Energy XXI Provides Operations Update and Announces Fiscal 2016 Capital Budget

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Go back to Energy XXI Provides Operations Update and Announces Fiscal 2016 Capital Budget

Energy XXI (EXXI) Targets FY16 CapEx of $130M to $150M; Updates on Operations

August 13, 2015 10:40 AM EDT

Energy XXI (NASDAQ: EXXI) provided an operations update and announced capital budget estimates for fiscal 2016.

Fiscal 2016 Outlook Highlights:

Full year production guidance is 54,000 to 59,000 BOE/d net, as compared to 58,900 BOE/d net for fiscal 2015Targeting full fiscal year capital expenditures of $130 to $150 millionAcquisition of M21K assets will add 5,500 BOE/d net to current production with primary fields located in our core asset areasRecompletions across core acreage expected to drive fiscal 2016 uplift with over 25 projects identifiedLease operating costs per barrel down 30 percent from fiscal first-quarter... More