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Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Mar 27, 2012 · 51 slides

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Slides

  1. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 1
    40th Annual Howard Weil Energy Conference March 25 29, 2012 NASDAQ: EXXI AIM:EXXI www.energyxxi.com 3/23/12
  2. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 2
    Highlights Major EXXI Fields The 3rd Largest Producer on the Gulf of Mexico Shelf 72% of Production is Oil Interest in 6 of the 11 Largest Oil Fields on the GOM Shelf Reserves and Production are 86% Operated 70% of Proved…
  3. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 3
    Strong Focus 72% Crude EXXI operates 5 of the 11 largest oil fields on the GOM shelf West Delta 73 4,400 4,900 BOE/d BOE/d West Delta West Delta 30 3,000 BOE/d 3,700 BOE/d 30 Grand Isle Grand Isle 16, 16, 18 18 10,700…
  4. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 4
    GOM Production Characteristics Typical Decline Curve Characteristics Water Drive - Flat rates until water encroaches. Abnormally Pressured Gas Well Bbls / MCF Normally Pressured Gas Well When reservoir pressure can…
  5. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 5
    EXXI A Crude GOM Company EXXI OPERATED PDP OIL WELLS* 1000 14% Decline 85% of Production is GROSS MBOPM Tied to Oil Wells; 72% is Oil. 100 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18…
  6. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 6
    Legacy Fields (MP Complex & ST21) EUR Potential 10000 1000 Gross Monthly MBOE 100 10 1 Actual Production Acquisition Proved Forecast Current Proved Forecast Activities Since Acquisitions to Flatten Declines…
  7. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 7
    Top 6 Fields Current and Future EUR Potential 10000 1000 100 Gross MBOE / Month Acquisition Current 100 Gross Gross per BOE 10 (MMBOE) (MMBOE) (80% NRI) Cumulative Prod 1,715 1,758 Rem Proved Reserves 94 96 EUR…
  8. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 8
    Low Cost Development of 3P Reserves 3P: 196 MMBOE POSS DEV POSS 4 MMBOE UNDEV 3.41/BOE 30 MMBOE 4.98/BOE PROB PDP UNDEV 60 MMBOE 30 MMBOE 6.99/BOE PUD PROB DEV 35 MMBOE PDN 16 MMBOE 11.69/BOE 22 MMBOE 2.39/BOE 7.25/BOE…
  9. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 9
    Current Rig Activity Grand Isle 16 West Delta 73 Ensco 90 Nabors P-17 Costello Miller Drilling Drilling Cameron Parish, LA Unit 201 Lineham Creek Main Pass 60/61 Drilling South Timbalier 54 Hercules 205 Rig Ensco 99 Rig…
  10. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 10
    Energy XXI Rig Schedule Field Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 FY 2013 South Marsh Island 230 Davy Jones Rowan EXL 3 West Delta 73 Magnum Miller Quandry Rosebank Nabors P-17 Main Pass 60 Bullfrog Hercules 205 Eugene Island…
  11. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 11
    Multi-Year Drilling Inventory 201215 FY 2012 2013 2014 2015 95+ Additional Opportunities Identified for 2016 and Beyond Sunny (R22ST) GI 16 W/O (8) Hyden Pud Glendullan* Maroon Pud Quito* Lancer* EI 330 (5 wells) Traynor* Torrey Brahma,…
  12. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 12
    Production Uplift 30,000 BOE/d Actual / Forecast Well Name 2Q FY12 3Q FY12 4Q FY12 1Q FY13 IP BOE/d Net Sunny 1,200 Winters 6,400 Grand Isle Total Costello 900 10,400 BOE/d PI 1,900 Camshaft 1,500 South Timbalier Sparkplug 1,200…
  13. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 13
    Consistently Improving Balance Sheet EBITDA (MM) Net Income (MM) 97 250 225 100 200 80 150 60 107 100 40 50 20 11 0 0 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Net Debt (MM) Net Debt / Total Cap…
  14. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 14
    Growth and FCF in Every Scenario Production and Capital 120 1,000 110 900 100 800 90 700 725 725 700 MBOE/D 80 600 MM 70 500 550 600 600 600 60 400 475 50 300 40 200 30 100 20 0 FY'12 FY'13 FY'14 FY'15…
  15. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 15
    Operations Overview 16
  16. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 16
    XOM Oil Production Increases 40% 25 20 Thousand Barrels per Day 7.6 15 6.1 6.5 6.1 10 13.8 12.0 5 9.9 10.3 0 3Q F11 4Q F11 1Q F12 2Q F12 MBbl/d Crude MBOE/d Gas 17
  17. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 17
    Main Pass Complex Profile Gross Field BOE/d 16000 13,039 BOE/d 12000 8000 4000 0 Jun-07 Jan-08 Aug-08 Mar-09 Oct-09 May-10 Dec-10 Jul-11 Mar-12 Field Stats FY12 Program Stats Largest Complex in EXXI Portfolio Ashton…
