This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs