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Energy XXI's CEO Presents At Barclay's CEO Energy Conference (Transcript)

Stocks in this article: EXXI

This is the Exxon fields, just to give you some sense of size. I mentioned the old fields that we had acquired earlier from other independents. When you look at those fields, in the first six years we’ve had them, we’ve actually increased the ultimate recovery by 7% already. Basically the reserves today are what they were the days we bought them six years ago. We’re going to do the same thing at Exxon. A lot of potential here, a lot of stuff that Exxon simply couldn’t do because they didn’t capture capital, not because they didn’t know the ideas were here, but they’re $20 barrels and in the Exxon machine you can’t capture capital with $20 barrels.

What we show you here is the forecast as it was from [inaudible] acquired. As you can see where we’ve already jumped the production significantly above that forecast, and then the dashed line kind of gives you some sense of what just a 5% increase in EUR would look like. And just 5% on these fields adds $3 billion flux of value in about two-thirds of the amount of oil we currently have on the books.

Read the rest of this transcript for free on seekingalpha.com

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