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2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Oct 6, 2010 · 34 slides

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Slides

  1. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 1
    Johnson Rice & Company 2010 Energy Conference NASDAQ: EXXI AIM: EXXI www.energyxxi.com Presented by John D. Schiller Chairman & CEO 100110
  2. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 2
    Strategy Three Pronged Approach Acquire Focus on mature oil properties Producing Capture price arbitrage Assets Lock in economics through hedging Exploit to realize minimum 20% increase in value Exploit and Explore Explore…
  3. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 3
    Energy XXI A Snapshot Stock Ticker (NASDAQ, AIM) EXXI Market Cap 1 Billion Insider Ownership 6% Proved Reserves 75.6 MMBOE Production Capacity 26,000 BOE/d Reserves and production are 2/3rds crude oil EXXI is the 4 oil producer on…
  4. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 4
    Core Properties Oil Focused ENERGY XXI Profile Total Production Capacity: 26,000 BOE/d Main Pass Acreage: 200,000 net 61, 73 & 74 Fields 8,604 BOE/d Rabbit Island Field 578 BOE/d VK1003 Fastball South Pass 49 Field 2,728…
  5. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 5
    Historical Proved Reserve Growth 80.0 70.0 75.6 60.0 50.0 55.6 51.5 53.1 MMBOE 40.0 30.0 37.4 20.0 10.0 0.0 FY 2006* FY 2007 FY 2008 FY 2009 FY 2010 *Castex acquisition effective July 2006 6
  6. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 6
    Resources Proved, with Upside Total Resources Proved Reserves 104.1 MMBOE, PV-10 2,532 MM (1) 75.6 MMBOE, PV-10 1,849 MM (1) Strip PV-10 3,124.4MM (2) Strip PV-10 2,277.8 MM (2) Resource Highlights 75.6 MMBOE of Proved Possible…
  7. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 7
    Oilier than GOM Peers 80% 70% % Oil 67% 60% 50% 40% 30% 20% 52% 49% 10% 0% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 EXXI 40.00 35.70 35.00 EBITDA/BOE 30.00 25.00 20.00 15.00 10.00 5.00 0.00 Peer 1 Peer 2 Peer 3 Peer 4…
  8. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 8
    6 Large Legacy Fields Equal Shallow Decline Sum Of Production Data for Six Fields 1,000,000 GAS 12% GAS 18% 100,000 10,000 OIL 15% OIL 20% OIL 12% 397 MMBOE Total Cumulative Production since 1990 1,000 Jan-60 Jan-65…
  9. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 9
    South Timbalier 21 Field Overview Summary Facts Field Discovery Date 1957 Cumulative Production 320+ MMBOE Production Mix 81% Oil Producing Wellbores 42 9th Largest Oil Field on GOM Shelf EXXI 100% WI Gross Historical Production…
  10. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 10
    South Timbalier 21 Drilling Inventory Chardonnay Khios Syrah Samos Bordeaux Crete Mozzarella Barolo Twin Chambord Patmos Inchgower 11 Drilling Locations 113 MMBOE Unrisked Reserve Potential 11
  11. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 11
    Main Pass Complex Summary Facts Field Discovery Dates 1979 / 2002 Cum Production 130 MMBOE Producing Wellbores 36 Productive Zones 28 EXXI 100% WI Gross Historical Production Reserve Growth 35,000 80 30,000 70 Acquisition 65%…
  12. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 12
    Main Pass 61/62 Field Projects C-7 C-6 C-5ST Estimated Estimated Reserves Payout ECONOMICS Type of Activity Zone(s) Production Capital (MMBOE) (Months) (BOED) (MM) C-5ST Recompletion BA-4B & BA-4AA 0.86 (2P) 1,625 3.46…
  13. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 13
    Main Pass Drilling Inventory Bullfrog Quintero Upmann Swisher Sweet Camacho Fonseca Punch Don Tomas Maduro Cohiba Onyx Ashton 15 Drilling Locations 80 MMBOE Twin Sister Unrisked Reserve Potential Alladros…
  14. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 14
    Ultra-Deep Shelf vs Deepwater Ultra-Deep Shelf Deepwater Target Size 500-1,000 MMBOE 200-400 MMBOE D&C Cost 125-175 Million 200-250 Million Facilities Cost 100-300 Million 1-3 Billion…
  15. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 15
    Ultra Deep Shallow Shelf vs Deepwater Gulf of Mexico moratorium does not affect shelf…
  16. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 16
    Probing the Depths 17
  17. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 17
