Energy XXI Delivers Solid Revenues of $178.8MM for Fourth Quarter

Energy XXI (Bermuda) Limited has announced fiscal fourth-quarter and full-year financial and operating results for the period ended June 30, 2008.

For the Company's fiscal year ended June 30, 2008, Energy XXI reported net cash provided by operating activities totaled $387.6 million while earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) was $451.0 million, compared with $275.4 million and $241.1 million, respectively, in fiscal 2007.

Fiscal 2008 net income was $26.9 million, or $0.30 per diluted share, on revenues of $643.2 million and production of 26,200 BOE/d, compared with net income of $24.1 million, or $0.29 per diluted share, on revenues of $341.3 million and production of 16,200 BOE/d in fiscal 2007.

For the 2008 fiscal fourth quarter, revenues were $178.8 million and EBITDA totaled $119.2 million, compared with 2007 fiscal fourth-quarter revenues of $118.7 million and EBITDA of $81.1 million. Discretionary cash flow was $99.2 million in the 2008 fiscal fourth quarter, compared with $65.3 million in the 2007 fiscal fourth quarter.

Fourth-quarter 2008 net cash provided by operating activities totaled $150.2 million, as volumes averaged 26,400 barrels of oil equivalent per day (BOE/d). In the 2007 fiscal fourth quarter, net cash provided by operating activities was $116.6 million and volumes averaged 20,900 BOE/d.

The net realized price received for the company’s production in the 2008 fiscal fourth quarter averaged $74.49 per BOE, including a $24.46 per BOE reduction due to hedging, compared with a net realized price of $62.53 per BOE, including a $5.03 per BOE gain from hedging, in the 2007 fiscal fourth quarter.

Fiscal 2008 fourth-quarter net income was $8.2 million, or $0.08 per diluted share, which included a non-cash loss of $2.3 million ($3.4 million pre-tax), or $0.02 per diluted share, for mark-to-market charges on open oil and gas derivative contracts. In the 2007 fiscal fourth quarter, net income was $2.2 million, or $0.02 per diluted share.

"Our operations continued to set new records in the quarter, as we closed our 2008 fiscal year on a strong note," Energy XXI Chairman and CEO John Schiller said. "Our core producing properties have delivered solid results, while high-potential exploration prospects position Energy XXI to significantly increase reserves and production moving forward. In addition, we started the new fiscal year in a strong financial position following the June 20 completion of the warrant tender."

In June, Energy XXI completed its previously announced warrant tender offer, generating cash proceeds of approximately $237 million. Following its June 30 year-end, the company utilized a portion of the cash to purchase a total of $67.5 million total face amount of its June 2013 bonds for $58.8 million.

 

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