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Energy Xxi Gulf Coast, Inc. (EGC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Energy Xxi Gulf Coast, Inc.

CIK: 1404973 Ticker: EGC

 

Exhibit 99.1

 

 

 

Energy XXI Gulf Coast Announces Fourth Quarter and Full Year 2017 Financial and Operational Results

 

Nasdaq Ticker Symbol Will Change March 21, 2018

 

HOUSTON – March 16, 2018 – Energy XXI Gulf Coast, Inc. (“EGC” or the “Company”) (NASDAQ: EXXI) today reported financial and operational results for the fourth quarter and full year 2017, as well as a change to its Nasdaq ticker symbol.

 

Highlights and Recent Key Items:

·Produced an average of approximately 27,600 barrels of oil equivalent (“BOE”) per day (77% oil) during the fourth quarter, within the Company’s guidance range
·Benefited from strong oil price realizations during the fourth quarter of $59.27 per barrel (before the impact of derivatives), approximately 7% higher than the WTI average price of $55.40 per barrel for the quarter
·Incurred a net loss of $215.1 million which included a non-cash ceiling test impairment charge of $145.1 million and a loss on financial derivatives of $33.3 million
·Reported cash and cash equivalents of $152 million at December 31, 2017
·Announced expected total 2018 capital expenditures to be in the range of $145 to $175 million, with $65 to $75 million planned for drilling new wells and recompletes, $10 to $15 million in planned facilities improvements and $50 to $60 million in anticipated plugging and abandonment expenditures
·2018 drilling program anticipates drilling six wells focused in EGC’s core areas in West Delta and South Timbalier, which includes three development wells, one injection well, and two exploitation locations
·Plans to spud the first development well of the 2018 drilling program, the West Delta 73 C-27 McCloud, in March
·Finalized third-party calculation of year-end 2017 proved reserves which totaled 88.2 million barrels of oil equivalent (MMBOE)
·Disclosed that the High Tide well at West Delta 30, as expected, has transitioned to oil and is currently producing approximately 700 barrels of oil and 3.3 million cubic feet of gas per day
·Announced the planned change of its Nasdaq ticker symbol for its common stock from “EXXI” to “EGC” effective March 21, 2018

 


