Energy XXI
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Address
U.S. Office
Energy XXI U.S.A., Inc
c/o Suite 2626
1021 Main
Houston
Texas 77002
U.S.A.
Tel 713.351.3000
Fax 713.351.3300
Web http://www.energyxxi.com
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Capex
The 2008 capital budget, excluding acquisitions, is expected to be approximately $260 million, or 40 percent lower than the prior year.
Of the $260 million 2008 budget, approximately $137 million is allocated to exploration and $120 million to development activity. The company also has agreed to acquire $40 million of producing properties, $36 million of which are related to the exercise of a preferential right for onshore Louisiana properties recently purchased by a joint venture partner.
Future Plans
The Group has succeeded in delivering on its stated strategy of acquiring producing assets with near term upside potential. This is already generating material returns through a combination of rapidly increasing production and strong commodity prices. The existing portfolio holds significant development and exploration upside, positioned in mature, large and high quality fields. Alongside the aggressive exploitation of their assets Energy XXI plan to continue to grow by acquisition using their cash flow and debt facilities to acquire producing assets with near term upside in new regions.
Production
During the year ended June 30, 2008 Energy XXI produced 9.6 million barrels of oil equivalent or 26,301boepd.
During the year ended June 30, 2007 Energy XXI produced 5.9 million barrels of oil equivalent or 16,164 boepd.
Reserves
Proved reserves at June 30, 2008 totaled 51.5 million BOE, compared with 55.6 million BOE booked at June 30, 2007. During fiscal year 2008, Energy XXI added 3.8 million BOE of proved reserves through discoveries and extensions of existing fields and 1.7 million BOE through acquisitions, while producing 9.6 million BOE.
Proved reserves at June 30, 2007 totaled 55.6 million BOE, up 126 percent from the 24.6 million BOE booked at June 30, 2006. During fiscal year 2007, Energy XXI added 29.7 million BOE of proved reserves through acquisitions and 10.9 million BOE through the drilling program, while producing 5.9 million BOE. Revisions reduced proved reserves by 3.2 million BOE, while property sales cut 0.4 million BOE. Year-end proved reserves were weighted toward liquids (crude oil, condensate and natural gas liquids) at 54 percent, or 30.3 million barrels, with natural gas representing 46 percent, or 151.8 billion cubic feet. The company's reserves are fully determined by independent reservoir engineering firms.
Who's Who
John D. Schiller, Jr.
Chairman and Chief Executive Officer
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Steve Weyel
President, Chief Operating Officer, and Director
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West Griffin
Chief Financial Officer, and Director
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Ben Marchive
Senior Vice President, Operations
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Granger Anderson
Vice President, Land
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Steve Nelson
Vice President of Drilling and Production
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Todd Reid
Vice President Marketing & Risk Management
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Rick Fox
Controller
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William Colvin
Non-Executive Director
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David Dunwoody
Non-executive Director
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Offices
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