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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Energy Xxi (DI) | LSE:EXXI | London | Ordinary Share | BMG100821401 | COM SHS USD0.005 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jun 2019 to Jun 2024
TIDMEXXI
RNS Number : 2889W
Energy XXI (Bermuda) Limited
06 November 2014
Energy XXI Reports Fiscal 2015 First-Quarter Results, Issues Operations Update
First-quarter production volumes average 58,600 BOE/d
FY15 capital program reduced to $670-$690 million range
On target to achieve full-year cost savings on acquisition
HOUSTON - Nov. 5, 2014 - Energy XXI (NASDAQ: EXXI) (AIM: EXXI) today announced fiscal first-quarter 2015 results and provided an operations update on activities in the Gulf of Mexico.
Highlights
-- Generated first-quarter adjusted EBITDA of $230.7 million -- Current production averaging 60,000 BOE/d -- Reaffirmed full-year guidance ranges -- Currently completing the Toro well after logging 170 net feet of oil pay
"During the first quarter with a front-loaded capital budget, we completed nine wells, with nine additional wells to come online in the current quarter," Energy XXI Ltd Chairman, President and Chief Executive Officer John D. Schiller said. "As we enter the second half of our fiscal year we are focused on capital preservation, reducing downtime and lowering expenses while maintaining production and generating free cash flow. Asset rationalization and free cash flow will be used for debt reduction."
Fiscal 2015 First-Quarter Results
For the 2015 fiscal first quarter, adjusted earnings before non-recurring charges and interest, taxes, depreciation, depletion and amortization (adjusted EBITDA) was $230.7 million (a non-GAAP measure reconciled below), compared with $205.2 million in the 2014 fiscal first quarter. The company reported a net loss available for common stockholders in the 2015 fiscal first quarter of $9.3 million, or $0.10 loss per diluted share, on revenues of $403.2 million, compared with fiscal 2014 first-quarter net income available for common stockholders of $40.3 million, or $0.51 income per diluted share, on revenues of $324.6 million.
Production for the 2015 fiscal first quarter averaged 58,600 net barrels of oil equivalent per day (BOE/d), with 41,600 barrels per day (Bbl/d) liquids, compared with 46,600 net BOE/d, 29,800 Bbl/d liquids in the 2014 fiscal first quarter. Current production approximates 60,000 BOE/d. The company currently has 75 percent of oil hedged through calendar 2014, and has 60 percent of oil hedged in calendar 2015.
Operations Update
Our core acreage position has led to multiple wells coming online in the first quarter. Three horizontal wells were brought online at West Delta 73 (100% WI/83% NRI), four at the West Delta 30 field (100% WI/ 87% NRI), one at Main Pass (100% WI/ 83% NRI), and one at Ship Shoal (100% WI/ 83% NRI). The nine wells provided uplift of approximately 1,250 net BOE/d to the first-quarter average. These wells are expected to add approximately 3,000 net BOE/d to the fiscal second-quarter average. In the second quarter, the company plans to bring nine additional wells online, providing approximate uplift of 2,100 net BOE/d to the second-quarter average production.
At the Main Pass 61 field, the Toro well reached total depth of 8,070 feet TVD/ 10,835 MD; logging 170 net feet measured depth (MD) feet of oil pay in the J-6 sand, and is expected to be online within the next 30 days. The company expects to be operating two rigs by calendar year-end. In addition, the company will have a workover rig at South Pass 78 to execute a four to six well workover program.
Multiple capital projects are underway designed to alleviate back pressure, water handling capacity, and compression upgrades in the West Delta, Main Pass and South Pass areas. These planned facilities upgrades are expected to cost approximately $15 million and be completed in the company's fiscal third quarter. These programs are designed to help optimize oil and gas production from our core fields with total potential incremental production from existing wells expected to exceed 2,500 BOE/d.
Inboard Lower Tertiary Cretaceous Trend
In the non-operated joint venture with Freeport McMoRan Oil and Gas in the Inboard Lower Tertiary/Cretaceous trend, the Highlander discovery (Lomond) is currently being completed and testing is anticipated in the calendar fourth quarter of 2014. Energy XXI has a 20 percent working interest in the Lomond well.
Capital Expenditures
During the 2015 fiscal first quarter, capital expenditures totaled $280.0 million, with $25.4 million in exploration and $254.6 million in development and other costs. Currently, the company is estimating the total fiscal 2015 capital program to range from $670 million to $690 million ($450 million annualized run rate), down from a previously announced $815 million.
