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

Stocks in this article: EXXI

  • Latest three horizontal wells yield 8,400 BOE/d gross/ 7,000 BOE/d net
  • South Pass 49 program delivers 30 MMcf/d uplift gross/ 14 MMcf/d net
  • Current production climbs to 50,000 BOE/d net
  • Bayou Carlin acquisitions closed, drilling in progress
  • Joint venture signed to explore around salt domes offshore

HOUSTON, May 6, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced fiscal third-quarter results and provided an operations update on activities in the Gulf of Mexico.

Energy XXI Logo (EPR)

For the 2013 fiscal third quarter, Energy XXI reported earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) of $186.0 million, compared with $215.3 million in the 2012 fiscal third quarter. Net income available for common stockholders for the 2013 fiscal third quarter was $37.6 million, or $0.46 per diluted share, on revenues of $303.8 million, compared with fiscal 2012 third-quarter net income available for common stockholders of $82.5 million, or $1.04 per diluted share, on revenue of $336.0 million.

Production for the 2013 fiscal third quarter averaged 43,500 barrels of oil equivalent per day (BOE/d) net, compared with 45,300 BOE/d net in the 2012 fiscal third quarter. Oil volumes for the 2013 fiscal third quarter averaged 28,600 barrels per day (Bopd) net.  Current production has averaged 50,000 BOE/d net, including approximately 30,000 Bopd, since May 1, 2013.

"We brought four new wells online within the past week that have added significant production," Energy XXI Chairman and Chief Executive Officer John Schiller said. "Our West Delta and Main Pass fields continue to drive oil volumes through successful application of horizontal drilling techniques."

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