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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.

  • 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.

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