Oil volumes higher on successful horizontal program
Two additional drilling rigs to arrive during fiscal second quarter
HOUSTON, Oct. 29, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced fiscal first-quarter results and provided an operations update on activities in the Gulf of Mexico.
For the 2014 fiscal first quarter, Energy XXI reported earnings before interest and other, taxes, depreciation, depletion and amortization (adjusted EBITDA) of $199.6 million, compared with $141.4 million in the 2013 fiscal first quarter. Net income available for common stockholders for the 2014 fiscal first quarter was $40.3 million, or $0.51 per diluted share, on revenues of $324.6 million, compared with fiscal 2013 first-quarter net income available for common stockholders of $15.4 million, or $0.19 per diluted share, on revenue of $270.2 million. Production for the 2014 fiscal first quarter averaged 46,600 barrels of oil equivalent per day (BOE/d) net, compared with 37,300 BOE/d net in the 2013 fiscal first quarter. Oil volumes for the 2014 fiscal first quarter averaged 29,700 barrels per day (Bbl/d) net. Current production continues to average 47,000 BOE/d. "Production remains stable with only two rigs drilling development wells," Energy XXI Chairman and Chief Executive Officer John Schiller said. "Success at West Delta 73 is driving oil volumes higher. The horizontal drilling program is working well and we continue to demonstrate repeatability of the program." Capital Expenditures During the 2014 fiscal first quarter capital, expenditures totaled $198.4 million, with $54.7 million in exploration and $143.7 million in development and other costs.