Past year: ▼ 98%(2.50c – 1.01 USD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Dec 2010asset acquisition disposition▲ GoodMajor
The Exxon acquisition closed on December 17, 2010 for $1.012 billion, adding about 20,000 boe/day of production (53% oil), roughly 66 million barrels of proved and probable reserves, and 130,853 net offshore acres - a transformational addition to Energy XXI's Gulf of Mexico shelf position.
22 Dec 2010debt financing▲ GoodMajor
Energy XXI Gulf Coast formally issued the $750 million of 9.25% senior unsecured notes due 2017 under a new indenture, completing the bond financing behind the Exxon acquisition.
6 Dec 2010debt financing▲ GoodMajor
Energy XXI Gulf Coast priced $750 million of new 9.25% senior unsecured notes due 2017 to help fund the Exxon acquisition and pay down revolver borrowings.
2 Dec 2010debt financing▲ Good
Lenders granted another interim covenant waiver clearing the way for Energy XXI Gulf Coast to raise new unsecured debt to help fund the pending Exxon acquisition and refinance its 16% and 10% notes.
23 Nov 2010debt financing▲ GoodMajor
To finance the Exxon acquisition, Energy XXI's lenders agreed to massively expand its credit facility - revolving commitments to $925 million, borrowing base to $700 million, letter-of-credit capacity to $300 million, maturity extended four years - and to permit up to $1 billion of additional unsecured debt to fund the deal and retire the remaining 16% and 10% notes, contingent on the Exxon deal closing.
22 Nov 2010material agreement▲ GoodMajor
Energy XXI agreed to its largest deal yet: a $1.012 billion cash purchase of nine shallow-water Gulf of Mexico shelf fields from ExxonMobil and Mobil affiliates, sitting between its existing South Timbalier and Main Pass operations. The deal is to be financed with a $450 million term loan, $350 million of revolver borrowings and cash on hand, and comes with a roughly $200 million estimated plugging-and-abandonment liability and a $225 million standby letter of credit to cover it - a transformational scale-up that also loads the company with major legacy decommissioning obligations.
22 Nov 2010debt financing▲ GoodMajor
Lenders waived credit-agreement covenants to let Energy XXI Gulf Coast use about $133 million of the October equity-raise proceeds to redeem its 16% Second Lien Notes (by March 2011) and, once those were retired, its 10% Senior Notes (by September 2011) - the mechanics behind the ongoing high-cost-debt payoff.
18 Nov 2010capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q1 FY2011 financial statements required under its senior notes indenture.
8 Nov 2010capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine FY2010 annual financial statements required under its senior notes indenture.
8 Nov 2010quarterly activities report● Neutral
Energy XXI Ltd reported a quarterly net income of $133 thousand for the period ended 2010-09-30.
1 Nov 2010securities registration● Neutral
Energy XXI Ltd filed a prospectus supplement for an offering off its existing shelf.
1 Nov 2010securities registration● Neutral
Energy XXI Ltd filed a prospectus supplement for an offering off its existing shelf.
29 Oct 2010securities registration● Neutral
Energy XXI Ltd filed a free-writing prospectus - marketing material for an offering in progress.
29 Oct 2010securities registration● Neutral
Energy XXI Ltd filed a free-writing prospectus - marketing material for an offering in progress.
27 Oct 2010capital raising announcement▲ GoodMajor
Energy XXI launched another round of equity raises - 9.5 million common shares plus $200 million of new convertible preferred stock - earmarked to buy back $119 million of its expensive 16% Second Lien Notes and repay $91.5 million of revolver debt, continuing to unwind the costly 2009 crisis-era financing.
27 Oct 2010securities registration● Neutral
Energy XXI Ltd filed a prospectus supplement for an offering off its existing shelf.
27 Oct 2010securities registration● Neutral
Energy XXI Ltd filed a prospectus supplement for an offering off its existing shelf.
26 Oct 2010quarterly activities report● Neutral
Energy XXI Ltd reported a quarterly net income of $133 thousand for the period ended 2010-09-30.
18 Oct 2010debt financing▲ GoodMajor
Confirming the recovery from its 2009 crisis-era lows, Energy XXI's credit facility borrowing base was back up to $350 million, and lenders amended the agreement to let Gulf Coast fund up to $25 million to induce early conversion of the 7.25% preferred stock and up to $9 million a year for preferred dividends - directly financing the deleveraging program underway.
15 Oct 2010capital raising announcement▲ GoodMajor
Energy XXI expanded the preferred-stock conversion program, exchanging another 347,500 preferred shares for common stock, cutting the outstanding preferred balance to 680,500 shares.
8 Oct 2010substantial holder notice● Neutral
S.A.C. Capital Advisors, L.P, S.A.C. Capital Advisors, Inc, Steven A. Cohen disclosed a new substantial Energy XXI Ltd shareholding (4.40% of votes).
7 Oct 2010capital raising announcement▲ Good
Energy XXI began retiring its 7.25% convertible preferred stock, exchanging 72,000 preferred shares for common stock under a formula tied to the stock's recent trading price - part of a push to simplify its capital structure as the post-crisis recovery took hold.
10 Sept 2010substantial holder notice● Neutral
BlackRock, Inc disclosed a new substantial Energy XXI Ltd shareholding (10.67% of votes).
24 May 2010capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q3 2010 financial statements required under its senior notes indenture.
18 Feb 2010capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q2 2010 financial statements required under its senior notes indenture.
10 Feb 2010debt financing● Neutral
Energy XXI Gulf Coast signed a Sixth Amendment to its First Lien Credit Agreement (no further detail on terms disclosed in this filing).
10 Feb 2010substantial holder notice● Neutral
SCHILLER JOHN D JR reported a Energy XXI Ltd shareholding of 1,450,112 shares (2.85% of votes) in a periodic institutional filing.
21 Dec 2009substantial holder notice● Neutral
Mount Kellett Capital Management LP disclosed a new substantial Energy XXI Ltd shareholding (8.20% of votes).
9 Dec 2009securities registration● Neutral
Energy XXI Ltd filed the final prospectus for a registered offering.
9 Dec 2009securities registration● Neutral
Energy XXI Ltd filed the final prospectus for a registered offering.
