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Energy XXI Reports Audited Fiscal Year-End Results And Provides Operational Update

Stocks in this article: EXXI

  • 3P reserves estimated at 310 MMBOE; $10.9 billion in PV-10
  • Drilling program continues to deliver with Big Sky 3, Monte Carlo 2 wells
  • Fiscal 2014 capital program targets volume growth and free cash flow

HOUSTON, Aug. 20, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced fiscal fourth-quarter and full-year financial and operating results for the period ended June 30, 2013, and provided an operational update.

Energy XXI Logo (EPR)

For the 2013 fiscal fourth quarter, adjusted earnings before interest and other, taxes, depreciation, depletion and amortization (adjusted EBITDA) was $208.6 million on revenues of $314.3 million, as volumes averaged 46,800 barrels of oil equivalent per day (BOE/d), 62 percent of which was oil. These results compare with 2012 fiscal fourth-quarter adjusted EBITDA of $223.1 million on revenues of $341.9 million and volumes of 47,600 BOE/d. Net income available for common shareholders in the 2013 fiscal fourth quarter totaled $59.2 million, or $0.72 per diluted share, compared with fiscal 2012 fourth-quarter net income available for common shareholders of $78.3 million, or $0.93 per diluted share.

For the full fiscal year ended June 30, 2013, adjusted EBITDA was $738.0 million, compared with $850.7 million generated in fiscal 2012. Fiscal 2013 net income available for common shareholders was $150.6 million, or $1.86 per diluted share, on revenues of $1.2 billion and production of 43,100 BOE/d. These results compare with net income available for common shareholders for fiscal 2012 of $316.7 million, or $3.85 per diluted share, on revenues of $1.3 billion and production of 44,100 BOE/d.

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