Energy XXI Reports Audited Fiscal Year-End Results And Provides Operational Update

  • Fiscal 2012 EBITDA rises 69% to a record $851 million
  • Production Increases 27% for the year
  • Net debt to capitalization reduced to 39%
  • Proved reserves climb to 120 MMBOE, 71% liquids

HOUSTON, Aug. 8, 2012 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced fiscal fourth-quarter and full-year financial and operating results for the period ended June 30, 2012, and provided an operational update.
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For the 2012 fiscal fourth quarter, adjusted earnings before interest, taxes, depreciation, depletion and amortization (adjusted EBITDA) was a $223.1 million on revenues of $341.9 million, as volumes reached a record quarterly average of 47,600 barrels of oil equivalent per day (BOE/d), 68 percent of which was oil. These results compare with 2011 fiscal fourth-quarter adjusted EBITDA of $165.9 million on revenues of $282.8 million and volumes of 42,100 BOE/d, up 34 percent, 21 percent and 13 percent, respectively. Net income available for common shareholders in the 2012 fiscal fourth quarter totaled $78.3 million, or $0.93 per diluted share, compared with fiscal 2011 fourth-quarter net income available for common shareholders, excluding special items, of $26.8 million, or $0.36 per diluted share.

For the full fiscal year ended June 30, 2012, adjusted EBITDA reached a record $850.7 million, up 69 percent from the $504.5 million generated in fiscal 2011. Fiscal 2012 net income available for common shareholders was $316.7 million, or $3.85 per diluted share, on revenues of $1.3 billion and production of 44,100 BOE/d. These results compare with net income available for common shareholders for fiscal 2011 of $27.7 million, or $0.42 per diluted share, on revenues of $859.4 million and production of 34,600 BOE/d.

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