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Deutsche Bank Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Sep 30, 2015 · 26 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. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Deutsche Bank Leveraged Finance Conference September 28-30, 2015 NASDAQ: EXXI www.energyxxi.com
  2. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 2
    Company Overview Exchange: Ticker NASDAQ: EXXI Enterprise Value 4.1 Billion FY16 1Q Average Production To-Date 58,300 BOE/d (71% Liquids) Proved Reserves (as of June 30, 2015) 183.5 MMBOE Acreage 258 Blocks; 767,445 Net…
  3. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 3
    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…
  4. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 4
    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…
  5. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 5
    EXXI Reserves Summary Oil NGL Gas Equivalent PV-10% Reserve category (MMBBL) (MMBBL) (MMBOE) (MMBOE) (millions) Proved developed producing 74 3 19 96 1,534 Proved developed non-producing 15 2 12 29 416 Proved undeveloped 41 2 15 58 884…
  6. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 6
    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…
  7. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 7
    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 Holds year-over-year production General & Administrative Development &…
  8. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 8
    FY15 Production Flat Despite Capex Reductions FY15 Production by Month 70000 65000 Production (Boe/d) 60000 55000 50000 FY15 Average: 45000 58,900 BOE/d 40000 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15…
  9. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 9
    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…
  10. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 10
    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…
  11. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 11
    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 Actively repurchasing bonds Maintain Excellent Liquidity Over 670…
  12. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 12
    Interest Expense Reduced by Over 32 Million Original Annual Interest Weighted Face Interest % Face Value Expense Price per Amount Gain on Debt Face Value Bond Value Expense Repurchased Repurchase Savings Bond Paid Extinguishment…
  13. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 13
    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 14
  14. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 14
    Liquidity Strong Cash Position September 24, 2015 MM Cash 106 Investments 450 Less: Bermuda Cash & Investments (34) Less: Restricted Cash (33) Total Cash at EGC 489 Credit Facility (350 EGC, 150 EPL) 500 Less: Drawn at EPL (150)…
  15. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 15
    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…
  16. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 16
    17 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…
  17. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 17
    Five Years of Minimal P&A 85% of P&A Over Five Years Out 700 80% 600 70% 60% % of Total P&A Liability 500 P&A Cost (MM) 50% 400 40% 300 30% 200 20% 100 10% 0 0% 2010-2015 2016 2017 2018 2019 2020 2021-2025…
  18. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 18
    Positives from September 22nd BOEM Proposed Guidance Text from guidance Discretion of Regional Director Value of existing production and proven reserves of future production Five years of continuous operation and production on the…
  19. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 19
    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…
  20. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 20
    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
  21. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 21
    Cash and Liability Update All figures in 000s except per unit values, and include cash and debt at the parent company 6/30/12 6/30/13 6/30/14 6/30/15 9/30/15 est Cash and cash equivalents 117,087 -- 145,806 772,848 556,000…
  22. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 22
    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 LLS…
  23. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 23
    Operating Unit Cost Analysis Quarter Ended 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 Revenue (MM) 301.3 461.4 503.0 221.6 219.5 MBO/d 32.0 41.8 41.8 41.6 42.0 MBOE/d 46.1 58.6 57.9 60.0 59.3 NGL % (of oil volumes) 6.9% 7.7% 5.3% 6.8%…
  24. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 24
    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…
  25. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 25
    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…
  26. Deutsche Bank Conference – Energy XXI Gulf Coast, Inc – slide 26
    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…

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