HOUSTON, May 6, 2015 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) today announced fiscal third-quarter 2015 results and provided an operations update on activities in the Gulf of Mexico.
Highlights
- Average Q3 production a record 60,000 BOE/d (41,600 barrels of oil per day)
- Production up 2,100 BOE/d versus prior quarter
- Successful recompletion program at South Pass 78 field
- Downtime trending down to seven percent
- Continued lease operating expense cost reduction
- LOE $108 million versus $119 million in previous quarter
- $1.45 billion second-lien financing completed
- Provided approximately $725 million in liquidity
- Asset monetization progressing as planned
- Midstream assets expected to close before fiscal year-end 2015
- Non-cash ceiling test write-down of $740 million driven by lower commodity prices
- Adjusted Net Loss $102.3 million, adjusted diluted loss per share $1.08 before non-cash impairment and one-time non-recurring items
"Production for the quarter was up due to the successful development drill and recompletion programs. Our capital spending remains focused on low-risk projects like the recompletion program at South Pass 78. That field alone is producing over 4,000 barrels of oil equivalent per day (BOE/d) versus the 2,100 BOE/d prior to the initiation of the recompletion program," Energy XXI Ltd Chairman, President and Chief Executive Officer John D. Schiller said. "We are focused on maintaining production relatively flat going forward with a disciplined capital program. Our lifting costs are down again quarter on quarter and we continue to focus on ways to achieve additional savings. Additionally, our successful placement of second-lien notes in March provides the needed liquidity to execute on our plan."
Fiscal 2015 Third-Quarter Results
For the 2015 fiscal third quarter, adjusted earnings before non-recurring charges and interest, taxes, depreciation, depletion and amortization (adjusted EBITDA) was $110.1 million (a non-GAAP measure reconciled below), compared with $178.8 million in the 2014 fiscal third quarter. Non-recurring charges in the 2015 fiscal third quarter totaled approximately $5 million, primarily associated with consulting fees in connection with the integration of the EPL acquisition. The company reported a net loss available for common stockholders in the 2015 fiscal third quarter of $587.2 million, or $6.22 loss per diluted share (or $102.3 million adjusted net loss, with adjusted diluted loss per share of $1.08 before non-cash impairment and one-time charges), on revenues of $260.2 million, compared with fiscal 2014 third-quarter net income available for common stockholders of $4.4 million, or $0.06 income per diluted share, on revenues of $285.2 million. The company's reported loss on the quarter was primarily due to a $739.9 million non-cash impairment charge, the result of lower commodity prices, as well as other costs associated with financing, mergers and acquisitions and the EPL integration.
Production for the 2015 fiscal third quarter averaged 60,000 net BOE/d, with 41,600 barrels per day (Bbl/d) liquids, compared with 42,300 net BOE/d and 28,400 Bbl/d liquids in the 2014 fiscal third quarter. Production was impacted in April 2015 by equipment repairs at Main Pass, shut in and rig moves at the West Delta 73 field and rig movement at the South Pass 78 field. As of May 1, with these fields back online, production is averaging 60,100 BOE/d.
Financing Activities
On March 12, 2015, the company completed a private placement of second-lien notes with net proceeds of $1.36 billion. Simultaneously, the company amended and paid down the existing credit facility and established a new borrowing base at $500 million, of which $150 million is drawn and $226 million is allocated to letters of credit, leaving $124 million undrawn. Total liquidity, post revolver pay down, was approximately $725 million.
Hedging
In late January and early February, the company monetized its three-way and put spread hedges for calendar 2015, receiving $73.1 million in cash proceeds. Following this monetization, the company entered into additional hedges for calendar 2015 and calendar 2016, bringing total crude oil hedges to approximately 70 percent and 37 percent of estimated volumes for those periods, respectively.
Operations Update
During the fiscal third quarter, the company drilled and completed two wells. In addition, the company brought online two operated and one non-operated wells to production. Additionally, four recompletions were brought online in the quarter at the South Pass 78 field.
