This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Energy XXI Reports Fiscal Second-Quarter Results

  • Oil volumes higher for third consecutive quarter
  • Lomond well at Highlander prospect logs 150 net feet of pay
  • Share repurchase program reaches 12 percent

HOUSTON, Feb. 6, 2014 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (AIM: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 2014 fiscal second quarter, Energy XXI reported adjusted earnings before interest, income taxes, depreciation, depletion and amortization (adjusted EBITDA) of $162.1 million, compared with $196.5 million in the 2013 fiscal second quarter. Net income available for common stockholders for the 2014 fiscal second quarter was $7.6 million, or $0.10 per diluted share, on revenues of $296.8 million, compared with fiscal 2013 second-quarter net income available for common stockholders of $38.5 million, or $0.47 per diluted share, on revenue of $320.5 million.

Fiscal 2014 second-quarter results were reduced by a higher effective income tax rate, lower realized crude oil sales prices, and hedge ineffectiveness.

Production for the 2014 fiscal second quarter averaged 45,100 barrels of oil equivalent per day (BOE/d) net, compared with 44,600 BOE/d net in the 2013 fiscal second quarter. Oil volumes for the 2014 fiscal second quarter averaged 30,200 barrels per day (Bbl/d) net, up from to 29,400 Bbl/d in the 2013 fiscal second quarter.

"With success at West Delta and Main Pass, we continue to hit our oil production targets," Energy XXI Chairman and Chief Executive Officer John Schiller said. "Facilities are being upgraded to allow for a ramp up in drilling activity in the back half of this fiscal year. With six horizontal oil wells set to be drilled at West Delta 73 and 30, we expect a strong finish to our fiscal year in June."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs