Oil prices are continuing to fall as WTI crude oil for January delivery are down 1.85% to $56.74 per barrel as of 11:17 a.m. today. Brent crude is also down 0.52% to $61.53 per barrel.
U.S. crude hit five-and-a-half year lows earlier this morning with signs that oil prices may have just about bottomed, said former CEO of Gulf Oil Joe Petrowski, CNBC reports.
WTI crude dropped to $56.25 a barrel in early trading, its lowest price since May 2009.
Bermuda-based Energy XXI is an independent oil and natural gas exploration and production company, operating in the U.S. Gulf Coast and the Gulf of Mexico.
Separately, TheStreet Ratings team rates ENERGY XXI LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENERGY XXI LTD (EXXI) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, generally high debt management risk and disappointing return on equity."