Energy XXI Ltd Appoints Antonio de Pinho as Chief Operating Officer
Nov 13 14
On November 13, 2014, Energy XXI Ltd. appointed Antonio de Pinho to Chief Operating Officer of the company. Prior to his appointment as Chief Operating Officer, Mr. Pinho, served as Executive Vice President, Exploration and Production of Energy XXI since August 2014. Since joining Energy XXI in September 2012, Mr. Pinho has also served as Executive Vice President, M&A, Joint Ventures and Technology and as Senior Vice President, M&A, Joint Ventures and Technology. Mr. Pinho has more than 20 years of experience in international oil and gas operations, including serving as vice president of western division and international exploration and production at El Paso Corporation before joining Energy XXI. He also held the position of vice president of international business development at Devon Energy.
Energy XXI Announces Unaudited Consolidated Financial and Operating Results for the First Quarter Ended September 30, 2014; Provides Operating Guidance for the Second Quarter and Full Year of Fiscal 2015
Nov 5 14
Energy XXI announced unaudited consolidated financial and operating results for the first quarter ended September 30, 2014. 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, 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. 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. Operating income was $51,139,000 against $99,431,000 for the same period of last year. Loss before income taxes was $13,292,000 against income of $68,475,000 for the same period of last year. EBITDA was $213,286,000 against $197,854,000 for the same period of last year. Net cash provided by operating activities was $203,950,000 against $107,899,000 for the same period of last year.
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% of oil hedged through calendar 2014, and has 60% of oil hedged in calendar 2015. 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 the core fields with total potential incremental production from existing wells expected to exceed 2,500 BOE/d. 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% working interest in the Lomond well.
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. For fiscal 2015, the company expects, net production (per day) Oil, including NGLs 42,000 to 46,000 barrels and BOE of 59,000 to 64,000 barrels per day.
For second quarter of fiscal 2015, the company expects, net production (per day) Oil, including NGLs 41,000 to 45,000 barrels and BOE of 58,000 to 63,000 barrels per day.