| | Published : May 02nd, 2012 | REPORTS FISCAL THIRD-QUARTER RESULTS AND PROVIDES OPERATIONS UPDATE |
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Energy XXI Reports Fiscal Third-Quarter Results and Provides Operations Update
- Net income year-on-year rose 487 percent
- Production averaged a record 45,300 BOE per day
- Oil represented 69 percent of production
- Development program drives current production to 52,350 BOE/d net
HOUSTON � May 2, 2012 � Energy XXI (NASDAQ: EXXI) (AIM: EXXI) today announced results for the fiscal third-quarter ended March 31, 2012 and provided an operational update.
For the 2012 fiscal third quarter, Energy XXI reported earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) of $215.3 million, a 39 percent increase over the prior-year�s fiscal third-quarter EBITDA of $155.4 million. Net income attributable to common shareholders for the 2012 fiscal third quarter rose 487 percent from the prior-year period to $82.5 million, or $1.04 per diluted share, on revenues of $336 million and production of 45,300 barrels of oil equivalent per day (BOE/d).
�Record production and strong crude oil price realizations made this another excellent quarter,� Energy XXI Chairman and CEO John Schiller said. �Oil continues to dominate our production profile, even with the significant increase in natural gas volumes at Grand Isle. Our average realized oil price rose to $109.49 per barrel, which generated free cash flow that continued strengthening the balance sheet, as net debt dropped to 43 percent of total capitalization. Our drilling and recompletion programs have achieved outstanding results, positioning Energy XXI for future production growth. Current production is 52,350 BOE/d, of which approximately 70 percent is crude oil.�
Exploration and Development Activity
Within the company�s core producing properties, located offshore Louisiana, development activities continue in the Main Pass 73 field (WI 100%/ NRI 83%), where a production tubing replacement in April facilitated a 68 percent increase in the Onyx well�s volumes to 5,700 BOE/d gross (4,750 BOE/d net), 96 percent of which is oil. Additionally, the nearby C-2 and C-12 wells have been recompleted to the same LP-1G sand that is producing at Onyx, adding approximately 3,500 BOE/d gross (2,917 BOE/d net). Onyx and the C-12 wells are the two largest producing oil wells on the Gulf of Mexico shelf and have cumulative production of 600,000 barrels of oil since June 2011.
At the Grand Isle field (100% WI/ NRI 87%), the Winters well continues to produce at nearly 40 million cubic feet of gas per day (MMcf/d) with approximately 500 barrels per day of condensate. Also at Grand Isle, the Costello well was drilled to 11,849 feet true vertical depth (TVD) and encountered 279 net feet of oil pay, including a larger-than-expected 169 foot section in the targeted C-4 sand and a combined 110 feet in the B-3, B-6 and C-1 sands. The well has been completed and is expected to be online within the week producing 3,700 BOE/d gross (3,200 BOE/d net). The company�s next development well at Grand Isle will be Pi, which is targeting oil sands updip of past producers. First production for Pi is expected to commence in June at approximately 2,200 BOE/d gross (1,900 BOE/d net).
At West Delta 73 (WI 100%/ NRI 83%), the Miller well has been drilled to 8,510 feet TVD, encountering approximately 60 net feet of oil pay in the �F� series sands. The well was dual-completed in the F-30 and F-35 sands, with two additional gravel packs set in sands to be produced at a later date. The well has recently been placed on production at 1,250 BOE/d gross (1,025 BOE/d net), 84 percent of which is oil.
In the South Timbalier 54 field (100% WI/ NRI 87%), the Camshaft well was drilled to 11,575 feet TVD, encountering 177 net feet of oil pay. The well was dual-completed in the G-9A and G-8 sands in April and placed on production at approximately 3,000 BOE/d gross (2,600 BOE/d net), 57 percent of which is oil. The company has spud Sparkplug, a well targeting the H-1 and H-3B sands that have produced 6.3 million barrels of oil down-dip since January 2001. The company expects Sparkplug to come on production in June at approximately 1,400 BOE/d gross.
With the recent production additions and another six wells representing approximately 10,000 BOE/d of net uplift scheduled to come online in the current quarter, the company expects strong production growth through its June 30 fiscal year end.
Within the shallow-water, ultra-deep Gulf of Mexico shelf program, the Davy Jones discovery well on South Marsh Island Block 230 was completed in March 2012, and work is ongoing to establish commercial production from the well. Initial samples indicated that the natural gas from the Wilcox �D� sand is high quality and contains low levels of CO2 and no H2S. Blockage from drilling fluid associated with initial drilling operations prevented obtaining a measurable flow rate. In April 2012, operations commenced to remove the tubing from the well, clear the residual drilling fluid, and remove the perforating guns originally set across the Wilcox �F� sand to provide access to all of the Wilcox reservoirs (�A� through �F�) totaling 200 net feet. The company expects that the operations currently under way will enable a measurable flow rate during the second calendar quarter of 2012 followed by commercial production shortly thereafter. Energy XXI holds a 15.8 percent working interest (12.6 percent net revenue interest) in the Davy Jones discovery well. Total net investment in Davy Jones #1 through March 31, 2012 was approximately $63 million.