Approximately 70% of the production optimization work in the West Delta area, including water handling and compression equipment to optimize oil production in the field, has been completed. Additional water handling equipment at West Delta 73 (100% WI/ 83% NRI) has allowed the company to raise production to a record 7,000 BOE/d from the field. Additionally, compression equipment has added approximately 1,000 BOE/d at South Pass 49 (100% WI/ 83% NRI), and 1,600 BOE/d at West Delta 30 (100% WI/ 87% NRI).
The company is executing a low-risk recompletion program to address proved developed non-producing reserves at the South Pass 78 field (100% WI/ 83% NRI). A total of five wells have been recompleted since the program began in January. Net production from the field at the beginning of the program was approximately 2,100 BOE/d, and is currently averaging just over 4,000 BOE/d.
The non-operated Highlander discovery (18% WI/ 13% NRI), located onshore in South Louisiana, began production on February 25, 2015, following production testing. The well has been restricted to approximately 24 million cubic feet per day because of limited processing facilities. The operator is currently developing additional processing facilities to accommodate higher flow rates, and installation is expected by calendar year-end 2015.
Divestiture Update
The Grand Isle gathering system was deregulated on February 1, 2015 and we continue to move forward with the monetization of the asset. The company expects to close the transaction before fiscal year-end June 30, 2015.
The non-core divestiture package generated solid interest from prospective buyers, which include established exploration and production companies as well as private equity backed start-ups. With commodity prices stabilizing, Energy XXI continues to negotiate with prospective buyers for both the overall package and individual fields, such as East Bay.
Capital Expenditures
During the 2015 fiscal third quarter, capital expenditures including abandonment totaled $75.5 million, with 57 percent being spent on development. Currently, the company is estimating the total fiscal 2015 capital program to range from $640 million to $660 million with approximately $90 million to be spent in the fourth fiscal quarter.
Non-cash Impairment Write-down
At March 31, 2015, Energy XXI's oil and gas properties exceeded the limitation of capital costs specified by the U.S. Securities and Exchange Commission (SEC) full cost accounting rules, which resulted in the recognition of a non-cash impairment charge totaling $739.9 million. The twelve-month average of the first-day-of-the-month historical reference oil price required to be used under SEC full cost accounting rules in determining the March 31, 2015, ceiling amount was $85.57 per barrel.
Guidance
Fourth-quarter and fiscal year guidance is provided below.
| Volume Projections | FY 2015 | 4Q FY15 | ||
| Net Production (per day) | ||||
| Oil, including NGLs (Bbls) | 41,000-42,000 | 40,000-42,000 | ||
| BOE | 58,000-59,000 | 57,000-60,000 | ||
|
% Oil, including NGLs (using midpoint of guidance) |
71% | 68-70% | ||
| FY15 Cost Projections ($MM) | 3Q Actuals | 4Q proj. | ||
| LOE | 108 | 105-115 | ||
| G&A | 37* | 24-28 | ||
| Gathering & Transport | 3.7 | 3-5 | ||
| DD&A | 37.48/BOE | 33.00-35.00/BOE | ||
| *includes non-recurring charges | ||||
| Operational Information | |||||
| Quarter Ended | |||||
| Operating Highlights |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
| (In thousands, except per unit amounts) | |||||
