HOUSTON, Aug. 13, 2015 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) today announced its Board of Directors declared a $1.8125 per share quarterly dividend on its shares of 7.25% Convertible Perpetual Preferred Stock, which have a face value of $100 per share, and a $3.5156 per share quarterly dividend on its shares of 5.625% Convertible Perpetual Preferred Stock, which have a face value of $250 per share. Dividends on both issues will be paid in cash on September 11, 2015 to the holders of record on August 28, 2015. The company currently has 3,000 shares of its 7.25% Convertible Perpetual Preferred Stock outstanding and 812,759 shares of its 5.625% Convertible Perpetual Preferred Stock outstanding.
In an effort to preserve capital, the Board of Directors has decided to suspend the declaration of quarterly dividends on the company's common stock. Any dividends for Energy XXI common stock will be determined on a quarterly basis, with the amount dependent upon earnings, financial condition, and capital requirements among other factors.
About the Company
Energy XXI is an independent oil and natural gas development 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.
