NOIA Member Spotlight
Energy XXI is an oil-focused company operating in South Louisiana and the Gulf of Mexico. Formed in 2005, Energy XXI has maintained an impressive growth rate. Since its 2005 Initial Public Offering (IPO), Energy XXI has grown to hold more than 750,000 acres of leasehold and over 18,500 miles of 3D seismic data.
In addition, the company operates five of the 15 largest oilfields in the Gulf. Overall, it is the third largest producer of Gulf oil and is the largest publicly traded independent oil and gas producer on the Gulf of Mexico Shelf. The company is publicly traded on NASDAQ under the symbol EXXI.
Oil Development
Energy XXI has made its name by finding and developing undervalued Gulf of Mexico oilfields abandoned by larger oil companies sometimes decades ago. Over the company's short history, Energy XXI has completed five major acquisitions totaling approximately $2.5 billion. As a result of this “acquire and exploit” strategy, the company holds approximately 179 million barrels of oil equivalent (BOE) in proved reserves. In terms of production, Energy XXI averages between 46,000 to 50,000 BOE per day.
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