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Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Aug 11, 2011 · 19 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. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 1
    FY 2011 Fourth Quarter and Year-end Conference Call August 11, 2011 NASDAQ: EXXI AIM:EXXI www.energyxxi.com 08/10/2011
  2. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 2
    John D. Schiller, Chairman and CEO 3
  3. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 3
    FY11 Year-End Reserves 140 120 53 XOM Adds (4) 100 76 (13) 80 MMBOE 2 (4) (8) 10 60 40 20 0 June 30, 2010 Production Revisions Expiring PUDs Sales Additions Acquisitions June 30, 2011 486% Reserve…
  4. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 4
    Oily Asset Base Proved Reserve(1) Mix Production Mix - LTM(2) 100% 100% 34% 32% 80% 41% 80% 39% 53% 54% 52% 58% 65% 69% 60% 60% Gas % Gas % Crude % Crude % 40% 40% 66% 68% 59% 61% 47% 46% 48% 20% 42% 20% 35% 31% 0%…
  5. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 5
    West Griffin, Chief Financial Officer 6
  6. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 6
    Timeline of Improving Liquidity in FY2011 EXXI common December February15,25, 2009 2011 share price Issued 250mm of December June 15,15, 2009 2011 December December 15, 2009 17, 2010 40.00 7.75% Senior Notes to Completed…
  7. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 7
    Improving Metrics Production (MBOE/d) Reserves (MMBOE) 50.0 140.0 42.1 116.6 120.0 40.0 54.2% 66.4% 100.0 30.0 25.3 75.6 80.0 20.0 60.0 40.0 10.0 20.0 - - 4Q 2010 4Q 2011 6/30/2010 6/30/2011 Replacement of Production…
  8. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 8
    Special Items FY 4Q 2011 Loss on Retirement of 10% Senior Notes [ 4.5] Million Induced Conversion of Preferred Stock [4.5] Million Duplicate June 2011 Insurance Expense [2.1] Million Total Special Items in FY 4Q 2011 [11.1]…
  9. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 9
    Operating Data per BOE Quarter Ended 3/31/10 6/30/10 9/30/10 12/31/10 03/31/11 06/30/11 MBOE/d 25.4 25.3 25.9 29.4 41.4 42.1 Oil % 68% 68% 69% 70% 66% 67% Revenue (Pre-hedge) 61.57 58.10 57.73 64.57 71.24 78.90 LOE Insurance Expense…
  10. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 10
    Historical & Forward Physical Curves Historical HLS WTI Differential Forward Physical Curve 70% 120 60% 100 Average: 100.91 50% 80 Average: 85.43 40% 60 30% WTI 40 WTI +HLS Differential 20% 20 10% 0 0% May-12…
  11. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 11
    Estimated Realized HLS Spread Jul 11 Aug 11 Sep 11 Vol/d /Bbl Vol/d /Bbl Vol/d /Bbl Fixed 15,000 2.37 13,000 8.94 12,000 9.35 Estimated 8.18 13.19 15.41 Realized* Oct 11 Nov 11 Dec 11 Vol/d /Bbl Vol/d /Bbl Vol/d /Bbl…
  12. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 12
    Hedge Revenue Profile 400 59% of revenue hedged versus Strip for FY 12 44% of revenue hedged versus Strip for FY 13 Net effective price: 2012 2013 Crude 102.53 102.96 Nat Gas 4.81 4.81 Total Est. Rev. Strip* Total Revenue…
  13. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 13
    FY12 Operational Highlights 14
  14. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 14
    South Pass 89 WI 100% Field discovered in 1973 Gross Field BOEPD Proved Reserves 5,785 BOEPD 2.7 MMBOE Water Depth: 430 Number Platforms: 2 Number Wells EXXI took over Active 11 operations Shut-in 59 Cumulative Production…
  15. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 15
    Grand Isle 16/18 Field 100% WI Discovered in 1948 Grand Isle 16/18 Gross BOE/d Proved Reserves / Value 4500 4000 5.2 MMBOE 3500 Water Depth: 50 3,500 BOEPD 3000 Number Platforms: 13 2500 Number Wells 2000 1500 Active 39…
  16. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 16
    FY12 Budget Capital Breakout 316MM 450MM ULTRA XOM G&A DEEP 126 33 102 G&G, Land, Admin 23 EXXI 88 Drill and Facilities Complete 28 316 Abandonment 22 UD Gas Dev 46 Dev Oil Recompletes 105 28 UD Gas Exp 56…
  17. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 17
    Multi-Year Drilling Inventory 201215 85+ Additional Opportunities Identified for 2016 and Beyond FY 2012 2013 2014 2015 2016 + Sparkplug Pegasus Grays PUD Momus Wombat Rosko SW PUD Orion Big Abbott Viceroy Torreys PUD Gettys…
  18. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 18
    FY 2012 Expectations Volumes for September Quarter to be Flat FY 2012 Production to Average 46,000 - 50,000 BOE/d Operatorship of Acquired Assets to Help Reduce Costs FY 2012 EBITDA Sufficient to Generate Free Cash Flow for Debt…
  19. Q4 2011 Earnings Call – Energy XXI Gulf Coast, Inc – slide 19
    Q&A 20

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