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4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Mar 16, 2018 · 31 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. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 1
    Fourth Quarter & Full Year 2017 Earnings Conference Call March 16, 2018 www.energyxxi.com www.energyxxi.com
  2. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 2
    Highlights and Recent Key Items Full Year 2017 Highlights Reported clean balance sheet with cash and cash equivalents of 152 million at December 31, 2017 Implemented significant G&A and LOE cost saving initiatives Initiated…
  3. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 3
    Pivotal Points Driving Success for 2018+ Completed Strategic Review Process Transitional Developed Sustainable Stand-alone Plan Year 2017 Seasoned Board of Directors & Management Team Experienced Leadership Driving New Culture…
  4. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 4
    Core Values Safety and Relationships Integrity Accountability Innovation Community Environment We are We have a committed to We create an We empower social Safety the success atmosphere our people to responsibility Without…
  5. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 5
    Strategy Based on Core Competencies Leverage Our Operational, Technical and Commercial Expertise in Conventional Oil and Gas Assets both Offshore and Onshore Grow Value by Developing and Exploiting Our Considerable 2P and 3P…
  6. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 6
    Near-Term Tactics Execute 2018 Development & Exploitation Program Optimize 2019 Drilling Program & Seek Needed Capital Pursue Offshore & Onshore Acquisition Opportunities Rationalize & Optimize Portfolio Remain Receptive…
  7. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 7
    EGC Portfolio Summary Oil-Weighted Asset Base Year-End Proved Reserves were 84% Oil Operator in the GOM since 2006 Currently concentrated on the GOM Shelf 155 Blocks with 55 Producing Fields 577 Gross Producing Wells 421,974 Net…
  8. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 8
    Focused on Operational Excellence EGC Safety Motto Safety without Compromise Every Job, Every Day Cost steering committee formed with focus on identifying and safely delivering value enhancing operational cost savings Near-term…
  9. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 9
    2018 Drilling Program Focused Drilling Program 6 Drill Wells 3 Development wells 1 PUD Injection well EGC Core Operating Area 2 Exploitation wells 7-9 Recompletions Drill Well 1 West Delta 73 McCloud Spud: March 2018 TD:…
  10. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 10
    WD 73 McCloud PUD Well Structure Map F-40 Sand West Delta 73 Field Stats Discovered 1962 by Humble, located in 175 WD Cumulative Production(1): 392 MMBOE OOWCavg -8,265 Infrastructure: 6 production structures and 27 active McCLOUD…
  11. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 11
    ST 54 Koala Exploitation Well Structure Map I-20 Sand South Timbalier 54 Field Stats Discovered 1955 by Humble, located in 67 WD Cumulative Production(1): 153 MMBOE Infrastructure: 7 production structures and 27 active wells in the…
  12. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 12
    WD 30 Warthog Exploitation Well Structure Map & Amplitude D4 Sand West Delta 30 Field Stats Discovered 1948 by Humble, located in Cum production: 45 WD 1.6 MMBO, 2.6 BCF Cumulative Production(1): 752 MMBOE Infrastructure: 45…
  13. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 13
    2018 Capital Budget Estimated Capital: 145 - 175 million Seismic & Other 1% Anticipates drilling six new wells: 55 - 65 million Capitalized Facility improvements: 10 - 15 million G&A 13% Performing 7-9 recompletions: 8 - 10…
  14. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 14
    EGC SEC Reserves Year-End 2017 (1) Category Mix Total 88.2 MMBOE 84% Oil Gas NGL 14% 2% PUD 22.0 PDP PDN 56.1 10.1 Oil 84% Reserves Category Net Oil Net NGL Net Gas Net Total MMBO MMBBL BCF MMBOE Proved Developed…
  15. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 15
    EGC Forward Strip Reserves 1-26-18 (1) Category Mix Total 92.1 MMBOE 84% Oil Gas NGL 14% 2% PUD 23.2 PDP PDN 58.3 10.6 Oil 84% Reserves Category Net Oil Net NGL Net Gas Net Total MMBO MMBBL BCF MMBOE Proved…
