This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Energy XXI Reports Fiscal Third-Quarter Results

Stocks in this article: EXXI

  • Acquisition of EPL Oil & Gas nears completion
  • West Delta 73 program continues to deliver solid results with El Diente well
  • Black Widow well at West Delta 30 finds 100 feet of pay
  • 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."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs