| Energy XXI Subsidiary Offers $1.25B Senior Notes Due 2020 - Analyst Blog | |
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In a private placement, an affiliate of Houston, Texas-based Energy XXI Ltd. EXXI has commenced the offering of its $1.25 billion aggregate principal amount of Senior Secured Second Lien Notes due 2020 to qualified institutional buyers.
The domestic oil and gas explorer plans to use part of the proceeds from this offering to pay back the outstanding borrowings under its revolving credit facility. This includes $325 million due for its newly acquired subsidiary - EPL Oil & Gas Inc. The residual amount is scheduled for general corporate purposes, which consists of financing a portion of its fiscal 2015 capital expenditure program.
Energy XXI – which bought oil-weighted Gulf of Mexico (GoM) shallow water properties from Exxon Mobil Corp. XOM in 2010 – is an upstream player engaged in the exploration and development of crude oil and natural gas resources in the U.S. Gulf of Mexico (GoM) shelf. The EPL deal has made Energy XXI the largest publicly-owned independent oil producer in the region’s shallow water, with a number of oilfields and daily production of approximately 65,000 barrels of oil equivalent.
However, the oil and gas finder is still 80% off its 52-week highs as it struggles with the collapse in commodity prices. Crude prices have fallen over 50% since June last year when it was trading over the $100 per barrel mark. Energy XXI, being engaged in exploration and development activities, is directly exposed to the commodity. As is the case with other companies in this field like Matador Resources Co. MTDR and W&T Offshore Inc. WTI to name a few, reduced prices have significantly impacted Energy XXI’s revenues, earnings and cash flow. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EXXON MOBIL CRP (XOM): Free Stock Analysis Report ENERGY XXI LTD (EXXI): Free Stock Analysis Report W&T OFFSHORE (WTI): Free Stock Analysis Report MATADOR RESOURC (MTDR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Energy XXI
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EXPLORATION STAGE |
CODE : EXXI |
ISIN : BMG100821401 |
CUSIP : G10009101 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Energy X X I is a and oil exploration company based in United states of america. Its main exploration property is VERDA RAGEN in USA. Energy X X I is listed in United Kingdom and in United States of America. Its market capitalisation is US$ 370.4 millions as of today (€ 302.0 millions). Its stock quote reached its highest recent level on September 18, 2009 at US$ 9.63, and its lowest recent point on April 15, 2016 at US$ 0.12. Energy X X I has 95 459 002 shares outstanding. |