Energy XXI Reports Fiscal First-Quarter Results and Provides Operational Update
* Revising Fiscal-Year Expenditures to Enhance Liquidity
* Repurchased $100 Million of High-Yield Bonds
* South Timbalier 21 Field Resuming Production
* Energy XXI Becomes Operator At Cote de Mer
* Blackbeard Prospect to be Flow Tested
HOUSTON, Nov. 3, 2008 (GLOBE NEWSWIRE) -- Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (AIM:EXXI) today announced fiscal first-quarter results for the period ended Sept. 30, 2008 and provided operational and financial updates.
"Energy XXI has made solid progress early in our 2009 fiscal year, in regards to both our high-impact exploration program and our storm recovery efforts," Energy XXI Chairman and CEO John Schiller said. "Despite two hurricanes and the financial market's collapse, we continue to have extensive liquidity, with a large cash position and credit facility. Furthermore, our strong, hedge-protected cash flow is expected to fully fund our fiscal 2009 capital program, including development of our key exploration projects."
As of Oct. 31, 2008, total debt, net of $136 million of cash on hand, was $805 million, reflecting in part the purchase of $100 million of the company's $750 million high-yield issue maturing June 15, 2013, at a total cost of $77.6 million. The $22.4 million gain will be realized over the remaining life of the bonds. Total undrawn capacity under the corporate revolver was $155 million as of Oct. 31, 2008, providing substantial liquidity.
For the 2009 fiscal first quarter, Energy XXI reported net cash provided by operating activities of $79.5 million and earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) of $75.9 million, compared with $76.7 million and $102.4 million, respectively, in the 2008 fiscal first quarter.
Due to storm-related production delays, the company reported a 2009 fiscal first-quarter net loss of $4.7 million, or $0.03 per diluted share, on revenues of $119.7 million and production of 18,800 barrels of oil equivalent per day (BOE/d). In the 2008 fiscal first quarter, the company had net income of $1.9 million, or $.02 per diluted share, on revenues of $143.6 million and production of 26,200 BOE/d. The net realized price received for the company's production in the 2009 fiscal first quarter averaged $69.23 per BOE, compared with $59.63 per BOE in the 2008 fiscal first quarter.