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Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Sep 3, 2014 · 45 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. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation Barclays CEO Energy-Power Conference September 2-3, 2014 NASDAQ: EXXI AIM: EXXI www.energyxxi.com 8/27/14
  2. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 2
    Energy XXI is the Premier Shelf Oil Play Key Data Energy XXI operates 10 of the largest Enterprise Value 5.2 BN GoM Shelf oil fields. 4Q FY14 Adjusted EBITDA 194.3 MM FY14 Proved Reserves 246 MMBOE FY14 Probable Reserves 96 MMBOE 1P…
  3. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 3
    Energy XXI Holds the Keys to Success Prime Real Estate on the GoM Shelf Portfolio of Largest 252 blocks; 685,000 net acres 16,146 sq. miles of 3D seismic GoM Shelf Oil Fields Premium oil and gas pricing 6+ year inventory of…
  4. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 4
    Focused on Delivering Value Focus on oil production makes an Increase Production impact on cash flow Increase Cash Flow Development drilling program Increase Capital increases success rate and Discipline improves capital…
  5. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 5
    Image goes here Acquired the right assets at the right price for best returns OIL-FOCUSED ACQUISITIONS 6
  6. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 6
    Net MBOED - 10,000 20,000 30,000 40,000 50,000 60,000 Apr-06 70,000 Jun-06 Marlin Acquisition Aug-06 Castex Oct-06 Dec-06 Acquisition Feb-07 Apr-07 Jun-07 POGO Aug-07 Oct-07 Growth Organic…
  7. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 7
    History of Making Big Oil Fields Bigger Demonstrated organic success on Rapid Reserve Growth (MMBOE) acquired properties New reservoirs in old fields 521 Repeatable formula for success Total EXXI Production 90 129 MMBOE Added…
  8. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 8
    Recovering More From Top 10 Fields 6+ Billion Barrels OOIP Top 10 Fields FY 2014 PV-10 Value1 (MMBO) (MM) OOIP 6,179 Production Remaining 2,597 Cum To-date 2,597 Left in Ground EUR 1P 173 5,863 2,982 EUR 3P 291 10,883 Next…
  9. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 9
    EXXI Acquisition Value Realization High-impact Drilling Test New Plays/Concepts Drill PUD Reserves CASHFLOW Applying Technology Recompletions Production Optimization Larger dots indicate greater production…
  10. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 10
    Image goes here High cash-margin properties PRODUCTION OPTIMIZATION
  11. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 11
    Applying Elbow Grease Delivers Results Field/Facility Acquisition Volume Optimization Gas lift optimization Back-pressure reduction Wells returned to service Workovers Supply Chain Efficiency Boats Helicopters Shore bases…
  12. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 12
    Successful Pre-Drill Production Uplift South Pass 89: Non-rig work followed by recompletions 8,000 Non-rig work June 2011 Recompletions Previous 6,000 First recompletion online at 20+ MMCF/d Production Gross BOE/d 4,000 May…
  13. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 13
    New Life for the Gulf of Mexico Shelf Shallow Pay Before Today Many shallow wells Big fields get bigger bypassed productive Technology driving: sands Deeper Field Pay Better imaging Focused on high-decline gas in low oil-price…
  14. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 14
    Image goes here APPLYING TECHNOLOGY TO REALIZE MORE VALUE
  15. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 15
    Largest Seismic Footprint Among GoM Peers Adopting best technology De-risks drilling inventory Over 16,000 sq. miles of 3-D GOM peers 16
  16. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 16
    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…
  17. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 17
    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…
  18. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 18
    Horizontal Drilling Increases Recovery Rates Vertical Drilling Late Life (40-50% recovery rates) Early Life Mid Life Oil Water Typical Vertical: 200 psi drawdown leads to water coning and inefficient sweep Horizontal…
  19. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 19
    WD73 Horizontal Program Results To-Date FY 2013 FY 2014 Total Program 20
  20. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 20
    100 Potential Horizontal Locations Across Assets Baton Rouge New Orleans Main Pass South Timbalier 21 Grand Isle 6-12 8-16 6-11 East Bay South Timbalier 54 2 7-12 Eugene Island 2 West Delta 16-26 South Pass Ship…
  21. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 21
    Dump Floods Offer Reserves & Volumes Uplift 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…
  22. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 22
    Image goes here Repeatable growth inventory with proven track record INVENTORY GROWTH
  23. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 23
