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The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Jan 5, 2012 · 42 slides

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Slides

  1. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Pritchard Capital Energize 2012 NASDAQ: EXXI AIM:EXXI www.energyxxi.com January 4-6, 2012 1/3/2012
  2. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Snapshot Stock Ticker (NASDAQ, AIM) EXXI Market Cap 2.8 Billion* Insider Ownership 5.5% Proved Reserves 117 MMBOE Production 40,800 BOE/d** EXXI is the 3 producer on the GOM shelf Reserves and production are 2/3rds…
  3. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 3
    Strong Focus 68% Crude Energy XXI operates 6 of the 11 largest oil fields on the West Delta 73 4,400 BOE/d 5,100 West Delta West Delta 30 3,000 BOE/d 5,400 BOE/d 30 Gulf of Mexico shelf Grand Isle Grand Isle 16, 16, 18 18…
  4. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 4
    Resources Proved, with Upside Resource Highlights Total Resources Proved Reserves 196.2 MMBOE, PV-10 5,167 MM (1) 116.6 MMBOE, PV-10 3,506 MM (1) 116.6 MMBOE of Proved 70% Proved Developed 35% of probable reserves Possible are in…
  5. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 5
    FY12 Budget Capital Breakout 372MM 450MM ULTRA DEEP 102 G&A 33 XOM 175 G&G, Land, Admin EXXI 23 95 Abandonment Drill and 22 Complete, Recomplete & Facilities 372 UD Dev 46 UD Exp 56 Core Core Dev Exp 231 39…
  6. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 6
    Growth and FCF in Every Scenario 100 Production and Capital 1,000 90 900 80 800 70 700 MBOE/D 60 600 MM 50 500 40 400 30 425 600 425 590 300 20 380 450 200 10 100 0 0 FY'11 FY'12 FY'13 FY'14 Production Low…
  7. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 7
    Current Rig Activity Grand Isle 16 West Delta 73 Grand Isle 16 Hercules 201 Rig Nabors P-17 Ensco 99 Rig Winters Magnum Multi-well Development Program Drilling Drilling Cameron Parish, LA Unit 201 Lineham Creek Operations…
  8. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 8
    Energy XXI Rig Schedule* Field Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Grand Isle 16 J-21 Sundowner 1 South Marsh Island 230 Davy Jones - MMR Rowan EXL 3 West Delta 73 Magnum Miller Quandry Big Sky Weimer Rosebank…
  9. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 9
    Multi-Year Drilling Inventory 201215 FY 2012 2013 2014 2015 2016 + 95+ Additional Opportunities Identified for 2016 and Beyond EI 330 (5 wells) Pontiff E-03 ST Accel* Quito Ouiski Bayou Glendullen* Bogota Big Abbott* RI DA008…
  10. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 10
    Main Pass Complex Overview Largest Complex in EXXI Portfolio Field Discovered: MP 73 in 1976 MP 61 in 2000 Water Depth: 80 180 Number of Wells Active 52 80 70 Shut-in 28 60 64% GROSS MMBOE 50 Cumulative Production 40…
  11. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 11
    Main Pass Complex 100% WI Gross Field BOE/d Ashton and Onyx wells re- 18000 defined salt model 16000 14000 12,000 Both wells tested salt flanks BOE/d updip to production 12000 10000 Ashton TDd at 8,353 TVD 8000 and encountered seven…
  12. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 12
    South Pass 89 Overview 11th Largest Oil Field on the GOM Shelf Field Discovered in 1973 Water Depth: 450 Number Platforms: 2 Number Wells Active 19 Shut-in 30 Cumulative Production 192 MMBO 849 BCF 13
  13. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 13
    South Pass 89 Well Activity Six-well Program Completed Gross Field BOE/d 7,000 5,555 BOE/d Projects Paid Out Within Four Months 6,000 EXXI 5,000 Total Net CAPEX: 18.5 MM acquired operations 4,000 Initial Net Production: 5,380…
  14. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 14
