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Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Sep 6, 2012 · 47 slides

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Slides

  1. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Barclays CEO Energy Conference Delivering the next 5% September 4-6, 2012 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 8/30/12
  2. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production 47,600 BOE/d*** Financial 3rd Largest Oil Producer on Ticker EXXI GoM Shelf Market Cap (8/30/12) 2.9B* 68% of Production is Oil Insider Ownership 5.5% FY2013 Budget…
  3. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 3
    Current GoM Properties EXXI operates 5 of the 11 largest oil fields on the GoM shelf East Cameron 334/335 700 BOE/d Laphroaig-Pontiff 1,075 BOE/d South Timbalier 21 2,150 BOE/d Grand Isle 16, 18 5,930 BOE/d Eugene Island 330…
  4. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 4
    From Inception to Third Largest Oil Producer Acquisitions Large Oil Fields Technical Staff Shallower Declines
  5. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 5
    Building it Right Acquisition Success Acquisition Price per BOE 50.00 48.04 40.00 33.96 31.34 29.53 30.00 28.22 27.82 26.61 27.01 23.25 25.69 24.13 24.78 22.48 23.15 All Others 20.98 20.82 20.77 20.18 20.69 20.09 24.25…
  6. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 6
    GoM Shelfs Largest Oil Fields Cumulative Production* Field Operator Oil (MMBO) Gas (BCF) MMBOE WD30 EXXI 576 929 731 BM2 Chevron 532 552 625 EI330 Apache 432 1,823 735 GI43 Chevron 371 1,590 634 GI16 EXXI 302 381 366 SP61 Sandridge 267…
  7. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 7
    Technical Team Differentiates EXXI 51 Members Previous Experience Number of People ExxonMobil 5 Kerr McGee 5 Superior 4 Amoco 3 Apache 2 Gulf Oil 2 Marathon 2 Ocean 2 Pennzoil 2 Texaco 2 College New Hires 6 EXXI Technical…
  8. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 8
    GoM Production Characteristics Typical Decline Curve Characteristics Water Drive Flat rates until water encroaches Abnormally Pressured Gas Well BOPD or MMcf/d Normally Pressured Gas Well Time Oil Water Drive Gas…
  9. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 9
    Top 5 XOM Fields EUR Potential 10000 1000 100 Gross MBOE / Month Acquisition Current 75 Gross Gross per BOE* (MMBOE) (MMBOE) (80% NRI) Cumulative Prod 1,418 1,426 10 Rem Proved Reserves 52 63 EUR 6-30-12 1,470…
  10. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 10
    Top 5 Oil Fields Grand Isle 16/18 South Timbalier 54 West Delta 30 West Delta 73 South Pass 89 Average RF to Date = 45% Top 5 Cumm Oil Fields Oil MMBO Recovery Factor Reserve Adds Total Gross Cumm Production 992 OOIP…
  11. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 11
    Continued Growth Through Horizontal Drilling
  12. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 12
    ST 21 Horizontal Well Characteristics Average Horizontal Well Expected to Recover Over 1,000 MBO vs. 400 MBO for Recent Vertical Wells 13
  13. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 13
    WD 73 Horizontal Well Characteristics 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 14
  14. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 14
    Horizontal Drilling Targets Strong Water Drive Reservoir Partial Water Drive Reservoir Pressure Drop Supplemented with Water Injection 15
  15. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 15
    WD73 Increasing Ultimate Recovery F-40 Structure Map WD 73 WD 74 FY12 Well Inventory Miller Log Magnum Log D-PLAT Big Sky 2 Quandry Log Rosebank Log WD 92 WD 91 16
  16. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 16
    WD 73 Big Sky 2 Horizontal Big Sky 2 (Conventional) F-30 Sand Net Pay Map Big Sky 2 (Horizontal) Big Sky 2 COMPLETING F-30 Typical Vertical Drill Statistics Typical Horizontal Drill Statistics Potential IP: 1,000 BOE/d…
