Oil and natural gas company Energy XXI (Bermuda) Limited (EXXI) Friday posted a loss for its fourth quarter. The results reflected impact of hurricane outages, and volatile oil and natural gas prices.
The Hamilton, Bermuda-based company posted a fourth-quarter net loss of $17.16 million or $0.12 per share compared with net income of $8.22 million or $0.08 per share for the fourth quarter in 2008.
On average, five analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Fiscal fourth-quarter revenues were $101.1 million compared with $178.8 million a year ago.
Oil sales revenues dropped to $71.53 million from $111.66 million for the year-ago quarter. Natural gas sales revenues decreased to $29.57 million from $67.11 million for the fourth quarter in 2008.
During the fiscal fourth quarter, Onshore/Gulf Coast net production averaged 2,542 barrels of oil equivalent per day or BOE/d, down from fiscal third-quarter volume of 4,202 BOE/d, the company said.
Fiscal fourth-quarter net production from the company's Eastern Gulf region averaged 7,619 BOE/d, around 24% increase over the fiscal third quarter's average of 6,148 BOE/d.
The net realized price received for the fourth quarter averaged $59.36 per BOE compared with $74.49 per BOE for the fourth quarter last year.
For the full year, the company reported net loss of $571.63 million or $3.95 per share compared with net income of $26.87 million or $0.30 per share for the fiscal 2008.
The yearly revenues were $433.8 million compared with $643.2 million last year.
Fiscal 2009 production decreased to 19,300 BOE/d from 26,200 BOE/d in fiscal 2008.
The company said it incurred charges on impairment of oil and gas properties of $576.996 million for the fiscal 2009.
Schiller said, "We ended the year with a strong foundation, with nearly $90 million of cash on hand and a capital program designed to under-spend cash flow while holding volumes essentially flat for fiscal 2010."
The company's board of directors approved an initial fiscal 2010 capital program of between $75 million and $85 million, excluding plug-and-abandonment costs, compared with $268.4 million in fiscal 2009 estimate, which excludes $22.9 million of plug-and-abandonment costs, the company said.
Thursday, EXXI closed trading at $0.7890 on the Nasdaq, up $0.0290 or 3.82%.
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