    Grand Isle 16/18 Overview 5th Largest Oil Field on the GOM Shelf Discovered in 1948 Grand Isle 18 Field Winters Water Depth: 50 Number Platforms: 13 Grand Isle Costello 16 Field Number Wells Sunny Active 33 Big Abbott…
  15. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 15
    Grand Isle 16 Well Activity Gross Field BOE/d Recompletion, Development Program Underway 7,000 5,400 BOE/d Net CAPEX to Date: 37.5 MM 6,000 5,000 EXXI Net Production Uplift to Date: 6,810 BOE/d acquired operations 4,000 Net…
  16. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 16
    Grand Isle 16 Sunny (R-22ST3) Original target was C-2 sand, but additional pay was encountered in multiple B and C sands Logged a total 225 of net pay IP December 2011 at 1,500 BOE/d net Actual CAPEX to drill and complete -…
  17. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 17
    Grand Isle 16 Winters K-2 Sand Structure Map Winters Well Type Log K-2 Sand Currently drilling Single completion targeting the K-2 Sand Anticipate a net IP rate of 3,400 BOE/d starting up in February 2012 Planned TD = 16,500…
  18. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 18
    Grand Isle 16 Costello C-4 Sand Structure Map Costello Type Log C-4/C- 4A Sands Rig scheduled January 2012 Single completion targeting the C-4/C-4A Sands with two packs Estimated CAPEX to drill and complete - 8.6MM Anticipate…
  19. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 19
    West Delta 73 Overview 7th Largest Oil Field in GOM Shelf Discovered in 1962 Water Depth: 175 Number Platforms: 7 Number Wells Active 31 Shut-in 27 Cumulative Production 265 MMBO 655 BCF 20
  20. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 20
    West Delta 73 - Well Activity Gross Field BOE/d 7,000 4 PUD Development Wells with EXXI acquired operations Compressor Repairs 5,100 Planned IP of 3,245 BOE/d Net 6,000 BOE/d 5,000 1 Exploration Well with Planned IP of 2,200…
  21. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 21
    West Delta 73 Magnum WD 73 TYPE LOG Pliocene F-35 Sand Structure F35 Will Penetrate 3 Additional F-Sands Sidetracks from Existing Wellbores Reduce Costs Planned TD 8,500 TVD 22
  22. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 22
    South Timbalier 54 Overview South Timbalier Inventory Locator Discovered in 1956 Water Depth: 67 Number Platforms: 5 ST 54 ST 55 Number Wells Wombat Active 20 Camshaft Shut-in 21 Cumulative Production 70 MMBO Sparkplug…
  23. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 23
    South Timbalier 54 Well Activity Gross Field BOE/d 4,600 6,000 EXXI BOE/d acquired operations August 9th 3-well Program with Planned IP of 5,250 5,000 BOE/d net 4,000 1 Gas Well (Exploration) 3,000 2 Oil Wells (Development)…
  24. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 24
    South Timbalier 54 Camshaft Camshaft Type Log G-9A Sand Structure Map Camshaft Drilling to 12,000 TVD to target the G-6B, G-8, G-9A Sands Plans are to dual-complete the G-9A and G-8 Sands Future workover of the G-6B sands…
  25. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 25
    Probing the Depths 26
  26. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 26
    Davy Jones Completion Ongoing Field discovered in 2010 Water depth: 20 Production facilities in place Completion operations underway 27
  27. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 27
    Davy Jones Eocene Discovery with Upside Davy Jones No. 1 Drilled and cased to 29,122 Logged 200 of net Wilcox pay Production early 2012 Davy Jones No. 2 Drilled and cased to 30,731 Logged 120 of net Wilcox pay 192 net potential…
  28. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 28
    Blackbeard Summary Blackbeard West Located in 85 Feet of Water Current TD Blackbeard West - Shallow Blackbeard West Blackbeard East Spud on November 25, 2011 Identified 4 hydrocarbon bearing 178 net feet of pay in…
