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Energy XXI "Set to Produce 50 Mboe/d, 70% Oil," Says Analyst Sam Wahab via Interview With The Energy Report

Jul 8 2013 12:00AM

Marketwire

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SAN FRANCISCO, CA -- (Marketwired) -- 07/08/13 -- Sam Wahab, an analyst with Cantor Fitzgerald, stated in an interview with The Energy Report, "One company of note that I cover in the Gulf is Energy XXI (NASDAQ: EXXI). It entered the region in 2005 and purchased key assets from Exxon in 2010. The potential of U.S. exports has pushed the company to invest in the Gulf even more this year. The company budgeted a capex program of $750 million ($750M). Approximately 75% of the firm's fiscal 2013 budget targets development drilling, and 25% of the budget targets exploration drilling.

"Energy XXI has a geographically focused portfolio with some of the largest margins in the industry. It is focused on developing acquired properties while ramping up a complementary exploration program designed to provide organic growth. Also, it has more than 120 million barrels oil equivalent (120 MMboe) in proved reserves. It is set to soon produce 50,000 barrels of oil equivalent per day, of which 70% is oil. The signs look good for this company."

This is an excerpt from the Streetwise Reports interview with Sam Wahab, oil and gas analyst at Cantor Fitzgerald, "How Exporting US Gas Will Transform Global Energy Markets."

To read the entire interview and Sam Wahab's comments on other companies, visit The Energy Report.

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Source: Marketwire