Energy XXI Says Profit Tripled, Gustav Damage Was Limited

Energy XXI (Bermuda) Ltd. (EXXI), a partner in drilling the world's deepest oil well, said fiscal fourth-quarter profit more than tripled as output rose. Damage from Hurricane Gustav was limited, it said.

Net income for the three months ended June 30 rose to $8.2 million from $2.2 million a year earlier, the Hamilton, Bermuda- based company said today in a statement distributed by the Regulatory News Service.

Inspections show damage from Gustav to the company's facilities was limited, Energy XXI said. Additional subsea tests have yet to take place, according to the statement.

Average volumes in the quarter rose to 26,400 barrels of oil equivalent per day from 20,900 a year earlier, the company said in the statement.

To contact the reporter on this story: Lars Paulsson in London at lpaulsson@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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