Energy XXI Provides Fiscal Year-End Reserves Update
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Energy XXI (EXXI) Updates on Year-End Reserves; Proved Reserves at Pre-Tax Value of $2.8B
September 15, 2015 7:00 AM EDTEnergy XXI (NASDAQ: EXXI) announced fiscal year-end reserves.
2015 fiscal year-end reserves were estimated at 183.5 MMBOEProved reserves are 75 percent oilProved reserves pre-tax present value is $2.8 billionProduction and divestitures account for 54 percent of reserve reductionsMajority of revisions due to price and reduced capital spending"Our proved reserves decreased primarily due to production of 22 million barrels of oil equivalent ("MMBOE") during fiscal year 2015, as well as the divestiture of non-core assets, price-based adjustments, and our reduced capital... More
