Energy XXI, since its inception, has implemented a growth strategy to build a geographically focused portfolio in the shallow waters of the Gulf of Mexico. Energy XXI, because of its focus on oil, has some of the highest per-unit margins in the industry. Today, Energy XXI operates nine of the largest oil fields on the Gulf of Mexico shelf, more than any other operator.
Energy XXI has completed six major acquisitions totaling approximately $5 billion since being founded in 2005, creating a company with approximately 246 million barrels of oil equivalent (BOE) in proved reserves. Reserves are approximately 75 percent liquids, of which 95% is crude oil. Production, on a BOE basis, averages 58,000 to 60,000 BOE per day, with nearly 70% being crude oil.