 2014 Collars…

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