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EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Feb 21, 2012 · 44 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 the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Enercom Oil and Gas Service Conference NASDAQ: EXXI AIM:EXXI www.energyxxi.com February 21-23, 2012 2/17/12
  2. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 2
    Highlights The 3rd Largest Producer on the Major EXXI Fields Gulf of Mexico Shelf 72% of Production is Oil Operate 6 of the 11 Largest Oil Fields on the Gulf of Mexico Shelf Proved Reserves Increased 54% to 116.6 MMBOE in Fiscal…
  3. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 3
    Strong Focus 72% Crude Energy XXI operates 6 of the 11 largest oil fields on the West Delta 73 4,400 BOE/d 4,050 West Delta West Delta 30 3,000 BOE/d 3,800 BOE/d 30 Gulf of Mexico shelf Grand Isle Grand Isle 16, 16, 18 18…
  4. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 4
    Continued Reserve Growth Yearly Proved Reserves Growth Yearly 3P Reserves Growth 116.6 196.2 75.6 104.1 53.1 81.7 2009 2010 2011 2009 2010 2011 Crude Gas Crude Gas 5
  5. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 5
    Low Cost Development of 3P Reserves 3P: 196 MMBOE POSS DEV POSS 4 MMBOE UNDEV 3.41/BOE 30 MMBOE 4.98/BOE PDP PROB 60 MMBOE UNDEV 30 MMBOE 6.99/BOE PUD PROB DEV 35 MMBOE PDN 16 MMBOE 11.69/BOE 22 MMBOE 2.39/BOE 7.25/BOE…
  6. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 6
    Shifting From Acquisition to Development CAPEX Allocation Acquisition Cost (MM) 600 Drill & Complete, Recomplete & 1200 Facilities Abandonment 1,012 500 G&G, Land, Admin 1000 G&A 400 800 ExxonMobil Acquisition 300 430…
  7. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 7
    Continuing Growth with Free Cash Flow Production and Capital 90 800 80 70 650 650 650 600 Expecting 10-15% 60 Organic Production MM MBOE/D 50 500 40 500 500 500 500 400 Growth 30 20 200 Exploration/Ultra-Deep 10…
  8. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 8
    Record Growth 300 1.25 824.8 1.11 3.76 4 800 1 3.5 226 3 200 0.76 0.75 600 187 502.4 2.5 164 155 0.5 400 2 107 0.36 277.0 283.7 1.5 100 0.25 0.19 200 1 0 0.56 0.5 -0.17 -19.77 0.42 0 -0.25 0 0 Dec 10 Mar 11 Jun 11…
  9. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 9
    Consistently Improving Balance Sheet EBITDA (MM) Net Income (MM) 97 250 225 100 200 80 150 60 107 100 40 50 20 11 0 0 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Net Debt (MM) Net Debt / Total Cap…
  10. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 10
    Current Rig Activity = 25% of GOM Shelf Activity Grand Isle 16 Hercules 201 Rig Winters Completing West Delta 73 Nabors P-17 Magnum Grand Isle 16 Drilling Ensco 90 Cameron Parish, LA Multi-well Development Program Unit 201…
  11. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 11
    Energy XXI Rig Schedule Field Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 South Marsh Island 230 Davy Jones Rowan EXL 3 West Delta 73 Magnum Miller Nabors P-17 Main Pass 60 Bullfrog Hercules 205 Grand Isle 16…
  12. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 12
    Multi-Year Drilling Inventory 201215 FY 2012 2013 2014 2015 95+ Additional Opportunities Identified for 2016 and Beyond Sunny (R22ST) Pontiff 2 Hyden Pud* Glendullan* Maroon Pud* Quinto Lancer* EI 330 (5 wells) Traynor Torrey* Brahma,…
  13. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 13
    Operations Overview 14
  14. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 14
    Oil Production Increases 40%* 25 20 Thousand Barrels per Day 7.6 15 6.1 6.5 6.1 10 13.8 12.0 5 9.9 10.3 0 3Q F11 4Q F11 1Q F12 2Q F12 MBbl/d Crude MBOE/d Gas *Production values are NET and refer to ExxonMobil…
  15. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 15
