Correction: This morning's conference call remains scheduled for 10 a.m. EDT today as originally planned and announced September 10th. Visit www.energyxxi.com for the details on how to participate.
Energy XXI Reports Audited Fiscal Year-End Results
-- Sequential Quarterly Volumes Grow 44% and Revenues Climb 53% to
Record Levels
-- Fiscal 2008 Capital Budget Set At $260 million
HOUSTON, Sept. 26, 2007 (PRIME NEWSWIRE) -- Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (LSE:EXXS) (LSE:EXXI) today announced audited fiscal fourth-quarter and full-year financial and operating results for the period ended June 30, 2007.
"Our fiscal fourth-quarter production volumes averaged 44 percent higher than in the immediately preceding quarter, while revenues rose 53 percent, assisted by our hedging program," Energy XXI Chairman and CEO John Schiller said. "From our initial start-up of operations in April 2006, Energy XXI has grown rapidly through both acquisitions and our organic capital program. Our track record of growth is continuing, as our estimated fiscal first-quarter volumes to date have averaged 26,000 barrels of oil equivalent (BOE) per day, which is nearly 25 percent higher than our fourth-quarter average."
For the 2007 fiscal fourth quarter, Energy XXI reported net income of $2.2 million, or $.02 per diluted share, on revenues of $118.7 million. These results were affected by higher depletion costs. Net cash provided by operating activities totaled $116.6 million, as volumes averaged 20,900 BOE per day. In the 2006 fiscal fourth quarter, net income was $5.5 million or $.09 per diluted share, revenues were $47.1 million, net cash provided by operating activities was $12.4 million and volumes averaged 9,700 BOE per day.
The net realized price received for the company's production in the 2007 fiscal fourth quarter was $62.53 per BOE, including $5.03 per BOE contributed by hedging, consistent with the company's active risk-management program.
For the company's fiscal year ended June 30, Energy XXI reported net income of $24.1 million, or $.29 per diluted share, on revenues of $341.3 million. Net cash provided by operating activities totaled $275.4 million. Comparisons to the prior fiscal year are not meaningful, as the company's first producing properties were acquired on April 4, 2006.