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Energy XXI (EXXI) Q1 Loss Wider Than Expected

Houston, TX-based Energy XXI Ltd.EXXI is engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. The company operates properties in Louisiana and Texas and on the Gulf of Mexico.

Currently, Energy XXI has a Zacks Rank #3 (Hold) but that could change following its fiscal first quarter earnings report which has just released. Coming to earnings surprise history, the company has missed estimates in each of the trailing four quarters.

We have highlighted some of the key details from the just-released announcement below:

Earnings: Energy XXI reports loss. Adjusted loss per share came in at $1.64, wider than the Zacks Consensus Estimate for a loss of $1.36.

Revenue: Revenues beat expectations. Revenues of $257.8 million surpassed the Zacks Consensus Estimate of $229 million.

Key Stats: Total per day production for the quarter averaged 58.9 thousand barrels of oil equivalent (MBOE), down from the prior-quarter average of 59.3 MBOE. Average sales price per barrel of oil in the reported quarter was $46.11 compared with $58.87 in the prior-year quarter. Natural gas price per thousand cubic feet was $2.54, marginally lower than $2.55.

Total costs during the reported quarter surged to $1,176 million from $353.2 million in the year-ago quarter. The increase was primarily due to a large impairment charge of $904.7 million.

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ENERGY XXI LTD (EXXI): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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