Guidance
Second-quarter and full-year guidance is provided below.
Hot Features
Premium
Volume Projections FY 2015 2Q FY15
================================ ================= =================
Net Production (per
day)
-------------------------------- ----------------- -----------------
Oil, including NGLs
(Bbls) 42,000 - 46,000 41,000 - 45,000
-------------------------------- ----------------- -----------------
BOE 59,000 - 64,000 58,000 - 63,000
================================ ================= =================
% Oil, including NGLs
(using midpoint of guidance) 71% 71%
-------------------------------- ----------------- -----------------
FY15 Cost Projections
($MM) 1Q Actuals 2Q proj.
======================== ============ =================
LOE 142.6 125-135
------------------------ ------------ -----------------
G&A 26.4 21-24
------------------------ ------------ -----------------
Gathering & Transport 9.2 8-10
------------------------ ------------ -----------------
DD&A 29.93/BOE 29.50-31.50/BOE
Quarter Ended
-------------------------------------------------------
Operating Highlights Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,
2014 2014 2014 2013 2013
---------- --------- --------- --------- ----------
(In Thousands, Except per Unit Amounts)
Operating revenues
Crude oil sales $370,155 $294,974 $254,641 $263,626 $290,965
Natural gas sales 34,561 34,508 37,562 31,138 32,584
Hedge gain (loss) (1,485) (5,348) (7,020) 2,052 1,043
---------- --------- --------- --------- ----------
Total revenues 403,231 324,134 285,183 296,816 324,592
---------- --------- --------- --------- ----------
Percent of operating revenues from crude oil
Prior to hedge gain (loss) 91% 90% 87% 89% 90%
Including hedge gain (loss) 91% 89% 88% 88% 89%
Operating expenses
Lease operating expense
Insurance expense 11,022 8,357 6,410 7,920 8,496
Workover and maintenance 29,416 14,408 17,797 19,690 14,586
Direct lease operating expense 102,147 79,806 59,417 66,179 62,681
---------- --------- --------- --------- ----------
Total lease operating expense 142,585 102,571 83,624 93,789 85,763
Production taxes 3,093 1,750 1,090 1,189 1,398
Gathering and transportation 9,188 6,509 5,700 5,978 5,345
DD&A 161,266 119,691 99,899 103,513 100,216
General and administrative 26,424 30,824 24,208 17,698 23,672
Other - net 9,536 8,112 5,861 13,147 8,767
---------- --------- --------- --------- ----------
Total operating expenses 352,092 269,457 220,382 235,314 225,161
---------- --------- --------- --------- ----------
Operating income $51,139 $54,677 $64,801 $61,502 $99,431
========== ========= ========= ========= ==========
Sales volumes per day
Natural gas (MMcf) 100.7 84.8 83.7 89.3 100.8
Crude oil (MBbls) 41.8 32.0 28.4 30.2 29.7
Total (MBOE) 58.6 46.1 42.3 45.1 46.6
Percent of sales volumes from crude oil 71% 69% 67% 67% 64%
Average sales price
Natural gas per Mcf $3.73 $4.47 $4.98 $3.79 $3.51
Hedge gain (loss) per Mcf 0.02 (0.02) (0.31) 0.42 0.30
---------- --------- --------- --------- ----------
Total natural gas per Mcf $3.75 $4.45 $4.67 $4.21 $3.81
========== ========= ========= ========= ==========
Crude oil per Bbl $96.28 $101.45 $99.71 $94.85 $106.31
Hedge gain (loss) per Bbl (0.43) (1.78) (1.83) (0.50) (0.63)
---------- --------- --------- --------- ----------
Total crude oil per Bbl $95.85 $99.67 $97.88 $94.35 $105.68
========== ========= ========= ========= ==========
Total hedge gain (loss) per BOE $(0.28) $(1.28) $(1.84) $0.49 $0.24
========== ========= ========= ========= ==========
Operating revenues per BOE $74.84 $77.28 $74.85 $71.54 $75.78
---------- --------- --------- --------- ----------
Operating expenses per BOE
Lease operating expense
Insurance expense 2.05 1.99 1.68 1.91 1.98
Workover and maintenance 5.46 3.44 4.67 4.75 3.41
Direct lease operating expense 18.96 19.03 15.59 15.95 14.63
---------- --------- --------- --------- ----------
Total lease operating expense per BOE 26.47 24.46 21.94 22.61 20.02
Production taxes 0.57 0.42 0.29 0.29 0.33
Gathering and transportation 1.71 1.55 1.50 1.44 1.25
DD&A 29.93 28.54 26.22 24.95 23.40
General and administrative 4.90 7.35 6.35 4.27 5.53
Other - net 1.77 1.93 1.54 3.17 2.05
---------- --------- --------- --------- ----------