The Lafitte ultra-deep exploration well, which is located on Eugene Island Block 223 in 140 feet of water, was drilled to a total depth of 34,162 feet TVD in March 2012. Exploration results from the well indicate the presence of hydrocarbons below the salt weld in geologic formations including Middle/Lower Miocene, Frio, Upper Eocene, and Sparta carbonate. Logs indicated 211 net feet of pay in the Lower Miocene, including the Cris-R and Frio sands with an additional 65 feet of net pay in the Upper Eocene and 300 feet of fractured limestone in the Sparta section. Energy XXI holds an 18.0 percent working interest and a 14.4 percent net revenue interest in Lafitte. Total net investment in Lafitte approximated $38 million at March 31, 2012.
The Blackbeard West No. 2 ultra-deep exploration well commenced drilling on Nov. 25, 2011 and is currently running a liner at 20,000 feet. The well, which is located on Ship Shoal Block 188 within the Blackbeard West unit, is targeting Miocene aged sands seen below the salt weld approximately 13 miles east at Blackbeard East and has a proposed total depth of 26,000 feet. Energy XXI holds a 22.9 percent working interest and a 17.5 percent net revenue interest in Ship Shoal Block 188. Total investment in Blackbeard West No. 2 approximated $10 million at March 31, 2012.
The Lineham Creek exploration prospect, which is located onshore in Cameron Parish, Louisiana, commenced operations on Dec. 31, 2011. The well, which is targeting Eocene and Paleocene objectives below the salt weld, has been drilled to 14,876 feet towards a proposed total depth of 29,000 feet. Energy XXI holds a 9 percent working interest in the well.
Capital Expenditures
During the 2012 fiscal third quarter, capital expenditures, including plug-and-abandonment costs, totaled $159.9 million, with $57.4 million in exploration and $102.5 million in development and other investments. Total capital expenditures for fiscal 2012 ending June 30, 2012 are expected to be between $500 million and $550 million.
ENERGY XXI (BERMUDA) LIMITED
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In Thousands, except per share information)
(Unaudited)
As required under Regulation G of the Securities Exchange Act of 1934, provided below are reconciliations of net income to the following non-GAAP financial measure: EBITDA. The company uses this non-GAAP measure as a key metric for the management of the company and to demonstrate the company�s ability to internally fund capital expenditures and service debt.
|
Three Months Ended |
Nine Months Ended |
|
March 31, |
March 31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Net Income as Reported |
$91,252 |
$18,371 |
$254,672 |
$29,438 |
|
|
|
|
|
Interest expense-net |
26,790 |
31,403 |
82,317 |
74,816 |
Depreciation, depletion and
amortization |
88,448 |
91,301 |
260,819 |
208,300 |
Income tax expense |
8,763 |
2,132 |
29,885 |
4,162 |
|
|
|
|
|
EBITDA |
$215,253 |
$143,207 |
$627,693 |
$316,716 |
|
|
|
|
|
EBITDA Per Share |
|
|
|
|
Basic |
$2.78 |
$1.93 |
$8.17 |
$4.99 |
Diluted |
$2.46 |
$1.92 |
$7.20 |
$4.97 |
|
|
|
|
|
Weighted Average Number of Common Shares Outstanding |
|
|
|
|
Basic |
77,454 |
74,221 |
76,803 |
63,490 |
Diluted |
87,353 |
74,421 |
87,185 |
63,732 |
|
|
|
|
|
ENERGY XXI (BERMUDA) LIMITED CONSOLIDATED BALANCE SHEETS (In Thousands, except share information)
|
|
March 31, 2012 |
|
June 30, 2011 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
85,524 |
|
|
$ |
28,407 |
|
Accounts receivable |
|
|
|
|
|
|
|
|
Oil and natural gas sales |
|
|
152,238 |
|
|
|
126,194 |
|
Joint interest billings |
|
|
3,309 |
|
|
|
4,526 |
|
Insurance and other |
|
|
2,732 |
|
|
|
2,533 |
|
Prepaid expenses and other current assets |
|
|
42,755 |
|
|
|
47,751 |
|
Derivative financial instruments |
|
|
2,541 |
|
|
|
22 |
|
Total Current Assets |
|
|
289,099 |
|
|
|
209,433 |
|
Property and Equipment |
|
|
|
|
|
|
|
|
Oil and natural gas properties � full cost method of accounting, including $523.4 million and $467.3 million of unevaluated properties at March 31, 2012 and June 30, 2011, respectively |
|
|
2,675,870 |
|
|
|
2,545,336 |
