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Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Sep 30, 2014 · 37 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. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Johnson Rice Energy Conference September 29-30, 2014 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 9/24/14
  2. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 2
    Energy XXI is the Premier Shelf Oil Play Key Data Enterprise Value 5 BN Operates 10 of the largest 4Q FY14 Adjusted EBITDA 194.3 MM GoM Shelf oil fields FY14 Proved Reserves 246 MMBOE FY14 Probable Reserves 96 MMBOE Current…
  3. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 3
    Track Record of Acquiring and Growing Assets 70,000 60,000 EPL Acquisition 50,000 ExxonMobil Acquisition 40,000 Net MBOED MIT Energy POGO Acquisition 30,000 Acquisition Castex 20,000 Acquisition Benefits from…
  4. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 4
    Proved Reserves: Continued Oil Growth 350 14,000 329 300 Natural Gas 12,000 Oil 246 250 1P PV-10 10,000 232 Reserves (MMBOE) 2P PV-10 179 PV-10 (MM) 200 8,000 162 166 150 120 6,000 117 75% Oil 75% Oil 100 92…
  5. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 5
    Oil-Focused Program Drives Results Annual Production (Net MBOE/d) 59-64 57-60 17.0 44.1 45.0 43.1 Midpoint 14.9 13.6 Of 14.8 34.6 Guidance 11.2 44.5 21.8 19.4 7.1 30.5 30.1 8.0 28.3…
  6. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 6
    Execution Key to Success Better collaboration within and across teams and functions Organization Improved processes to manage the business Refocus Clear roles, responsibilities and accountabilities Simplify assets by high…
  7. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 7
    A More Effective Energy XXI Six focused initiatives to achieve improved business performance Initiative Goals Asset Development One integrated and motivated organization Integration & Portfolio Management Better collaboration…
  8. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 8
    Driving Accountability to Operating Divisions Western Region Central Region Eastern Region Grand Isle 16/18 East Bay Eugene Island South Pass 89 Main Pass Ship Shoal 108 South Timbalier 21/26 South Pass 49 Ship Shoal 208…
  9. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 9
    Capital Discipline Drives Free Cash Flow Original Budget Reduced Capital Budget 875 MM 785 - 840 MM Exploration Exploration 33 5% 4% P&A P&A 80 10% 9% G&A, G&A, Land, Other Development Land, Other Development 14% Drilling, 155…
  10. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 10
    Development-Focused Capital Program FY15 Field Level Capex FY15 Production Targets by Field 510 - 546 MM* Average BOE/d ST 21/54 3% Other WD 30 59-64 Mboe/d 12% 16% MP Other 10% 26% ST 21/54 SP 49/78 WD 73 10% MP 7% 33% SP…
  11. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 11
    West Delta 73 Horizontal Program NEW ORLEANS 7th Largest Oil Field on the GoM Shelf Field Stats Grand Isle Year of Discovery 1962 (Humble O&R) 16 & 18 West Delta 30 Water Depth 220 West Delta 73 Facility Count 7 / 40 Platforms /…
  12. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 12
    Horizontal Techniques Successfully Applied West Delta 73 Proved Reserves Example Horizontal Well 70 3.0 Annual Production, MMBOE 60 2.5 Net Reserves, MMBOE 50 2.0 40 1.5 30 1.0 20 10 0.5 0 - YE2011 YE2012 YE2013…
  13. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 13
    WD 73 Horizontal Program Continues to Outperform 10,000 WELL TEST DATA Typical WD73 Horizontal Well Initial Rate: 975 BOPD Gross EUR: 1,235 MBO Gross D&C: 12 MM Payout: 11 Months 1,000 Average Daily Oil Rate, BOPD 100…
  14. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 14
    West Delta 73 Future Development Plan FY 2015 Results to Date Projected Plan Program Results To Date High grade and accelerate additional Wells Completed 3 opportunities Total Net Uplift 1,830 Boe/d Leverage largest undeveloped 1P…
  15. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 15
    Main Pass Keeps Delivering Field Stats MP 73 in 1976 (Mobil) Year of Discovery MP 61 in 2000 (Pogo) Water Depth 70 160 Facility Count 9 / 60 Platforms / Active wells WI / NRI 100% / 83% 101 MMBO Cumulative Production 356…
  16. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 16
    MP 61 Don Lino North Well Cross-Section Structure Map (J-6 Sand Pod B) Don Lino North Well Don Lino Information North Information Currently being completed. Actual TD: 9,858 MD / 8,273 TVD Target: BA-4AA, BA-5C, J-6…
  17. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 17
    Recent Success at Main Pass Extends Rigline FY 2015 Results to Date Projected Plan Program Results To Date C-12 Vindicator as a 2 producer/injector well Wells Completed (includes 1 recomplete) Total Net Uplift 495 Boe/d 2…
  18. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 18
    Ship Shoal 208 11th Largest Oil Field on the GoM Shelf Field Stats Year of Discovery 1963 Water Depth 85 - 100 Facility Count 11 / 27 Platforms / Active wells WI / NRI 100% / 83.33% 221 MMBO Cumulative Production 1.3…
  19. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 19
