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UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Sep 19, 2012 · 45 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. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation UBS Houston Energy Conference Delivering the next 5% September 19, 2012 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 9/19/12
  2. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production 47,600 BOE/d*** Financial One of the Largest Oil Ticker EXXI Producers on GoM Shelf Market Cap (9/18/12) 3.2B* 68% of Production is Oil Insider Ownership 5.5% FY2013…
  3. UBS Houston Energy 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 334/335 560 BOE/d Laphroaig-Pontiff 1,075 BOE/d South Timbalier 21 2,170 BOE/d Grand Isle 16, 18 6,110 BOE/d Eugene Island 330…
  4. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 4
    From Inception to Third Largest Oil Producer Acquisitions Large Oil Fields Technical Staff Shallower Declines
  5. UBS Houston Energy 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. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 6
    GoM Shelfs Largest Oil Fields Cumulative Production* Field Operator Oil (MMBO) Gas (BCF) MMBOE BM2 Chevron 799 848 940 WD30 EXXI 576 929 731 EI330 Apache 433 1,825 737 GI16 EXXI 381 816 517 GI43 Chevron 372 1,597 638 SP61 Sandridge 267…
  7. UBS Houston Energy 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. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 8
    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…
  9. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 9
    Top 5 Oil Fields Grand Isle 16/18 South Timbalier 21 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…
  10. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 10
    Continued Growth Through Horizontal Drilling
  11. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 11
    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 12
  12. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 12
    Horizontal Drilling Targets Strong Water Drive Reservoir Partial Water Drive Reservoir Pressure Drop Supplemented with Water Injection 13
  13. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 13
    WD73 Increasing Ultimate Recovery Miller Log WD 73 WD 74 FY12 Well Inventory Magnum Log D-PLAT Big Sky 2 Quandry Log Rosebank Log WD 92 WD 91 14
  14. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 14
    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 Big Sky 2 Horizontal Pre-Drill Actual Initial Production: 1,000…
  15. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 15
    The Drillbit: Our Current Operations
  16. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 16
    Current Rig Activity Cameron Parish, LA Unit 201 Lineham Creek Eugene Island 330 Drilling Ensco 75 Rig Multi-Well Development Program Highlander Area Coastal 22 Lomond North Rigging Up South Marsh Island 230 Rowan EXL 3 Davy…
  17. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 17
    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…
  18. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 18
    MP Development with Exploitation Upside Main Pass Historical Production (Gross BOE/d) 25,000 19,565 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…
  19. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 19
    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 20
  20. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 20
    GI 16/18 Development to Drive Uplift Grand Isle 16/18 Historical Production (Gross BOE/d) 18,000 15,000 12,000 7,540 BOE/d 9,000 EXXI 6,000 acquired operations March 2011 3,000 0 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12…
  21. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 21
    GI 16/18 Proven Repeatability Winters Log Sunny Log Pi Log Costello Log 22
  22. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 22
    ST54 Multiple Oil Prospects E14st2 G3 Log Sparkplug Log H-1 Sand Camshaft Log Type Log H-3B Sand Key - FY12 Well - Inventory 23
  23. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 23
    Probing the Depths 24
  24. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 24
    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…
  25. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 25
    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…
  26. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 26
    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 Drilling at 22,000 MD / 21,996 TVD A Large 3-way Structural…
  27. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 27
    Highlander Project Cross Section* Located Onshore in Iberia, St. Martin Lomond North Prospect Information Currently Rigging Up Targeting Eocene/Paleocene/Cretaceous Objectives Below Salt in Davy Jones Wells Planned TD:…
  28. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 28
    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…
  29. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 29
    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…
  30. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 30
    FY2013 and Beyond
  31. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 31
    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, 1 Rig Workovers Ensco 90 South Tim. 54 / Grand Isle 16 2…
  32. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 32
    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) WHISTLER GLENLOSSIE* TREASURE ISLAND…
  33. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 33
    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…
  34. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 34
    Current Crude Hedge Profile 40.0 WTI Put Spread Brent Put 35.0 Brent Put Spread Brent Collar 30.0 Brent 3W Collar WTI 3W Collars WTI Collars 25.0 Total Proved Developed 1,000 bbls/D 20.0 15.0 10.0 5.0 -…
  35. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 35
    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…
  36. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 36
    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…
  37. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 37
    Addendum 38
  38. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 38
    Low-Cost Development of 3P Reserves 3P: 206 MMBOE *Reserves Do Not Include POSS DEV POSS UNDEV 78 MMBOE Contingent and 4.2 1.83/BOE 36.2 2.97/BOE PDP 308 MMBOE Prospective 62.5 Resources Attributed to PROB UNDEV Ultra-Deep…
  39. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 39
    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 (%)…
  40. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 40
    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 -…
  41. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 41
    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…
  42. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 42
    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…
  43. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 43
    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…
  44. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 44
    Updated Hedging Position* Fiscal Instrument Period Daily Volumes Average Price Index Quarter Type CRUDE OIL 9/2012 Q1 2013 Puts 1,500 bbl/day 80.00 Brent 9/2012 Q1 2013 Put Spreads 3,500 bbl/day 90.00 sub-floor, 108.34 floor Brent…
  45. UBS Houston Energy Conference – Energy XXI Gulf Coast, Inc – slide 45
    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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