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TheStreet Open House

Energy XXI Reports Fiscal Second-Quarter Results

Stocks in this article: EXXI

  • 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."

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