  29. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 29
    Blackbeard East Queen Annes Tests indicate 178 of net pay in NW Drilling Revenge SE upper & middle Miocene Reservoir quality rocks Good porosity, permeability Conventional completion -10,000 Logged pay within the Miocene…
  30. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 30
    Blackbeard West Blackbeard East Blackbeard West Blackbeard West Shallow Ship Shoal South Timbalier Targets Upper & Middle Miocene Drilling below 11,700 WI = 22.9% NRI = 17.5% PTD = 22,600 TVD 31
  31. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 31
    Lafitte Prospect Overview Logged 171 net pay in Lower Miocene Currently drilling 32,200 -10,000 Permitted TD: 33,000 TVD WI 18% NRI 14.6% Current Depth 32,200 -20,000 Lafitte SAL + 6000 (Potentially in Upper Lower…
  32. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 32
    Barataria - Lafitte - Captain Blood Cross Section Barataria EAST Lafitte Captain Blood SOUTH WEST Drilling +9.85 - Miles +15.2 - Miles S A LT SALT Salt Weld -20,000 -20,000 Salt TD 32,997 Current TD 24,900…
  33. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 33
    Size of the Prize 100+ Tcf Potential Davy Jones Lafitte Blackbeard West John Paul Jones Captain Blood Blackbeard East England Barataria Morgan Eocene / Cretaceous Drake Barbosa 40+ TCFE Swann Calico Jack Miocene / Paleocene Hook…
  34. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 34
    Investment Proposition Third-Largest Oil Producer on GOM Shelf % Crude* Barrels Oil/Month* 1 Chevron 40% 1,869,844 2 Apache 38% 1,741,686 3 Energy XXI 68% 925,300 Organic Reserves and Production Growth Low-risk recompletions and…
  35. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 35
    Contact NASDAQ: EXXI AIM:EXXI www.energyxxi.com 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 77002…
  36. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 36
    Addendum 37
  37. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 37
    Energy XXI: Growing Larger and Stronger Production (MBOE/d) Reserves (MMBOE) 50.0 140.0 40.8 116.6 120.0 40.0 54.2% 57.5% 100.0 75.6 Growing 30.0 25.9 80.0 60.0 20.0 40.0 production 10.0 20.0 - - Replacing FY 1Q 2011 FY 1Q…
  38. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 38
    Enhanced Balance Sheet & Liquidity 6/30/2009 6/30/2010 6/30/2011 Cash and cash equivalents (incl. cash at parent) 89 14 28 Short-term debt 4 3 4 Long-term debt (principal amounts): Revolving credit facility 235 109 108 Senior…
  39. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 39
    Aggressive Debt Paydown 11/1/2011 At September 30, 2011, 29.4MM was drawn on Revolver, plus 231MM of LCs Revolver was completely paid off October 20th. 40
  40. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 40
    Operating Data per BOE Quarter Ended 6/30/10 9/30/10 12/31/10 03/31/11 06/30/11 9/30/11 MBOE/d 25.3 25.9 29.4 41.4 42.1 40.8 Oil % 68% 69% 70% 66% 67% 69% Revenue (Pre-hedge) 58.10 57.73 64.57 71.24 78.90 74.05 LOE Insurance Expense…
  41. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 41
    Hedge Profile 400 100% 90% Est. Net Effective Price** FY 12 FY 13 80% Crude 109.17 105.64 70% Nat Gas 3.56 4.00 Percent of PDP Hedged 60% Revenue (MM) 50% 40% 30% Total Est. Rev. Strip* Total Revenue Hedged -…
  42. The Pritchard Capital Partners 9th Annual Energize Conference – Energy XXI Gulf Coast, Inc – slide 42
    Updated Hedging Position* Fiscal Instrument Period Daily Volumes Average Price Index Quarter Type CRUDE OIL 1/2012-6/2012 Q3-Q4 2012 Collars 7,700 bbl/day 72.60 floor,100.19 cap WTI 1/2012-6/2012 Q3-Q4 2012 Collars 5,000 bbl/day…

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