| Operating revenues | |||||
| Crude oil sales | $ 177,606 | $ 279,163 | $ 370,155 | $ 294,974 | $ 254,641 |
| Natural gas sales | 27,012 | 32,345 | 34,561 | 34,508 | 37,562 |
| Hedge gain (loss) | 55,574 | 46,247 | (1,485) | (5,348) | (7,020) |
| Total revenues | 260,192 | 357,755 | 403,231 | 324,134 | 285,183 |
| Percentage of operating revenues from crude oil | |||||
| Prior to hedge gain (loss) | 87% | 90% | 91% | 90% | 87% |
| Including hedge gain (loss) | 89% | 91% | 91% | 89% | 88% |
| Operating expenses | |||||
| Lease operating expense | |||||
| Insurance expense | 8,828 | 11,233 | 11,022 | 8,357 | 6,410 |
| Workover and maintenance | 10,773 | 13,130 | 29,416 | 14,408 | 17,797 |
| Direct lease operating expense | 88,509 | 95,003 | 102,147 | 79,806 | 59,417 |
| Total lease operating expense | 108,110 | 119,366 | 142,585 | 102,571 | 83,624 |
| Production taxes | 1,537 | 2,263 | 3,093 | 1,750 | 1,090 |
| Gathering and transportation | 3,726 | 4,771 | 9,188 | 6,509 | 5,700 |
| DD&A | 190,174 | 177,333 | 161,266 | 119,691 | 99,899 |
| Impairment of oil and natural gas properties | 739,941 | -- | -- | -- | -- |
| Goodwill impairment | -- | 329,293 | -- | -- | -- |
| General and administrative | 37,121 | 27,745 | 26,424 | 30,824 | 24,208 |
| Other - net | 14,038 | 11,912 | 9,536 | 8,112 | 5,861 |
| Total operating expenses | 1,094,647 | 672,683 | 352,092 | 269,457 | 220,382 |
| Operating income (loss) | $ (834,455) | $ (314,928) | $ 51,139 | $ 54,677 | $ 64,801 |
| Sales volumes per day | |||||
| Natural gas (MMcf) | 110.4 | 96.5 | 100.7 | 84.8 | 83.7 |
| Crude oil (MBbls) | 41.6 | 41.8 | 41.8 | 32.0 | 28.4 |
| Total (MBOE) | 60.0 | 57.9 | 58.6 | 46.1 | 42.3 |
| Percent of sales volumes from crude oil | 69% | 72% | 71% | 69% | 67% |
| Average sales price | |||||
| Natural gas per Mcf | 2.72 | 3.64 | $ 3.73 | 4.47 | 4.98 |
| Hedge gain (loss) per Mcf | 0.06 | 0.09 | 0.02 | (0.02) | (0.31) |
| Total natural gas per Mcf | $ 2.78 | $ 3.73 | $ 3.75 | $ 4.45 | $ 4.67 |
| Crude oil per Bbl | 47.49 | 72.56 | 96.28 | 101.45 | 99.71 |
| Hedge gain (loss) per Bbl | 14.68 | 11.82 | (0.43) | (1.78) | (1.83) |
| Total crude oil per Bbl | $ 62.17 | $ 84.38 | $ 95.85 | $ 99.67 | $ 97.88 |
| Total hedge gain (loss) per BOE | $ 10.30 | $ 8.68 | $ (0.28) | $ (1.28) | $ (1.83) |
| Operating revenues per BOE | $ 48.22 | $ 67.15 | $ 74.84 | $ 77.28 | $ 74.85 |
| Operating expenses per BOE | |||||
| Lease operating expense | |||||
| Insurance expense | 1.64 | 2.11 | 2.05 | 1.99 | 1.68 |
| Workover and maintenance | 2.00 | 2.46 | 5.46 | 3.44 | 4.67 |
| Direct lease operating expense | 16.40 | 17.83 | 18.96 | 19.03 | 15.59 |
| Total lease operating expense per BOE | 20.04 | 22.40 | 26.47 | 24.46 | 21.94 |
| Production taxes | 0.28 | 0.42 | 0.57 | 0.42 | 0.29 |
| Gathering and transportation | 0.69 | 0.90 | 1.71 | 1.55 | 1.50 |
| DD&A | 35.24 | 33.29 | 29.93 | 28.54 | 26.22 |
| Impairment of oil and natural gas properties | 137.12 | -- | -- | -- | -- |
| Goodwill impairment | -- | 61.81 | -- | -- | -- |
| General and administrative | 6.88 | 5.21 | 4.90 | 7.35 | 6.35 |
| Other - net | 2.60 | 2.23 | 1.77 | 1.93 | 1.54 |
| Total operating expenses per BOE | 202.85 | 126.26 | 65.35 | 64.25 | 57.84 |
| Operating income (loss) per BOE | $ (154.63) | $ (59.11) | $ 9.49 | $ 13.03 | $ 17.01 |
| ENERGY XXI LTD | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (In Thousands, except per share information) | ||||
| (Unaudited) | ||||
| Three Months Ended March 31, | Nine Months Ended March 31, | |||