|
Other property and equipment |
|
|
9,701 |
|
|
|
8,201 |
|
Total Property and Equipment, net of accumulated depreciation, depletion, amortization and impairment |
|
|
2,685,571 |
|
|
|
2,553,537 |
|
Other Assets |
|
|
|
|
|
|
|
|
Derivative financial instruments |
|
|
15,228 |
|
|
|
� |
|
Deferred income taxes |
|
|
� |
|
|
|
2,411 |
|
Debt issuance costs, net of accumulated amortization |
|
|
29,066 |
|
|
|
33,479 |
|
Total Other Assets |
|
|
44,294 |
|
|
|
35,890 |
|
Total Assets |
|
$ |
3,018,964 |
|
|
$ |
2,798,860 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
154,963 |
|
|
$ |
163,741 |
|
Accrued liabilities |
|
|
102,842 |
|
|
|
111,157 |
|
Notes payable |
|
|
638 |
|
|
|
19,853 |
|
Asset retirement obligations |
|
|
24,989 |
|
|
|
19,624 |
|
Derivative financial instruments |
|
|
54,054 |
|
|
|
50,259 |
|
Current maturities of long-term debt |
|
|
3,429 |
|
|
|
4,054 |
|
Total Current Liabilities |
|
|
340,915 |
|
|
|
368,688 |
|
Long-term debt, less current maturities |
|
|
1,015,392 |
|
|
|
1,109,333 |
|
Deferred income taxes |
|
|
56,078 |
|
|
|
� |
|
Asset retirement obligations |
|
|
322,980 |
|
|
|
303,618 |
|
Derivative financial instruments |
|
|
14,872 |
|
|
|
70,524 |
|
Other liabilities |
|
|
10,257 |
|
|
|
� |
|
Total Liabilities |
|
|
1,760,494 |
|
|
|
1,852,163 |
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
Stockholders� Equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 7,500,000 and 2,500,000
shares authorized at March 31, 2012 and June 30, 2011, respectively: |
|
|
|
|
|
|
|
|
7.25% Convertible perpetual preferred stock, 8,000 shares issued and outstanding at March 31, 2012 and June 30, 2011, respectively |
|
|
� |
|
|
|
� |
|
5.625% Convertible perpetual preferred stock, 814,220 and 1,050,000 shares issued and outstanding at March 31, 2012 and June 30, 2011, respectively |
|
|
1 |
|
|
|
1 |
|
Common stock, $0.005 par value, 200,000,000 shares authorized and 79,114,643 and 76,203,574 shares issued and 78,879,124 and 76,202,921 shares outstanding at March 31, 2012 and June 30, 2011, respectively |
|
|
394 |
|
|
|
381 |
|
Additional paid-in capital |
|
|
1,500,419 |
|
|
|
1,479,959 |
|
Accumulated deficit |
|
|
(226,697) |
|
|
|
(465,160 |
) |
Accumulated other comprehensive loss, net of income taxes |
|
|
(15,647) |
|
|
|
(68,484 |
) |
Total Stockholders� Equity |
|
|
1,258,470 |
|
|
|
946,697 |
|
Total Liabilities and Stockholders� Equity |
|
$ |
3,018,964 |
|
|
$ |
2,798,860 |
|
ENERGY XXI (BERMUDA) LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share information) (Unaudited)
|
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil sales |
|
$ |
312,714 |
|
|
$ |
216,711 |
|
|
$ |
868,978 |
|
|
$ |
479,080 |
|
Natural gas sales |
|
|
23,282 |
|
|
|
41,925 |
|
|
|
92,479 |
|
|
|
97,509 |
|
Total Revenues |
|
|
335,996 |
|
|
|
258,636 |
|
|
|
961,457 |
|
|
|
576,589 |
|
Costs and Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating |
|
|
78,447 |
|
|
|
65,257 |
|
|
|
223,614 |
|
|
|
153,856 |
|
Production taxes |
|
|
1,499 |
|
|
|
721 |
|
|
|
4,847 |
|
|
|
2,131 |
|
Gathering and transportation |
|
|
2,465 |
|
|
|
4,809 |
|
|
|
12,013 |
|
|
|
5,631 |
|
Depreciation, depletion and amortization |
|
|
88,448 |
|
|
|
91,301 |
|
|
|
260,819 |
|
|
|
208,300 |
|
Accretion of asset retirement obligations |
|
|
9,762 |
|
|
|
9,907 |
|
|
|
29,253 |
|
|
|
22,229 |
|
General and administrative |
|
|
25,075 |
|
|
|
23,155 |
|
|
|
66,543 |
|
|
|
57,538 |
|
Loss (gain) on derivative financial instruments |
|
|
3,495 |
|
|
|
(619) |
|
|
|
(2,506) |
|
|
|
(3,395) |
|
Total Costs and Expenses |
|
|
209,191 |
|
|
|
194,531 |
|
|
|
594,583 |
|
|
|
446,290 |
|
Operating Income |
|
|
126,805 |
|
|
|
64,105 |
|
|
|
366,874 |
|
|
|
130,299 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bridge loan commitment fees |
|
|
� |
|
|
|
� |
|
|
|
� |
|
|
|
(4,500 |
) |
Loss on retirement of debt |
|
|
� |
|
|
|
(12,199 |
) |
|
|
� |
|
|
|
(17,383 |
) |
Other income |
|
|
97 |
|
|
|
15 |
|
|
|
121 |
|
|
|
176 |
|
Interest expense |
|
|
(26,887) |
|
|
|
(31,418 |
) |
|
|
(82,438) |
|
|
|
(74,992 |
) |
Total Other Expense |
|
