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ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · May 14, 2014 · 43 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. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation ISI Bermuda Annual Conference May 14-15, 2014 Acquire, Exploit, Explore, Deliver NASDAQ: EXXI AIM: EXXI www.energyxxi.com 5/12/14
  2. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 2
    EXXI Dedicated to Profitable Growth Experts at Exploiting Big Oil Fields EXXI Positioned for Production Growth Long-life PDP oil reserves PUD inventory provides visible growth Predictable and Repeatable Oil Program West Delta 73…
  3. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 3
    Company Overview Acquire. Exploit. Explore. Deliver. Financial Ticker EXXI Market Cap (5/12/14) 1.7B Production Insider Ownership 6.25% 42.3 MBOE/d (3Q FY2014) FY2014 Capital Budget 705MM One of the Largest Oil Producers on GoM Shelf…
  4. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 4
    Great Companies Start with Great Assets Acquisition price per BOE* (2006-2014) EPL 28.93 XOM 19.40 18.27 Energy XXI Acquisition Mitsui 11.49 Pogo 19.60 Buying 15.63 Big Oil Fields and Castex 17.56 Buying Right Marlin…
  5. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 5
    History of Making Big Oil Fields Bigger 146 MMBOE Proved 261 MMBOE Proved 310 Reserves Acquired Reserves To-Date Pogo 20 MMBOE 261 8 206 74 Marlin 196 25 MMBOE Other MIT 21 MMBOE 115 MMBOE 179 26 MMBOE Added 120 117…
  6. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 6
    Image goes here EPL OIL & GAS ACQUISITION 7
  7. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 7
    Transaction Overview EXXI to acquire EPL for 39 per share representing a 2.3 billion transaction value EPL shareholders receive .584 EXXI shares plus 25.35 in cash Consideration Stock consideration results in EPL ownership of 25% of…
  8. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 8
    Transaction Rationale Creates Premier Public Independent on the GoM Shelf To operate 10 of the largest oil fields on the GoM shelf Almost an oil pure play, 70% by production, 91% by revenue Expanded scale reduces risk through…
  9. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 9
    EPL Asset Overview Core Acreage Long-Lived Oil Value Play Growth-Driven Portfolio Complementary Asset Base Proved Reserves by Category Proved Reserves by Area SP 78 MP EI 9% Area 258/259 6% PUD 5% Other PDP SMI 30% 12% 239…
  10. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 10
    EPL Assets Integrate Seamlessly Baton Rouge The combined company will operate 10 Lafayette of the largest GoM Shelf oil fields. Highlander Lineham Creek Laphroaig-Pontiff New Orleans Davy Jones Grand Isle West Main Pass 16/18…
  11. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 11
    Expanded Portfolio Increases Scale Proved EXXI EPL Pro Forma Reserves1 28% 35% 39% PD PUD 61% 72% 65% 179 MMBOE 82 MMBOE 261 MMBOE 2P Reserves1 23% 24% 25% Proved 76% 77% 75% Probable 232 MMBOE 106 MMBOE 325 MMBOE…
  12. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 12
    Leading Operator of Top 15 Shelf Oil Fields Cumulative Oil Production (MMBO) 3000 2500 194 221 2000 258 269 1500 305 164 168 1000 582 269 265 374 500 675 802 438 187 0 Energy Energy XXI XXI Operator 1 Operator 2…
  13. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 13
    Becoming the Premier GoM Shelf Independent Proved Reserves (MMBOE)1 Oil Production (MBO/d)2 261 44 179 28 144 118 19 82 16 15 EXXI - Pro EXXI Peer 1 Peer 2 EPL EXXI - Pro EXXI Peer 2 Peer 1 EPL Forma Forma Adjusted…
  14. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 14
    Significant Anticipated Near-Term Cost Savings in Millions Direct LOE 247.9 130.5 378.4 Savings (20) 5% savings Total Insurance Expense 40.0 38.3 78.3 Savings (15) 19% savings Net G&A 65.2 26.6 91.8 Savings (15) 16%…