  18. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 18
    Main Pass 61 Field Reserves Have Increased +86% Since Acquisition 19
  19. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 19
    Main Pass 73 Seismic Salt Model Redefined Salt Model Leading to Future Development Opportunities 20
  20. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 20
    Main Pass 72 Onyx Onyx Log LP-1G Sand Structure Map Onyx Currently Producing 3,400 BOE/d Gross LP-1G Sand has Produced 494 MBbls Oil Since June 2011 Due to better than expected performance, recompletions began in March: C-12…
  21. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 21
    Main Pass 61 Carinos Carinos Type Log BA-4AA Sand Structure Map BA-4AA Sand Cum Prod Rig Scheduled May 2012 5.2 MMBO Targets BA-4AA Sand Updip of Big Producer B-4 2.3 BCFG Planned TD: 8,484 TVD/10,153 MD 4.5 MMBW Planned IP:…
  22. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 22
    South Pass 89 Field Profile Gross Field BOE/d 7,000 6,000 EXXI 5,000 acquired operations 4,000 3,000 3003 2,000 BOE/d 1,000 0 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Field Stats FY12 Program Stats 11th Largest Oil Field on…
  23. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 23
    Grand Isle 16 Field Profile Gross Field BOE/d 14,000 12,000 12,216 10,000 EXXI BOE/d acquired operations 8,000 March 15, 2011 6,000 4,000 2,000 0 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Field Stats FY12 Program Stats…
  24. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 24
    Grand Isle 16 Winters Winters Well Log K-2 Sand K-2 Sand Structure Map LKG -16,564 Winters Salt Drilled to 16,547 TVD / 17,400 MD Encountered 83 Net Pay in K-2 Sands First Production: Feb. 21, 2012 Ramped to 45…
  25. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 25
    Grand Isle 16 Costello C-4 Sand Structure Map Costello Type Log C-4 and C-4A Sands C-4 C-4A Drilling at 4,908 MD Single Completion Targeting the C-4 and C-4A Sands with Two Gravel Packs Planned TD: 11,750 TVD / 13,051…
  26. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 26
    Grand Isle 16 Pi Pi Type Log C-1 Sand Structure Map Rig Scheduled April 2012 Primary Targets are the C1, C2, and C7 Sands Updip of Past Producers Planned TD: 9,748 TVD / 11,623 MD Planned IP: 2,200 BOE/d Gross First Production:…
  27. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 27
    West Delta 73 Field Profile Gross Field BOE/d 5,886 7,000 EXXI BOE/d acquired operations June 21, 2011 Compressor 6,000 Repairs 5,000 4,000 3,000 2,000 Tropical Storm Lee 1,000 0 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12…
  28. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 28
    West Delta 73 Miller WD 73 TYPE LOG PLIOCENE F-45 SAND STRUCTURE MAP F20 Insert type log for F30 F Miller Sds here MILLER F35 F40 F45 Currently Drilling at 5,708 MD F45 Primarily Targeting the F-45 Sand; F-35 Sand…
  29. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 29
    WD-73 Horizontal Drilling Program 100 per Gross F-30 and F-35 Reservoirs BOE MMBO (83.33% NRI) Total OOIP 230 Remaining Potential* 34 Cumulative Prod. to Date 102 EUR Total Proved 110.3 EUR: 5% increase 5.5 458MM EUR: 10%…
  30. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 30
    West Delta 73 Golden Bear WD 73 C-38st2 K-30 STRUCTURE / AMPLITUDE MAP Expected to Spud April 2012 Reserve Potential: 56 BCF Proposed Depth: 12,900 TVD / 14,100MD 98 BCF; 2 MBO Planned IP: 30 MMCF/d Gross First Production:…
  31. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 31
    South Timbalier 54 Field Profile Gross Field BOE/d 6,000 EXXI acquired operations August 9, 2011 4,234 5,000 BOE/d 4,000 3,000 2,000 1,000 0 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Field…
  32. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 32
    South Timbalier 54 Camshaft Camshaft Log G-9A Sand Structure Map G-6B G-7 Camshaft G-7A G-8 Drilled to 11,575 TVD / 12,743 MD G-9A Logged 177 Net Pay in the G-6B, G-7, G-7A, G-8 and G-9A Sands Completing as a Dual in…
  33. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 33
    South Timbalier 54 Sparkplug Sparkplug Type Log H-1 ST3 H-3B Structure Map Sparkplug Rig Scheduled April 2012 Targeting the H-1 and H-3B Sands Updip of the H-1 ST3 Well Planned Single Completion Planned TD: 15,597 TVD / 17,318…
  34. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 34
    Probing the Depths 35