|
(26,790) |
|
|
|
(43,602 |
) |
|
|
(82,317) |
|
|
|
(96,699 |
) |
Income Before Income Taxes |
|
|
100,015 |
|
|
|
20,503 |
|
|
|
284,557 |
|
|
|
33,600 |
|
Income Tax Expense |
|
|
8,763 |
|
|
|
2,132 |
|
|
|
29,885 |
|
|
|
4,162 |
|
Net Income |
|
|
91,252 |
|
|
|
18,371 |
|
|
|
254,672 |
|
|
|
29,438 |
|
Induced Conversion of Preferred Stock |
|
|
6,058 |
|
|
|
44 |
|
|
|
6,058 |
|
|
|
19,840 |
|
Preferred Stock Dividends |
|
|
2,739 |
|
|
|
4,278 |
|
|
|
10,151 |
|
|
|
8,698 |
|
Net Income Attributable to Common Stockholders |
|
$ |
82,455 |
|
|
$ |
14,049 |
|
|
$ |
238,463 |
|
|
$ |
900 |
|
Net Income Per Share Attributable to Common Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.06 |
|
|
$ |
0.19 |
|
|
$ |
3.10 |
|
|
$ |
0.01 |
|
Diluted |
|
$ |
1.04 |
|
|
$ |
0.19 |
|
|
$ |
2.92 |
|
|
$ |
0.01 |
|
Weighted Average Number of Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
77,454 |
|
|
|
74,221 |
|
|
|
76,803 |
|
|
|
63,490 |
|
Diluted |
|
|
87,353 |
|
|
|
74,421 |
|
|
|
87,185 |
|
|
|
63,732 |
|
ENERGY XXI (BERMUDA) LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited)
|
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
|
|
|
|
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
91,252 |
|
$ |
18,371 |
|
$ |
254,672 |
|
$ |
29,438 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
88,448 |
|
|
91,301 |
|
|
260,819 |
|
|
208,300 |
|
Deferred income tax expense |
|
|
8,764 |
|
|
2,132 |
|
|
30,036 |
|
|
4,162 |
|
Change in derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of derivative instruments |
|
|
993 |
|
|
� |
|
|
66,522 |
|
|
42,577 |
|
Other � net |
|
|
(10,866) |
|
|
(9,773) |
|
|
(36,557) |
|
|
(25,987) |
) |
Accretion of asset retirement obligations |
|
|
9,762 |
|
|
9,907 |
|
|
29,253 |
|
|
22,229 |
|
Amortization of debt discount and premium |
|
|
� |
|
|
(389) |
|
|
� |
|
|
(43,521) |
) |
Amortization and write-off of debt issuance costs |
|
|
1,886 |
|
|
6,568 |
|
|
5,591 |
|
|
10,822 |
|
Stock-based compensation |
|
|
478 |
|
|
946 |
|
|
10,592 |
|
|
3,126 |
|
Payment of interest in-kind |
|
|
� |
|
|
� |
|
|
� |
|
|
2,225 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(9,565) |
|
|
(14,732) |
|
|
(27,146) |
|
|
(54,703) |
) |
Prepaid expenses and other current assets |
|
|
9,945 |
|
|
10,717 |
|
|
4,879 |
|
|
8,439 |
|
Settlement of asset retirement obligations |
|
|
(4,569) |
|
|
(19,537) |
|
|
(6,563) |
|
|
(54,155) |
) |
Accounts payable and accrued liabilities |
|
|
11,670 |
|
|
50,744 |
|
|
(25,916) |
|
|
70,756 |
|
Net Cash Provided by Operating Activities |
|
|
198,198 |
|
|
146,255 |
|
|
566,182 |
|
|
223,708 |
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
|
(35) |
|
|
(9,113) |
|
|
(6,212) |
|
|
(1,022,124) |
|
Capital expenditures |
|
|
(155,744) |
|
|
(61,571) |
|
|
(394,188) |
|
|
(190,196) |
) |
Insurance payments received |
|
|
|
|
|
� |
|
|
6,472 |
|
|
� |
|
Proceeds from the sale of properties |
|
|
203 |
|
|
75 |
|
|
2,970 |
|
|
475 |
|
Other |
|
|
1,252 |
|
|
(52) |
|
|
444 |
|
|
31 |
|
Net Cash Used in Investing Activities |
|
|
(154,324) |
|
|
(70,661) |
|
|
(390,514) |
|
|
(1,211,814) |
) |
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from the issuance of common and preferred stock, net of offering costs |
|
|
191 |
|
|
1,187 |
|
|
9,647 |
|
|
562,090 |
|
Conversion of preferred stock to common |
|
|
(6,029) |
|
|
(44) |
|
|
(6,029) |
|
|
(11,956) |
) |
Dividends to shareholders |
|
|
(2,877) |
|
|
(6,153) |
|
|
(10,289) |
|
|
(8,326) |
) |
Proceeds from long-term debt |
|
|
185,437 |
|
|
378,526 |
|
|
707,761 |
|
|
1,538,526 |
|
Payments on long-term debt |
|
|
(214,468) |
|
|
(458,084) |
|
|
(818,787) |
|
|
(1,044,851) |
) |
Payments for debt issuance costs and other |
|
|
- |
|
|
2,089 |
|
|
(854) |
|
|
(28,495) |
) |
Net Cash Provided by (Used in) Financing Activities |
|
|
(37,746) |
|
|
(82,479) |
|
|
(118,551) |
|
|
1,006,988 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
|
|
6,128 |
|
|
(6,885) |
|
|
57,117 |
|
|
18,882 |
|
Cash and Cash Equivalents, beginning of period |
|
|
79,396 |
|
|
39,991 |
|
|
28,407 |
|
|
14,224 |
|
Cash and Cash Equivalents, end of period |
