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Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Jun 22, 2011 · 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. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 1
    Howard Weil Energy Conference March 27-31, 2011 NASDAQ: EXXI AIM:EXXI www.energyxxi.com
  2. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 2
    Proven Strategic 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 around…
  3. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 3
    Company 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 the…
  4. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 4
    Current GOM Properties 5
  5. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 5
    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…
  6. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 6
    Combined A Much Larger Energy XXI 7
  7. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 7
    Oil Levered Asset Base Proved Reserve Mix GOM Peer Comparison 100% 90% 80% 42% 38% 37% 45% 70% 53% 65% 60% 50% 40% 30% 55% 58% 62% 63% 47% 20% 35% 10% 0% Peer 1 Peer 2 Peer 3 Peer 4 EXXI Pro-forma Peer 5 % OIL…
  8. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 8
    Extending the Producing Field Life Cycle 9
  9. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 9
    Rig and Well Activity 10
  10. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 10
    South Timbalier 21100% WI Summary Facts Field Discovery 1957 Cumulative Production 320+ MMBOE Production Mix 81% Oil Producing Wellbores 42 9th Largest Oil Field on GOM Shelf 11
  11. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 11
    ST 21Crete Prospect 12
  12. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 12
    Main Pass Complex100% WI Summary Facts Field Discovery 1979 / 2002 Cum Production 130 MMBOE Producing Wellbores 36 Productive Zones 28 13
  13. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 13
    MP61/62 Fields 14
  14. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 14
    MP 72 Ashton Prospect 15
  15. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 15
    XOM Acquisition Highlights 9 Fields 73 Proved Recompletion Opportunities 40 Drill Locations (1P + 2P Only) 90 Potential Exploration Prospects Exposing Us to 700 MMBOE Operatorship Transition Ongoing 16
  16. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 16
    South Pass 89100% WI Field discovered in 1973 Proved Reserves 2.7 MMBOE Water Depth: 430 Number Platforms: 2 Number Wells Active - 11 Shut-in 59 Cumulative Production SOUTH PASS 89 191.7 MMBO, 847.1BCF 17
  17. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 17
    SP 89Workover Prospects SOUTH PASS 89 Initial Production Reserves Capital BTAX P/I Payout Well Type of Activity Reservoir (Net BOEPD) (Net MBOE) (MM) (/) (months) A-15 ST2 Recompletion - Dual P-3 800 260 3.01 4.39 7 A-15 ST2…
  18. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 18
    West Delta 73100%WI Discovered in 1962 Proved Reserves WEST DELTA 73 14.6 MMBOE Water Depth: 200 Number Platforms: 5 Number Wells Active - 29 Shut-in 488 Cumulative Production 203 MMBO, 432.5 BCF 19
  19. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 19
    WD 73Development and Exploration Exploration Upside: Golden Bear-Grizzly Amplitude Supported Resource Prospects Resource Reserves- Golden Bear: 47 BCF Gross Grizzly: 33 BCF Gross IP: 15,000 MCFPD/Well TD: 13000 TVD D&C: 11…
  20. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 20
    WD 73 Exploration UpsideStricker Prospect SW Flank Untested Fault Block Adjacent 2.2 MMBOE Gross IP: 700 BOPD / Completion TD: 5,000 TVD D&C: 6.4 MM 21
  21. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 21
    WD 73 Development PUDMulder Infield Location between Producers Reserves: 510 MBO Gross IP: 500 BOPD/Well TD: 8300 TVD D&C: 6.9MM 22
  22. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 22
    West Delta 30 Field100% WI Discovered in 1948 Proved Reserves 12.2 MMBOE Water Depth: 47 Number Platforms: 12 WEST DELTA 30 Number Wells Active - 45 Shut-in 71 Cumulative Production 630.5 MMBO, 919.4 BCF 23
  23. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 23
    WD 30Development PUDS Updip to Production Reserves: 2 MMBOE IP: 230 BOPD/Well TD: 5,000 TVD D&C: 5.4MM / Well 24
  24. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 24
    ST 54 Field100% WI Discovered in 1955 Proved Reserves 7.6 MMBOE Water Depth: 67 Number Platforms: 5 Number Wells Active - 24 Shut-in - 24 SOUTH TIMBALIER 54 Cumulative Production 67.7 MMBO, 383.5 BCF Production…
  25. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 25
    Grand Isle 16/18 Field100% WI Discovered in 1948 Proved Reserves / Value 5.2 MMBOE Water Depth: 50 Number Platforms: 13 Number Wells Active - 39 GRAND ISLE 16 / 18 Shut-in 45 TA 9 SWD - 1 Cumulative Production 380.1 MMBO,…
  26. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 26
    Probing the Depths 27
  27. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 27
    Davy Jones Eocene Structure Map 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 cased Spud Davy Jones 2 off-set well…
  28. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 28
    Blackbeard East Summary Very Large 3-way Structure / 2,500 Column Potential PTD 34,000TVD Miocene, Oligocene (Frio) and Possibly Eocene Sands Below a Salt Sill on Shelf of GOM Drilling Below 32,920 MD WI BCP: 16% WI ACP 18%…
  29. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 29
    Blackbeard East Detailed Cross Section 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 Reservoir Rocks Good…
  30. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 30
    Lafitte Prospect Summary Located at Eugene Island Block 223 in 140 of Water Very Large 3-way Structure / 2,000 Column Potential Current Depth 19,900 Targeting Miocene Sections as Seen at JB Mountain and Flatrock Currently…
  31. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 31
    Size of the Prize 100+ Tcf Potential 32
  32. Howard Weil Energy Conference – 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 50 1.5 Tcfe /SHARE 2P 1P 40 Current Stock Price 30 20 10 0…
  33. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 33
    Enhanced Balance Sheet Historical Historical Actual 06/30/2009 06/30/2010 02/28/2011 Cash and cash equivalents (incl. cash at parent) 89 14 44 Long-term debt (principal amounts): Revolving credit facility 235 109 162 10% Senior Notes…
  34. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 34
    EXXI Delivering for the Future Strong Production and Cash Flow Oil-Focused Assets Core-Area Exploitation & Exploration Opportunities Ultra-Deep Shelf Play Upside Remain Financially Disciplined 35
  35. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 35
    Appendix 36
  36. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 36
    Hedging Profile 30 180 25 150 20 120 3 way Collars Mmbtu/d in 1,000s Bbls/d in 1,000s Puts 15 90 Put Spread 10 60 Collars Swaps 5 30 0 Oil NG Oil NG OIL NG Oil NG Oil NG Oil NG Q3 - FY 11 Q4 - FY 11…
  37. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 37
    Operating Data per BOE Quarter Ended 12/31/09 3/31/10 6/30/10 9/30/10 12/31/10 MBOE/d 20.9 25.4 25.3 25.9 29.4 Oil % 68% 68% 68% 69% 70% Revenue (Pre- (Pre-hedge) 57.53 61.57 58.10 57.73 64.57 LOE Insurance Expense 4.06 2.89 3.13…
  38. Howard Weil Energy Conference – Energy XXI Gulf Coast, Inc – slide 38
    NASDAQ: EXXI AIM:EXXI www.energyxxi.com Contact: Stewart Lawrence, IRO Greg Smith, Director of IR Energy XXI (Bermuda) Limited Energy XXI (Bermuda) Limited 1021 Main Street, Suite 2626 1021 Main Street, Suite 2626 Houston, Texas…

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