    Davy Jones/Blackbeard Paleogene Model Sand Distribution and Deepwater Discoveries Cascade St. Malo Conceptual Model Depositional Fairways Paleogene (Yegua / Wilcox / Eocene) 18
  18. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 18
    Deepwater Wilcox Seismic Ties Wilcox Discovery Dry Hole (Wilcox) Results not announced False River/Port Hudson +/- 125miles Davy Jones Blackbeard Mississippi Canyon +/- 185miles +/- 195miles Green Canyon Champlain…
  19. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 19
    Davy Jones Eocene Structure Depth Map Located in 20 Feet of Water Found Eocene/Paleocene (Wilcox) Sands Below Listric Fault on Shelf of GOM Wireline logs indicate 200 net feet of pay sands Drilled to 29,122 and cased Spud…
  20. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 20
    Wilcox Sand Distribution 21 21
  21. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 21
    Blackbeard East Summary Located in 85 Feet of Water Very Large 3-way Structure / 2,500 column potential PTD 29,950MD Targeting Middle /Lower Miocene and Possibly Eocene Sands Below a Salt Sill on Shelf of GOM Cased at…
  22. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 22
    Lafitte - Blackbeard Cross Section Drilling below 25,000 6800 extra feet of untested Miocene section 23
  23. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 23
    The Size of the Prize Davy Jones Lafitte John Paul Jones Captain Blood Discovery England Barataria Blackbeard West Davy Jones 1 Eocene / Cretaceous Drake Blackbeard East SMI Block 230 20 water 29,000 TD 40+ TCFE Swann Morgan…
  24. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 24
    Net Debt + Future Development Costs1/Proved 30.0 27.8 Energy XXI Historical 25.0 23.9 22.8 20.0 17.9 /BOE 15.0 13.0 10.0 5.0 0.0 FY 2007 FY2008 FY 2009 FY 2010 Target 35.0 32.1 Peer Comparison 30.0 Caa2 25.0 19.9…
  25. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 25
    Under-Spending Cash Flows 250 EBITDA vs. Cash Requirements 250.0 224 30 500 10 200.0 25 400 78 400 10 345 MM 150.0 8 45 300 28 MM 100.0 34 200 130 50.0 51 100 25 0.0 0 FY10 FY11 Budget FY2011E Development…
  26. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 26
    Crude Hedge Portfolio 18 16 14 12 Puts bbls/d in 1,000's 10 Put Spread 8 Collars 6 Swaps 4 2 0 Q2 - FY 11 Q3 - FY 11 Q4 - FY 11 Q1 - FY 12 Q2 - FY 12 Q3 - FY 12 Put Swaps Puts Collars 3 ways Total Spreads 5,433…
  27. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 27
    Natural Gas Hedge Portfolio 12 10 8 Mmbtu/d in 1,000s Put Spread 6 3 Way Collars Swaps 4 2 0 Q2 - FY 11 Q3 - FY 11 Q4 - FY 11 Q1 - FY 12 Q2 - FY 12 Q3 - FY 12 Swaps Put Spreads 3 ways Total 6,269 mmbtu/d 574…
  28. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 28
    Volume Percent Hedged 80.0% 69% 70.0% 60.0% 50.0% 40.0% 30.0% 27% 20.0% 14% 11.5% 12.4% 10.0% 7% 0.0% Nat Gas Crude FY 11 FY 12 FY 13 Recently monetized certain gas hedges locking in 42MM gain 29 * as of…
  29. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 29
    Undervalued Stock* 90 80 Future Acquisitions 70 & Additional Ultra-deep Exploration Success 60 6 Tcfe DJ 6 Tcfe /SHARE 50 DJ 1.5 Tcfe 1.5 Tcfe 3P 40 2P 30 1P Current Stock Price 20 10 0 Total Resources (1)…
  30. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 30
    EXXI Competitive Advantages Oil-Focused Assets Strong Production and Cash Flow from Core Core Exploration Opportunities Ultra-Deep Shelf Play Upside Disciplined Financial Approach 31
  31. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 31
    Contact: Stewart Lawrence, IRO Energy XXI (Bermuda) Limited 1021 Main Street, Suite 2626 Houston, Texas 77002 (713)351-3006 slawrenceenergyxxi.com NASDAQ: EXXI AIM: EXXI, EXXS www.energyxxi.com 32
  32. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 32
    Appendix 072610 33
  33. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 33
    Balance Sheet FY 2009 FY 2010 Assets: Total current assets 199 146 Net PP&E 1,112 1,386 Other 18 34 Total Assets 1,329 1,566 Liability & Stockholders Equity: Total current liabilities 203 195 Total long-term debt 858 7261…
  34. 2nd Annual Energy Conference – Energy XXI Gulf Coast, Inc – slide 34
    Debt Overview 6/30/2009 6/30/2010 First lien revolver 234,531 109,457 Second lien facility - 385,529 10% Senior notes 624,000 276,500 Total LT Debt 858,531 771,486 Cash 88,925 14,224 Deferred Gain on Bond Exchange…

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