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Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Oct 16, 2013 · 38 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. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Canaccord Global Resources October 15-18, 2013 Acquire, Exploit, Explore, Deliver NASDAQ: EXXI AIM: EXXI www.energyxxi.com 10/14/13
  2. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production** 47,000 BOE/d One of the Largest Oil Financial Producers on GoM Shelf Ticker EXXI 62% of Production is Oil Market Cap (10/14/13) 2.6B Insider Ownership 6.25% FY2014…
  3. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 3
    Growth Strategy ACQUIRE Proven growth through acquisitions EXPLOIT Increasing recovery with horizontal drilling EXPLORE Impactful organic growth with the right partners DELIVER Year-over-year growth in shareholder value 4
  4. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 4
    Reserves Grow 50% 2P PV10 8.4 BN Proved Reserves Total 3P Reserves Total: Total: 179 MMBOE PV-10: 6.1 Billion1 310 MMBOE PV-10: 10.9 Billion2 Possible 78.1 MMBOE Proved PV10 Undeveloped 2.6 Billion Proved 69.0 MMBOE Proved…
  5. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 5
    Image goes here ACQUIRE 6
  6. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 6
    Rapid Growth Since 2005 Acquisition price per BOE* (2006-2012) Weighted average price per BOE* XOM 20.47 Peers 1P 21.88 EXXI pays less per Energy XXI Acquisition EXXI 1P 18.27 Mitsui 12.36 BOE and receives more crude than…
  7. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 7
    Operates Five of the Largest GoM Oil Fields 13 Energy Resources Field Operator South Marsh Island 130 186 MMBO 1 Bay Marchand 2 Chevron 2 West Delta 30 Energy XXI 3 Apache* 3 Eugene Island 330 Apache* Eugene Island 330 436 MMBO 4…
  8. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 8
    AcquireThen Exploit 146 MMBOE 261 MMBOE Acquired To-Date Proved Developed Pogo Non-Producing 20 MMBOE 18 MMBOE Asset Sale 7 MMBOE Proved Developed Producing Marlin 91 MMBOE 25 MMBOE Other MIT 21 MMBOE 115 MMBOE…
  9. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 9
    Image goes here Enhanced Recovery EXPLOIT 10
  10. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 10
    FY 2014 Drilling Inventory and Schedule West Delta 73 Main Pass Vermilion West Delta 30 Big Sky 3 Columbo Java Merlin* = Stricker Hulk Sabinal Monte Carlo 2 Pendragon* Sea Dart Gunn Mannix Don Lino Crusader Scully El Diente Don…
  11. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 11
    Making the Case for Horizontal Drilling Vertical Drilling Late Life (40-50% recovery rates) Early Life Mid Life Oil Water Typical Vertical: 200 psi drawdown leads to water coning and inefficient sweep Horizontal Drilling…
  12. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 12
    Drilling Horizontal in the GoM Vertical well section Re-entered Re-entered sand sand Base shale Top shale Exxon GoM horizontal program started in 1995 32 horizontal wells drilled in the 1990s Resistivity image Energy…
  13. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 13
    WD 73 Horizontal Growth West Delta 73 Historical Production 6000 < Crude < Gas Horizontals 4000 Hurricane Isaac Net BOE/d 2000 0 Mar Jun 11 Sep Dec Mar Jun 12 Sep Dec Mar Jun 13 Sep 11 11 11 12 Quarter Ending 12 12…
  14. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 14
    95+ Potential Horizontal Locations South Timbalier 15-24 wells Grand Isle 6-8 wells South Pass 7-9 wells West Delta Main Pass 40-45 wells 6-11 wells 15
  15. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 15
    Image goes here Partnerships, salt domes & ultra-deep EXPLORE 16
  16. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 16
    Exploring with the Right Partners Lineham Creek Vermilion Cameron Parish, LA Shallow-Water Ultra-Deep Main Pass 17
  17. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 17
    Seismic Rejuvenation Redefining Salt Models 1976-2008 2010 Present Main Pass Field Model Redefined Salt Model Generating Growth and Future Development Opportunities 18
  18. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 18
    Better Understanding of Salt Domes Ala. Louisiana Miss. Florida Narrow Azimuth 3D Coverage Texas Gulf of Mexico Mexico Wide Azimuth 3D Coverage GoM Intrusive Salt Bodies Increasing activity due to new WAZ seismic New and…
  19. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 19
    WAZ Seismic Covering 1,200+ Square Miles Energy XXI Proposed WAZ Apache JV Main Pass 900 sq. mi. Extension Area 165 sq. mi. Bay Marchand Field South Timbalier 21 Field Global Geophysical 335 sq. mi. WAZ SHOOT…
  20. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 20
    ExxonMobil JV Targeting Salt Domes Joint Venture Exploration Outline VR 164 Vermilion 11 Vermilion Blocks Located in 105 Feet of W ater Overview Energy XXI Operated JV with ExxonMobil 2-well carry to earn 50% working…
  21. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 21
    Apache JV Targeting Salt Domes Heron logs first discovery with 76 feet of net oil pay Targets salt domes across 135 blocks on GoM Shelf Includes 25% WI in 25 non-producing New Orleans primary term leases No promote, no drill…
  22. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 22
    De-Risking the Ultra-Deep Lomond North (In progress) Lineham Creek (In progress) Davy Jones Offset (Awaiting completion) England North Davy Jones 1 (Pending) England Hook Blackbeard West (Dev. plan underway) Bonnet…
  23. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 23
    Ultra-Deep Productive Geologic Intervals STRATEGIC STRATEGIC STRATEGIC AREA 2 AREA 3 AREA 1 Initial Completions Target Blackbeard West 2 Blackbeard East 1 Net Pay: 478 ft Separate Discovery Zones Net Pay: 205 ft Base Salt Weld…
  24. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 24
    Image goes here DELIVER 25
  25. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 25
    Year Over Year Proved Reserves Growth Fiscal Year 2012 Total: Fiscal Year 2013 Total: 120 MMBOE PV-10: 4.3 Billion1 179 MMBOE PV-10: 6.1 Billion2 Proved Proved Undeveloped Undeveloped Proved 37.9 MMBOE Proved 50% increase in…
  26. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 26
    Development Focused Capital Program FY14 Capital Budget 660 MM 82% of capital program is Seismic 35 directed towards P&A 31 G&A, Land 54 development Facilities 82 Ultra Deep 46 76% of uplift capital is Core Exploration 80…
  27. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 27
    Current Activity 3 Operated Rigs Cameron Parish, LA 9% WI New Orleans Lineham Creek Main Pass 61 100% WI Unit 201 Dev. Pending Don Lino Highlander Area 18% WI Ensco 82 Drilling Lomond North Coastal 22 Drilling West Delta 73 100%…
  28. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 28
    EXXI Trades at Discount to NAV Category1 PV-10 /Share2 83.35 Proved Developed Reserves 3,554 42.21 Proved Undeveloped Reserves 2,596 30.83 45% 56.77 Net Debt3 (1,370) (16.27) Discount Total Net Proved Value 4,780 56.77…
  29. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 29
    Momentum is Building Horizontal oil development impacts reserves & base production Exploring with world-class partners exposes EXXI to game-changing upside Current 1P reserves (PV10 6.1 Billion) implies EXXI is undervalued…
  30. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 30
    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…
  31. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 31
    Image goes here Additional information APPENDIX 32
  32. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 32
    WD 73 Successful Horizontal Results Bearclaw Big Sky 2 HORIZONTAL HORIZONTAL Glacier Hyden Maroon Big Sky 3 (G-20 Sand) Hulk (H-35 Sand) HORIZONTAL HORIZONTAL HORIZONTAL Weimer HRZ 33
  33. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 33
    Main Pass Finding New Miocene Reserves Carinos MP 73 Onyx Pod A Pod B LP- 1G LP-2 MP 73 C-1 2 MP 61 Don Tomas Java Monte Carlo-2 Quintero LP- BA- J-6 Sand 1G 4AA J-6 Sand J-6 Sand LP-2 BA-4B/5 J-6 34
  34. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 34
    Large Inventory of Leads & Prospects Main Pass Reserves Growth MP61 Field Pod A 77.0 80 106% 60 increase 27.1 Pod B Punch GROSS MMBOE Don Lino 10.0 Don Carlos Julietta 40 37.4 Panter Vindicator Cohiba 7.2 Gulf…
  35. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 35
    Operating Data per BOE Quarter Ended 12/31/11 3/31/12 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 Revenue (MM) 340.6 336.0 341.9 270.2 320.5 303.8 314.3 MBO/d 30.6 31.4 32.2 26.1 29.4 28.6 28.9 MBOE/d 42.7 45.3 47.6 37.3 44.6 43.5…
  36. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 36
    Solid Balance Sheet Net Debt/Total Proved All figures in 000s except per unit values 6/30/11 6/30/12 6/30/13 10.00 9.31 Cash and cash equivalents (incl. cash at parent) 28,407 117,087 -- 7.53 7.68 8.00 6.00 Short-term Debt 4,054…
  37. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 37
    Current Hedge Position* Period Fiscal Quarter Instrument Type Daily Volumes Average Price Index CRUDE OIL 10/2013-12/2013 Q2 2014 Put Spread 5,000 bbl/day 87.00 sub-floor; 106.00 floor BRENT 10/2013-12/2013 Q2 2014 Collars 3,500…
  38. Canaccord Genuity Global Resource Conference – Energy XXI Gulf Coast, Inc – slide 38
    Current Crude Hedge Profile 30 25 20 WTI 3-Way 1,000 bpd WTI Collar 15 Brent Collars Brent 3-Way 10 Brent Put Spread 5 0 Oct-Dec13 Cal 2014 Cal 2015 Crude Oil Oct-Dec 2013 2014 Average 2015 Average Subfloor…

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