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TheStreet Open House

Energy XXI Reports Fiscal Second-Quarter Results And Provides Operations Update

Stock quotes in this article: EXXI

  • Production 20% higher than prior quarter on hurricane recovery
  • Successful SP49 workover adds 15 MMcf/d of production
  • Additional working interest in Bayou Carlin field adds 2,000 BOE/d and upside
  • Third horizontal well at West Delta delivers initial production of 1,700 BOE/d

HOUSTON, Jan. 30, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced fiscal second-quarter results and provided an operations update on activities in the Gulf of Mexico.

Energy XXI Logo (EPR)

For the 2013 fiscal second quarter, Energy XXI reported earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) of $198.8 million, compared with $225.6 million in the 2012 fiscal second quarter. Net income available for common stockholders for the 2013 fiscal second quarter was $38.5 million, or $0.47 per diluted share, on revenues of $321 million, compared with fiscal 2012 second-quarter net income available for common stockholders of $93.4 million, or $1.11 per diluted share, on revenue of $341 million.

Production for the 2013 fiscal second quarter averaged 44,600 barrels of oil equivalent per day (BOE/d), compared with 42,700 BOE/d in the 2012 fiscal second quarter, and compared with 37,300 BOE/d in the 2013 fiscal first quarter, which was impacted by Hurricane Isaac. Oil volumes for the 2013 fiscal second quarter averaged 29,400 barrels per day (Bbl/d). Current production approximates 47,000 BOE/d, with another 5,000 BOE/d temporarily offline due to various downtime issues, bringing total capacity to approximately 52,000 BOE/d.

"Good operating margins driven by our oil-focused development program have established a solid base going into the second half of our fiscal year," Energy XXI Chairman and CEO John Schiller said. "We continue the horizontal drilling program, complemented by key exploration projects, focused on growing reserves and production simultaneously."

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