  15. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 15
    Sources & Uses / Pro Forma Capitalization HY Issue ( MM, except per share data) Pro forma for HY issue Pro forma for EPL acquisition ( MM) As of Pro forma as of Pro forma as of Sources 3/31/2014 Adjustment 3/31/2014 Adjustment 3/31/2014…
  16. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 16
    Energy XXI Operational Program West West Delta 73 Delta 30 Main Pass Horizontal Development Development Program Program Program Exploration 17
  17. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 17
    Ramping Up Core Production With 4 Rigs Ensco 82 Nabors P-17 Mods 150 Ensco 99 FY14 FY14 FY14 FY14 FY15 FY15 EXXI Field FY15 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter MP 61, 72 5 Development Wells, 1…
  18. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 18
    Current Rig Activity New Orleans Ma in Pa ss 61 100% WI Punch Ensco 82 Completing West Delta 30 100% WI Highla nder Area 18% WI Ba nshee Lomond North Ensco 99 Completing Coa sta l 22 Completing West Delta 73 100% WI South…
  19. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 19
    WD 73 Successful Horizontal Results Bearclaw El Diente Big Sky 2 Gunn HORIZONTAL Hyden (G-20 Sand) Big Sky 3 Maroon Glacier Hulk (H-35 Sand) HORIZONTAL HORIZONTAL Weimer Horizontal West Delta Main Pass…
  20. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 20
    WD 73 Horizontal Growth Drives Production West Delta 73 Historical Production 8000 Impacted by Crude rig moves Gas & platform Horizontals construction 6000 Net BOE/d 4000 2000 0 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun…
  21. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 21
    Improving Predictability of Horizontal Costs Project Cost (MM) 16 Recent Horizontals Average Within 1% of AFE 14 12 10 8 6 4 2 0 West Delta 74 West Delta 74 West Delta 92 West Delta 73 West Delta 73 West Delta 73…
  22. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 22
    West Delta 30 is a Huge Oil Field XX,XXX ft. 16,000 ft. West Delta 30 field is more than 50 square miles Productive depths: 3,000 to 18,000 Reservoirs are highly porous Plio-Pleistocene & U. Miocene age: WD 30 salt dome is…
  23. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 23
    WD 30 Success With Shallow Reservoirs West Delta 30 Historical Production 6000 Growth in production Crude through non-rig Gas recompletions 4000 Net BOE/d 2000 0 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar…
  24. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 24
    WD 30 P43 ST1 Recompletion Structure Map WD30 P-43 ST1 Log P43 ST1 First Completed Project at West Delta 30 Dual recompletion completed March 2014 Target: BF-1B & TOR First Production: April 2014 Actual IP: 720 BOE/d…
  25. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 25
    WD 30 Black Widow (Shallow Prospect) P-42 ST1 270R, W Structure Map Black Widow Well Information Encountered 77 net TVT feet pay full to base Actual TD: 3,440 MD / 2,797 TVD Target: 270R, W First Production: April 2014…
  26. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 26
    WD30 Banshee (Shallow Prospect) P-38 ST1 Structure Map Banshee Well Information Encountered 79 net measured depth pay. Currently completing. Actual TD: 3,497 MD Target: 270R,F First Production: May 2014 Planned IP: 650…
  27. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 27
    Main Pass Finding New Miocene Reserves Carinos Pod A MP 73 Onyx Pod B LP- 1G LP- 2 Don Carlos MP 73 C-1 2 MP 61 Don Tomas Monte Carlo-2 Don Lino LP- BA- 1G 4AA LP- J-6 Sand 2 BA- 4B/5 J- 6 Horizontal West…
  28. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 28