    Main Pass Complex 100% WI Gross Field BOE/d Ashton and Onyx Wells Re- 18000 Defined Salt Model 16000 12,000 BOE/d Both Wells Tested Salt 14000 Flanks Updip to Production 12000 10000 Ashton TDd at 8,353 TVD 8000 and Encountered Seven…
  16. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 16
    Grand Isle 16 Well Activity Gross Field BOE/d 7,000 5,300 BOE/d 6,000 Successfully Recompleted 10 Wells 5,000 EXXI Plan To Spud Costello February 2012 acquired operations 4,000 Current Production: 5,200 BOEPD 3,000 2,000…
  17. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 17
    Grand Isle 16 Winters Winters Well Log K-2 Sand K-2 Sand Structure Map LKG -16,564 Winters Salt Drilled to 17,400 MD / 16,547 TVD Encountered 83 Net Pay in K-2 sands Planned IP = 20 MMcf/d Net First Production…
  18. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 18
    Grand Isle 16 Costello C-4 Sand Structure Map Costello Type Log C-4/C- 4A Sands Rig Scheduled February 2012 Single Completion Targeting the C-4/C-4A Sands With Two Packs Planned TD = 12,883 MD Planned IP = 1,000 BOE/d First…
  19. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 19
    West Delta 73 - Well Activity Gross Field BOE/d 7,000 EXXI acquired operations Compressor 4 PUD Development Wells with Planned Repairs 6,000 4,400 IP of 3,250 BOE/d Net BOE/d 5,000 1 Exploration Well with Planned IP of 4,000…
  20. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 20
    West Delta 73 Magnum MAGNUM LOG F-35 SAND STRUCTURE MAP F30 -7893 OO/W -7960 MAGNUM F35 -8000 Drilled to 8,500 TVD F40 Oil Accumulations Found in F-30, F-35 and F-40 60 Net Oil Pay -8207 OO/W -8265 -8236 Planned…
  21. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 21
    West Delta 73 Miller WD 73 TYPE LOG PLIOCENE F-45 SAND STRUCTURE MAP MMR 2 PTD 23,100 A Rob L Operc F Sds MILLER Time Slice Level (Gyrodina) F45 Expected Spud March 2012 Primarily Targeting the F-45 Sand;…
  22. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 22
    West Delta 73 Golden Bear WD 73 C-38st2 K-30 STRUCTURE / AMPLITUDE MAP Currently scheduled for April 2012 Proposed TD: 14,100MD / 12,900TVD 98 BCF; 2 MBO Reserve Potential: 56 BCF Planned IP: 30 MMCF/d 23
  23. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 23
    South Timbalier 54 Well Activity Gross Field BOE/d 6,000 EXXI acquired operations August 9th 4,600 3-well Program with Planned IP of BOE/d 5,250 BOE/d 5,000 4,000 1 Gas Well (Exploration) 3,000 2 Oil Wells (Development) 2,000…
  24. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 24
    South Timbalier 54 Camshaft Camshaft Type Log G-9A Sand Structure Map Camshaft Currently Drilling Below 10,500 Drilling to 12,000 TVD to Target the G-6B, G-8, G-9A Sands Plans are to Dual-Complete the G-9A and G-8 Sands…
  25. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 25
    Probing the Depths 26
  26. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 26
    Ultra-Deep Well Summary Davy Jones 1 Blackbeard West SMI Block 230 ST Block 168 20 water 80 water Blackbeard West 2 SS Block 188 Davy Jones Offset 72 water SMI Block 234 20 water Lafitte Blackbeard East 1 EI Block 223…
  27. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 27
    Davy Jones 1 Well Design Update Mud Motor Recovered 5 Liner Cleaned Out to 29,800 Drilling Mud Displaced With Completion Fluid Set Bridge Plug; Logged w/PNL Remaining Operations Run and set perforating guns Run tubing and install…
  28. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 28
    Blackbeard Summary Located in 85 Feet of Water Blackbeard West - Shallow Blackbeard West Blackbeard East Spud on November 25, 2011 Identified 4 hydrocarbon bearing Drilled to 33,882 (new record) Drilling below 17,200 sands in…
  29. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 29
    Lafitte Summary Located at Eugene Island Block 223 in 140 NE SW of water Very Large 3-way Structure / 2,000 Column Potential Targeting Miocene, Frio & Sparta Sections Current Depth Drilling ahead 33,500 33,500 Target = Sparta…