Total operating expenses per BOE 65.35 64.25 57.84 56.73 52.58
---------- --------- --------- --------- ----------
Operating income per BOE $9.49 $13.03 $17.01 $14.81 $23.20
========== ========= ========= ========= ==========
ENERGY XXI LTD
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, except per share information)
(Unaudited)
Three Months Ended
September 30,
--------------------
2014 2013
--------- ---------
Revenues
Crude oil sales $368,501 $289,229
Natural gas sales 34,730 35,363
--------- ---------
Total Revenues 403,231 324,592
--------- ---------
Costs and Expenses
Lease operating 142,585 85,763
Production taxes 3,093 1,398
Gathering and transportation 9,188 5,345
Depreciation, depletion and amortization 161,266 100,216
Accretion of asset retirement obligations 12,819 7,326
General and administrative expense 26,424 23,672
(Gain) loss on derivative financial instruments (3,283) 1,441
--------- ---------
Total Costs and Expenses 352,092 225,161
--------- ---------
Operating Income 51,139 99,431
--------- ---------
Other Income (Expense)
Income (loss) from equity method investees 881 (1,793)
Other income - net 951 522
Interest expense (66,263) (29,685)
--------- ---------
Total Other Expense (64,431) (30,956)
--------- ---------
Income (Loss) Before Income Taxes (13,292) 68,475
Income Tax Expense (Benefit) (6,889) 25,336
--------- ---------
Net Income (Loss) (6,403) 43,139
Preferred Stock Dividends 2,872 2,873
--------- ---------
Net Income (Loss) Available for Common Stockholders $(9,275) $40,266
Earnings (Loss) per Share
Basic $(0.10) $0.53
Diluted $(0.10) $0.51
Weighted Average Number of Common Shares Outstanding
Basic 93,833 75,782
Diluted 93,833 84,073
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
September 30,
----------------------
2014 2013
------------ --------
Net Income (Loss) as Reported $(6,403) $43,139
Interest expense - net 65,312 29,163
Depreciation, depletion and amortization 161,266 100,216
Income tax expense (benefit) (6,889) 25,336
EBITDA 213,286 197,854
Adjustments to EBITDA
Accretion of asset retirement obligation 12,819 7,326
Non-recurring charges 4,635 --
Adjusted EBITDA $230,740 $205,180
============ ========
Adjusted EBITDA Per Share
Basic $2.46 $2.71
Diluted $2.46 $2.70
Weighted Average Number of Common Shares Outstanding
Basic 93,833 75,782
Diluted 93,833 75,858
ENERGY XXI LTD
CONSOLIDATED BALANCE SHEETS
(In Thousands, except share information)
September 30, June 30,
2014 2014
----------------- -----------
(Unaudited)
Current Assets
Cash and cash equivalents $119,500 $145,806
Accounts receivable
Oil and natural gas sales 145,821 167,075
Joint interest billings 14,426 12,898
Insurance and other 5,615 5,438
Prepaid expenses and other current assets 64,631 72,530
Deferred income taxes 24,587 52,587
Derivative financial instruments 23,815 1,425
----------------- -----------
Total Current Assets 398,395 457,759
----------------- -----------
Property and Equipment
Oil and natural gas properties - full cost method of accounting, including $1,167.6
million
and $1,165.7 million of unevaluated properties not being amortized at September 30,
2014 and
June 30, 2014, respectively 6,637,292 6,524,602
Other property and equipment 23,400 19,760
----------------- -----------
Total Property and Equipment, net of accumulated depreciation, depletion,
amortization and
impairment 6,660,692 6,544,362
----------------- -----------
Other Assets
Goodwill 329,293 329,293
Derivative financial instruments 6,713 3,035
Equity investments 40,320 40,643
Restricted Cash 325 6,350
Other assets and debt issuance costs, net of accumulated amortization 60,845 57,394
----------------- -----------
Total Other Assets 437,496 436,715
----------------- -----------
Total Assets $7,496,583 $7,438,836
================= ===========
LIABILITIES
Current Liabilities
Accounts payable $472,108 $417,776
Accrued liabilities 115,509 133,526
Notes payable 19,368 21,967
Asset retirement obligations 79,614 79,649
Derivative financial instruments 1,446 31,957
Current maturities of long-term debt 15,612 15,020
----------------- -----------
Total Current Liabilities 703,657 699,895
Long-term debt, less current maturities 3,800,417 3,744,624
Deferred income taxes 685,121 701,038
Asset retirement obligations 482,339 480,185