|
$ |
85,524 |
|
$ |
33,106 |
|
$ |
85,524 |
|
$ |
33,106 |
|
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED OPERATIONAL INFORMATION (In thousands) (Unaudited)
|
|
Quarter Ended |
Operating Highlights |
|
Mar. 31, 2012 |
|
Dec. 31, 2011 |
|
Sept. 30, 2011 |
|
June 30, 2011 |
|
Mar. 31, 2011 |
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil sales |
|
$ |
315,723 |
|
|
$ |
306,064 |
|
|
$ |
249,767 |
|
|
$ |
270,252 |
|
|
$ |
233,081 |
|
Natural gas sales |
|
|
19,154 |
|
|
|
21,659 |
|
|
|
28,138 |
|
|
|
31,875 |
|
|
|
32,193 |
|
Hedge gain (loss) |
|
|
1,119 |
|
|
|
12,855 |
|
|
|
6,978 |
|
|
|
(19,346 |
) |
|
|
(6,638 |
) |
Total revenues |
|
|
335,996 |
|
|
|
340,578 |
|
|
|
284,883 |
|
|
|
282,781 |
|
|
|
258,636 |
|
Percent of operating revenues from crude oil |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior to hedge gain (loss) |
|
|
94 |
% |
|
|
93 |
% |
|
|
90 |
% |
|
|
89 |
% |
|
|
88 |
% |
Including hedge gain (loss) |
|
|
93 |
% |
|
|
91 |
% |
|
|
87 |
% |
|
|
85 |
% |
|
|
84 |
% |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance expense |
|
|
7,138 |
|
|
|
7,096 |
|
|
|
7,462 |
|
|
|
8,814 |
|
|
|
6,543 |
|
Workover and maintenance |
|
|
15,885 |
|
|
|
12,805 |
|
|
|
6,653 |
|
|
|
17,251 |
|
|
|
4,121 |
|
Direct lease operating expense |
|
|
55,424 |
|
|
|
54,233 |
|
|
|
56,918 |
|
|
|
59,557 |
|
|
|
54,593 |
|
Total lease operating expense |
|
|
78,447 |
|
|
|
74,134 |
|
|
|
71,033 |
|
|
|
85,622 |
|
|
|
65,257 |
|
Production taxes |
|
|
1,499 |
|
|
|
1,174 |
|
|
|
2,174 |
|
|
|
1,205 |
|
|
|
721 |
|
Gathering and transportation |
|
|
2,465 |
|
|
|
3,395 |
|
|
|
6,153 |
|
|
|
6,868 |
|
|
|
4,809 |
|
DD&A |
|
|
88,448 |
|
|
|
87,568 |
|
|
|
84,803 |
|
|
|
85,179 |
|
|
|
91,301 |
|
General and administrative |
|
|
25,075 |
|
|
|
22,147 |
|
|
|
19,321 |
|
|
|
17,553 |
|
|
|
23,155 |
|
Other � net |
|
|
13,257 |
|
|
|
14,174 |
|
|
|
(684 |
) |
|
|
7,730 |
|
|
|
9,288 |
|
Total operating expenses |
|
|
209,191 |
|
|
|
202,592 |
|
|
|
182,800 |
|
|
|
204,157 |
|
|
|
194,531 |
|
Operating income |
|
$ |
126,805 |
|
|
$ |
137,986 |
|
|
$ |
102,083 |
|
|
$ |
78,624 |
|
|
$ |
64,105 |
|
Sales volumes per day |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
83.7 |
|
|
|
72.8 |
|
|
|
77.0 |
|
|
|
83.0 |
|
|
|
84.6 |
|
Crude oil (MBbls) |
|
|
31.4 |
|
|
|
30.6 |
|
|
|
28.0 |
|
|
|
28.3 |
|
|
|
27.3 |
|
Total (MBOE) |
|
|
45.3 |
|
|
|
42.7 |
|
|
|
40.8 |
|
|
|
42.1 |
|
|
|
41.4 |
|
Percent of sales volumes from crude oil |
|
|
69 |
% |
|
|
72 |
% |
|
|
69 |
% |
|
|
67 |
% |
|
|
66 |
% |
Average sales price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas per Mcf |
|
$ |
2.52 |
|
|
$ |
3.23 |
|
|
$ |
3.97 |
|
|
$ |
4.22 |
|
|
$ |
4.23 |
|
Hedge gain per Mcf |
|
|
0.54 |
|
|
|
1.43 |
|
|
|
1.39 |
|
|
|
1.37 |
|
|
|
1.28 |
|
Total natural gas per Mcf |
|
$ |
3.06 |
|
|
$ |
4.66 |
|
|
$ |
5.36 |
|
|
$ |
5.59 |
|
|
$ |
5.51 |
|
Crude oil per Bbl |
|
$ |
110.54 |
|
|
$ |
108.80 |
|
|
$ |
97.11 |
|
|
$ |
105.12 |
|
|
$ |
94.94 |
|
Hedge gain (loss) per Bbl |
|
|
(1.05) |
|
|
|
1.17 |
|
|
|
(1.11 |
) |
|
|
(11.53 |
) |
|
|
(6.67 |
) |
Total crude oil per Bbl |
|
$ |
109.49 |
|
|
$ |
109.97 |
|
|
$ |
96.00 |
|
|
$ |
93.59 |
|
|
$ |
88.27 |
|
Total hedge gain (loss) per BOE |
|
$ |
0.27 |
|
|
$ |
3.27 |
|
|
$ |
1.86 |
|
|
$ |
(5.05 |
) |
|
$ |
(1.78 |
) |
Operating revenues per BOE |
|
$ |
81.43 |
|
|
$ |
86.67 |
|
|
$ |
75.91 |
|
|
$ |
73.85 |
|
|
$ |
69.46 |
|
|
Operating expenses per BOE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance expense |
|
|
1.73 |
|
|
|
1.81 |
|
|
|
1.99 |
|
|
|
2.30 |
|
|
|
1.76 |
|
|
Workover and maintenance |
|
|
3.85 |
|
|
|
3.26 |
|
|
|
1.77 |
|
|
|
4.51 |
|
|
|
1.11 |
|
|
Direct lease operating expense |
|
|
13.43 |
|
|
|
13.80 |
|
|
|
15.17 |
|
|
|
15.55 |
|
|
|
14.66 |
|
|
Total lease operating expense |
|
|
19.01 |
|
|
|
18.87 |
|
|
|
18.93 |
|
|
|
22.36 |
|
|
|
17.53 |
|
|
Production taxes |
|
|
0.36 |
|
|
|
0.30 |
|
|
|
0.58 |
|
|
|
0.31 |
|
|
|
0.19 |
|
|
Gathering and transportation |
|
|
0.60 |
|
|
|
0.86 |
|
|
|
1.64 |
|
|
|
1.79 |
|
|
|
1.28 |
|
|
DD&A |
|
|
