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IPAA OGIS – Energy XXI Gulf Coast, Inc

Energy XXI Gulf Coast, Inc · Jun 5, 2014 · 35 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 – Energy XXI Gulf Coast, Inc – slide 1
    Investor Presentation IPAA OGIS June 5, 2014 Acquire, Exploit, Explore, Deliver NASDAQ: EXXI AIM: EXXI www.energyxxi.com 6/3/14
  2. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 2
    EXXI Dedicated to Profitable Growth Experts at Exploiting Big Oil Fields EXXI Positioned for Production Growth Long-life PDP oil reserves PUD inventory provides visible growth Predictable and Repeatable Oil Program West Delta Ship…
  3. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 3
    Company Overview Acquire. Exploit. Explore. Deliver. Financial Production Ticker EXXI 62 MBOE/d (as of Jun 3, 2014) Enterprise Value (6/4/14) 5.2B One of the Largest Oil Producers on GoM Shelf EBITDA (TTM Pro Forma) 1.2 BN 70% of…
  4. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 4
    Great Companies Start with Great Assets Acquisition price per BOE* (2006-2014) EPL 28.93 XOM 19.40 18.27 Energy XXI Acquisition Mitsui 11.49 Pogo 19.60 Buying 15.63 Big Oil Fields and Castex 17.56 Buying Right Marlin…
  5. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 5
    History of Making Big Oil Fields Bigger 146 MMBOE Proved 261 MMBOE Proved 310 Reserves Acquired Reserves To-Date Pogo 20 MMBOE 261 8 206 74 Marlin 196 25 MMBOE Other MIT 21 MMBOE 115 MMBOE 179 26 MMBOE Added 120 117…
  6. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 6
    Image goes here EPL OIL & GAS ACQUISITION 7
  7. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 7
    Transaction Rationale Creates Premier Public Independent on the GoM Shelf To operate 10 of the largest oil fields on the GoM shelf Almost an oil pure play, 70% by production, 91% by revenue Expanded scale reduces risk through…
  8. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 8
    EPL Asset Overview Core Acreage Long-Lived Oil Value Play Growth-Driven Portfolio Complementary Asset Base Proved Reserves by Category Proved Reserves by Area SP 78 MP EI 9% Area 258/259 6% PUD 5% Other PDP SMI 30% 12% 239…
  9. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 9
    EPL Assets Integrate Seamlessly Baton Rouge The combined company will operate 10 Lafayette of the largest GoM Shelf oil fields. Highlander Lineham Creek Laphroaig-Pontiff New Orleans Davy Jones Grand Isle West Main Pass 16/18…
  10. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 10
    New Reserve Portfolio Increases Opportunities EXXI Outperforms 85+ E&P Companies Debt Adjusted Reserve Growth Per Share EXXI: 94% 3P: Industry Median: 9% 421 MMBOE 2P: 343 MMBOE 1P: 261 MMBOE 261 MMBOE proved 82 MMBOE probable…
  11. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 11
    Leading Operator of Top 15 Shelf Oil Fields Cumulative Oil Production (MMBO) 3000 2500 194 221 2000 258 269 1500 305 164 168 1000 582 269 265 374 500 675 802 438 187 0 Energy Energy XXI XXI Operator 1 Operator 2…
  12. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 12
    Becoming the Premier GoM Shelf Independent Proved Reserves (MMBOE)1 Oil Production (MBO/d)2 261 44 179 28 144 118 19 82 16 15 EXXI - Pro EXXI Peer 1 Peer 2 EPL EXXI - Pro EXXI Peer 2 Peer 1 EPL Forma Forma Adjusted…
  13. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 13
    Significant Anticipated Near-Term Cost Savings in Millions Direct LOE 247.9 130.5 378.4 Savings (20) 5% savings Total Insurance Expense 40.0 38.3 78.3 Savings (15) 19% savings Net G&A 65.2 26.6 91.8 Savings (15) 16%…
  14. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 14
    Energy XXI Operational Program West Ship West Delta 73 Shoal 208 Delta 30 Main Pass Horizontal Development Development Development Program Program Program Program Exploration 15
  15. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 15
    Historical Rig Activity July 2013 June 2014 Energy XXI Drilling Schedule CY13 CY13 CY14 CY14 EXXI Field 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter MP 61, 72 5 Development Wells, 1 Injector Well, 1 Recomplete Ensco 82 WD…
  16. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 16
    Rig Activity Focused on Oil Projects West Delta 30 100% WI Highla nder Area 18% WI Crusa der Lomond North Ensco 99 Horizonta l Drilling Coa sta l 22 Completing New Orleans West Delta 29 100% WI J-1 West Delta 73 100% WI South…
  17. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 17
    WD 73 Successful Horizontal Results Bearclaw El Diente Big Sky 2 Gunn HORIZONTAL Hyden (G-20 Sand) Big Sky 3 Maroon Glacier Hulk (H-35 Sand) HORIZONTAL HORIZONTAL Weimer West Delta Ship Shoal West Delta Main…
