HOUSTON, Feb. 9, 2009 (GLOBE NEWSWIRE) -- Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (AIM:EXXI) today announced fiscal second-quarter results for the period ended Dec. 31, 2008, which reflect a non-cash ceiling test impairment resulting from the steep drop in oil and natural gas prices.
"Current industry conditions are very challenging, as oil and gas prices have plunged while operating costs have been slow to adjust downward, resulting in a non-cash write-down of the carrying value of our reserves," Energy XXI Chairman and CEO John Schiller said. "Operationally, Energy XXI has made solid progress restoring production volumes in the wake of the recent hurricanes, and our exploration program continues to offer significant reserve growth potential. Financially, our sizable cash position and credit facility, along with hedge-protected cash flow, help ensure access to working capital, and we are working diligently to reduce costs and minimize future capital expenditures with the intention of paying down debt."
For the 2009 fiscal second quarter, Energy XXI reported net cash provided by operating activities of $31.4 million and earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) of $68.8 million, compared with $48.2 million and $111.9 million, respectively, in the 2008 fiscal second quarter.
Including a $459.1 million pre-tax ceiling test impairment ($415.5 million, or $2.88 per share, after tax), the company reported a 2009 fiscal second-quarter net loss of $429.2 million, or $2.98 per share, on revenues of $106.9 million and production of 19,200 barrels of oil equivalent per day (BOE/d). In the 2008 fiscal second quarter, the company had net income of $6.5 million, or $.07 per diluted share, on revenues of $153.7 million and production of 26,000 BOE/d. The net realized price received for the company's production in the 2009 fiscal second quarter averaged $60.57 per BOE, compared with $64.24 per BOE in the 2008 fiscal second quarter.
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Energy XXI
1021 Main Street One City Centre
Houston, TX 77002
US <
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Energy XXI
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EXPLORATEUR |
CODE : EXXI |
ISIN : BMG100821401 |
CUSIP : G10009101 |
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Energy X X I est une société d’exploration minière et de pétrole basée aux Etats-Unis D'Amerique. Son principal projet en exploration est VERDA RAGEN en USA. Energy X X I est cotée au Royaume-Uni et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 370,4 millions US$ (302,0 millions €). La valeur de son action a atteint son plus haut niveau récent le 18 septembre 2009 à 9,63 US$, et son plus bas niveau récent le 15 avril 2016 à 0,12 US$. Energy X X I possède 95 459 002 actions en circulation. |