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2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Feb 9, 2015 · 17 slides

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Slides

  1. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 1
    Second-Quarter 2015 Earnings Conference Call February 9, 2015 Houston, TX NASDAQ: EXXI www.energyxxi.com
  2. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 2
    Image goes here Chairman, President & CEO JOHN D. SCHILLER 3
  3. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 3
    Second-Quarter 2015 Highlights Second-Quarter Results Total Production 57,900 Boe/d (41,800 bbl/d) % Liquids 72% Adjusted EBITDA* 216.9 MM Highlights Second-quarter production volumes average 57,900 BOE/d Current 3rd quarter…
  4. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 4
    Image goes here Bruce Busmire, CFO FINANCIAL RESULTS 5
  5. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 5
    Hedge Monetization and Restructure Jan-Feb15 Monetization and Restructure Unwound 17,000 bpd of Feb-Dec15 hedges Complete Cal15 Monetization Schedule with subfloors for 73.1MM FY2015 Q3 20.6MM 10,000 bpd of Brent 3-Ways 7,000 bpd of…
  6. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 6
    Crude Hedge Profile 35 30 25 WTI Collar* 20 LLS 3-Ways* MBbl/d LLS Collar 15 WTI Collar 10 WTI Put 5 0 Feb-Mar15 Apr-Dec15 Cal16 Feb Mar 15 Apr Dec 15 Cal 16 Subfloor Floor Ceiling Subfloor Floor Ceiling Subfloor…
  7. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 7
    Lower Costs & Volumes In-line Second-Quarter Volume Projections Net Production (per day) Oil (Bbls) FY15 second-quarter (including NGLs) 41,000 41,800 45,000 liquids grew 7% over prior year quarter Boe as a percentage of 57k 57,900…
  8. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 8
    Operating Unit Cost Analysis Period Fiscal Year 2014 1st Quarter FY15 2nd Quarter FY15 Revenue (MM) 1,231 403.2 357.8 MBO/d 30.1 41.8 41.8 MBOE/d 45.0 58.6 57.9 NGL % (of oil volumes) 8.1% 7.7% 6.4% Total Realized / BOE 74.88…
  9. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 9
    Adjusted EBITDA and EPS Adjusted EBITDA Adjusted EPS 190.1 Reported (4.01) Reported 14.1 Non-recurring items 0.15 Non-recurring G&A items 12.8 Asset retirement obligation 3.50 Goodwill write down 217.0 Adjusted EBITDA (0.35) Adjusted…
  10. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 10
    Reduced Costs Drives Lower Maintenance Capex Current FY 15 Budget 680 MM Path Forward Exploration 44 P&A CAPEX will focus on low risk 82 development and recompletions Land Seismic CAPEX focused on maintaining & Other 49…
  11. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 11
    New Projections for 3Q and FY15 FY 2015 Volume Projections 2Q FY15 3Q FY15 FY 2015 Actuals Net Production (per day) Oil (Bbls) 41,800 41,000 44,000 41,000 44,000 including NGLs Boe 57,900 58,000 62,000 57,000 61,000 % Oil…
  12. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 12
    Image goes here John Schiller, Chairman, President & CEO OPERATIONS UPDATE 13
  13. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 13
    Reduced Capital Program to Preserve Liquidity FY 2015 Budget Rig Activity Current Rig Activity Original budget of 875 MM One development drilling rig at West Nine rigs at start of FY15 Delta 73 30 planned completions One…
  14. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 14
    Focused on High IRR Projects SP Type Log South Pass 78 Field Test Jan. 15, 2015 363 BOPD 105 BWPD 416 MCFD 0 Injection 23/64 Choke 424 TP 970 CP SP 78 D-7 Capital Year 0 Year 1 OP CF Year 2 Op CF Year 3 Op CF Year 4 Op…
  15. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 15
    FY2015 Focus Areas Operate within cash flow Long term debt reduction Improve capital efficiencies Workovers Recompletes Reduced downtime Asset rationalization / monetization Lower cost structure G&A LOE 16
  16. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 16
    Image goes here Q&A 17
  17. 2Q 2015 Earnings Conference Call – Energy XXI Gulf Coast, Inc – slide 17
    Contact Greg Smith Kim Pinyopusarerk Vice President, Investor Relations Investor Relations Manager Energy XXI Energy XXI 1021 Main Street, Suite 2626 1021 Main Street, Suite 2626 Houston, Texas 77002 Houston, Texas 77002 713.351.3149…

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