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IPAA OGIS Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Sep 22, 2014 · 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. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation IPAA OGIS Conference September 22, 2014 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 9/19/14
  2. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 2
    Energy XXI Remains the Premier Shelf Oil Play Key Data Enterprise Value 5.2 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. IPAA OGIS 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…
  4. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 4
    History of Making Big Oil Fields Bigger Reserve Growth (MMBOE) Total EXXI Production 129 MMBOE 90 Added Organically From Acquired Asset Sales 13 Assets Total EXXI Production 90 3P Other 26 431 EPL 75 1P 246 XOM 53…
  5. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 5
    Strong Proved Reserves Base with Upside Proved Reserves 246 MMBOE1 Proved Undeveloped: Main Pass 239 Projects 13% 96 MMBOE West Other 75% Oil Delta 10% 36% Ship Shoal Probables Inventory: 8% 96 MMBOE 45 Projects South South…
  6. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 6
    Largest Seismic Footprint Among GoM Peers Adopting best technology De-risks drilling inventory Over 16,400 sq. miles of 3-D Ongoing seismic acquisition 7
  7. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 7
    Oil-Focused Program Drives Results Annual Production (Net MBOE/d) 59-64 17.0 44.1 45.0 43.1 14.9 13.6 14.8 34.6 11.2 44.5 21.8 19.4 7.1 30.5 30.1 8.0 28.3 23.4 14.7 11.4 FY 09 FY 10…
  8. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 8
    Enhancing Base Production South Pass 89: Non-rig work followed by recompletions 8,000 Non-rig work June 2011 Recompletions Non-Rig Production 6,000 First recompletion online at 20+ MMCF/d Optimization Gross BOE/d 4,000 May…
  9. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 9
    Development Focused Capital Program FY15 Capital Budget 875 MM Exploration 33 70% of capital is directed towards development 82% of uplift capital is Development oil-directed G&A, ARO, Drilling, Land Completions, Front-loaded…
  10. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 10
    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 /…
  11. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 11
    WD 73 Horizontal Program Continues to Outperform 10,000 WELL TEST DATA Mid-Case Horizontal Well Initial Rate: 1,085 BOPD EUR: 1,690 MBO Gross D&C: 11 MM Payout: 8 Months 1,000 Average Daily Oil Rate, BOPD 100 Big Sky…
  12. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 12
    Main Pass Keeps Delivering Results 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…
  13. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 13
    MP 61 Don Lino Well Cross-Section Structure Map (BA-4AA Sand) Don B1 C5st Lino C C9 C6 C11 Don Carlos El Toro. C10 Don Lino C11 B Don Carlos Don Lino No. P B8 Well Information Encountered 107 of Net Oil…
  14. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 14
    Ship Shoal 208 11th Largest Oil Field in 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…
  15. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 15
    Dump Floods Target Down-dip Un-swept Oil Low-risk projects (Ps90%) Chevron implemented successfully West Delta Quick cycle time FY15 Plan Bookable as PUDs pre-drill or work- over South Timbalier 26/41 Multiple opportunities…
  16. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 16
    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 FY15 Program Proposed…
  17. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 17
    Image goes here Focus on Cash Flow and Debt Reduction Increasing synergies from acquisition Divesting non-core assets to reduce leverage Financial discipline 18
  18. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 18
    Continued Merger Cost Reductions 400 379 11% 100+ MM Savings 350 337 Expected in First Year 300 131 250 Millions 200 150 28% 116 248 35% 100 78 27 83 51 50 38 89 40 0 LOE Savings Direct LOE G&A Insurance…
  19. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 19
    Divestiture to Reduce Debt Bringing GoM Divestiture to market in 2QFY15 Geographically diverse across GoM Shelf Preliminary Highlights 30 fields located predominantly on the GoM Shelf 8,000 BOE/d at 60% liquids 80% of…
  20. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 20
    Reducing Leverage Debt/Cap Ratio* 66.9% 64.9% 64.2% 63.5% Current 300 MM 400 MM 500 MM *Assumes all notes, other long and short term debt, cash and shareholder equity remains the same 21
  21. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 21
    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…
  22. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 22
    A More Effective Energy XXI Six initiatives to achieve improved business performance Asset One integrated and motivated Development organization Integration Better collaboration within and & Portfolio Management…
  23. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 23
    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 43,000 Increase Production Boe 59,000 64,000 57,000 60,000 Increase…
  24. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 24
    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…
  25. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 25
    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
  26. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 26
    Image goes here ADDENDUM
  27. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 27
    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…
  28. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 28
    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…
  29. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 29
    Current Consolidated Crude Hedge Profile* 35 30 Brent Put 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…
  30. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 30
    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…
  31. IPAA OGIS Conference – Energy XXI Gulf Coast, Inc – slide 31
    History of Reducing Leverage EPL ExxonMobil Net Debt / Total Capitalization Acquisition Acquisition June 2014 Dec 2010 67% 62% Share Repurchase 53% 49% 39% 2010 2011 2012 2013 2014 Targeting debt/total capitalization…

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