  30. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 30
    Ultra-Deep Resource Potential* Gross EXXI Prospect Sand Age Resource Net Resource Potential (Tcfe) Potential (Tcfe) Wilcox 3.88 0.48 Davy Jones 1 and 2 Tuscaloosa 0.39 0.05 Lower Cretaceous 0.35 0.04 Miocene 0.90 0.15 Blackbeard…
  31. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 31
    Key Investment Highlights % Oil Production 70% 69.1% 69.5% 65.9% 67.1% 68.5% 71.6% 3rd Largest Producer on the Gulf 60% of Mexico Shelf 50% 72% of production is oil Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Large resource…
  32. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 32
    Contact NASDAQ: EXXI AIM:EXXI www.energyxxi.com Stewart Lawrence, IRO Greg Smith, Director of IR Energy XXI (Bermuda) Limited Energy XXI (Bermuda) Limited 1021 Main Street, Suite 2626 1021 Main Street, Suite 2626 Houston, Texas 77002…
  33. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 33
    Addendum 34
  34. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 34
    Energy XXI: Growing Larger and Stronger Production (MBOE/d) Reserves (MMBOE) 50 140.0 42.7 116.6 120.0 40 54% 100.0 29.4 75.6 30 20.9 80.0 Growing 60.0 20 40.0 Production 10 20.0 0 - Replacing FY 2Q 2010 FY 2Q 2011…
  35. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 35
    Enhanced Balance Sheet & Liquidity ( Millions) 6/30/2009 6/30/2010 6/30/2011 12/31/2011 Cash and cash equivalents (incl. cash at parent) 89 14 28 79 Short-term debt 4 3 4 2 Long-term debt (principal amounts): Revolving credit…
  36. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 36
    Aggressive Debt Paydown 37
  37. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 37
    Operating Data per BOE Quarter Ended 9/30/10 12/31/10 03/31/11 06/30/11 9/30/11 12/31/11 MBOE/d 25.9 29.4 41.4 42.1 40.8 42.7 Oil % 69% 70% 66% 67% 69% 72% Revenue (Pre-hedge) 57.73 64.57 71.24 78.90 74.05 83.40 LOE Insurance Expense…
  38. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 38
    Hedge Profile 400 100% 90% Est. Net Effective Price** FY 12 FY 13 80% Crude 115.18 113.07 Nat Gas 3.03 3.64 70% Percent of PDP Hedged 60% Revenue (MM) 50% 40% Total Est. Rev. Strip* Total Revenue Hedged - NG…
  39. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 39
    Updated Hedging Position* Fiscal Instrument Period Daily Volumes Average Price Index Quarter Type CRUDE OIL 1/2012-3/2012 Q3 2012 Put Spreads 5,000 bbl/day 65.00 sub-floor; 85.00 floor BRENT 1/2012-6/2012 Q3-Q4 2012 Collars 7,700…
  40. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 40
    Realized Gains Beating WTI 120 115 110 105 100 95 90 85 80 75 EXXI WTI EXXI realized crude prices have consistently beat WTI Note: Crude prices excluding the impact of NGLs. 41
  41. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 41
    Results Fiscal Year to Date Capital Spent BOE/d IP Average Payout 1H FY2012 Sunny 10.2 1,500 8.0 SP 89 Recompletion 18.5 5,380 3.6 Program GI 16 Recompletion 30.6 6,110 7.3 Program Total 59.3 12,990 6.3 42
  42. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 42
    Blackbeard East Summary Blackbeard West Located in 85 Feet of Water TD Very Large 3-way Structure / 2,500 Column Potential Final TD 33,882MD/ 33,318TVD Structural Cross Section Through Blackbeard Complex Logged Pay…
  43. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 43
    Blackbeard West 2 Summary ST 168 Unit Ship Shoal South Timbalier Located in 75 Feet of Water BBW 3 BBW A Large 3-way Structural Closure Younger Miocene Pay Underneath and Adjacent to a Salt Zones Weld PTD 26,000TVD…
  44. EnerComs the Oil and Services Conference – Energy XXI Gulf Coast, Inc – slide 44
    Barataria - Lafitte - Captain Blood Cross Section Barataria EAST Lafitte Captain Blood SOUTH WEST Drilling +9.85 - Miles +15.2 - Miles S A LT SALT Salt Weld -20,000 -20,000 Salt TD 32,997 Current TD 24,900…

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