21.44 |
|
|
|
22.28 |
|
|
|
22.60 |
|
|
|
22.24 |
|
|
|
24.52 |
|
|
General and administrative |
|
|
6.08 |
|
|
|
5.64 |
|
|
|
5.15 |
|
|
|
4.58 |
|
|
|
6.22 |
|
|
Other � net |
|
|
3.22 |
|
|
|
3.60 |
|
|
|
(0.18 |
) |
|
|
2.01 |
|
|
|
2.49 |
|
|
Total operating expenses |
|
|
50.71 |
|
|
|
51.55 |
|
|
|
48.72 |
|
|
|
53.29 |
|
|
|
52.23 |
|
|
Operating income per BOE |
|
$ |
30.72 |
|
|
$ |
35.12 |
|
|
$ |
27.19 |
|
|
$ |
20.56 |
|
|
$ |
17.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call Tomorrow, May 3, at 9 a.m. CDT, 3 p.m. London Time
Energy XXI will host its fiscal third-quarter conference call tomorrow, May 3, at 9 a.m. CDT (3 p.m. London time). The dial-in numbers are 1 (631) 813-4724 (U.S.) and (0) 80 0032 3836 (U.K.), and the confirmation code is 61878446. For complete instructions on how to actively participate in the conference call, or to listen to the live audio webcast or a replay, please refer to www.EnergyXXI.com.
If you no longer wish to receive communication from this company, .
Energy XXI 1021 Main Street One City Centre Houston, TX 77002 US
Data and Statistics for these countries : Mexico | All Gold and Silver Prices for these countries : Mexico | All
|
Energy XXI
|
|
EXPLORATION STAGE |
CODE : EXXI |
ISIN : BMG100821401 |
CUSIP : G10009101 |
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Energy X X I is a and oil exploration company based in United states of america. Its main exploration property is VERDA RAGEN in USA. Energy X X I is listed in United Kingdom and in United States of America. Its market capitalisation is US$ 370.4 millions as of today (€ 302.0 millions). Its stock quote reached its highest recent level on September 18, 2009 at US$ 9.63, and its lowest recent point on April 15, 2016 at US$ 0.12. Energy X X I has 95 459 002 shares outstanding. |
Corporate Presentations of Energy XXI |
Nominations of Energy XXI |
Project news of Energy XXI |
Corporate news of Energy XXI |
1/28/2016 | Market Sentiments Captured by Price Data -- New Research on ... |
12/28/2015 | What Were OPEC Policies during Previous Crude Oil Crashes? |
12/23/2015 | A Change in Tides -- Research Reports on Alamos Gold, Nomura... |
11/30/2015 | Is RadiSys Corporation (RSYS) Going to Burn These Hedge Fund... |
11/24/2015 | Here is What Hedge Funds Think About MRV Communications, Inc... |
11/5/2015 | Can Energy XXI (EXXI) Beat Q1 Earnings on Cost Control? |
11/2/2015 | Can Energy XXI (EXXI) Beat Estimates this Earnings Season? |
11/2/2015 | Energy XXI Announces Fiscal 2016 First-Quarter Earnings Rele... |
10/13/2015 | Can The Oil Industry Really Handle This Much Debt? |
9/29/2015 | Edited Transcript of EXXI earnings conference call or presen... |
9/29/2015 | Energy XXI Reports Fiscal Year-End Results |
9/29/2015 | Energy XXI Announces Fiscal 2015 Fourth-Quarter and Year-End... |
9/28/2015 | Energy XXI to Present at Two Upcoming Conferences |
9/22/2015 | New Strong Sell Stocks for September 22nd |
9/17/2015 | Bankruptcy Beckons as Troubled Energy Companies Run Out of G... |
9/14/2015 | Energy XXI Provides Fiscal Year-End Reserves Update |
9/11/2015 | Energy XXI (EXXI) Q4 Earnings Preview: Pricing Woes Prevail |
9/8/2015 | Energy XXI Reports Restatement of Prior Period Financials Du... |
9/2/2015 | Energy XXI to Present at Barclays CEO Energy/Power Conferenc... |
8/31/2015 | Attention Shareholders: Critical Due Diligence Ascertained |
8/17/2015 | Oil Goes Down, Bankruptcies Go Up - These 5 Frackers Could B... |
8/14/2015 | Energy XXI Announces Fiscal 2015 Fourth-Quarter and Year-End... |
8/13/2015 | Energy XXI Declares Regular Quarterly Dividends on Preferred... |
8/7/2015 | Energy XXI to Present at EnerCom Oil and Gas Conference |
7/17/2015 | Natural Gas Production Drives Natural Gas Prices |
7/15/2015 | Natural Gas: The Biggest Contributor for US Electricity Gene... |
7/9/2015 | Oil Price Plunge Raises Fears for Indebted Shale Companies |
7/7/2015 | Electric Power Plant Consumption Will Drive Natural Gas Pric... |
7/7/2015 | Keep An Eye On These 8 After-Hours Movers |
7/6/2015 | Oil Price Hiccup Is Wreaking Havoc With Energy XXI Ltd (EXXI... |
