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1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · May 9, 2018 · 32 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. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 1
    First Quarter 2018 Earnings Conference Call May 10, 2018 Nasdaq: EGC www.energyxxi.com www.energyxxi.com
  2. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 2
    Strategy Based on Core Competencies energy xxi gulf coast, inc. Leverage Our Operational, Technical and Commercial Expertise in Conventional Oil and Gas Assets both Offshore and Onshore Grow Value by Developing and Exploiting Our…
  3. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 3
    Near-Term Tactics energy xxi gulf coast, inc. Execute 2018 Development & Exploitation Program Rationalize & Optimize Portfolio Through ONR Transaction Optimize 2019 Drilling Program & Seek Needed Capital Pursue Offshore &…
  4. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 4
    Proposed Strategic Transaction energy xxi gulf coast, inc. Proposed transfer of non-core assets and approximately 320 million of P&A obligation to Offshore Environmental Fund, LLC (OEF), an affiliate of Orinoco Natural Resources,…
  5. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 5
    Benefits of the Proposed Transaction energy xxi gulf coast, inc. Removes 41% of discounted and 33% of undiscounted P&A obligations Monetizes value of P&A work required by EGC (core and non-core) Potentially releases significant…
  6. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 6
    Transaction Overview energy xxi gulf coast, inc. Contemplated Pro Forma Structure EGC Non-Core OEF Assumes 320mm Non- Assets Core ARO Liabilities Offshore Total P&A: 321mm Environmental Fund P&A PV-10: 215mm (1) Non-Core…
  7. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 7
    Retains Focus on the Core energy xxi gulf coast, inc. Core Properties Non-Core Properties Nasdaq: EGC 9
  8. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 8
    Impact to EGC Value energy xxi gulf coast, inc. EGC retains its most productive assets that generate the majority of its cash flow and value Significantly lowers annual cash P&A costs (30 million - 40 million), G&A costs (11…
  9. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 9
    EGC Valuation Breakdown energy xxi gulf coast, inc. Value Created for EGC Value Provided to 300 ONR and Affiliates 250 100 million 10-year 200 2nd lien note 75.0 25 million cash payment MM 150 (funded by a portion of…
  10. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 10
    energy xxi gulf coast, inc. 1Q2018 Results and 2018 Guidance Nasdaq: EGC 12
  11. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 11
    Highlights and Recent Key Items energy xxi gulf coast, inc. First Quarter 2018 and Recent Key Items Produced an average of approximately 26,600 BOE per day, of which 79% was oil, above the midpoint of guidance Incurred a net loss…
  12. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 12
    Focused on Operational Excellence energy xxi gulf coast, inc. HSE EGC Safety Motto: Safety without Compromise Every Job, Every Day Significant reduction in TRIR in Q1 2018 Cost steering committee formed with focus on identifying…
  13. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 13
    2018 Drilling Program energy xxi gulf coast, inc. Focused Drilling Program 6 Drill Wells 2 Development wells 2 Exploitation wells EGC Core Operating Area 2 Water Injection wells These injection wells are designed to potentially…
  14. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 14
    WD 31 High Tide Drill Well 2017 Drill Well Outperforming Pre-Drill Forecast energy xxi gulf coast, inc. WD 31 L-14 ST2 High Tide well was successfully drilled to a C4 Sand Structure total depth of 9,542 MD from WD 31 L Platform L…
  15. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 15
    Liquidity Profile energy xxi gulf coast, inc. March 31, 2018 MM Total Cash & Cash Equivalents(1) 112 Exit Credit Agreement 279(2) Less: Amount Drawn (64) Less: Letter of Credit Utilization(3) (202) Total Available Credit…
  16. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 16
    Guidance (As of May 10, 2018) Full Year 2018 Does Not Include Any Pro-forma Impact From Possible Disposition Of Properties energy xxi gulf coast, inc. Q2 2018 Full Year 2018 Production(1) 24,500 26,000 BOEPD(2) 26,000 - 30,000…
  17. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 17
    Production History energy xxi gulf coast, inc. 40,000 1Q Production impacts: 35,950 35,000 32,600 Severe weather reduced volumes Guidance about 900 BOE per day Midpoint 30,000 27,650 26,600 Continued production equipment…
  18. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 18
    Direct LOE, Insurance and Workovers energy xxi gulf coast, inc. Guidance Safety at the forefront of 85.0 83.7 everything that we do Midpoint 82.0 80.9 80.5 Increased drilling activity 80.0 77.8 Cost Steering Committee focused…
  19. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 19
    Pipeline Facility Fee Gathering & Transportation energy xxi gulf coast, inc. Pipeline Facility Fee flat 10.5 MM quarterly 25.0 Guidance Midpoint Lessor of GIGS initiated 20.7 discussions with EGC to 20.0 19.0 analyze possibility…
  20. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 20
    G&A Expenses energy xxi gulf coast, inc. 25.0 Cost saving initiatives continue to limit G&A expense increases 20.0 2.9 Guidance Realized 8 MM of Midpoint annualized G&A savings 15.0 due to reduced staffing from 3.0 2.7 2.8…
  21. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 21
    Adjusted EBITDA Reconciliation energy xxi gulf coast, inc. 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…
  22. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 22
    energy xxi gulf coast, inc. Appendix Nasdaq: EGC 24
  23. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 23
    Leadership Team energy xxi gulf coast, inc. 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.…
  24. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 24
    EGC Portfolio energy xxi gulf coast, inc. 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…
  25. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 25
    2018 Capital Budget energy xxi gulf coast, inc. 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…
  26. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 26
    ST 54 Koala Exploitation Well Targets Unbooked Reserves in Adjacent Fault Block to Production energy xxi gulf coast, inc. South Timbalier 54 Field Statistics Structure Map I-20 Sand Discovered 1955 by Humble, located in 67 WD KOALA…
  27. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 27
    WD 30 Warthog Exploitation Well Targets Unbooked Reserves in Adjacent Fault Block to Production energy xxi gulf coast, inc. West Delta 30 Field Statistics Structure Map & Amplitude Outline D4 Sand Discovered 1948 by Humble, located…
  28. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 28
    EGC SEC Reserves Year-End 2017 (1) energy xxi gulf coast, inc. 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…
  29. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 29
    EGC Forward Strip Reserves 1-26-18 (1) energy xxi gulf coast, inc. 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…
  30. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 30
    SEC and Strip Pricing PV10 energy xxi gulf coast, inc. 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…
  31. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 31
    Changes in SEC Reserves 3-31-17 to 12-31-17 energy xxi gulf coast, inc. 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…
  32. 1Q 2018 Earnings Presentation – Energy XXI Gulf Coast, Inc – slide 32
    Crude Hedge Profile (As of 05/10/18) energy xxi gulf coast, inc. Currently Hedged - 5,000 bpd of Apr-Jun18 50.46 WTI Swaps - 3,000 bpd of Apr-Jun18 60 82 Brent Collars - 8,000 bpd of Jul-Dec18 50.68 WTI Swaps - 2,000 bpd of…

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