This Day On The Street
Continue to site
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

Energy XXI Announces Fiscal Year-End Results And Details Fiscal 2015 Budget

Proved reserves grew 38% to 246 MMBOE
Energy XXI Logo (EPR)

Reserve replacement rate exceeded 510%

Fourth-quarter production volumes ahead of company guidance

Fiscal 2014 oil production grew 6%

Fiscal 2015 capital program focused on oil development

Fiscal 2015 production expected to grow more than 30%, oil more than 40%

HOUSTON, Aug. 13, 2014 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (AIM:EXXI) today announced fiscal fourth-quarter and full-year financial and operating results for the period ending June 30, 2014, and provided fiscal 2015 guidance.

Highlights
  • Fourth-quarter adjusted EBITDA was $194.3 million as production tops guidance, including a higher percentage of oil volumes
  • Proved reserves reach 246 MMBOE, lifting PV-10 to $7.6 billion, while 3P reserves grow to 432 MMBOE, with a PV-10 of $14.6 billion
  • Fiscal 2014 production rose 4% year over year, with oil up 6%, while fiscal 2015 production is expected to grow more than 37% at the guidance mid-point, and 48% for oil
  • Acquisition of EPL adds locations to the drilling inventory and provides significant operational synergies, including cost savings exceeding initial targets
  • Fiscal 2015 capital budget target of $875 million focused on development drilling, with 30 wells expected to be placed on production in fiscal 2015, compared with 17 wells in fiscal 2014

Fiscal 2014 Fourth-Quarter and Full-year Results

For the 2014 fiscal fourth quarter, adjusted earnings before non-recurring charges and interest, taxes, depreciation, depletion and amortization (adjusted EBITDA) was $194.3 million (a non-GAAP measure reconciled below) on revenues of $324.1 million. Volumes averaged 46,100 barrels of oil equivalent per day (BOE/d), 69 percent of which was oil. Due to non-recurring items associated with acquisition and divestiture activities, the company reported a net loss in the 2014 fiscal fourth quarter of $1.8 million, or $0.06 per diluted share.

1 of 4

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
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
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,690.46 -55.52 -0.31%
S&P 500 2,103.92 -4.71 -0.22%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs