Investor Presentation Barclays CEO Energy September 11-13, 2013 Acquire, Exploit, Explore, Deliver NASDAQ: EXXI AIM: EXXI www.energyxxi.com 9/9/13
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 (9/9/13) 2.3B Insider Ownership 6.25% FY2014…
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
Rapid Growth Since 2005 Acquisition price per BOE* (2006-2012) XOM 20.47 Corporate milestones Energy XXI Acquisition Mitsui 12.36 October 2005 Funded with a 300MM blind raise Pogo 20.77 August 2007 NASDAQ listing November…
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 330 433 MMBO 4…
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…
Image goes here Enhanced Recovery EXPLOIT 10
FY 2014 Drilling Inventory and Schedule West Delta 73 Main Pass Vermilion West Delta 30 Big Sky 3 Hammer Monte Carlo 2 Merlin* = Stricker* Hulk Sabinal Don Lino Pendragon* Sea Dart Gunn Mannix Don Carlos Crusader Scully El Diente…
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…
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…
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 Mar 13 Jun 13 Quarter…
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
Image goes here Partnerships, salt domes & ultra-deep EXPLORE 16
Exploring with the Right Partners Lineham Creek Vermilion Cameron Parish, LA Shallow-Water Ultra-Deep Main Pass 17
Seismic Rejuvenation Redefining Salt Models 1976-2008 2010 Present Main Pass Field Model Redefined Salt Model Generating Growth and Future Development Opportunities 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…
WAZ Seismic Covering 1,600+ Square Miles Apache JV Energy XXI Main Pass 900 sq. mi. WAZ Extension Area 165 sq. mi. Bay Marchand Field South Timbalier 21 Field South Timbalier 54 Global Geophysical Field 335 sq. mi. WAZ…
ExxonMobil Sub-Salt Joint Venture 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…
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…
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…
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…
Image goes here DELIVER 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…
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…
Current Activity 3 Operated Rigs Cameron Parish, LA 9% WI New Orleans Lineham Creek Main Pass 61 100% WI Unit 201 Drilling Don Lino Highlander Area 18% WI Ensco 82 Drilling Lomond North Coastal 22 Drilling West Delta 73 100% WI…
Current Crude Hedge Profile 30 25 20 1,000 bpd WTI 3-Way WTI Collar 15 Brent Collars Brent 3-Way Brent Put Spread 10 5 0 Sep-13 Oct-Dec13 Cal 2014 Cal 2015 Crude Oil Sep 2013 Oct-Dec 2014 2014 Average 2015…
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…
EXXI Trades at Discount to NAV 83.35 Category1 PV-10 /Share2 Proved Developed Reserves 3,554 42.21 56.77 51% Proved Undeveloped Reserves 2,596 30.83 Discount Net Debt3 (1,370) (16.27) Total Net Proved Value 4,780 56.77 27.57…
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…
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…
Image goes here Additional information APPENDIX 34
WD 73 7 Independent Reservoirs Bearclaw Big Sky 2 HORIZONTAL HORIZONTAL Hyden Field Pays Type Log Glacier (G-20 Sand) Maroon Big Sky 3 HORIZONTAL HORIZONTAL HORIZONTAL Weimer HRZ 35
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 36
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…
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