| 2015 | 2014 | 2015 | 2014 | |
| Revenues | ||||
| Crude oil sales | $ 232,520 | $ 249,955 | $ 925,676 | $ 801,414 |
| Natural gas sales | 27,672 | 35,228 | 95,502 | 105,177 |
| Total Revenues | 260,192 | 285,183 | 1,021,178 | 906,591 |
| Costs and Expenses | ||||
| Lease operating | 108,110 | 83,624 | 370,061 | 263,176 |
| Production taxes | 1,537 | 1,090 | 6,893 | 3,677 |
| Gathering and transportation | 3,726 | 5,700 | 17,685 | 17,023 |
| Depreciation, depletion and amortization | 190,174 | 99,899 | 528,773 | 303,628 |
| Accretion of asset retirement obligations | 12,106 | 6,066 | 37,723 | 20,817 |
| Impairment of oil and natural gas properties | 739,941 | -- | 739,941 | -- |
| Goodwill impairment | -- | -- | 329,293 | -- |
| General and administrative expense | 37,121 | 24,208 | 91,290 | 65,578 |
| (Gain) loss on derivative financial instruments | 1,932 | (205) | (2,237) | 6,958 |
| Total Costs and Expenses | 1,094,647 | 220,382 | 2,119,422 | 680,857 |
| Operating Income (Loss) | (834,455) | 64,801 | (1,098,244) | 225,734 |
| Other Income (Expense) | ||||
| Loss from equity method investees | (2,646) | (1,111) | (3,384) | (5,525) |
| Other income - net | 1,231 | 867 | 3,173 | 2,302 |
| Interest expense | (85,039) | (42,700) | (218,203) | (111,026) |
| Total Other Expense | (86,454) | (42,944) | (218,414) | (114,249) |
| Income (Loss) Before Income Taxes | (920,909) | 21,857 | (1,316,658) | 111,485 |
| Income Tax Expense (Benefit) | (336,592) | 14,565 | (352,059) | 50,559 |
| Net Income (Loss) | (584,317) | 7,292 | (964,599) | 60,926 |
| Preferred Stock Dividends | 2,862 | 2,872 | 8,605 | 8,617 |
| Net Income (Loss) Available for Common Stockholders | $ (587,179) | $ 4,420 | $ (973,204) | $ 52,309 |
| Earnings (Loss) per Share | ||||
| Basic | $ (6.22) | $ 0.06 | $ (10.34) | $ 0.71 |
| Diluted | $ (6.22) | $ 0.06 | $ (10.34) | $ 0.71 |
| Weighted Average Number of Common Shares Outstanding | ||||
| Basic | 94,408 | 70,437 | 94,076 | 73,415 |
| Diluted | 94,408 | 70,502 | 94,076 | 73,493 |
ENERGY XXI LTD
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: Adjusted 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 March 31, | Nine Months Ended March 31, | |||
| 2015 | 2014 | 2015 | 2014 | |
| Net Income (Loss) | $ (584,317) | $ 7,292 | $ (964,599) | $ 60,926 |
| Interest expense, net | 83,808 | 41,833 | 215,030 | 108,724 |
| Impairment of oil and natural gas properties | 739,941 | -- | 739,941 | -- |
| Depreciation, depletion and amortization | 190,174 | 99,899 | 528,773 | 303,628 |
| Goodwill impairment | -- | -- | 329,293 | -- |
| Income Tax Expense (Benefit) | (336,592) | 14,565 | (352,059) | 50,559 |
| EBITDA | 93,014 | 163,589 | 496,379 | 523,837 |
| Adjustments to EBITDA | ||||
| Accretion of asset retirement obligations | 12,106 | 6,066 | 37,723 | 20,817 |
| Non-recurring (severance, acquisition & divestiture costs) | 4,985 | 9,100 | 23,742 | 9,100 |
| Adjusted EBITDA | $ 110,105 | $ 178,755 | $ 557,844 | $ 553,754 |
| Adjusted EBITDA per Share | ||||
| Basic | $ 1.17 | $ 2.54 | $ 5.93 | $ 7.54 |
| Diluted | $ 1.17 | $ 2.54 | $ 5.92 | $ 7.53 |
| Weighted Average Number of Common Shares Outstanding | ||||
| Basic | 94,408 | 70,437 | 94,076 | 73,415 |
| Diluted | 94,408 | 70,502 | 94,234 | 73,493 |
| ENERGY XXI LTD | ||
| CONSOLIDATED BALANCE SHEETS | ||
| (In Thousands, except share information) | ||
| March 31, | June 30, | |
| 2015 | 2014 | |
| Current Assets | (Unaudited) | |
| Cash and cash equivalents | $ 602,024 | $ 145,806 |
| Accounts receivable | ||
