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UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · May 19, 2015 · 22 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. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation UBS Global Oil and Gas Conference May 19, 2015 NASDAQ: EXXI www.energyxxi.com
  2. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Snapshot Year-to-Date Highlights Operate 96% of proved reserves Infrastructure in place to accommodate future growth Our HLS oil still commands a premium to WTI Current Metrics Enterprise Value 4.5 Billion One of the…
  3. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 3
    Operates 10 of the Largest GoM Shelf Oil Fields Baton Rouge Lafayette Highlander New Orleans West Main Pass Grand Isle 296/311 Delta 30 East Bay 16/18 South Timbalier 21 South Pass 78 Bayou Carlin Vermilion 164 South…
  4. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 4
    BOEM Bonding Discussion Underway Received initial request for 1 billion of supplemental bonding Energy XXI has begun discussions with BOEM 400 MM of LOCs or existing bonds currently in place Bond premium approximately 1-2% of face…
  5. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 5
    Proactive Response to Low Commodity Prices Pro Forma Capex Pro Forma LOE* 600 1600 500 1400 1200 400 1000 MM MM 800 300 600 200 400 200 100 0 FY14 FY15 Est. FY16 Est. 0 FY14 FY15 Est. FY16 Est. Cost Reduction…
  6. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 6
    Enhanced Liquidity Net Cash Proceeds 2nd Lien Bonds 1.36 Billion New Credit Facility 500 MM 124 MM available 750 MM Total Liquidity Post Revolver Paydown (as of April 30, 2015) Borrowing base reduced by EXXI ahead of…
  7. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 7
    Path Forward Focus on optimizing base production Focus on capital efficient recompletion programs Continue to reduce operating costs Low-risk capital program Pursuing asset monetization: Midstream and Non-core E&P…
  8. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 8
    Facility Optimization Yields Higher Uplift Oil to GI Gas to GI Add compressor to flow gas cap on three shut- Water to GI in wells to increase production by 10 MMCF/d WD 30 Project completed 3Q FY15 New 6 tap on 12 oil pipeline to…
  9. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 9
    South Pass 78 Success South Pass 78 Net Daily Production 5,000 Currently at 4,250 BOE/d 4,500 6 5 4,000 3 4 2 3,500 1 3,000 BOEPD 2,500 Rig 2,000 Moves 1,500 6 Recompletions Online 1,000 1 Recompletion…
  10. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 10
    Preliminary FY 16 Rig Recompletion Inventory Well Number Est. Time (Days) South Pass 78 B-25 15 B-10 15 Nine wells identified West Delta 73 C-17 Tbg Swap 15 Main Pass Low cost, high margin opportunities Comacho A-4 ST3 23 West…
  11. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 11
    Successful Horizontal Program at WD73 West Delta 73 Proved Reserves 70 3.0 Example Horizontal Well Annual Production, MMBOE 60 2.5 Net Reserves, MMBOE 50 2.0 40 1.5 30 1.0 20 10 0.5 0 - YE2011 YE2012 YE2013…
  12. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 12
    WD 73 Strong PUD Economics 20 18.23 . Total Capex: 215 MM 100% ROR 18 P/I 2.85 10% discount Based on 2/9/15 strip 16 33% 14 12 Direct LOE/BOE 10 8 6 67% Incremental cost to produce new PUD locations 3.66…
  13. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 13
    Uplift Projection Drives Production Replacement West Delta 73 Fiscal 2016 PUD Drilling Program 2,500 2,000 21 day rig skid NET RISKED BOE/d 1,500 1,000 500 0 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15…
  14. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 14
    Back to Basics FY 2013-2015 (Annual Average) Annual Estimated Maintenance Capex Water Handling / Platform 80 million Reservoir Extension 28 million Low-Risk Low-Risk Exploitation Focus Exploitation 246 million 240 - 290…
  15. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 15
    Reduced Costs = Lower Maintenance Capex Current FY 2015 Projected Estimated Maintenance Capex 640-660 MM 350-400 MM JV Projects 45 MM P&A 75 MM P&A 75 MM Land, Seismic & Other Land, Seismic & 50 MM Development & Other…
  16. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 16
    Efficient Maintenance CAPEX 30.00 . Eliminate non-productive capital expenditures 6.80 25.00 3.30 20.00 ( / Boe) 1.72 1.64 4.53 2.34 15.00 0.94 10.00 13.48 13.09 5.00 Historical 3-Year Annual Average Annual…
  17. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 17
    Annual Production Replacement Outlook 20.0 2.3 Production 1.8 Replacement 15.0 Total MMBOE 21.5 16.8 10.0 MMBOE MMBOE Produced Produced Dev. Drilling 5.0 PDN/Recompletes PDP - FY15 Estimated FY16 Estimated…
  18. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 18
    Monetization of Midstream Assets Grand Isle Station WD 30J GI 22L WD 73 ST 54G MC 268 SP 93A MC 280A Grand Isle Terminal Aerial MC 397A 19
  19. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 19
    Non-Core Divestiture Update Combined EXXI + M21K GoM Divestiture Geographically diverse across GoM Shelf EXXI EXXI Divest M21K Divestiture Highlights Focus on selling East Bay before June 30, 2015 Additional small…
  20. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 20
    Crude Hedge Profile 35 30 25 WTI Collar* 20 MBbl/d LLS 3-Ways* LLS Collar 15 WTI Collar 10 WTI Put 5 0 Feb-Mar15 Apr-Dec15 Cal16 Feb Mar 15 Apr Dec 15 Cal 16 Subfloor Floor Ceiling Subfloor Floor Ceiling…
  21. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 21
    New Projections for 4Q and FY15 FY 2015 Volume Projections 3Q FY15 4Q FY15 FY 2015 Actuals June 30, 2015 Net Production (per day) Oil (Bbls) 41,600 40,000 42,000 41,000 42,000 including NGLs Boe 60,000 57,000 60,000 58,000…
  22. UBS Global Oil & Gas Conference – Energy XXI Gulf Coast, Inc – slide 22
    Elements for Success in Place Expanded Board Lower Risk Capital Program Experienced Management Team Lower Cost Structure Improved Liquidity Asset Optimization 23

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