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Energy XXI Reports Audited Fiscal Year-End Results And Provides Operational Update

Stocks in this article: EXXI

  • Fiscal 2012 EBITDA rises 69% to a record $851 million
  • Production Increases 27% for the year
  • Net debt to capitalization reduced to 39%
  • Proved reserves climb to 120 MMBOE, 71% liquids

HOUSTON, Aug. 8, 2012 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced fiscal fourth-quarter and full-year financial and operating results for the period ended June 30, 2012, and provided an operational update.

Energy XXI Logo (EPR)

For the 2012 fiscal fourth quarter, adjusted earnings before interest, taxes, depreciation, depletion and amortization (adjusted EBITDA) was a $223.1 million on revenues of $341.9 million, as volumes reached a record quarterly average of 47,600 barrels of oil equivalent per day (BOE/d), 68 percent of which was oil. These results compare with 2011 fiscal fourth-quarter adjusted EBITDA of $165.9 million on revenues of $282.8 million and volumes of 42,100 BOE/d, up 34 percent, 21 percent and 13 percent, respectively. Net income available for common shareholders in the 2012 fiscal fourth quarter totaled $78.3 million, or $0.93 per diluted share, compared with fiscal 2011 fourth-quarter net income available for common shareholders, excluding special items, of $26.8 million, or $0.36 per diluted share.

For the full fiscal year ended June 30, 2012, adjusted EBITDA reached a record $850.7 million, up 69 percent from the $504.5 million generated in fiscal 2011. Fiscal 2012 net income available for common shareholders was $316.7 million, or $3.85 per diluted share, on revenues of $1.3 billion and production of 44,100 BOE/d. These results compare with net income available for common shareholders for fiscal 2011 of $27.7 million, or $0.42 per diluted share, on revenues of $859.4 million and production of 34,600 BOE/d.

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