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Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Feb 11, 2014 · 40 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. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Credit Suisse Energy Summit February 11-12, 2014 Acquire, Exploit, Explore, Deliver NASDAQ: EXXI AIM: EXXI www.energyxxi.com 2/6/14
  2. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 2
    The Energy XXI Business Model 3
  3. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 3
    Company Snapshot Acquire. Exploit. Explore. Deliver. Production 45.2 MBOE/d (2Q FY2013) One of the Largest Oil Financial Producers on GoM Shelf Ticker EXXI 67% of Production is Oil Market Cap (2/3/14) 1.7B Insider Ownership 6.25%…
  4. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 4
    Wealth of Experience and Expertise Experience Expertise First to implement a successful Careers built on the GoM Shelf horizontal drilling program since Portfolio includes five of the 1990s largest oil fields on the Shelf First to…
  5. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 5
    Acquisitions Feed the EXXI Business Model 6
  6. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 6
    Rapid Growth Since 2005 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 18.27 Avg. price…
  7. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 7
    Exploitation and Exploration Drives Success 8
  8. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 8
    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…
  9. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 9
    Oiliest Assets on GoM Shelf FY 2012 FY 2013 4.3 Billion1 PV-10 6.1 Billion2 PV-10 120 MMBOE Proved Reserves 179 MMBOE Proved Reserves Proved Undeveloped Proved Proved 38 MMBOE Undeveloped Proved Developed 69 MMBOE Developed…
  10. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 10
    Reserves Simply Scratching the Surface 1P Drill Wells (179 MMBOE) BIG SKY 3 HULK GUNN KOJAK JAVA TORREYS MONTE CARLO 2 ALIADOS PUNCH DON LINO C-5ST CANNON DON CARLOS MARLOW CRETE BIG SKY 4 BANSHEE CARBURETOR DUDLEY WHISTLER COLUMBO…
  11. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 11
    Horizontals Outperform in Big Oily Fields Average Conventional Well Mid-Case Horizontal Well Initial Rate: 180 BOPD Initial Rate: 1,750 BOPD EUR: 250 MBO Gross EUR: 1,340 MBO Gross D&C: 10.5 MM D&C: 11 MM Horizontal West Delta…
  12. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 12
    WD 73 Successful Horizontal Results Bearclaw El Diente Big Sky 2 Gunn HORIZONTAL HORIZONTAL Big Sky 3 Maroon Glacier Hyden (G-20 Sand) Hulk (H-35 Sand) HORIZONTAL HORIZONTAL Weimer HORIZONTAL…
  13. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 13
    WD 73 Horizontal Growth 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 12 12 12 13 13 13…
  14. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 14
    West Delta 30 is a Huge Oilfield 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…
  15. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 15
    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…
  16. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 16
    WD 30 Prolific World Class Rock 2nd largest oil field on Ready to the GoM Shelf Drill Wells EXXI well positioned in Leads the core of WD 30 Produced 580 MMBO 27 drillable locations identified 5 Miles Horizontal West…
  17. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 17
    Substantial Upside Identified in WD30 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% 35%…
  18. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 18
    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…
  19. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 19
    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…
  20. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 20
    Focusing on the BA-4AA Sand at Main Pass BA-4AA Plan of Development Don Lino Online Don Carlos Online BA-4AA POD B2 Structure & Isopach Map 5-Well Program C-9 Workover Punch C BA-4AA POD C Structure & Isopach Map Don Lino North…
  21. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 21
    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…
  22. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 22
    2+ Billion BOE Potential in Core Areas Gross Unrisked Exploration Potential Potential by Play Potential by Field West Delta 30 Vermilion Deep Miocene 98 MMBOE 314 MMBOE 464 MMBOE South Pass 49 64 MMBOE Grand Isle 770 MMBOE…
  23. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 23
    600+ MMBOE Potential in 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…
  24. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 24
    Joint Ventures Targeting Salt Domes ExxonMobil Vermillion Fieldwood/Apache Main Pass 2-well carry to earn 50% WI Heron logs first discovery with 100 feet of net oil pay Exploration plan under review Includes 25% WI in 25 non- 7…
  25. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 25
    Ultra-Deep Productive Geologic Intervals STRATEGIC STRATEGIC STRATEGIC AREA 2 AREA 3 AREA 1 Initial Completions Target Blackbeard West 2 Blackbeard East 1 Net Pay: 478 ft Separate Discovery Zones Net Pay: 205 ft Base Salt Weld…
  26. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 26
    Delivering Value Team 27
  27. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 27
    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…
  28. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 28
    Oil Focus Delivers Value to Shareholders Oil Production by Quarter Leveraged to Oil (MBO/d) 40 320 35 280 Oil Production (MBO/d) 30.2 30 240 Dollar () 29.7 29.4 28.9 25 200 28.6 20 160 15 120 26.1 10 80 5…
  29. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 29
    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…
  30. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 30
    EXXI Dedicated to Profitable Growth Experts at exploiting big oil fields Reserves add base positions EXXI for production growth Long-life PDP oil reserves PUD inventory provides visible growth Program is predictable and repeatable…
  31. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 31
    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…
  32. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 32
    Image goes here Additional information APPENDIX 33
  33. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 33
    Current Rig Activity New Orleans Highlander Area 18% WI Lomond North Coastal 22 Dev. Pending West Delta 30 100% WI Stricker Ocean King Drilling Grand Isle 16/18 100% WI Main Pass 295 25% WI W-37 Heron 3 Ensco 99 Recomplete…
  34. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 34
    FY 2014 Drilling Inventory and Schedule West Delta 73 Main Pass Vermilion West Delta 30 Big Sky 3 Scully Java Merlin* = Stricker Hulk Cannon Monte Carlo 2 Pendragon* Banshee Gunn Don Lino Crusader El Diente Don Carlos Columbo…
  35. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 35
    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…
  36. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 36
    Share Repurchase Value Creation Category1 (in MMs except per unit amounts) PV-10 /Share2 55.48 Proved Developed Reserves 3,554 40.52 Proved Undeveloped Reserves 2,596 29.60 Net Debt3 (1,258) (14.34) Total Proved NAV 4,892 55.77…
  37. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 37
    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…
  38. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 38
    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…
  39. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 39
    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…
  40. Credit Suisse Energy Summit – Energy XXI Gulf Coast, Inc – slide 40
    Current Crude Hedge Profile* 20 18 16 14 WTI 3-Way 12 Brent Collars 10 Mbo/d Brent 3-Way 8 6 4 2 0 Mar-Dec14 Cal 2015 Crude Oil Mar-Dec 2014 Average 2015 Average Subfloor Floor Ceiling Subfloor Floor…

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