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Energy XXI Reports Fiscal Third-Quarter Results

Stocks in this article: EXXI

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  • Divestiture of non-operated assets nets nearly $100 million in cash

HOUSTON, April 30, 2014 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (AIM:EXXI) today announced fiscal third-quarter results and provided an update on activities in the Gulf of Mexico.

Energy XXI Logo (EPR)

For the 2014 fiscal third quarter, Energy XXI reported adjusted earnings before interest and other, taxes, depreciation, depletion and amortization (adjusted EBITDA) of $178.8 million. Net income available for common stockholders for the quarter was $4.4 million, or $0.06 per diluted share, on revenues of $285.2 million. Excluding one-time charges associated with acquisitions and divestitures, net income available to common stockholders was $13.5 million, or $0.19 per diluted share.

Production for the 2014 fiscal third quarter averaged 42,300 barrels of oil equivalent per day (BOE/d) net, 28,400 barrels per day (Bbl/d) or 67 percent of which was oil. Current production approximates 41,000 BOE/d, which reflects the April 1, 2014 sale of non-operated properties that had been producing approximately 2,000 BOE/d.

"As expected, our fiscal third quarter was a transitional period with limited drilling activity and higher production shut-ins due to rig moves," Energy XXI Chairman and Chief Executive Officer John Schiller said. "The transition is almost complete, and we will be doubling our development drilling activity with the addition of two operated rigs, which should position the company for organic growth in our new fiscal year."

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