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EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Jun 10, 2014 · 33 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. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation EnerCom London Oil & Gas Conference June 10, 2014 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 6/5/14
  2. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 2
    Energy XXI Holds the Keys to Success Prime Real Estate on the GoM Shelf Portfolio of Largest 258 blocks; 780,000 net acres Premium oil and gas pricing GoM Shelf Oil Fields Infrastructure to meet growth 6+ year inventory of…
  3. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 3
    Energy XXI is the Premier Shelf Oil Play Key Data Energy XXI operates 10 of the largest Enterprise Value 5.2 B GoM Shelf oil fields. 2P Reserves1 343 MMBOE 3P Reserves1 421 MMBOE 1P R/P1 11x Current Production (70% Oil) 62 MBOE/d…
  4. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 4
    Image goes here Acquired the right assets at the right price for best returns OIL-FOCUSED ACQUISITIONS 5
  5. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 5
    Giant Oil Fields Helped EXXI Get Here Acquiring assets and executing successful organic programs EPL Acquisition 28.93/BOE 45,000 40,000 Organic ExxonMobil Acquisition 35,000 Growth 19.40/BOE 30,000 Net BOPD 25,000…
  6. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 6
    History of Making Big Oil Fields Bigger Demonstrated organic success on Rapid Reserve Growth (MMBOE) acquired properties New reservoirs in old fields Successful exploitation of acquired 1P: 261 assets Asset Sales 8 Acquired all…
  7. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 7
    EXXI Acquisition Value Realization High-impact Drilling Test New Plays/Concepts Drill PUD Reserves CASHFLOW Applying Technology Recompletions Production Optimization Larger dots indicate greater production…
  8. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 8
    Image goes here High cash-margin properties PRODUCTION ENHANCEMENT
  9. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 9
    Applying Elbow Grease Delivers Results Field/Facility Acquisition Volume Optimization Gas lift optimization Back-pressure reduction Wells returned to service Workovers Supply Chain Efficiency Boats Helicopters Shore bases…
  10. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 10
    Improving the Production Baseline South Pass 89: Non-rig work followed by recompletions 8,000 Non-rig work June 2011 Recompletions Previous 6,000 First recompletion online at 20+ MMCF/d Production Gross BOE/d 4,000 May 2011…
  11. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 11
    Facilities Optionality Provides Synergy Proposed Platform BB EXXI Platform Z EPL Platform Structures in-place WD 30 WD 29 to support drilling EXXI EPL and increased CC production from EXXI planning WD 29 and WD 30 to set…
  12. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 12
    Image goes here APPLYING TECHNOLOGY TO REALIZE MORE VALUE
  13. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 13
    Largest Seismic Footprint Among GoM Peers Bulk purchase agreements in place Focused reprocessing efforts Adopting best technology 14
  14. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 14
    Horizontal Techniques Successfully Applied West Delta 73 Proved Reserves Example Horizontal Well 60 3.0 Annual Production, MMBOE 50 2.5 Net Reserves, MMBOE 40 2.0 30 1.5 20 1.0 10 0.5 0 - YE2011 YE2012 YE2013…
  15. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 15
    100 Potential Horizontal Locations Across Assets Baton Rouge New Orleans Main Pass South Timbalier 21 Grand Isle 6-12 8-16 6-11 East Bay South Timbalier 54 2 7-12 Eugene Island 2 West Delta 16-26 South Pass Ship…
  16. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 16
    Low-Risk Dump Flood Inventory Dump Flood Low risk projects (Ps90%) Initial Candidates West Delta Significant reserve adds in known by Area reservoirs Quick cycle time Bookable as PUDs pre-drill or work-over South Timbalier 26/41…
  17. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 17