  16. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 16
    SEC and Strip Pricing PV10 1,600 1,400 1,200 1,000 MM 800 600 400 200 0 1P 2P 3P SEC Pricing 15 614 1,119 Strip Pricing 323 1,003 1,555 12/31/17 SEC Pricing: 47.79/BBL, 2.98/MCF 1/26/18 Strip Pricing: 58.99/BBL,…
  17. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 17
    Changes in SEC Reserves 3-31-17 to 12-31-17 Reductions include (8.8) MMBOE for production from March 31 to December 31, 2017 (7.3) MMBOE due to higher estimated LOE costs (5.3) MMBOE for reserve write offs primarily due to 5…
  18. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 18
    Production History 45,000 4Q 17 vs. 3Q 17 declined due 40,983 to: 40,000 35,950 Guidance Disruptions due to: 35,000 32,600 Midpoint Hurricane Nate and other 30,000 27,650 26,500 weather-related issues that, in total, reduced…
  19. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 19
    Direct LOE, Insurance and Workovers Guidance Midpoint Go forward cost savings 90.0 initiatives: 83.7 81.5 80.8 77.3 77.8 80.0 Sole sourcing items such as labor and 70.0 chemicals 60.0 Supply chain MM 50.0 management,…
  20. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 20
    Pipeline Facility Fee Gathering & Transportation 25.0 Guidance Pipeline Facility Fee flat 21.7 20.7 Midpoint 10.5 MM quarterly 20.0 19.0 Gathering and Transportation past (1) fluctuations due to: 15.0 13.2 (1) ONRR refunds in…
  21. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 21
    G&A Expenses 30.0 Q1 2018 costs 31% below Q1 2017 25.0 EGC realized 8 MM of 0.9 annualized G&A savings Guidance 20.0 Midpoint due to reduced staffing from 2.9 Q1 to Q4 2017 MM 15.0 2017 included 7.9 MM 3.0 2.7 2.7 related…
  22. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 22
    2018 Operational Cash Flow Midpoint of 2018 production guidance: 28,000 BOEPD 70.00 Midpoint of 2018 cost guidance used for Total LOE, Total G&T and G&A 60.00 18.08 10.13 To adjust Operating Cash Margin for 2018 50.00 2.19…
  23. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 23
    2019 Scenario with Enhanced Drilling This is not forward guidance, but a scenario based on the assumptions listed below 70.00 Enhanced drilling scenario 2019 60.00 production forecast: 32,000 BOEPD 23.42 50.00 7.53 15.48…
  24. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 24
    Liquidity Profile December 31, 2017 MM Total Cash & Cash Equivalents(1) 152 Exit Credit Agreement 290 Less: Amount Drawn ( 74) Less: Letter of Credit Utilization(2) (203) Total Available Credit Facility(3) 13 Total Liquidity…
  25. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 25
    Crude Hedge Profile (As of 03/16/18) Currently Hedged - 8,000 bpd of Cal18 50.68 WTI Swaps - 2,000 bpd of Jan-Jun18 55.45 LLS Swaps - 2,500 bpd of Jan-Jun18 56.59 Brent Swaps Capacity to Hedge - 75% of PDP reduced to 55% of PDP…
  26. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 26
    Full Year 2018 Guidance (As of 03/16/18) Q1 2018 Full Year 2018 Production(1) 26,000 27,000 BOEPD(2) 26,000 30,000 BOEPD(3) Direct LOE 60 70 MM 235 255 MM Workover/Maintenance 10 - 13 MM 40 - 50 MM Insurance 4 6 MM 18 23 MM…
  27. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 27
    Factors Impacting EGCs Future Well Positioned for Future GOM Consolidation Premium Realizations vs. WTI Large Legacy Fields with Upside Highly Leveraged Potential to Increasing Oil Execute Stand Alone Prices Plan & Pursue…
  28. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 28
    Appendix 30
  29. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 29
    Leadership Team Douglas E. Brooks Chief Executive Officer & President 34 years Formerly CEO of Yates Petroleum and CEO of Aurora Oil & Gas experience 24 years of service with Marathon Oil Company B.S. in Management University of…
  30. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 30
    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…
  31. 4Q and Full Year 2017 – Energy XXI Gulf Coast, Inc – slide 31
    Al Petrie Investor + Media Relations Coordinator apetrieenergyxxi.com (713) 351-3171 Argelia Hernandez Energy XXI Gulf Coast, Inc. Investor + Media Relations Specialist 1021 Main Street ahernandezenergyxxi.com Suite 2626 (713)…

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