The following information was filed by Energy Xxi Gulf Coast, Inc. (EGC) on Friday, March 16, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders’ Equity (deficit) Predeccesor
Consolidated Statements Of Stockholders’ Equity (deficit) Predecessor (parenthetical)
Consolidated Statements Of Stockholders’ Equity (deficit) Successor
Acquisitions And Dispositions
Acquisitions And Dispositions (tables)
Acquisitions And Dispositions - East Bay Field Disposition (details)
Acquisitions And Dispositions - Grand Isle Disposition (details)
Acquisitions And Dispositions - M21k Acquisition (details)
Asset Retirement Obligations
Asset Retirement Obligations (details)
Asset Retirement Obligations (tables)
Chapter 11 Proceedings
Chapter 11 Proceedings - Amendments To Articles Of Incorporation Or Bylaws (details)
Chapter 11 Proceedings - Equity Interests And Warrant Agreement (details)
Chapter 11 Proceedings - General (details)
Chapter 11 Proceedings - Interest Expense (details)
Chapter 11 Proceedings - Potential Claims (details)
Chapter 11 Proceedings - Prepetition Revolving Credit Facilty And Exit Facility (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Lease Information (details)
Commitments And Contingencies - Drilling Rig Commitments (details)
Commitments And Contingencies - Future Minimum Lease Commitments (details)
Commitments And Contingencies - Letters Of Credit And Performance Bonds (details)
Commitments And Contingencies - Litigation (details)
Commitments And Contingencies - Other (details)
Comparative Period Information
Comparative Period Information (details)
Comparative Period Information (tables)
Concentrations Of Credit Risk
Concentrations Of Credit Risk (details)
Derivative Financial Instruments
Derivative Financial Instruments (tables)
Derivative Financial Instruments - Fair Values (details)
Derivative Financial Instruments - Gain (loss) (details)
Derivative Financial Instruments - Positions (details)
Earnings (loss) Per Share
Earnings (loss) Per Share (tables)
Earnings (loss) Per Share - Eps (details)
Earnings (loss) Per Share - Other (details)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Defined Contribution Plans (details)
Employee Benefit Plans - Expense (details)
Employee Benefit Plans - Plan (details)
Employee Benefit Plans - Predecessor Long Term Incentive Plan (details)
Employee Benefit Plans - Restricted Stock Units (details)
Employee Benefit Plans - Stock Option Valuation Assumptions (details)
Employee Benefit Plans - Stock Options (details)
Equity Method Investments
Equity Method Investments (details)
Fair Value
Fair Value (tables)
Fair Value - Changes To Level 3 Financial Instruments (details)
Fair Value - Financial Instruments (details)
Fair Value - General (details)
Fair Value - Long-term Debt Instruments (details)
Fresh Start Accounting
Fresh Start Accounting (tables)
Fresh Start Accounting - Exit Facility And Warrants (details)
Fresh Start Accounting - Fresh Start Adjustments (details)
Fresh Start Accounting - General (details)
Fresh Start Accounting - Reconciliation Of Enterprise Value To Estimated Fair Value Of Successor (details)
Fresh Start Accounting - Reconciliation Of Enterprise Value To Estimated Reorganization Of Successor (details)
Fresh Start Accounting - Reorganization Adjustments - Cumulative Impact (details)
Fresh Start Accounting - Reorganization Adjustments - Equity Issuance (details)
Fresh Start Accounting - Reorganization Adjustments - Liabilities Subject To Compromise (details)
Fresh Start Accounting - Reorganization Adjustments - Payments And Accruals (details)
Fresh Start Accounting - Reorganization And Application Of Asc 852 And Impairment (details)
Fresh Start Accounting - Reorganization Items (details)
Goodwill
Goodwill (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Components Of Deferred Taxes (details)
Income Taxes - Components Of Income Tax Provision (details)
Income Taxes - Income Before Income Tax (details)
Income Taxes - Predecessor Income Taxes (details)
Income Taxes - Reconciliation (details)
Income Taxes - Successor Income Taxes - Additional Information (details)
Income Taxes - Successor Income Taxes - Codi (details)
Income Taxes - Successor Income Taxes - Emergence (details)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - 4.14% Promissory Note (details)
Long-term Debt - Derivative Instruments Premium Financing (details)
Long-term Debt - Exit Facility (details)
Long-term Debt - Interest Expense (details)
Long-term Debt - Maturities Of Long-term Debt (details)
Long-term Debt - Prepetition Facility Notes Cancelled (details)
Long-term Debt - Prepetition Facility Repurchases (details)
Long-term Debt - Prepetition Facility Terms (details)
Long-term Debt - Schedule Of Long-term Debt (details)
Organization
Organization (details)
Prepayments And Accrued Liabilities
Prepayments And Accrued Liabilities (details)
Prepayments And Accrued Liabilities (tables)
Property And Equipment
Property And Equipment (tables)
Property And Equipment - Additional Information (details)
Property And Equipment - Impairment (details)
Property And Equipment - Schedule (details)
Related Party Transactions
Related Party Transactions - Predecessor - Consulting Agreements (details)
Related Party Transactions - Predecessor - Former Ceo (details)
Related Party Transactions - Predecessor - M21k Transactions (details)
Related Party Transactions - Successor (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (policies)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (tables)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Accounts Receivable (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Cash And Cash Equivalents (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Codi (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - G & A (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Goodwill (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Income Taxes (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Income Taxes Emergence (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Oil And Natural Gas Properties (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Other Property And Equipment (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Principles Of Consolidation And Reporting (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Restricted Cash (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Revision Of Prior Period Balance Sheet (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Revision Of Prior Period Cash Flow (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Revision Of Prior Period Financial Statements (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Revision Of Prior Period Income Statement (details)
Revision Of Prior Period Financial Statements, Summary Of Significant Accounting Policies And Recent Accounting Pronouncements - Use Of Estimates (details)
Selected Quarterly Financial Data - Unaudited Adjustments (details)
Selected Quarterly Financial Data €“ Unaudited
Selected Quarterly Financial Data €“ Unaudited (details)
Selected Quarterly Financial Data €“ Unaudited (tables)
Stockholders' Equity
Stockholders' Equity - Conversion Of Preferred Stock (details)
Stockholders' Equity - Predecessor Common Stock (details)
Stockholders' Equity - Predecessor Preferred Stock (details)
Stockholders' Equity - Registration Rights Agreement (details)
Stockholders' Equity - Successor Common And Preferred Stock (details)
Stockholders' Equity - Warrant Agreement And Shares Issued (details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (tables)
Supplemental Cash Flow Information - Non-cash Investing And Financing Activities (details)
Supplemental Cash Flow Information - Supplemental (details)
Supplementary Oil And Gas Information €“ Unaudited
Supplementary Oil And Gas Information €“ Unaudited (tables)
Supplementary Oil And Gas Information €“ Unaudited - Changes In Standardized Measure Of Discounted Future Net Cash Flows (details)
Supplementary Oil And Gas Information €“ Unaudited - Costs Incurred For Oil And Natural Gas Property (details)
Supplementary Oil And Gas Information €“ Unaudited - Estimated Quantities And Changes In Quantities Of Proved Reserves (details)
Supplementary Oil And Gas Information €“ Unaudited - Schedule Of Standardized Measure Of Discounted Future Net Cash Flows (details)
Supplementary Oil And Gas Information €“ Unaudited - Standardized Measure Of Discounted Future Net Cash Flows - Average Price (details)
Ticker: EGC
CIK: 1404973
Form Type: 10-K Annual Report
Accession Number: 0001558370-18-002298
Submitted to the SEC: Wed Mar 21 2018 4:15:11 PM EST
Accepted by the SEC: Wed Mar 21 2018
Period: Sunday, December 31, 2017
Industry: Crude Petroleum And Natural Gas

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