    Ship Shoal 208 Future Development Plan FY 2015 Results to Date Projected Plan FY2015 Program Results To Date Completing SS208 E14 ST2 well Wells Completed 1 (Bul 1-8C) Total Net Uplift 850 Boe/d Completing SS209 G2 ST1 well (TP-16A)…
  20. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 20
    South Pass 49 Ready for Execution Field Stats Year of Discovery 1977 (Gulf) Water Depth 390 Facility Count 1 / 15 Platforms / Active wells WI / NRI 100% / 83% 82 MMBO Cumulative Production 181 BCF Proposed FY15 Program…
  21. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 21
    Reserves & Volumes Uplift with Dump Floods Plan Overview Low-risk projects (Ps90%) West Delta Currently Drilling Starting with smaller reservoirs to Focus Areas speed response Expected cost per well: 4.5 MM South Timbalier 26/41…
  22. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 22
    Performance Management to Improve Production Downtime % Improvement Capacity Improvement Plans Pipelines to increase capacity and provide greater capacity of market access Water handling facilities to relieve loading of water…
  23. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 23
    WD 30 Pipeline Project to Increase Capacity Objective: New pipeline from the WD 30 field to Grand Isle Terminal Grand Isle Station 120,800 bpd WD 30 GI 22L 22,285 bpd 27,000 bpd 1,161 psig 668 psig WD 45G WD 62A ST 54G GI…
  24. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 24
    WD 73 Project to Speed Processing Objective: Speed water processing to increase production handling Grand Isle Station Project Stats 120,800 bpd Capital 20 MM Required < 12 Months from Payout completion GI 22L Production +500…
  25. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 25
    Image goes here Focus on Cash Flow and Debt Reduction Increasing synergies from acquisition Divesting non-core assets to reduce leverage Growing production to increase cash flow 26
  26. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 26
    History of Reducing Leverage Post Acquisition Net Debt / Total Capitalization EPL ExxonMobil Acquisition Acquisition June 2014 Dec 2010 Share 67% 62% Repurchase 53% 49% 39% 2010 2011 2012 2013 2014 Targeting debt/total…
  27. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 27
    Continued Merger Cost Reductions Original Expectations (MM) Current Annualized Savings (MM) Year 1 Year 2 Year 1 LOE (before insurance) 5 20 LOE (before insurance) 15 Insurance/Wind Derivatives 15 15 Insurance/Wind Derivatives 25 G&A…
  28. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 28
    Divestiture to Reduce Debt Bringing GoM Divestiture to market in 2QFY15 Geographically diverse across GoM Shelf Preliminary Highlights Geographically diverse across GoM Shelf, mitigating risk Purchase sale agreement targeted…
  29. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 29
    Hedging for Price Protection Crude Hedging Downside protection while allowing upside participation 35 30 Diverse portfolio of derivative 25 Brent Swaps instruments LLS Swaps 20 Mbbl/d LLS Collars 15 Brent Collars…
  30. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 30
    Re-Affirming Production Growth FY 2015 Volume Projections Business Goals FY 2015 1Q FY15 Net Production (per day) Oil, including NGLs (Bbls) 42,000 47,000 40,000 42,000 Increase Production Boe 59,000 64,000 57,000 60,000 Increase…
  31. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 31
    The Case for Owning Energy XXI Solid, long-lived oil-weighted proved reserves base with upside Experienced team strengthened by EPL acquisition Organization restructured for sharper focus on: Execution Cash Flow…
  32. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 32
    Contact Greg Smith Vice President Investor Relations Energy XXI 1021 Main Street, Suite 2626 Houston, Texas 77002 713.351.3149 gsmithenergyxxi.com NASDAQ: EXXI AIM: EXXI www.energyxxi.com
  33. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 33
    Image goes here ADDENDUM
  34. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 34
    Energy XXI Operating Data per BOE Quarter Ended 12/31/12 3/31/13 6/30/13 9/30/13 12/31/13 3/31/14 6/30/14 Revenue (MM) 320.5 303.8 314.3 324.6 296.8 285.2 324.1 MBO/d 29.4 28.6 28.9 29.7 30.2 28.4 32.0 MBOE/d 44.6 43.5 46.8 46.6…
  35. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 35
    Current Hedge Position* Period Fiscal Quarter Instrument Type Daily Volumes Average Price Index CRUDE OIL 7/2014-12/2014 Q1Q2 2015 Collars 2,000 bbl/day 90.00 floor, 108.38 cap BRENT 7/2014-12/2014 Q1-Q2 2015 Put Spreads 7,000…
  36. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 36
    Current Consolidated Crude Hedge Profile* 35 30 BrentPut Spreads 25 WTI Put Spreads 1,000 bpd WTI Puts 20 Brent Swap 15 LLS Swap 10 LLS Collar Brent Collars 5 Brent 3 Way Collars 0 WTI 3-Way Collars Crude Oil…
  37. Johnson Rice Energy Conference – Energy XXI Gulf Coast, Inc – slide 37
    Balance Sheet All figures in 000s except per unit values, and include 6/30/11 6/30/12 6/30/13 6/30/14 Net Debt/Total Proved cash and debt at the parent Cash and cash equivalents 28,407 117,087 -- 145,806 16.00 14.73 12.00 Short-term…

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