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2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Aug 11, 2017 · 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. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 1
    Second Quarter 2017 Earnings Conference Call August 11, 2017 www.energyxxi.com
  2. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 2
    Second Quarter and Recent Highlights Grew cash and cash equivalents by 18 million to 179 million at June 30, 2017 Successfully drilled first well in 2017 development program, the West Delta 30 L-14 ST2 High Tide well, with 102 feet…
  3. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 3
    Steps in the Right Direction Extensive safety culture assessment completed & improvement plan underway Safety and Operational Develop oil-weighted assets with strong economics at current strip pricing Excellence Leadership Engagement:…
  4. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 4
    EGC Overview Pure Play Gulf of Mexico Shelf Company NSAI prepared reserves at March 31, 2017 109.4 MMBOE Proved Reserves 80% Oil, 2% NGL, 18% Gas 71% Proved Developed 90% Operated 155 Blocks with 57 Producing Fields 616 Gross…
  5. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 5
    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…
  6. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 6
    2017 Drilling Program Focus Area Locator Map West Delta 30 Field Key Field Statistics Discovered 1948 by Humble, located in 45 WD EGC operates with 100% WI Cumulative production(1) 751 MMBOE Infrastructure: 45 Active structures;…
  7. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 7
    WD 30 Field Drilling Program Update Locator Map- High Tide and Kingstream High Tide (L-14 ST2) L Targeted three horizons All three targets were found at their expected locations and two of the three sands were thicker than…
  8. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 8
    Focused on Operational Excellence HSE steering committee formed to identify actions to improve HSE performance and be a top quartile Company by YE 2018 Completed 3rd party safety cultural assessment Execute improvements in employee…
  9. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 9
    Production History 50,000 47,347 44,632 2Q 17 vs. 1Q 17 declined 45,000 42,455 due to: 40,993 40,000 35,960 Tropical Storm Cindy (750 BOEPD) 35,000 Incremental 3rd party non- 30,000 op pipeline shut-ins and BOED 25,000…
  10. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 10
    LOE and Gathering & Transportation 120.0 91.1 (1) 96.8 98.5 (1) 2017 run rate for 100.0 LOE higher due to 82.9 80.4 (1) increased 80.0 maintenance and MM 60.0 workover projects 40.0 Higher-than- expected third-party…
  11. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 11
    G&A Costs 30.0 28.4 Total headcount reduced 18% in 2Q 2017 25.0 23.2 21.6 EGC expects 8 to 8.5 MM 20.7 20.0 of annualized G&A and LOE savings from reduced staffing 15.4 MM 15.0 2017 includes 7.1 MM 12.1 related to…
  12. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 12
    Margin Analysis 50.00 40.00 8.64 11.76 15.03 5.21 30.00 15.51 4.79 4.09 5.79 2.71 /BOE 3.10 20.00 1.33 3.00 23.57 26.05 10.00 19.65 17.58 - (4.97) (10.00) (1) (1) Q4 2015 Q4 2016 Q1 2017 Q2 2017 Realized Price…
  13. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 13
    Crude Hedge Profile 2H 2017 LLS Collar WTI Fixed Price Swaps 16,000 14,000 12,000 BOPD 10,000 8,000 6,000 4,000 2,000 0 July August September October November December FY2017 Instrument Weighted Average Prices (/Bbl)…
  14. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 14
    2017 Capital Budget Revisions Estimated Capital: 125 - 155 million Includes abandonment costs of 50 - 70 million Development Drilling Program Successfully drilled first well: WD30 L-14 ST2 High Tide 100% working interest 40…
  15. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 15
    Liquidity Profile June 30, 2017 MM Total Cash & Cash Equivalents(1) 179 Exit Credit Agreement 290 Less: Amount Drawn ( 74) Less: Letter of Credit Utilization(2) (203) Total Available Credit Facility(3) 13 Total Liquidity…
  16. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 16
    Renewed Focus New Management Team Continued commitment to HSE excellence Highly experienced technical and financial team Focused on operational excellence to maximize value for shareholders Strong Financial Discipline Increased…
  17. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 17
    APPENDIX 19
  18. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 18
    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…
  19. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 19
    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…
  20. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 20
    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…
  21. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 21
    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…
  22. 2Q 2017 Earnings Update – Energy XXI Gulf Coast, Inc – slide 22
    Al Petrie Investor + Media Relations Coordinator apetrieenergyxxi.com 713-351-0617 www.energyxxi.com

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