7/1/2015 | Energy XXI Announces the Sale of the East Bay Field, Closes ... |
7/1/2015 | 7:01 am Energy XXI sells its East Bay Field for $21 million ... |
6/23/2015 | UNG Underperforms Natural Gas Prices |
6/22/2015 | Inventory Data: Putting Pressure on Natural Gas Prices |
6/22/2015 | Energy XXI Announces Signing of Purchase and Sale Agreement ... |
6/22/2015 | Natural Gas Inventory: Natural Gas Prices Could Decline More |
6/22/2015 | Natural Gas Demand Increases from Electric Power Plants |
6/22/2015 | Energy XXI Reaches Agreement With BOEM on Supplemental Bondi... |
6/22/2015 | 7:02 am Energy XXI reaches an agreement with the Bureau of O... |
6/11/2015 | Inventory Estimates Are Up, but Natural Gas Prices Could Go ... |
5/1/2015 | Beleaguered Oil Producers Haven't Felt Need to Sell Midstrea... |
4/21/2015 | Energy XXI to Present at IPAA Oil & Gas Investment Symposium |
4/20/2015 | Energy XXI to Present at IPAA Oil & Gas Investment Symposium |
4/20/2015 | Crude Oil Declines on Soaring Production from OPEC |
4/17/2015 | Natural Gas Prices Surge: Highest Inventory Increase since N... |
4/16/2015 | Natural Gas Surges More than 3% Ahead of Inventory Data |
4/3/2015 | Massive Supply: Will Natural Gas Break the $2.60 Level? |
3/27/2015 | Why Energy XXI (EXXI) Could Be Positioned for a Slump - Tale... |
3/23/2015 | Energy XXI to Present at Scotia Howard Weil Energy Conferenc... |
3/9/2015 | Weekly CFO Buys Highlight: Limelight Networks, Energy XXI, H... |
3/5/2015 | Energy XXI Gulf Coast, Inc. Prices Upsized Private Offering ... |
3/5/2015 | Energy XXI Subsidiary Offers $1.25B Senior Notes Due 2020 - ... |
2/9/2015 | Energy XXI reports 2Q loss |
11/6/2014 | Energy XXI reports 1Q loss |
2/6/2014 | REPORTS FISCAL SECOND-QUARTER RESULTS |
2/5/2014 | Declares Regular Quarterly Dividends on Common and Preferred... |
1/7/2014 | PROVIDES OPERATIONS UPDATE |
12/4/2013 | to Attend Capital One Southcoast Energy Conference |
11/19/2013 | (BERMUDA) LIMITED ANNOUNCES PRICING OF UPSIZED PRIVATE OFFER... |
11/18/2013 | (BERMUDA) LIMITED ANNOUNCES PRIVATE OFFERING OF $300 MILLION... |
11/11/2013 | to Attend the Jefferies 2013 Energy Conference |
11/5/2013 | Declares Regular Quarterly Dividends on Common and Preferred... |
10/29/2013 | REPORTS FISCAL FIRST-QUARTER RESULTS |
10/22/2013 | PROVIDES OPERATIONS UPDATE, HOSTS FOURTH ANNUAL INVESTOR DAY |
9/24/2013 | 2013 Energy XXI Investor Day |
9/23/2013 | GULF COAST, INC. ANNOUNCES PRICING OF $500 MILLION UPSIZED O... |
9/12/2013 | 2013 Energy XXI Investor Day |
9/6/2013 | to Attend Barclays Energy-Power Conference |
8/20/2013 | REPORTS AUDITED FISCAL YEAR-END RESULTS AND PROVIDES OPERATI... |
8/8/2013 | to Attend EnerCom’s Oil & Gas Conference |
7/23/2013 | Declares Regular Quarterly Dividends on Common and Preferred... |
7/16/2013 | PROVIDES FISCAL YEAR-END RESERVES ESTIMATES AND OPERATIONS U... |
6/6/2013 | to Attend EnerCom’s London Oil & Gas Conference |
5/16/2013 | to Attend UBS Global Oil & Gas Conference |
5/6/2013 | Increases Dividend on Common Shares, Declares Regular Quarte... |
5/6/2013 | REPORTS FISCAL THIRD-QUARTER RESULTS AND PROVIDES OPERATIONS... |
4/10/2013 | to Attend IPAA Oil & Gas Symposium |
3/14/2013 | to Attend Howard Weil Energy Conference |
2/13/2013 | to Attend EnerCom Oil and Services Conference |
1/30/2013 | REPORTS FISCAL SECOND-QUARTER RESULTS AND PROVIDES OPERATION... |
1/30/2013 | Declares Quarterly Stock Dividends on Preferred and Common S... |
1/29/2013 | to Attend Credit Suisse Energy Summit |
11/8/2012 | Declares Quarterly Stock Dividends on Preferred and Common S... |
11/7/2012 | REPORTS FISCAL FIRST-QUARTER RESULTS AND PROVIDES OPERATIONS... |
10/15/2012 | to Attend Canaccord Genuity Conference |
10/1/2012 | PROVIDES OPERATIONS UPDATE, |
9/24/2012 | Doxa Energy US, INC. Secures Bank Facility |
9/17/2012 | to Attend September Investor Conferences |
9/5/2012 | PROVIDES POST-HURRICANE UPDATE |
8/30/2012 | Appoints Antonio de Pinho as SVP of Joint Ventures |
8/29/2012 | to Attend Barclay’s Energy Conference |
8/8/2012 | REPORTS AUDITED FISCAL YEAR-END RESULTS AND PROVIDES OPERATI... |
