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IPAA OGIS – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Apr 9, 2014 · 48 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. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation IPAA Oil & Gas Investment Symposium April 7-8, 2014 Acquire, Exploit, Explore, Deliver NASDAQ: EXXI AIM: EXXI www.energyxxi.com 4/3/14
  2. IPAA OGIS – 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. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 3
    Company Overview Acquire. Exploit. Explore. Deliver. Financial Ticker EXXI Market Cap (4/4/14) 1.9B Production Insider Ownership 6.25% 45.2 MBOE/d (2Q FY2013) FY2014 Capital Budget 705MM One of the Largest Oil Producers on GoM Shelf…
  4. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 4
    Great Companies Start with Great Assets Acquisition price per BOE* (2006-2012) XOM 20.47 Mitsui 12.36 Buying Big Oil Fields 18.27 Energy XXI Acquisition Pogo 20.77 and 15.63 Castex 24.13 Buying Right Marlin 16.71…
  5. IPAA OGIS – 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. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 6
    Image goes here EPL OIL & GAS ACQUISITION 7
  7. IPAA OGIS – 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. IPAA OGIS – 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. IPAA OGIS – 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. IPAA OGIS – 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. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 11
    Expanded Portfolio Increases Scale Proved EXXI EPL Pro Forma Reserves1 30% 38% 41% 46% PDP 48% 42% 28% PDNP 11% 16% PUD 165 MMBOE 78 MMBOE 243 MMBOE 2P Reserves1 25% 24% 26% Proved 75% 76% 74% Probable 218 MMBOE 106 MMBOE…
  12. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 12
    Leading Operator of Top 15 Shelf Oil Fields 3000 194 Cumulative Oil Production (MMBO) 2500 221 257 2000 268 1500 304 164 168 1000 659 269 265 374 500 740 802 437 187 0 Energy XXI Energy XXI Operator 1…
  13. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 13
    Recovering More From Big Oil Fields 8,000+ Gross MMBOE* Top Ten Fields Remaining Production Left in Ground 3,660 5% Recovery Increase 3,599 Doubles EXXI Reserves Proved Next 5% from 233 Top Ten Fields Possible…
  14. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 14
    Becoming the Premier GoM Shelf Independent Proved Reserves (MMBOE)1 Production(MBOE/d)1 65 243 56 50 45 165 144 118 78 21 EXXI - Pro EXXI Peer 1 Peer 2 EPL EXXI - Pro Peer 2 Peer 1 EXXI EPL Forma Forma Adjusted EBITDA…
  15. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 15
    Significant 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% savings -…
  16. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 16
    Pro Forma Capitalization Acquisition Historical Pro Forma 12/31/2013 12/31/2013 MM, except per share data Cash and cash equivalents 358 128 Revolving credit facility 152 827 Other long-term debt 1,847 2,644 Net debt 1,641 3,343…
  17. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 17
    Energy XXI Operational Program West West Delta 73 Delta 30 Main Pass Horizontal Development Development Program Program Program Exploration 18
  18. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 18
    Ramping Up Production With 4 Rigs Ensco 82 Nabors P-17 Mods 150 Ensco 99 FY14 FY14 FY14 FY14 FY15 FY15 Field FY15 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter MP 61, 72 6 Development Wells, 1 Injector…
  19. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 19
    Current Rig Activity New Orleans Main Pass 61 100% WI Punch Ensco 82 Drilling West Delta 30 100% WI Highlander Area 18% WI Black Widow Lomond North Ensco 99 Drilling Coastal 22 Completing West Delta 73 100% WI South Marsh…
  20. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 20
    Horizontals Outperform in Big Oily GoM Fields Average Shale Horizontal Average EXXI Horizontal (Eagle Ford, Permian) (West Delta 73) Avg. IP Rate: 577 BOPD Avg. IP Rate: 1,750 BOPD Avg. Lateral: 5,400 feet Avg. Lateral: 1,000 feet…
  21. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 21
    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…
  22. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 22
    WD 73 Horizontal Growth Drives Production West Delta 73 Historical Production 8000 < Crude < Gas Horizontals 6000 Hurricane Isaac Net BOE/d 4000 2000 0 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 11 11 11 11 12…
  23. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 23
    Continued Success from Recent Horizontals Initial Production (boe/d) 4000 3500 Recent Horizontals 3000 Average IP Rate 1,300 BOE/d 2500 2000 1500 1000 500 Performance 0 Threshold * Horizontal West Delta *Seeking to…