    Production Optimization & Technology Application Case Study: Grand Isle 16/18 recompletions provide lift, drill wells boost returns Development Drilling Program 16,000 December 2010 Operations grows Costello EXXI purchases GoM…
  18. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 18
    Image goes here Repeatable growth inventory with proven track record INVENTORY GROWTH
  19. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 19
    Oil Weighted Multi-Year Low Risk Inventory Proved inventory is just the tip of EXXIs portfolio Proved Undeveloped: 140 Projects 72% Oil Probable Inventory: 82 MMBOE Probable: In historical field pays 57 Projects Multi-year…
  20. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 20
    Similar Structures Provide Repeatability Salt Domes Low-Relief Structures Part of the Counter Regional trend we have been exploring These provide excellent opportunities to apply and buying FAN data to image. The encouraging results of…
  21. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 21
    New Life for the Gulf of Mexico Shelf Shallow Pay Before Today Many shallow wells Significant resources exist bypassed productive just below field pays sands Big fields get bigger Deeper Field Pay Focused on high-decline…
  22. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 22
    New Reserve Portfolio Increases Opportunities EXXI Outperforms 85+ E&P Companies Debt Adjusted Reserve Growth Per Share* EXXI: 94% 3P: Industry Median: 9% 421 MMBOE 2P: 343 MMBOE 1P: 261 MMBOE 261 MMBOE Proved 82 MMBOE Probable…
  23. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 23
    Resource Potential in Core Fields Total Gross Unrisked Resource Potential 2+ Billion BOE Potential by Play Potential by Field EPL Potential EPL Potential 300 MMBOE 300 MMBOE West Delta 30 98 MMBOE Deep Miocene South Pass 49 464…
  24. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 24
    Exploration Upside in Two Play Concepts Counter Regional Salt-Domes Ultra-Deep Acreage on 14 salt domes Multiple identified play targets FAN seismic data being acquired Improved onshore drilling economics Liquid-rich deep…
  25. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 25
    Image goes here Making the case for owning EXXI VALUE CREATION 26
  26. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 26
    EXXI Outperforms Peers and Basins % Oil Production Operating Income (/boe) 71% 45 34 50% EXXI Peer Avg. EXXI Peer Avg. Cash Flow (/boe) 1P R/P (Years) 37 31 11 8 EXXI Peer Avg. EXXI Peer Avg. Source: EXXI…
  27. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 27
    The Case for Owning Energy XXI Largest GoM Shelf oil producer Offers scalability, repeatability and potential for high rates of return High-quality oily assets with low declines Significant upside with low-risk, underexploited…
  28. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 28
    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…
  29. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 29
    Image goes here ADDENDUM
  30. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 30
    Adjusted EBITDA Reconciliation LTM EXXI1 6/30/2013 9/30/2013 12/31/2013 3/31/2014 3/31/2014 Net Income 62,053 43,139 10,495 7,292 Interest 27,320 29,685 38,641 42,700 Tax 21,215 25,336 10,658 14,565 DD&A 96,846 100,216 103,513 99,899…
  31. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 31
    Energy XXI Operating Data per BOE Quarter Ended 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 12/31/13 03/31/14 Revenue (MM) 270.2 320.5 303.8 314.3 324.6 296.8 285.2 MBO/d 26.1 29.4 28.6 28.9 29.7 30.2 28.4 MBOE/d 37.3 44.6 43.5 46.8…
  32. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 32
    Current Hedge Position* Period Fiscal Quarter Instrument Type Daily Volumes Average Price Index CRUDE OIL 4/2014-6/2014 Q4 2014 Collars 1,700 bbl/day 90.00 floor, 108.36 cap BRENT 4/2014-6/2014 Q4 2014 Three-Way Collars 2,000…
  33. EnerComs London Oil and Gas Conference – Energy XXI Gulf Coast, Inc – slide 33
    Current Consolidated Crude Hedge Profile* 35 30 25 Brent Swap MBO/d 20 LLS Swap LLS Collars 15 WTI 3-Way 10 Brent Collars 5 Brent 3-Way 0 Jul-Dec14 Cal 2015 Crude Oil Jul-Dec 2014 Average 2015 Average Subfloor…

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