8/7/2012 | Declares Quarterly Stock Dividends on Preferred and Common S... |
8/6/2012 | to Attend Enercom’s Oil and Gas Conference |
7/31/2012 | PROVIDES FISCAL YEAR-END RESERVES ESTIMATES AND OPERATIONS U... |
6/21/2012 | to Attend Global Hunter Securities Conference |
6/18/2012 | to Host Annual Investor Day |
6/7/2012 | to Attend London Oil & Gas Conference |
5/21/2012 | to Attend UBS Global Oil and Gas Conference |
5/14/2012 | Declares Quarterly Preferred Stock Dividends |
5/2/2012 | REPORTS FISCAL THIRD-QUARTER RESULTS AND PROVIDES OPERATIONS... |
4/12/2012 | to Attend IPAA’s Investment Symposium |
3/21/2012 | to Attend the 40th Annual Howard Weil Energy Conference |
3/8/2012 | ANNOUNCES EXCHANGE OF 5.625% PREFERRED STOCK |
3/1/2012 | to Attend Raymond James’ 33rd Annual Institutional Investor ... |
2/22/2012 | Announces Exchange of 5.625% Preferred Stock |
2/20/2012 | to Attend Enercom Oil & Services Conference |
2/10/2012 | Declares Quarterly Preferred Stock Dividends |
2/6/2012 | to Attend 2012 Credit Suisse Energy Summit |
2/1/2012 | REPORTS RECORD FISCAL SECOND-QUARTER RESULTS AND PROVIDES OP... |
12/29/2011 | to Attend Pritchard Capital’s Energize 2012 Energy Conferenc... |
10/26/2011 | REPORTS RECORD FISCAL FIRST-QUARTER RESULTS AND PROVIDES OPE... |
8/15/2011 | Declares Quarterly Preferred Stock Dividends |
8/10/2011 | REPORTS AUDITED FISCAL YEAR-END RESULTS AND PROVIDES OPERATI... |
7/7/2011 | GULF COAST, INC. EXTENDS 9.25% SENIOR NOTES DUE 2017 OFFER F... |
5/17/2011 | Declares Quarterly Preferred Stock Dividends |
5/12/2011 | ANNOUNCES SALE OF NON-CORE ONSHORE ASSETS |
5/10/2011 | to Host Annual Investor Day and Present at Industry Conferen... |
4/28/2011 | REPORTS FISCAL THIRD-QUARTER RESULTS |
4/15/2011 | ANNOUNCES FISCAL 2011 THIRD-QUARTER |
2/25/2011 | Announces Early Settlement Results for Tender Offer for 10% ... |
2/19/2011 | Amends Subsidiary's Cash Tender Offer for Its 10% Senior Not... |
2/11/2011 | Gulf Coast, Inc. Announces Pricing of $250 Million Offering ... |
2/10/2011 | Announces Subsidiary's Cash Tender Offer for Its 10% Senior ... |
2/9/2011 | Gulf Coast, Inc. Announces $250 Million Offering of Senior N... |
6/23/2010 | Provides Operations Update |
5/6/2010 | Reports Fiscal Third-Quarter Results and Provides Operationa... |
1/28/2010 | Announces Effectiveness of 1-for-5 Share Consolidation |
12/15/2009 | Completes Concurrent Offerings of Common Stock and Convertib... |
12/9/2009 | Prices $271 Million in Concurrent Offerings of Common Stock ... |
12/1/2009 | Announces Concurrent Offerings of Common Stock and Convertib... |
11/23/2009 | to Increase Interests in Core Operated Gulf of Mexico Oil Pr... |
11/12/2009 | Gulf Coast, Inc. Announces Acceptance of Notes for Exchange ... |
11/3/2009 | Reports Fiscal First-Quarter Results and Provides Operationa... |
10/29/2009 | Gulf Coast, Inc. Announces Amendment of Debt Exchange Offer ... |
10/21/2009 | Gulf Coast, Inc. Further Extends Expiration Date of Debt Exc... |
10/15/2009 | Gulf Coast, Inc. Further Extends Expiration Date and Results... |
10/13/2009 | Provides Operational Update |
10/5/2009 | Gulf Coast, Inc. Announces Extension of Expiration Date and ... |
9/21/2009 | Gulf Coast, Inc. Announces Amendment of Debt Exchange Offer ... |
9/4/2009 | Gulf Coast, Inc. Announces Debt Exchange Offer and Consent S... |
9/4/2009 | Reports Fiscal Year-End Results and Capital Budget Data |
2/10/2009 | Reports Fiscal Second-Quarter Results and Provides Operation... |
12/4/2008 | Provides Operational, Financial Update |
11/10/2008 | State Gives Uranium Resources, Inc. Permission to Conduct Ex... |
11/7/2008 | Richmont Mines to Present at Rodman & Renshaw Conference |
11/3/2008 | Reports Fiscal First-Quarter Results and Provides Operationa... |
9/9/2008 | Reports Fiscal Year-End Results |
5/29/2008 | to Present at Conferences in June |
9/26/2007 | Reports Audited Fiscal Year-End Results -- Corrected Note |
9/26/2007 | Reports Audited Fiscal Year-End Results |
5/31/2007 | Announces U.S. Stock Listing |
5/30/2007 | Announces New AIM Trading Symbol and Depositary Interest |
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