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Energy XXI to acquire EPL Oil & Gas


Published Mar 13, 2014
Energy XXI-2

Energy XXI and EPL Oil & Gas, Inc. have signed a definitive merger agreement pursuant to which Energy XXI will acquire all of EPL's outstanding shares for total consideration of $2.3 billion, including the assumption of debt.

As a result of the merger, Energy XXI will become the largest public independent producer on the Gulf of Mexico shelf, with production of approximately 65,000 barrels of oil equivalent (BOE) per day, 70 percent oil, including a reduction related to the pending divestiture of non-operated interests in the Eugene Island 330 and South Marsh Island 128 fields. Upon completion of the merger, Energy XXI expects to have an enterprise value of approximately $6 billion.

Tags: Energy XXI, EPL Oil & Gas




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