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Energy XXI Gulf Coast

Company Summary

Description

Cox Oil has closed on the merger of Energy XXI Gulf Coast with their own affiliate companies in October 2018. The deal valued Energy XXI's stock at $9.10/share for a total value of $322 million, which was a 21% premium to their closing price on June 15, 2018.

Website

http://www.energyxxi.com/

Operational Regions

  • Gulf of Mexico
  • Gulf Coast

Financial Data:

NASDAQ:EXXI from Google Finance

Tickers:

  • EXXI - NASDAQ

Related Entities

Recent news

  • 10/19/2018 - Cox Oil Closes on... (subscriber access)
  • 10/11/2018 - Energy XXI Gulf Coast... (subscriber access)
  • 9/10/2018 - Energy XXI Gives Update... (subscriber access)
  • 8/14/2018 - Energy XXI Reports 2Q18... (subscriber access)
  • 8/14/2018 - Energy XXI Reports 2Q18... (subscriber access)

Investor Presentations

  • 2Q18 Investor Presentation
  • 1Q18 Earnings Presentation (subscriber access)
  • Fourth Quarter & Full Year 2017 Earnings Conference Call (subscriber access)
  • 3Q17 Earnings Presentation (subscriber access)
  • 1Q17 Earnings Presentation (subscriber access)

Company Transactions

Date: 10/17/2018
Type: Acquisition

BUYERS:
  • Cox Oil Offshore, LLC
  • Cox Operating, L.L.C.
    • SELLERS:
  • Energy XXI Gulf Coast
    • DETAILS:

    COST: 322 $MM

    VOLUMES: 26 MBOE/d

    NOTES:
    Cox will acquire all outstanding shares of common stock for $9.10/share in cash, which is a 21% premium to the closing price on June 15, 2018.
    REGIONS:
  • Gulf of Mexico

    • Date: 5/10/2018
    Type: Acquisition

    BUYERS:
  • Orinoco Natural Resources, LLC
    • SELLERS:
  • Energy XXI Gulf Coast
    • DETAILS:

    VOLUMES: 4.58 MBOE/d

    NOTES:
    Under terms of the deal, Orinoco will receive a 35% equity ownership position in Energy XXI. In exchange, Energy XXI is divesting assets with a annual plugging & abandonment expenses of $30-$40 million, and annual G&A costs of $10 million. Production from the assets is approx. 3 Mbbl/d in crude oil and 9.5 Mmcf/d in natural gas. Energy XXI will also issue Orinoco a $100 million, ten-year, second lien note amortized ratably beginning in 2019 at a 9$ annual interest. They are also paying Orinoco upfront cash of $12.5 million, followed by $12.5 million in payments six months later.
    REGIONS:
  • Gulf of Mexico