| Oil and natural gas sales | 83,919 | 167,075 |
| Joint interest billings | 16,176 | 12,898 |
| Other | 25,244 | 5,438 |
| Prepaid expenses and other current assets | 39,608 | 72,530 |
| Deferred income taxes | 16,959 | 52,587 |
| Derivative financial instruments | 52,822 | 1,425 |
| Total Current Assets | 836,752 | 457,759 |
| Property and Equipment | ||
| Oil and natural gas properties, net - full cost method of accounting, including $680.0 million and $1,165.7 million of unevaluated properties not being amortized at March 31, 2015 and June 30, 2014, respectively | 5,772,316 | 6,524,602 |
| Other property and equipment, net | 22,759 | 19,760 |
| Total Property and Equipment, net of accumulated depreciation, depletion, amortization and impairment | 5,795,075 | 6,544,362 |
| Other Assets | ||
| Goodwill | -- | 329,293 |
| Derivative financial instruments | 9,767 | 3,035 |
| Equity investments | 25,050 | 40,643 |
| Restricted Cash | 6,024 | 6,350 |
| Other assets and debt issuance costs, net of accumulated amortization | 83,158 | 57,394 |
| Total Other Assets | 123,999 | 436,715 |
| Total Assets | $ 6,755,826 | $ 7,438,836 |
| LIABILITIES | ||
| Current Liabilities | ||
| Accounts payable | $ 192,472 | $ 417,776 |
| Accrued liabilities | 117,574 | 133,526 |
| Notes payable | 4,949 | 21,967 |
| Asset retirement obligations | 68,392 | 79,649 |
| Derivative financial instruments | -- | 31,957 |
| Current maturities of long-term debt | 17,282 | 15,020 |
| Total Current Liabilities | 400,669 | 699,895 |
| Long-term debt, less current maturities | 4,595,770 | 3,744,624 |
| Deferred income taxes | 369,685 | 701,038 |
| Asset retirement obligations | 469,033 | 480,185 |
| Derivative financial instruments | 71 | 4,306 |
| Other liabilities | 8,168 | 10,958 |
| Total Liabilities | 5,843,396 | 5,641,006 |
| Commitments and Contingencies | ||
| Stockholders' Equity | ||
| Preferred stock, $0.001 par value, 7,500,000 shares authorized at March 31, 2015 and June 30, 2014 | -- | -- |
| 7.25% Convertible perpetual preferred stock, 3,000 and 8,000 shares issued and outstanding at March 31, 2015 and June 30, 2014, respectively | -- | -- |
| 5.625% Convertible perpetual preferred stock, 812,759 and 812,760 shares issued and outstanding at March 31, 2015 and June 30, 2014, respectively | 1 | 1 |
| Common stock, $0.005 par value, 200,000,000 shares authorized and 94,428,557 and 93,719,570 shares issued and outstanding at March 31, 2015 and June 30, 2014, respectively | 471 | 468 |
| Additional paid-in capital | 1,842,919 | 1,837,462 |
| Accumulated deficit | (1,016,322) | (19,626) |
| Accumulated other comprehensive income (loss), net of income taxes | 85,361 | (20,475) |
| Total Stockholders' Equity | 912,430 | 1,797,830 |
| Total Liabilities and Stockholders' Equity | $ 6,755,826 | $ 7,438,836 |
| ENERGY XXI LTD | ||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (In Thousands) | ||
| (Unaudited) | ||
| Nine Months Ended March 31, | ||
| 2015 | 2014 | |
| Cash Flows From Operating Activities | ||
| Net income (loss) | $ (964,599) | $ 60,926 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation, depletion and amortization | 528,773 | 303,628 |
| Impairment of oil and natural gas properties | 739,941 | -- |
| Goodwill impairment | 329,293 | -- |
| Deferred income tax expense (benefit) | (352,899) | 47,197 |
| Change in derivative financial instruments | ||
| Proceeds from sale of derivative instruments | 102,354 | -- |
| Other – net | (24,478) | (549) |
| Accretion of asset retirement obligations | 37,723 | 20,817 |
