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Energy XXI (Bermuda) Limited's CEO Discusses Q3 2012 Results - Earnings Call Transcript

And now I'll turn the call over to John.

John Daniel Schiller

Thanks, Stewart. Welcome, everyone. Our third quarter financials were released yesterday at the close of the market. And we have record production of 45,300 barrels equivalent oil per day for the quarter, producing nearly 70% oil. Our net realized crude price for the quarter was about $1 -- $109 per barrel, representing more than 94% of our pre-head revenues for the quarter. Bottom line is all that drives our financial success.

We hit our stride this quarter and are currently running 5 operated rigs and 4 non-operated rigs. This program resulted in a substantial increase in our CapEx for the quarter and yet we still generate our free cash flow during the quarter. Even better next quarter, we'll start reaping the benefits from the increased activity in terms of record production from those assets.

The only downside for the quarter was that it's [ph] -- our oil production, we suffered shut ins due to pipeline repairs and rig moves that caused us about 2,000 barrels of oil today, with the majority of that coming from the pipeline.

Oil has led our [ph] store for production growth and 2 years with increased oil production over 80%. Current oil production indicates that growth trend is continuing with the capacity that's running 10% above our current quarter grade. We have 6 more wells coming online this quarter with net uplift expected to top [ph] another 10,000 barrels of oil equivalent per day. I'll talk more about those wells and other operations in a few minutes, but first let's turn the call over to West to discuss our financial performance.

David West Griffin

Thanks, John. Let's take a look at a few highlights from the quarter. We realized $118.76 on crude versus $52.67 on NGLs for an average realized price of $110.54 for the quarter. That's up slightly versus $108.80 in the December quarter.

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