  24. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 24
    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…
  25. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 25
    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…
  26. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 26
    WD 30 Drilling Dormant Since 2005 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…
  27. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 27
    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 Test Rate (March 2014): 535…
  28. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 28
    WD 30 Black Widow (Shallow Prospect) P-16 Type Log 270R, W Structure Map Black Widow Well Information Currently Drilling at 3,440 MD / 2,797 TVD Planned TD: 3,563 MD / 2,750 TVD Target: 270R,W First Production: April…
  29. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 29
    WD30 Banshee (Shallow Prospect) WD30 P-9 Type Log Structure Map Banshee Well Information Anticipated Spud Date: April 2014 Planned TD: 3,407 MD / 2,650 TVD Target: 270R,F First Production: May 2014 Planned IP: 650…
  30. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 30
    Substantial Upside Identified in WD 30 Approximately 50 Reservoirs Mapped & Studied to Date This accounts for 35% of the 35% of the total oil production total reservoirs in the field (580 MMBO) in the field Mapped Mapped 35% 40%…
  31. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 31
    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…
  32. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 32
    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…
  33. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 33
    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…
  34. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 34
    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…
  35. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 35
    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…
  36. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 36
    Lomond North Discovery Cretaceous Tuscaloosa 3.0 TCF Gross Resource Potential Proposed Lomond NE Lomond North Discovery 60 miles Horizontal West Delta Main Pass Exploration Source: Freeport-McMoRan Drilling 30 37
  37. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 37
    Image goes here DELIVERING VALUE 38
  38. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 38
    Development Focused Capital Program FY14 Capital Budget 705 MM* 73% of capital program is Seismic 42 directed towards G&A, Land 73 development Facilities 90 Ultra Deep 67 86% of drill capital is Core Exploration 89…
  39. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 39
    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…
  40. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 40
    Energy XXI is Growing Consistently growing oil production Oil is 91% of revenue Strong inventory of drill wells Horizontal program showing consistent results Increased drilling efficiencies Substantial growth potential in…
  41. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 41
    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…
  42. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 42
    Image goes here Additional information APPENDIX 43
  43. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 43
    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…
  44. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 44
    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…
  45. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 45
    Operating Data per BOE Quarter Ended 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 12/31/13 Revenue (MM) 341.9 270.2 320.5 303.8 314.3 324.6 296.8 MBO/d 32.2 26.1 29.4 28.6 28.9 29.7 30.2 MBOE/d 47.6 37.3 44.6 43.5 46.8 46.6…
  46. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 46
    Solid Balance Sheet Net Debt/Total Proved All figures in 000s except per unit values 6/30/11 6/30/12 6/30/13 12/31/13 12.00 Cash and cash equivalents (incl. cash at 9.31 9.59 10.00 parent) 28,407 117,087 -- 357,828 7.53 7.68 8.00…
  47. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 47
    Current Hedge Position* Period Fiscal Quarter Instrument Type Daily Volumes Average Price Index CRUDE OIL 1/2014-6/2014 Q3-Q4 2014 Collars 2,000 bbl/day 90.00 floor, 108.38 cap BRENT 1/2014-6/2014 Q3-Q4 2014 Three-Way Collars…
  48. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 48
    Current Crude Hedge Profile* 20 18 16 14 Brent Put Spreads 12 WTI Put Spreads 10 WTI 3-Way Mbo/d 8 Brent Collars 6 Brent 3-Way 4 2 0 Apr-14 May-Dec14 Cal 2015 Crude Oil Apr-Dec 2014 Average 2015 Average…

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