  35. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 35
    Davy Jones 1 Summary Davy Jones 1 Log Top of Wilcox 2C Sand Structure Map Drilled and Cased to 29,122 MD Logged 200 of Net Wilcox Pay Completion/Testing Operations Ongoing WI: 15.84% NRI: 12.6% 36
  36. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 36
    Davy Jones 2 Summary Drilled and Cased to 30,731 MD Logged 120 of Net Wilcox pay Encountered 192 Net Potential Pay in Tuscaloosa and Lower Cretaceous Cased and Suspended Pending Completion Planned for 2H 2012 WI 15.84% NRI…
  37. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 37
    Blackbeard East Path Forward Final TD 33,318 TVD / 33,882MD Logged 158 Net Pay in Miocene and Frio plus +300 Highly Fractured Sparta Section Development Plan Proceeding with Equipment Design Expected Timeline: Late 2014 WI 18%…
  38. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 38
    Blackbeard West 2 Summary Blackbeard East ST 168 Unit Blackbeard West Blackbeard West 2 Ship Shoal South Timbalier Located in 75 Feet of Water A Large 3-way Structural Closure Underneath and Adjacent to a Salt Weld PTD…
  39. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 39
    Lafitte Summary Located at Eugene Island Block 223 in NE SW 140 of Water Very Large 3-way Structure / 2,000 Column Potential Drilled to 34,162 TVD / 34,184 MD Current Depth Evaluating with Additional Logs Prior to 34,184 T&A…
  40. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 40
    Ultra-Deep Spanning the Ages Strategic Area 2 Strategic Area 3 Strategic Area 1 Initial Completions Target Blackbeard West 2 Blackbeard East 1 Separate Discoveries D rilling Base Salt Weld Potential Completion Upper Blackbeard West…
  41. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 41
    Life is Good Strong Base of Oil Production Drilling Leading to Production Ramp Up Crude Prices Put Wind at Our Back Ample Development and Exploration Opportunities What keeps you up at night Hedging to Protect the Downside…
  42. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 42
    100+ Crude Daily Settlement* 350 Consecutive Closes 300 Total Closes Brent has closed over 100 for 250 290 consecutive days. During the run up in 2008, WTI only 200 Days closed above 100 for 130 150 consecutive days. 100…
  43. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 43
    Market Price Comparison Platts Index / Prompt Futures* 2012 Historical Price 140 130.38 130.43 135 125.71 120 130 108.09 100 125 80 120 NYMEX WTI 60 115 ICE BRENT Platts HLS 40 110 20 105 0 100 WTI Brent HLS LLS 2/14/12…
  44. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 44
    Current Crude Hedge Profile 40.0 Brent Collar 35.0 Brent Put Spread Brent 3W Collar WTI 3W Collars 30.0 WTI Collars Proved Developed 1,000 bbls/D 25.0 20.0 15.0 10.0 5.0 - Sep-12 Sep-13 Sep-14…
  45. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 45
    Key Investment Highlights Multi-Year Drilling Inventory Fuels Organic Growth Legacy GOM Oil Fields Provide Significant Opportunity for Reserve Growth Oily Production Mix Drives Free Cash Flow Upside Potential from Ultra-Deep…
  46. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 46
    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…
  47. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 47
    Addendum 48
  48. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 48
    Energy XXI: Growing Larger and Stronger Production (MBOE/d) Reserves (MMBOE) 50 140.0 42.7 116.6 120.0 40 54% 100.0 29.4 75.6 30 20.9 80.0 Growing 60.0 20 40.0 Production 10 20.0 0 - Replacing FY 2Q 2010 FY 2Q 2011…
  49. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 49
    Enhanced Balance Sheet & Liquidity ( Millions) 6/30/2009 6/30/2010 6/30/2011 12/31/2011 Cash and cash equivalents (incl. cash at parent) 89 14 28 79 Short-term debt 4 3 4 2 Long-term debt (principal amounts): Revolving credit…
  50. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 50
    Aggressive Debt Paydown Change in Long Term Net Debt - Exxon Acquisition through 3/20/12 (MM) 1,400 1,300 XOM: 1,280.7MM 1,200 1,100 403.8MM 1,000 Revolver Borrowings Less Cash 10% Notes 900 3/20/12: 876.9MM 7.75%…
  51. Howard Weil 40th Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 51
    Operating Data per BOE Quarter Ended 9/30/10 12/31/10 03/31/11 06/30/11 9/30/11 12/31/11 MBOE/d 25.9 29.4 41.4 42.1 40.8 42.7 Oil % 69% 70% 66% 67% 69% 72% Revenue (Pre-hedge) 57.73 64.57 71.24 78.90 74.05 83.40 LOE Insurance Expense…

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