| Loss from equity method investees | 3,384 | 5,525 |
| Amortization and write-off of debt issuance costs and other | 17,942 | 9,715 |
| Stock-based compensation | 3,271 | 5,292 |
| Changes in operating assets and liabilities | ||
| Accounts receivable | 62,163 | 20,551 |
| Prepaid expenses and other assets | 32,938 | 28,130 |
| Settlement of asset retirement obligations | (77,235) | (46,269) |
| Accounts payable and accrued liabilities | (278,239) | (9,047) |
| Net Cash Provided by Operating Activities | 160,332 | 445,916 |
| Cash Flows from Investing Activities | ||
| Acquisitions | (301) | (35,082) |
| Capital expenditures | (512,302) | (574,824) |
| Insurance payments received | 2,669 | -- |
| Change in equity method investments | 12,642 | (11,694) |
| Transfer from (to) restricted cash | 325 | (325) |
| Proceeds from the sale of properties | 7,093 | 1,748 |
| Other | 185 | 624 |
| Net Cash Used in Investing Activities | (489,689) | (619,553) |
| Cash Flows from Financing Activities | ||
| Proceeds from the issuance of common and preferred stock, net of offering costs | 2,187 | 3,844 |
| Discount on convertible debt allocated to additional paid-in capital | -- | 63,432 |
| Repurchase of company common stock | -- | (184,263) |
| Dividends to shareholders – common | (23,492) | (26,238) |
| Dividends to shareholders – preferred | (8,605) | (8,617) |
| Proceeds from long-term debt | 2,586,572 | 2,039,759 |
| Payments on long-term debt | (1,729,355) | (1,391,379) |
| Debt issuance costs | (41,732) | (19,199) |
| Net Cash Provided by Financing Activities | 785,575 | 477,339 |
| Net Increase in Cash and Cash Equivalents | 456,218 | 303,702 |
| Cash and Cash Equivalents, beginning of period | 145,806 | -- |
| Cash and Cash Equivalents, end of period | $ 602,024 | $ 303,702 |
Fiscal 2015 Third-Quarter Conference Call
Energy XXI will host its fiscal third-quarter conference call Thursday, May 7, at 9 a.m. CDT. The dial-in numbers are 1 (888) 771-4371 (U.S.) and 1 (847) 585-4405 and the confirmation code is 39538724. 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.
Glossary
Barrel – unit of measure for oil and petroleum products, equivalent to 42 U.S. gallons.
BOE – barrels of oil equivalent, used to equate natural gas volumes to liquid barrels at a general conversion rate of 6,000 cubic feet of gas per barrel.
BOE/d – barrels of oil equivalent per day.
Bbl/d – barrels per day of oil or condensate.
Mcf/d – thousand cubic feet of gas per day.
NRI, Net Revenue Interest – the percentage of production revenue allocated to the working interest after first deducting proceeds allocated to royalty and overriding interest.
WI, Working Interest – the interest held in lands by virtue of a lease, operating agreement, fee title or otherwise, under which the owner of the interest is vested with the right to explore for, develop, produce and own oil, gas or other minerals and bears the proportional cost of such operations.
Forward-Looking Statements
All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, including changes in long-term oil and gas prices or other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and changes in technical or operating conditions, our ability to integrate acquisitions, among others, that could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. Energy XXI assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
About the Company
Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. To learn more, visit the Energy XXI website at www.EnergyXXI.com.