  17. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 17
    The Drillbit: Our Current Operations
  18. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 18
    Current Rig Activity Eugene Island 330 Ensco 75 Rig Cameron Parish, LA Multi-Well Development Program Unit 201 Lineham Creek Drilling South Marsh Island 230 Rowan EXL 3 Davy Jones 1 Completing Grand Isle 16 Ensco 90…
  19. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 19
    FY13 Budget Capital Breakout 700MM 599MM G&G, Land, Admin G&A ULTRA 43 28 DEEP 94 Abandonment 30 EXXI XOM 183 322 Ultra-Deep 94 Drill and Complete, Recomplete & Facilities 505 Other GI 16 EI 330 109 119 22 BB West…
  20. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 20
    MP Development with Exploitation Upside Historical Production (Gross BOE/d) 25,000 20,125 BOE/d 20,000 EXXI acquired operations June 2007 15,000 10,000 5,000 0 Jun-07 Dec-07 Jun-08 Nov-08 May-09 Nov-09 May-10 Oct-10 Apr-11…
  21. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 21
    MP Logging Updip Success C-12 Log MP 61 B-8 Don Tomas BA-4AA Onyx Log BA-4B/5 Carinos Log J-6 Key - FY12 Well - Inventory 22
  22. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 22
    GI 16/18 Development to Drive Uplift Historical Production (Gross BOE/d) 18,000 15,000 12,000 7,325 BOE/d 9,000 EXXI 6,000 acquired operations March 2011 3,000 0 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12…
  23. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 23
    GI 16/18 Proven Repeatability Winters Log Sunny Log Pi Log Costello Log 24
  24. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 24
    ST54 Multiple Oil Prospects E14st2 G3 Log Sparkplug Log H-1 Sand Camshaft Log Type Log H-3B Sand Key - FY12 Well - Inventory 25
  25. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 25
    Probing the Depths 26
  26. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 26
    De-Risking the Ultra-Deep Highlander Lineham Creek England North Hook (in progress) Barbosa England Bonnet Lafitte Davy Jones Offset (dev. plan underway) (awaiting completion) Blackbeard East (dev. plan underway) Davy Jones…
  27. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 27
    Davy Jones 1 Davy Jones 1 Log Top of Wilcox 2C Sand Structure Map 20,000 acres Davy Jones 1 Davy Jones 2 Perfs Well Information Drilled and Cased to 29,122 MD Logged 200 of Net Wilcox Pay Preparing to Flow…
  28. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 28
    Blackbeard West 2 Testing the Cupola Blackbeard East ST 168 Unit Blackbeard West Blackbeard West 2 Ship Shoal South Timbalier Located in 75 Feet of Water Drilled to 21,763 MD / 21,759 TVD 7 Liner Set A Large 3-way…
  29. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 29
    Highlander Project Cross Section* Located Onshore in Iberia, St. Martin Prospect Information Expected to Spud Late 2012 Targeting Eocene/Paleocene/Cretaceous Objectives Below Salt in Davy Jones Wells Planned TD: 30,000 McMoRan…
  30. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 30
    Ultra-Deep Exploration P10 Potential Offshore Resources: EXXI Net 95 Tcfe Gross* (Tcfe) (Tcfe) Potential Onshore Resources: 54 Tcfe Davy Jones 36.0 5.5 Strategic Area Total Potential Gross: 148 Tcfe Lafitte 36.5 6.2…
  31. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 31
    Ultra-Deep Spanning the Ages Strategic Area 2 Strategic Area 3 Strategic Area 1 Initial Completions Target Blackbeard West 2 Blackbeard East 1 Separate Discovery Zones D rilling Base Salt Weld Potential Completion Upper Blackbeard…
  32. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 32
    FY2013 and Beyond
  33. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 33
