Energy XXI provided an operations update, including production, recent drilling results, and adjustments to capital budget.
During the company's fiscal first quarter, oil production is averaging approximately 41,700 barrels of oil per day (Bbl/d). The quarter's volumes were impacted by third party pipeline downtime which accounted for approximately 1,950 barrels of oil equivalent per day (BOE/d).
"We expect to reach the mid-point of production guidance despite third-party pipeline outages that were out of our control" Chairman, President and Chief Executive Officer John Schiller stated. "We are properly risking our production forecast and plan for the unexpected, while still delivering on our targets. We expect a majority of our third-party downtime to be back online within the next 30 days."