Energy XXI (Bermuda) Limited (EXXI)
Barclay's CEO Energy Conference
September 6, 2012, 2:25 p.m. ET
John Daniel Schiller – Chairman, CEO
…and the beauty of it is it’s all about production, so a lot of our exploration we choose to do when we’re ready, we don’t have guns to our head in terms of lease expiration. We operate five of the eleven largest oil fields. I can’t say enough how important this is. It’s what distinguishes us from the other companies that we compete against. Big oil fields get bigger, that’s the bottom line. I want to show you a lot of that as we go through today, in terms of the things we’re doing and how these fields continue to get bigger. You can see we’re predominately oil, especially around the Mississippi river, where most of our production is located.
So, how do we get there? We start with acquisitions. We think we were successful in acquiring a lot of things at the right price. We were opportunistic. A couple of the deals happened where people were stressed out by storms. One of them was [inaudible] was involved, one of them was something that we already had all the operations and somebody [inaudible] 50%, so we kind of had to capture the seller there. And all of those things led up to the Exxon deal, which was our biggest acquisition by far, and one that really jump started the exploitation. We were doing a good job on the field we had, but the field we had, we were coming behind other independents who had gotten those fields from majors, and we were still having big impacts on our ultimate recovery. Now, with that gone, we’re coming directly behind a major. You’ll start seeing results in the things we do.
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