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EPL Announces First Quarter 2013 Results

Stocks in this article: EPL

The Company still plans for its 2013 capital budget to total approximately $300 million, consisting of oil-dominated development and exploration activities, which is intended to drive production growth and organic reserve replacement. Development and infield exploration spending is budgeted primarily in the West Delta, East Bay, South Timbalier, and Ship Shoal core field areas. The Company has continued its active drilling program with six rigs currently working within its core field areas and secured the barge, hydraulic workover and jack-up rigs necessary to execute its capital program. In addition, the Company plans to spend approximately $30 million in 2013 on plugging and abandonment and other decommissioning activities, which will serve to reduce future maintenance and insurance costs. The Company spent approximately $7.1 million in the first quarter on these activities.

Liquidity and Capital Resources

As of March 31, 2013, the Company had unrestricted cash on hand of $3.3 million and restricted cash of $6.0 million. As recently announced, on April 2, 2013, EPL sold certain shallow water Gulf of Mexico shelf oil and natural gas interests located within the non-operated Bay Marchand field to the property operator for $51.5 million in cash and the buyer's assumption of liabilities recorded on its balance sheet of $11.3 million resulting in total consideration of $62.8 million, subject to customary adjustments to reflect the January 1, 2013 economic effective date. From time to time, EPL may decide to divest of certain assets that do not meet its capital expenditure risk, rate of return, operational control or other criteria in an effort to high-grade its overall portfolio of assets.

After giving effect to the sale, EPL's current liquidity, in the form of cash plus undrawn revolver availability is approximately $290 million. 2013 EBITDAX is still expected to range between $475 million to $525 million. EPL's current leverage is estimated at 1.3x debt to projected 2013 EBITDAX using the midpoint of the guidance. (See the guidance section contained in this press release and the discussion of EBITDAX in the tables).

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