Derivative financial instruments - 4,306
Other liabilities 8,009 10,958
----------------- -----------
Total Liabilities 5,679,543 5,641,006
----------------- -----------
Stockholders' Equity
Preferred stock, $0.001 par value, 7,500,000 shares authorized at September 30, 2014
and June
30, 2014,
7.25% Convertible perpetual preferred stock, 8.000 shares issued and outstanding at
September
30, 2014 and June 30, 2014
5.625% Convertible perpetual preferred stock, 812,760 shares issued and outstanding at
September
30, 2014 and June 30, 2014
1 1
Common stock, $0.005 par value, 200,000,000 shares authorized and 93,867,405 and
93,719,570
shares issued and outstanding at September 30, 2014 and June 30, 2014, respectively
469 468
Additional paid-in capital 1,841,457 1,837,462
Accumulated deficit (40,165) (19,626)
Accumulated other comprehensive income (loss), net of income taxes 15,278 (20,475)
Total Stockholders' Equity 1,817,040 1,797,830
----------------- -----------
Total Liabilities and Stockholders' Equity $7,496,583 $7,438,836
================= ===========
ENERGY XXI LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended
September 30,
--------------------
2014 2013
--------- ---------
Cash Flows From Operating Activities
Net income (loss) $(6,403) $43,139
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation, depletion and amortization 161,266 100,216
Deferred income tax expense (benefit) (7,169) 22,480
Change in derivative financial instruments
Proceeds from derivative instruments 3,364 -
Other - net (5,938) (2,357)
Accretion of asset retirement obligations 12,819 7,326
Loss (income) from equity method investees (881) 1,793
Amortization and write-off of debt issuance costs and other 5,277 1,455
Stock-based compensation 1,779 3,532
Changes in operating assets and liabilities
Accounts receivable 23,313 (2,131)
Prepaid expenses and other current assets 7,661 (6,270)
Settlement of asset retirement obligations (14,907) (18,063)
Accounts payable and accrued liabilities 23,769 (43,221)
--------- ---------
Net Cash Provided by Operating Activities 203,950 107,899
--------- ---------
Cash Flows from Investing Activities
Acquisitions (287) (15)
Capital expenditures (280,010) (198,358)
Change in equity method investments 1,282 (16,694)
Proceeds from the sale of properties 6,947 1,748
Other (80) (51)
--------- ---------
Net Cash Used in Investing Activities (272,148) (213,370)
--------- ---------
Cash Flows from Financing Activities
Proceeds from the issuance of common and preferred stock, net of offering costs 2,217 3,267
Repurchase of company common stock - (35,210)
Dividends to shareholders - common (11,264) (9,096)
Dividends to shareholders - preferred (2,872) (2,873)
Proceeds from long-term debt 510,120 1,040,697
Payments on long-term debt (454,042) (865,231)
Debt issuance costs (2,250) (8,720)
Other (17) (1)
--------- ---------
Net Cash Provided by Financing Activities 41,892 122,833
--------- ---------
Net Increase (Decrease) in Cash and Cash Equivalents (26,306) 17,362
Cash and Cash Equivalents, beginning of period 145,806 -
Cash and Cash Equivalents, end of period $119,500 $17,362
========= =========
Fiscal 2015 First Quarter Conference Call
Energy XXI will host its fiscal first-quarter conference call tomorrow, Nov. 6, at 9 a.m. CST (3 p.m. London time). The dial-in numbers are 1 (631) 813-4724 (U.S.) and (0) 800 028 8438 (U.K.) and the confirmation code is 21254329. 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.
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. Cantor Fitzgerald Europe is Energy XXI's listing broker in the United Kingdom. To learn more, visit the Energy XXI website at 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.
Inquiries of the Company
Energy XXI
Greg Smith
Vice President, Investor Relations
713-351-3149
gsmith@energyxxi.com
Kim Pinyopusarerk
Investor Relations Associate
713-351-3028
kpinto@energyxxi.com
Cantor Fitzgerald Europe
Nominated Adviser: David Porter, Rick Thompson
Corporate Broking: Richard Redmayne
Tel: +44 (0) 20 7894 7000
Pelham Bell Pottinger
Henry Lerwill
hlerwill@bellpottinger.com
Tel: +44 (0) 20 3772 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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