Energy XXI (Bermuda) Limited Announces Board Changes
Aug 14 14
On August 14, 2014, Mr. Benjamin Marchive notified the Board of Directors of Energy XXI (Bermuda) Limited, of his resignation as Chief Operating Officer of Energy XXI, as well as from all other positions currently held as officer, director, trustee or any position with subsidiaries or affiliates of Energy XXI, effective October 1, 2014. Mr. Marchive indicated that his decision to retire was not a result of any disagreement with Energy XXI on any matter relating to its operations, policies or practices. On August 14, 2014, Energy XXI appointed John D. Schiller Jr. as Energy XXI's President, adding this title to his current titles of Chairman of the Board of Directors and Chief Executive Officer, and appointed Antonio de Pinho, formerly serving as Executive Vice President, M&A, Joint Ventures and Technology, to Executive Vice President, Exploration and Production of Energy XXI. Prior to his appointment as Chairman of the Board of Directors, President and Chief Executive Officer, Mr. Schiller served as Chairman of the Board of Directors and Chief Executive Officer since founding Energy XXI in 2005. Prior to his appointment as Executive Vice President, Exploration and Production, Mr. Pinho served as Executive Vice President, M&A, Joint Ventures and Technology since June 2014 and as Senior Vice President, M&A, Joint Ventures and Technology since joining Energy XXI in September 2012.
Energy XXI (Bermuda) Limited Announces Unaudited Consolidated Financial and Production Results for the Fourth Quarter and Year Ended June 30, 2014; Provides Production Guidance for the First-Quarter and Full-Year of 2015
Aug 13 14
Energy XXI (Bermuda) Limited announced unaudited consolidated financial and production results for the fourth quarter and year ended June 30, 2014. For the quarter, the company reported that total revenues were $324,134,000 compared to $314,325,000 a year ago. Operating income was $54,677,000 compared to $111,747,000 a year ago. EBITDA income was $174,368,000 compared to $208,593,000 a year ago. Adjusted EBITDA was $194,344,000 or $2.51 per diluted share compared to $216,421,000 or $2.76 per diluted share a year ago.
For the year, the company reported that total revenues were $1,230,725,000 compared to $1,208,845,000 a year ago. Operating income was $280,411,000 compared to $361,805,000 a year ago. EBITDA income was $703,730,000 compared to $738,029,000 a year ago. Adjusted EBITDA was $754,181,000 or $10.13 per diluted share compared to $768,914,000 or $9.71 per diluted share a year ago. Income before income taxes was $116,200,000 compared to $248,714,000 a year ago. Net income attributable to common stockholders was $47,622,000 or $0.64 per diluted share compared to $150,585,000 or $1.86 per diluted share a year ago. Net cash provided by operating activities was $545,460,000 compared to $638,148,000 a year ago. Capital expenditures were $788,676,000 compared to $816,105,000 a year ago.
For the quarter, the company’s volumes averaged 46,100 barrels of oil equivalent per day, 69% of which was oil. Due to non-recurring items associated with acquisition and divestiture activities, the company reported a net loss in the 2014 fiscal fourth quarter of $1.8 million, or $0.06 per diluted share.
For the year, production averaged 45,000 BOE/d, up 4% from production of 43,100 BOE/d the prior year, while the oil portion rose 6%, representing 67% of volumes compared with 66% in fiscal 2013.
The company provided production guidance for the first-quarter and full-year of 2015. For the quarter, the company’s estimated production of Liquids be 43.0 MBOD to 40.0 MBOD. Estimated production of equivalent be 60.0 MBOED to 57.0 MBOED.
For the full-year, the company’s estimated production of Liquids be 47.0 MBOD to 42.0 MBOD. Estimated production of equivalent be 64.0 MBOED to 59.0 MBOED. At the mid-point of guidance, fiscal 2015 production is expected to increase 37% over the prior year, with oil volumes 48% ahead of the prior year. The company's capital budget for fiscal year 2015, which began July 1, 2014, is estimated between $850 million and $950 million, with $875 million as the expected case and the higher end of the range primarily reliant on a successful test of the Lomond North well in the Highlander area. The company currently is operating eight drilling rigs, and expects to complete 30 development wells in fiscal 2015, a 76% increase over fiscal 2014. The targeted $875 million budget would allow the company to operate an average of six rigs in fiscal 2015, with a majority of the capital being allocated to the first half of the year.
Energy XXI (Bermuda) Limited Provides Production Guidance for the Fourth Quarter and Full Year Ended June 30, 2014 and Capital Expenditure Guidance for the Fiscal Year 2015
Aug 4 14
Energy XXI (Bermuda) Limited provides production guidance for the fourth quarter and full year ended June 30, 2014. Preliminary June 30, 2014 fiscal year-end proved reserves are estimated at 246 million barrels of oil equivalent (MMBOE), 75% liquids, up 38% from the June 30, 2013 year-end reserves, primarily due to the June 2014 acquisition of EPL Oil & Gas. Approximately 61% of proved reserves are proved developed. Netherland, Sewell & Associates Inc., independent oil and gas reserves auditors, are currently finalizing the year-end proved, probable and possible reserves audit and these preliminary estimates are subject to change. All of the company's reserves are in the United States Gulf of Mexico or Gulf Coast. During the company's fiscal fourth quarter, production averaged approximately 46,100 barrels of oil equivalent per day (BOE/d), with oil production averaging nearly 32,000 barrels per day (Bbl/d), both of which are higher than the guidance provided at the time of the EPL acquisition. The quarter's volumes included a one-month contribution from the acquired assets, less approximately 2,000 BOE/d from the sale of the Eugene Island and South Marsh Island properties on April 1, 2014. During the company's fiscal fourth quarter, eight wells were drilled, providing initial production uplift of approximately 4,150 BOE/d. The bulk of the uplift came online in June following the completion of rig moves and facility upgrades, contributing approximately 1,200 BOE/d to the quarter average. Four wells were drilled in the West Delta 30 field, three were drilled in Ship Shoal 208 and one was completed in Main Pass 61. For the full fiscal year ended June 30, 2014, 17 development wells were drilled and completed, including five wells completed on EPL properties in the quarter.
The company provides capital expenditure guidance for the fiscal year 2015. The company's capital budget for fiscal year 2015, which began July 1, 2014, is estimated between $850 million and $950 million, with $875 million as the expected case and the higher end of the range primarily reliant on a successful test of the Lomond North well in the Highlander area.