    Proved Reserves: Continued Oil Growth 300 9000 6-Year PV-10 CAGR: Natural Gas 8000 48% 246 250 Oil PV-10 7000 6-Year Proved 61 Reserves CAGR: 200 6000 36% 179 5000 MMBOE 150 45 4000 117 120 100 35 3000 Oil…
  24. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 24
    Oil-Weighted Multi-Year Low-Risk Inventory Strong Pipeline of Inventory Proved inventory is just the tip of EXXIs portfolio Proved Undeveloped: 239 Projects 96 MMBOE 75% Oil Probables Inventory: 96 MMBOE 45 Projects 75% Oil 63%…
  25. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 25
    1P Reserves: Repeatable & Predictable Proved Reserves 246 MMBOE1 239 PUD locations identified Low-risk, predictable & repeatable Main Pass horizontal projects at WD 73 13% West Other Ramping up program at WD 29 & 30 Delta 10% 36%…
  26. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 26
    Developing Probables and Possibles Discovery Well Development Well As we produce our proved reserves, additional downdip oil/gas booked as 2P and 3P upgrade to 1P and 2P respectively Poss Prob PUD HKO LKO Prob Poss…
  27. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 27
    New Play Potential in Core Fields Total Gross Unrisked Resource Potential 2+ Billion BOE Potential by Play Potential by Field EPL Potential EPL Potential 300 MMBOE 300 MMBOE West Delta 30 98 MMBOE Deep Miocene South Pass 49 464…
  28. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 28
    High Potential Upside in Two Play Concepts Counter-Regional Salt Domes Ultra-Deep Acreage on 17 salt domes Multiple identified play targets FAN seismic data being acquired Improved onshore drilling economics Liquid-rich deep…
  29. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 29
    Development-Focused Capital Program FY15 Field Level Capex 667 MM* 82% of uplift capital is South Tim 21/54 oil-directed 16 Other 66 Main Pass 54 West Delta 30 30 planned completions 179 South Pass 49/78 54 vs. 17 in FY14…
  30. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 30
    West Delta 73 Horizontal Program 7th Largest Oil Field on the GoM Shelf Field Stats Year of Discovery 1962 (Humble O&R) Water Depth 220 Facility Count 7 / 40 Platforms / Active wells WI / NRI 100% / 83.33% 269 MMBO…
  31. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 31
    WD 30 Pipeline Project to Increase Capacity Objective: Install a new 14 pipeline from the WD 30 field to Grand Isle Terminal. Grand Isle Station 120,800 bpd New line to Grand Isle increases capacity, WD 30 decreases back pressure…
  32. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 32
    West Delta 30 Program Ramps Up 3rd Largest Oil Field on the GoM Shelf Field Stats Year of Discovery 1948 (Humble O&R) Water Depth 37 Facility Count 13 / 48 Platforms / Active wells WI / NRI 100% / 87.5% Cumulative…
  33. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 33
    Ship Shoal 208 Continues to Grow 11th Largest Oil Field in the GoM Shelf Field Stats EXXI EXXI Year of Discovery 1963 Water Depth 85 - 100 Facility Count 11 / 27 Platforms / Active wells WI / NRI 100% / 83.33% EXXI 221 MMBO…
  34. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 34
    Main Pass: Largest EXXI Complex 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…
  35. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 35
    South Pass 49 Program Kicks Off Largest Potential for Proved Reserves Growth Field Stats Year of Discovery 1977 (Gulf) Water Depth 390 Facility Count 1 / 15 Platforms / Active wells WI / NRI* 100% / 83% 82 MMBO Cumulative…
  36. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 36
    Driving Accountability to Operating Divisions Divisional budgets and tracking Holistic, cross-discipline team approach East Look-backs on drill wells and capex projects Compensation is tied to performance West Central…
  37. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 37
    The Case for Owning Energy XXI EXXI trades at a significant discount to proved NAV Largest GoM Shelf oil producer Offers scalability, repeatability and potential for high rates of return Specialize in development and…
  38. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 38
    Contact Stewart Lawrence, IRO Greg Smith, Director of IR Energy XXI Energy XXI 1021 Main Street, Suite 2626 1021 Main Street, Suite 2626 Houston, Texas 77002 Houston, Texas 77002 713.351.3006 713.351.3149 slawrenceenergyxxi.com…
  39. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 39
    Image goes here ADDENDUM
  40. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 40
    Focused on Value Delivering 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…
  41. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 41
    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…
  42. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 42
    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…
  43. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 43
    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…
  44. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 44
    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…
  45. Barclays CEO Energy Power Conference – Energy XXI Gulf Coast, Inc – slide 45
    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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