The company's capital program for fiscal year 2014, which began July 1, 2013, is estimated at $660 million. Development drilling and recompletions account for $360 million of planned spending, with exploration drilling targeting approximately $100 million and facilities totaling about $80 million. Facilities spending includes $51 million for construction of a new platform at West Delta 73. The remainder of the capital budget for fiscal 2014 is allocated to general and administrative, land and abandonment costs. Capital expenditures in the just completed fiscal year 2013 approximated $860 million, including $44 million of abandonment costs and excluding $161 million spent on acquisitions.
Share Repurchase Program
As previously announced, the company's Board of Directors in May approved the repurchase of the company's common shares up to a value of $250 million. Through July 16, 2013, repurchased shares totaled 3,852,900 at an average price per share of $24.35. Following these purchases, the company has a total of 75,571,910 shares in issue.
All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, including changes in long-term oil and gas prices or other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and changes in technical or operating conditions, among others, that could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. Energy XXI assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
Competent Person Disclosure
The technical information contained in this announcement relating to resources and operations adheres to the standard set by the Society of Petroleum Engineers ("SPE").
Tom O'Donnell, Vice President of Exploitation
, a Petroleum Engineer, is the qualified person who has reviewed and approved the technical information contained in this announcement.
About the Company
Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Cantor Fitzgerald Europe is Energy XXI's listing broker in the United Kingdom.
To learn more, visit the Energy XXI website at