    Energy XXI Rig Schedule Field Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 3Q FY2013 West Delta 73 4 Development Wells Nabors P-17 Grand Isle 16 3 Development Wells, 3 Rig Workovers Ensco 90 South Tim. 54 / Grand Isle 16 3…
  34. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 34
    Multi-Year Inventory Drives Y/Y Growth 2013 2014 2015 100 Additional Opportunities Identified for 2016 and Beyond POINTIFF 2 ALTERNATOR ANISTON TILAPIA GERHRIG_B NORTH GOUDA EI 330 (4 WELLS) CAMSHAFT ACCEL GLENLOSSIE* TREASURE ISLAND…
  35. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 35
    Volume Growth and Free Cash Flow Production and Capital 120 1,000 110 900 100 800 90 700 MBOE/D 80 600 700 700 700 MM 70 Actual 500 60 591 400 50 300 40 200 30 100 20 0 FY'12 FY'13 FY'14 FY'15 Production Low…
  36. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 36
    Current Crude Hedge Profile 40.0 WTI Put Spread 35.0 Brent Put Spread Brent Collar Brent 3W Collar 30.0 WTI 3W Collars WTI Collars 1,000 bbls/D 25.0 Total Proved Developed 20.0 15.0 10.0 5.0 - Jul-13…
  37. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 37
    Why Energy XXI Large GoM Oil Fields Provide Significant Opportunity for Reserve Growth 5% Increased Recovery of Oil-in-Place in Top 5 Fields Doubles Reserves Horizontal Redevelopment Will Have an Impact Multi-Year Drilling…
  38. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 38
    Contact Delivering 5% the next 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 Houston, Texas…
  39. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 39
    Addendum 40
  40. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 40
    Consistently Improving Balance Sheet EBITDA (MM) Net Income (MM) 250 130 223 110 200 90 81 150 70 100 50 50 30 0 10 Sep 11 Dec 11 Mar 12 Jun 12 -10 Sep 11 Dec 11 Mar 12 Jun 12 Net Debt (MM) Net Debt / Total Cap (%)…
  41. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 41
    Aggressive Debt Paydown Change in Long Term Net Debt - Exxon Acquisition through 8/20/12 (MM) 1,400 XOM: 1,281MM 1,200 364MM 1,000 8/20/12: 916MM 800 Revolver Borrowings Less Cash 600 10% Notes - Retired 7.75% Notes -…
  42. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 42
    Debt Reduction Adds Share Value* Maintain EV, with Projected Net Debt Reduction 5,000 4,000 3,000 Net Debt, Market Cap (MMs) 2,000 1,000 0 -1,000 -2,000 6/30/2012 6/30/2013 6/30/2014 6/30/2015 Net Debt…
  43. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 43
    EXXI Trading Below Proved Value* 250 Risked Ultra-Deep 225 10% Increase in EUR 200 Additional Ultra-deep 5% Increase in EUR and Core 175 Exploration 3P Success 150 2P 125 1P 100 75 50 Current Stock Price 25 0 Total…
  44. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 44
    Operating Data per BOE Quarter Ended 03/31/11 06/30/11 9/30/11 12/31/11 3/31/12 6/30/12 MBOE/d 41.4 42.1 40.8 42.7 45.3 47.6 Oil % 66% 67% 69% 72% 69% 68% Revenue (Pre-hedge) 71.24 78.90 74.05 83.40 81.16 77.13 LOE Insurance Expense…
  45. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 45
    Updated Hedging Position* Fiscal Instrument Period Daily Volumes Average Price Index Quarter Type CRUDE OIL 9/2012-10/2012 Q1-Q2 2013 Put Spreads 5,000 bbl/day 65.00 sub-floor, 85.00 floor Brent 9/2012-12/2012 Q1-Q2 2013 Put Spreads…
  46. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 46
    Exploration/High Risk Potential Confidence of at Least One Success vs. Ps 100% Confidence of at Least one Success 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0 2 4 6 8 10 12 14 16 18 20 Number of Prospects 10% 25% 50% 75%…
  47. Barclays Capital CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 47
    ST 21 Crete Deep Potential Ram Powell (VK 956 2) Type Log Structure Map Crete 186 acres Proposed POD B Tex W 530 acres POD C 17,500 SS PTVD Will see three stacked amplitudes Well Information Expected Spud Date:…

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