Energy XXI Ltd Appoints James Lachance as its Interim Chief Strategic Officer
Feb 25 15
The board of directors of Energy XXI Ltd. has appointed one of its members, James LaChance, to serve as the company's interim chief strategic officer in order to enhance the company's ability to pursue alternative financing structures. In that position, Mr. LaChance has been pursuing discussions with the company's lenders and noteholders to improve the company's available capital, leverage ratios and average debt maturity, as directed by the company's Chief Executive Officer, in consultation with the board. The company believes that the experience and relationships that Mr. LaChance developed as a portfolio manager specializing in high-yield bonds for over 20 years provide valuable insight to the Company in exploring financing alternatives and permit the company's senior management team to continue to focus on the company's operations. These duties are separate from, and in addition to, Mr. LaChance's responsibilities to the company as a member of the Board, and as a result of Mr. LaChance's compensation for his role as interim Chief Strategic Officer, Mr. LaChance will no longer be considered an independent director of the board.
Energy XXI Ltd. Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended December 31, 2014; Provides Capital Expenditure and Production Guidance for the First Half and Full Year of Fiscal 2015; Provides Production Guidance for the Third Quarter of 2015; Reports Impairment Charges for the Second Quarter of 2015
Feb 9 15
Energy XXI Ltd. announced unaudited consolidated earnings and operating results for the second quarter and six months ended December 31, 2014. Production for the 2015 fiscal second quarter averaged 57,900 net barrels of oil equivalent per day (BOE/d), with 41,800 barrels per day (Bbl/d) liquids, compared with 45,100 net BOE/d, 30,200 Bbl/d liquids in the second quarter of fiscal year 2014.
For the six months, the company reported total production of 46.1 MBOE against 42.3 MBOE a year ago. Crude oil production was 32.0 MBbls against 28.4 MBbls a year ago. Natural gas production was 84.8 MMcf against 83.7 MMcf a year ago.
For the quarter, total revenues were $357,755,000 against $296,816,000 a year ago. Operating loss was $314,928,000 against operating income of $61,502,000 a year ago. Loss before income taxes was $382,457,000 against profit before income taxes of $21,153,000 a year ago. Net loss available for common stockholders was $376,749,000 or $4.01 per basic and diluted share against net income available for common stockholders of $7,623,000 or $0.10 per basic and diluted share a year ago. EBITDA was $190,079,000 against $162,394,000 a year ago. Adjusted EBITDA was $216,999,000 against $169,819,000 a year ago. Diluted adjusted EBITDA per share was $2.31 against $2.29 a year ago. During the 2015 fiscal second quarter, capital expenditures totaled $202 million, with $12.1 million in exploration and $189.9 million in development and other costs.
For the six months, total revenues were $760,986,000 against $621,408,000 a year ago. Operating loss was $263,789,000 against operating income of $160,933,000 a year ago. Loss before income taxes was $395,749,000 against profit before income taxes of $89,628,000 a year ago. Net loss available for common stockholders was $386,024,000 or $4.11 per basic and diluted share against net income available for common stockholders of $47,889,000 or $0.64 per basic and diluted share a year ago. EBITDA was $403,365,000 against $360,248,000 a year ago. Adjusted EBITDA was $447,739,000 against $374,999,000 a year ago. Diluted adjusted EBITDA per share was $4.77 against $5.00 a year ago. Net cash provided by operating activities was $161,308,000 against $261,700,000 a year ago. Capital expenditures were $449,114,000 against $388,227,000 a year ago.
For the third quarter, net production (per day) Oil, including NGLs (Bbls) is expected between 41,000 Bbls to 44,000 Bbls. Net Production (per day) BOE is expected to be between 58,000 BOE to 62,000 BOE.
Currently, the company is estimating the total fiscal 2015 capital program to range from $670 million to $690 million. Net production (per day) Oil, including NGLs (Bbls) is to be between 41,000 Bbls to 44,000 Bbls. Net Production (per day) BOE is expected to be between 57,000 BOE to 61,000 BOE.
The company’s fiscal 2015 capital spend program was front-end loaded, as it said in last quarter, only $180 million of the $680 million will be spent in the last half of its fiscal 2015.
For the second quarter, goodwill impairment was $329,293,000.