Investor Presentation Barclays CEO Energy-Power Conference September 2015 NASDAQ: EXXI www.energyxxi.com
Company Overview Exchange: Ticker NASDAQ: EXXI Enterprise Value 4.5 Billion FY16 1Q Average Production To-Date 58 Mboe/d (71% Liquids) Proved Reserves (as of Dec. 31, 2014) 212 MMBOE Acreage 258 Blocks; 767,445 Net…
FY16 Production Guidance Overview FY15 Actual FY16 Guidance Capital Spending (MM) 640 660 78% reduction 130 150 Oil Production (including NGLs) (MBbl/d) 41.8 Slight decrease 35 40 Total Production (Mboe/d) 58.9 In line with…
FY16 and Beyond: Strategic Plan Focus on Base Production & Recompletions Optimize base production Focus on economical, low-risk recompletions Maintain Prudent Financial Discipline Continue to improve capital program Deliver…
Operates 9 of the Largest GoM Shelf Oil Fields Rank Field Operator Cum Prod. (MMBO) 1 Bay Marchand Chevron 802 2 East Bay Whitney 675 3 West Delta 30 Energy XXI 582 4 Eugene Island 330* Fieldwood 438 5 Grand Isle 43 Fieldwood 374…
FY15 Production Flat Despite Capex Reductions FY15 Production by Month 70000 65000 Production (Boe/d) 60000 55000 FY15 50000 Average: 58,900 45000 BOE/d 40000 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15…
Continued Reduction of Cash Operating Expenses 30% reduction in LOE per BOE costs 32% G&A reduction post merger Lowered breakeven through cost reductions Tracking real time changes Continue to find improvements Lease Operating…
Demonstrating Capital Efficiency in FY16 FY16 Capital Budget 130 - 150 Million Budget By Type Based on 50 oil price deck Focused on low-risk recompletions General & Holds year-over-year production Administrative Development &…
WD73 Production Record High 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 YE2014 Proved…
Recompletions Deliver Record Production South Pass 78 Net Daily Production 5,450 BOE/d 6,000 9 Recompletions online 9 5,500 8 1 Recompletion currently underway 5,000 1 Thru-tubing recompletion FY2016 7 5 4,500 6 4 4,000 3 2…
Capital Efficient Recompletion Inventory Yearly Recompletions 60% of recompletion 59 inventory in next 4 years 3 Bayou Carlin 1 Viosca Knoll South 1 Marsh Island 40 West Area Delta 9 Grand 16/18 Isle 29 25 1 High…
Joint Venture: Monetizing Exploration Portfolio Joint Venture Brings in funding partner with a commitment to participate in an exploration program Portfolio mix of low and high risk exploration prospects Exploration Portfolio…
3D Seismic Data Reduces Risk Profile Extensive high quality well and seismic database 16,800 sq. miles of 3D seismic data 780 sq. miles of WAZ 3D seismic data 155 sq. miles of FAN 3D data Fairfield FAN Proprietary WAZ…
Utilizing Technology Underneath Salt 1,200+ Shallow Wells Drilled Only 20 wells below 17,000 feet Prolific Salt Dome Field: +650 MMBOE SALT Deepest Producing Horizons Target Horizon Deepest XOM Proprietary 3D…
Path Forward: Executing the Plan Addressing the Debt Looking at all options across the capital structure Flexibility driven by second lien financing in March 2015 Maintain Excellent Liquidity Over 700 million in cash Proactively…
Leveraged to Oil Prices 10 Increase in Crude Pricing Yields Approximately 120MM of EBITDA 1200 60 Revenue Production 1000 800 Mboe/d MM 600 55 400 200 0 50 50 Crude 60 Crude 70 Crude 17
Liquidity Strong Cash Position July 31, 2015 MM Cash 165 Investments 600 Less: Bermuda Cash & Investments (37) Less: Restricted Cash (31) Total Cash at EGC 696 Credit Facility (350 EGC, 150 EPL) 500 Less: Drawn at EPL (150) Less:…
Bonding Requirements Exemption 20 MBOE/d + book equity 2x P&A liability Leases never severed Original discoverer remains in record title New NTL being developed by BOEM Surety Bonds Capacity exists with current providers…
20 Remaining 277 MM Bonds Placed July 2015 Total collateral posted 11 million East Bay Asset Sale Providing BOEM Coverage Letters of Credit Operated by Others M21K Existing Bonds in Place Gross Amount of P&A M21K…
Five Years of Minimal P&A 85% of P&A Over Five Years Out 700 80% 600 70% % of Total P&A Liability 60% 500 P&A Cost (MM) 50% 400 40% 300 30% 200 20% 100 10% 0 0% 2016 2017 2018 2019 2020 2021-2025 2026+ P&A…
Investment Thesis Excellent assets, stable production and acreage held by production FY16 volumes in line with FY15 Capital budget focused on low-risk recompletions 30% reduction in LOE lowers cash costs per BOE Continue to…
Contact Greg Smith Vice President, Investor Relations Energy XXI 1021 Main Street, Suite 2626 Houston, Texas 77002 713 351-3149 gsmithenergyxxi.com NASDAQ: EXXI www.energyxxi.com
Crude Hedge Profile 30 LLS 3-ways 25 LLS Collar 20 WTI Collar Mbbl/d 15 10 5 0 Aug-Dec15 Cal16 Aug Dec 15 Cal 16 Subfloor Floor Ceiling Subfloor Floor Ceiling WTI Put WTI Collar 75.00 85.00 51.43 74.70…
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