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1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · May 22, 2017 · 18 slides

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Slides

  1. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 1
    First Quarter 2017 Earnings Conference Call May 22, 2017 www.energyxxi.com
  2. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 2
    First Quarter and Recent Highlights Production averaged 41,000 BOE/d, with 71% oil Reported strong cash and cash equivalents of 160.5 million at March 31, 2017 Reestablished a commodity hedging program in February 2017 by entering…
  3. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 3
    Steps in the Right Direction Extensive safety culture assessment completed & improvement plan initiated Safety and Operational 2017 development drilling program finalized, commence operations in early June Excellence Develop…
  4. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 4
    EGC Overview Pure Play Gulf of Mexico Shelf Company At March 31, 2017 109.4 MMBOE Proved Reserves 80% Oil, 2% NGL, 18% Gas 72% Proved Developed 90% Operated 258 Blocks with 57 Producing Fields 616 Gross Producing Wells 439,294…
  5. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 5
    SEC Proved Reserves March 31, 2017(1) Category 1P PV-10 SEC Pricing2 Mix Total 109 MMBOE Total 108 MM 80% Oil Gas PDP 18% NGL PUD 305 2% 32 PDP P&A 62 (501) PDN Oil PDN 101 80% 16 PUD 204 Reserves Category Net Oil Net NGL…
  6. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 6
    Strip Proved Reserves March 31, 2017(1) Category 1P PV-10 Strip Pricing2 Mix Total 114 MMBOE Total 399 MM 80% Oil Gas P&A PDP 18% NGL PUD (471) 2% 457 33 PDP 64 Oil PDN PDN 80% 16 PUD 134 278 Reserves Category Net Oil…
  7. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 7
    Leading Operator in GOM Shelf EGC Core Properties(1) Cum. Prod. Field Operator W/I (MMBOE) West Delta 73 Energy XXI 100% 389 South Timbalier 54 Energy XXI 100% 152 South Pass 49 Energy XXI 100% 111 Main Pass 61 Energy XXI 100% 65…
  8. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 8
    Production Analysis 60,000 Q12016 to Q12017 49,133 50,000 47,347 44,632 42,455 Oil production decline 40,993 12% BOED 40,000 30,000 Focused on oil workover and 20,000 recompletions 67% 66% 70% 70% 71% projects 10,000…
  9. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 9
    Lease Operating & Gathering 120.0 2016 quarterly adjusted 100.0 96.2 (1) 96.8 run rate for LOE and 91.1 82.9 (1) Gathering 90 million 80.4 80.0 Q1 2017 Restored MM 60.0 normalized base operational spending 40.0 and…
  10. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 10
    Margin Analysis 50.00 40.00 11.76 15.03 30.00 15.51 4.79 5.79 2.71 /BOE 3.10 20.00 1.33 3.00 23.57 10.00 19.65 17.58 - (4.97) (10.00) (1) Q4 2015 Q4 2016 Q1 2017 Realized Price Realized Price Realized Price…
  11. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 11
    Crude Hedge Profile LLS Collars Re-established a commodity 12,000 hedging program in February 10,000 2017 for 10,000 BOPD for the BOPD 8,000 period from March 2017 to 6,000 December 2017 4,000 2,000 Manages commodity…
  12. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 12
    2017 Preliminary Capital Budget Estimated Capital: 140 - 170 million Includes Abandonment Costs of 50 - 70 million 2017 Development Drilling Program Commencing mid-year Two to four development wells planned in core area 100%…
  13. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 13
    Liquidity March 31, 2017 MM Cash & Cash Equivalents(1) 160 Credit Facility 290 Less: Amount Drawn ( 74) Less: Letter of Credit Utilization(2) (203) Total Available within Credit Facility(3) 13 Total Liquidity 173 (1) Does…
  14. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 14
    Renewed Focus New Management Team Continued commitment to HSE excellence Highly experienced technical and financial team Focused on maximizing value for shareholders Strong Financial Discipline Liquidity of 173 million at March 31,…
  15. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 15
    APPENDIX 17
  16. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 16
    BOEM and BSEE Update Excellent working relationship with BOEM and BSEE Continue to operate under the terms and proposals of our plan with the BOEM EGC has bonded its sole properties and further focused bonding efforts on expired…
  17. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 17
    Adjusted EBITDA Reconciliation Adjusted EBITDA is a supplemental non-GAAP financial. Adjusted EBITDA is not a measure of net income or cash flows as determined by United States generally accepted accounting principles, or US GAAP. EGC…
  18. 1Q 2017 Conference Call – Energy XXI Gulf Coast, Inc – slide 18
    Al Petrie Investor + Media Relations Coordinator apetrieenergyxxi.com 713-351-0617 www.energyxxi.com

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