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Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Mar 18, 2013 · 50 slides

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Slides

  1. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Howard Weil Energy Conference March 17-21, 2013 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 3/13/13
  2. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 2
    Performance Financial Program Overview Update Outlook 3
  3. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 3
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production 47,000 BOE/d* Financial One of the Largest Oil Producers Ticker EXXI on GoM Shelf Market Cap (3/11/13) 2.7B 70% of Production is Oil Insider Ownership 5% FY2013…
  4. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 4
    Consistent Growth Since 2005 Milestones: October 2005 Funded With a 300MM Blind Raise August 2007 Acquired NASDAQ Listing November 2009 Fourth Acquisition in Four Years December 2010 Acquired GoM Shelf Properties for 1BN September 2012…
  5. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 5
    Operates 5 of the Largest GoM Oil Fields 6
  6. Howard Weils 41st Annual Energy Conference – 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. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 7
    FY13 Progress Report 1 New Exploration Well Underway 5 Development Wells in Progress 11 Recompletions/Workovers Completed 9 Operated and 3 Non-Operated Development Wells Brought Online 340MM EBITDA in First Half Reserve Adds…
  8. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 8
    Energy XXI A Growth Story Annual Production (Net MBOE/d) Proved Reserves (MMBOE) 206.0 196.2 13.8 116.6 119.6 14.1 104.1 81.7 75.6 9.0 30.5 8.0 53.1 23.4 14.7 11.4 FY 09 FY 10 FY 11 FY 12 FY 13E FY…
  9. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 9
    Low-Cost Reserve Development 3P: 206 MMBOE POSS POSS DEV UNDEV 4.2 36.2 PDP 1.83/BOE 2.97/BOE 62.5 PROB UNDEV 34.3 4.61/BOE PUD PDN PROB DEV 37.9 19.2 11.7 14.00/BOE 6.31/BOE 2.02/BOE Total Resources 6/30/12 SEC…
  10. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 10
    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…
  11. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 11
    More Proved Oil Reserves vs. Peers Proved Reserve Mix 29% 39% 40% 51% 71% 61% 60% 49% Peer 1 Peer 3 Peer 2 EXXI Production Mix 26% 34% 46% 51% 74% 66% 54% 49% Peer 3 Peer 1 EXXI Peer 2 Crude Gas Latest…
  12. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 12
    Performance Financial Program Overview Update Outlook 13
  13. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 13
    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 14
  14. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 14
    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…
  15. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 15
    FY 2013 Capital Program 750MM (Excluding Acquisitions) Capital Program Details 17 Horizontal/High Angle Wells: 206.1 MM G&G, Land, 11 Conventional Wells: 157.3 MM Admin G&A 32 45 4 Exploration Wells: 71.6 MM Abandonment Total…
  16. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 16
    Attractively Hedged Energy XXI Oil Trends to HLS 30 25 WTI 3-Way WTI Collar Brent Collars 20 Brent 3-Way 1,000 bpd Brent Put Spread 15 10 5 0 Mar-Jun 2013 Jul-Dec 2013 Cal 2014 Cal 2015 Crude Oil Mar-Jun 2013…
  17. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 17
    Performance Financial Program Overview Update Outlook Development 18
  18. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 18
    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 19
  19. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 19
    Current Rig Activity Eugene Island 330 35% WI Ca meron Parish, LA 9% WI D-06 ST Lineha m Creek Ensco 75 Drilling Unit 201 Drilling Vermilion 179 50% WI Pendra gon Highlander Area 18% WI Hercules 264 Drilling Eugene Island 18 4%…
  20. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 20
    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…
  21. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 21
    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…
  22. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 22
    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 / Average Daily Oil Rate,…
  23. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 23
    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 24
  24. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 24
    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…
  25. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 25
    Horizontal Program Drives Oil Growth 40 Horizontal Uplift 35 Non-Horizontal Uplift 30 25 MBO/d 20 15 Base 10 5 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 26
  26. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 26
    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 27
  27. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 27
    Apache EI 330 Re-development Success B-12 ST IC Sand GA Sand B-9 ST D-18 Horizontal GA-2 B-6 ST3 KE Sand OI Sand D-15 D-19 D-13 LF Sand HB Sand NI Sand D-16 D-17 B-14 ST D-20 B-16 ST D-14 28
  28. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 28
    EI 330 Consistent Redevelopment EI330 Historical Production Crude Gas 2000 Hurricane Hurricane Damage Impact Net BOE/d 1000 0 Dec 07 Mar 08 Jun 08 Dec 08 Mar 09 Jun 09 Dec 09 Mar 10 Jun 10 Dec…
  29. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 29
    Main Pass Finding New Reserves MP 73 Onyx Carinos Log LP-1G Pod A Pod B LP-2 Monte Carlo MP 61 Don Tomas MP 73 C-1 2 BA-4AA LP-1G LP-2 BA-4B/5 J-6 J-6 30
  30. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 30
    Large Inventory 31 Leads & Prospects MP 60 Tex W Quintero Monte Carlo Tweener Attic2 Camacho The Judge Upmann Vegas Swisher Sweet Punch Fonseca Angelinos Monte Carlo S Don Lino Don Lino N Maduro Romeo Pantera Don Carlos…
  31. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 31
    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…
  32. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 32
    SP49 D65 Development 56.50% WI 47.08% NRI* D65 Structure Map SP33 A-19 New Reservoir with HWO Significant Upside Potential A-19 ST Hydraulic workover (HWO) unit 6 MMcf/d mobilized in October 2012 to install frac-packed…
  33. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 33
    GI 16/18 Targeting Multiple Reservoirs Cake Log Sunny Log Costello Log Winters Log Pi Log 34
  34. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 34
    GI 16/18 Development to Drive Uplift Grand Isle 16/18 Historical Production 12000 Gas 10000 Crude Hurricane Isaac 8000 Net BOE/d 6000 4000 2000 0 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Quarter…
  35. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 35
    Performance Financial Program Overview Update Outlook Exploration 36
  36. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 36
    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 S Tim 54 Focus Area Map Area Increased activity around…
  37. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 37
    Wide Azimuth (WAZ): Getting Better Data Narrow Azimuth 3D Coverage Wide Azimuth 3D Coverage Improvements in field acquisition techniques are leading to better quality seismic data for salt definition. 38
  38. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 38
    Ongoing WAZ Seismic Helps Expand Area Main Pass Area Bay Marchand Field S Timbalier 21 Field Fairfield WAZ SHOOT Nodal 900 sq. mi. Global Geophysical 335 sq. mi. 39
  39. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 39
    Vermilion 179 Exploration Joint Venture Joint Venture Vermilion Exploration Outline VR 164 Located in 105 Feet of Water Well Information Energy XXI Operated JV with ExxonMobil 2-Well Carry to Earn 50% Working Interest…
  40. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 40
    Bayou Carlin Location Map Duplantis 1 Bayou Carlin Field Bayou Carlin Field Stats High Rate, Large Potential Operated Gas Field Year of Discovery 2007 .795 MMBO Cumulative Production 60.4 BCF Pre- Post- Acquisition…
  41. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 41
    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)…
  42. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 42
    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…
  43. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 43
    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…
  44. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 44
    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…
  45. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 45
    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…
  46. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 46
    Addendum 47
  47. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 47
    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 Current Stock Price 25 0 Total Resources (1)…
  48. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 48
    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…
  49. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 49
    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…
  50. Howard Weils 41st Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 50
    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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