Energy XXI gets majority of quarterly revenue from oil, ends fiscal Q2 with debt of $1.14 billion

By Lisa Kerner

Charlotte, N.C., Jan. 31 - Energy XXI (Bermuda) Ltd.'s oil production continues to provide 90% of its revenues, said chairman and chief executive officer John Schiller during the company's second-quarter fiscal 2013 earnings call on Thursday.

Schiller said the company is focused on its ongoing horizontal program that is adding production and new reserves, despite some "ups and downs."

"We will stub our toe from time to time, but taken as a whole, the program remains extremely encouraging," said Schiller on the call.

During the quarter, Energy XXI announced it used existing cash and capacity under its available revolver facility to purchase McMoRan Exploration's interest in the Laphroaig field for cash consideration of $80 million effective Jan. 1, 2013.

The company had debt, less current maturities, at quarter-end of about $1.14 billion, down slightly from the prior quarter.

Financial highlights

For the 2013 fiscal second quarter ended Dec. 31, Energy XXI reported EBITDA of $198.8 million, compared with $225.6 million in the 2012 fiscal second quarter.

Net income available for common stockholders for the period was $38.5 million, or $0.47 per diluted share, on revenues of $321 million, compared with fiscal 2012 second-quarter net income available for common stockholders of $93.4 million, or $1.11 per diluted share, on revenue of $341 million.

Fiscal second-quarter capital expenditures totaled $204 million. Total capital expenditures are expected to be between $730 million and $760 million for fiscal 2013 ending June 30.

Energy XXI is a Hamilton, Bermuda-based oil and natural gas exploration and production company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.