    MP Development with Exploitation Upside Main Pass Historical Production 14000 Gas 12000 Crude 10000 Net BOE/d 8000 6000 4000 2000 0 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12…
  29. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 29
    Defined Future Development at Main Pass MP61 Field Pod A Angelinos Don Lino Don Lino N Punch Romeo Pod B Julietta Don Carlos Cohiba MP73 Field Gurkha Cibao St. Luis Oliva Indios Bauza Onyx Attic C-9 Recomplete La…
  30. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 30
    Seismic Defining New Salt Dome Play 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…
  31. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 31
    Inboard Lower Tertiary/Cretaceous Play Traditional Tuscaloosa Plays Lineham Creek Lomond North England Davy Jones Blackbeard Lafitte Area Yegua Tuscaloosa Sands Region Development and Prospect Summary 15 identified…
  32. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 32
    Lomond North Discovery Cretaceous Tuscaloosa Proposed Lomond NE Lomond North Discovery 60 miles Horizontal West Delta Main Pass Exploration Source: Freeport-McMoRan Drilling 30 33
  33. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 33
    Image goes here DELIVERING VALUE 34
  34. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 34
    The Model Continues to Deliver Results MM EXXI Value Growth MM EXXI NAV Growth 7,000 6,000 Proved PV10 NAV 6,000 6,150 Enterprise Value 5,000 Market Cap 4,780 5,000 4,000 4,000 4,297 3,396 3,000 3,630 3,337…
  35. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 35
    Energy XXI is Growing Consistently growing oil production Oil is 90+% of revenue Strong inventory of drill wells Horizontal program showing consistent results Increased drilling efficiencies Substantial growth potential in…
  36. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 36
    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…
  37. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 37
    Image goes here Additional information APPENDIX 38
  38. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 38
    FY 2014 Drilling Inventory West Delta 73 Main Pass Vermilion West Delta 30 Big Sky 3 Scully Java Merlin = Stricker* Hulk Cannon Monte Carlo 2 Black Widow Gunn Don Lino Banshee El Diente Don Carlos Crusader Columbo Punch…
  39. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 39
    EXXI Reserves PV-10 Comparison Total Reserves 6/30/13 SEC Pricing Total Reserves 12/31/13 SEC Pricing 310.2 MMBOE, PV-10 10,947 MM1 310.2 MMBOE, PV-10 10,889 MM2 2P: 232.1 MMBOE, PV-10 8,387 MM1 2P: 232.2 MMBOE, PV-10 8,344 MM2…
  40. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 40
    Operating Data per BOE Quarter Ended 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 12/31/13 03/31/14 Revenue (MM) 270.2 320.5 303.8 314.3 324.6 296.8 285.2 MBO/d 26.1 29.4 28.6 28.9 29.7 30.2 28.4 MBOE/d 37.3 44.6 43.5 46.8 46.6 45.1…
  41. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 41
    Solid Balance Sheet Net Debt/Total Proved All figures in 000s except per unit values 6/30/11 6/30/12 6/30/13 3/31/14 12.00 Cash and cash equivalents (incl. cash at 9.98 10.00 9.31 parent) 28,407 117,087 -- 303,702 7.53 7.68 8.00…
  42. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 42
    Current Hedge Position* Period Fiscal Quarter Instrument Type Daily Volumes Average Price Index CRUDE OIL 4/2014-6/2014 Q4 2014 Collars 1,700 bbl/day 90.00 floor, 108.36 cap BRENT 4/2014-6/2014 Q4 2014 Three-Way Collars 2,000…
  43. ISI Bermuda Annual Conference – Energy XXI Gulf Coast, Inc – slide 43
    Current Consolidated Crude Hedge Profile* 40 EPL Brent Swap 35 EPL LLS Swap 30 LLS Collars 25 Brent Put Spreads MBO/d 20 WTI Put Spreads 15 WTI 3-Way 10 Brent Collars 5 Brent 3-Way 0 Jun-14 Jul-Dec14 Cal 2015 Crude…

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