  18. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 18
    WD 73 Horizontal Growth Drives Production West Delta 73 Historical Production 8000 Impacted by Crude rig moves Gas & platform Horizontals construction 6000 Net BOE/d 4000 2000 0 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun…
  19. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 19
    Ship Shoal 208 Solid Drilling Success E-13 ST02 L-6 J-2 ST01 BP02 TP14 TP15 Bul 1-6 J-13 ST01 BP02 SALT P-3 ST04 L-3 ST05 BP01 West Delta Ship Shoal West Delta Main Pass Exploration 73 208 30 20
  20. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 20
    Ship Shoal 208 Historical Production Ship Shoal 208 Historical Production 4000 Crude Gas 3000 Net BOE/d 2000 1000 0 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Quarter Ending Reserves Growth Program Stats FY14 Program…
  21. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 21
    West Delta 30 is a Huge Oil Field XX,XXX ft. 16,000 ft. West Delta 30 field is more than 50 square miles Productive depths: 3,000 to 18,000 Reservoirs are highly porous Plio-Pleistocene & U. Miocene age: WD 30 salt dome is…
  22. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 22
    WD 30 Success With Shallow Reservoirs West Delta 30 Historical Production 6000 Growth in production Crude through non-rig Gas recompletions 4000 Net BOE/d 2000 0 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar…
  23. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 23
    Main Pass Finding New Miocene Reserves Punch MP 73 Onyx Carinos Pod A Pod B Don Carlos Don Lino MP 61 Don Tomas Monte Carlo-2 MP 73 C-1 2 West Delta Ship Shoal West Delta Main Pass Exploration 73 208 30 24
  24. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 24
    MP Development with Exploitation Upside Main Pass Historical Production 14000 Gas 12000 Crude 10000 Net BOE/d 8000 6000 4000 2000 0 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12…
  25. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 25
    Seismic Defines New Salt Dome Play Steps to Developing These Fields Full Azimuth Nodal (FAN) Acquisition Current structures in-place to handle production 45 MM commitments to multi-client 3D licensing Expanding regional exploration…
  26. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 26
    Inboard Lower Tertiary/Cretaceous Play Traditional Tuscaloosa Plays Lineham Creek Lomond North England Davy Jones Blackbeard Lafitte Area Yegua Tuscaloosa Sands Region Development and Prospect Summary 15 identified…
  27. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 27
    Lomond North Discovery Cretaceous Tuscaloosa Proposed Lomond NE Lomond North Discovery 60 miles West Delta Ship Shoal West Delta Main Pass Exploration Source: Freeport-McMoRan 73 208 30 28
  28. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 28
    Image goes here DELIVERING VALUE 29
  29. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 29
    The Model Continues to Deliver Results MM EXXI Value Growth MM EXXI NAV Growth 7,000 6,000 Proved PV10 NAV 6,000 6,150 Enterprise Value 5,000 Market Cap 4,780 5,000 4,000 4,000 4,297 3,396 3,000 3,630 3,337…
  30. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 30
    Energy XXI is Growing Consistently growing oil production Oil is 90+% of revenue Strong inventory of drill wells Horizontal program showing consistent results Increased drilling efficiencies Substantial growth potential in…
  31. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 31
    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…
  32. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 32
    Image goes here Additional information APPENDIX 33
  33. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 33
    Operating Data per BOE Quarter Ended 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 12/31/13 03/31/14 Revenue (MM) 270.2 320.5 303.8 314.3 324.6 296.8 285.2 MBO/d 26.1 29.4 28.6 28.9 29.7 30.2 28.4 MBOE/d 37.3 44.6 43.5 46.8 46.6 45.1…
  34. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 34
    Current Hedge Position* Period Fiscal Quarter Instrument Type Daily Volumes Average Price Index CRUDE OIL 4/2014-6/2014 Q4 2014 Collars 1,700 bbl/day 90.00 floor, 108.36 cap BRENT 4/2014-6/2014 Q4 2014 Three-Way Collars 2,000…
  35. IPAA OGIS – Energy XXI Gulf Coast, Inc – slide 35
    Current Consolidated Crude Hedge Profile* 40 EPL Brent Swap 35 EPL LLS Swap 30 LLS Collars 25 Brent Put Spreads MBO/d 20 WTI Put Spreads 15 WTI 3-Way 10 Brent Collars 5 Brent 3-Way 0 Jun-14 Jul-Dec14 Cal 2015 Crude…

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