Past year: ▼ 98%(2.50c – 1.01 USD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Nov 2009material agreement▲ GoodMajor
Even while restructuring its balance sheet, Energy XXI agreed to buy Gulf of Mexico shelf interests from Mitsui subsidiary MitEnergy for $283 million (about $263 million net after adjustments) - mostly non-operated stakes in the same fields it had bought from Pogo Producing in 2007, adding 8,000 boe/day of production (77% oil) with hedges locked in at $73.46/barrel, to be funded with new equity, cash and bank debt.
19 Nov 2009debt financing▼ BadMajor
Energy XXI completed the exchange, swapping $347.5 million of its 10% Senior Notes for $278 million of new 16% Second Lien Notes and raising $60 million more of those notes plus 13.2 million new shares in a concurrent private placement - cutting total face debt somewhat but replacing cheap 10% debt with expensive 16% secured paper, a costly but necessary trade during the crisis.
28 Oct 2009listing compliance notice▼ Bad
Energy XXI Ltd withdrew a registration statement, abandoning the offering it covered.
5 Oct 2009securities registration● Neutral
Energy XXI Ltd applied to qualify a debt indenture with the SEC.
23 Sept 2009debt financing▼ BadMajor
With its first-lien borrowing base already cut to $199 million, Energy XXI amended its credit agreement to clear the way for a distressed debt exchange: swapping at least $311 million of its existing 10% Senior Notes for new 16% Second Lien Notes at a discount (up to $0.80 on the dollar), raising $50 million of fresh cash, and using $41 million of it to pay down bank debt - a real deleveraging move forced by tightening credit conditions during the financial crisis.
23 Sept 2009capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine FY2009 annual financial statements required under its senior notes indenture.
27 July 2009securities registration● Neutral
Energy XXI Ltd filed the final prospectus for a registered offering.
8 July 2009securities registration● Neutral
Energy XXI Ltd amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
11 June 2009securities registration● Neutral
Energy XXI Ltd registered a securities offering with the SEC using its shelf eligibility.
27 May 2009securities registration● Neutral
Energy XXI Ltd filed the final prospectus for a registered offering.
18 May 2009capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q1 2009 financial statements required under its senior notes indenture.
30 Apr 2009securities registration● Neutral
Energy XXI Ltd amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
31 Mar 2009debt financing▼ BadMajor
The next borrowing-base redetermination cut Energy XXI's revolving credit facility sharply, from $400 million to $240 million, as the 2008-2009 financial crisis and collapsing oil prices hit lender risk appetite - the company expected to end up fully drawn with only $61 million of cash on hand, a real tightening of its liquidity cushion.
31 Mar 2009securities registration● Neutral
Energy XXI Ltd registered a securities offering with the SEC using its shelf eligibility.
2 Mar 2009capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q4 2008 financial statements required under its senior notes indenture.
17 Feb 2009substantial holder notice● Neutral
Seneca Capital International, Ltd. Seneca Capital Investments, L.P. Seneca Capit reported a Energy XXI Ltd shareholding of 7,590,600 shares (5.20% of votes) in a periodic institutional filing.
13 Feb 2009substantial holder notice● Neutral
SATELLITE FUND II, L.P., SATELLITE FUND IV, L.P., SATELLITE OVERSEAS FUND, LTD., THE APOGEE FUND, LTD., SATELLITE OVERSEAS FUND V, LTD., SATELLITE OVERSEAS FUND VI, LTD., SATELLITE OVERSEAS FUND VIII, LTD., SATELLITE OVERSEAS FUND IX, LTD., SATELLITE STRATEGIC FINANCE PARTNERS, LTD., SATELLITE ASSET MANAGEMENT, L.P., SATELLITE FUND MANAGEMENT LLC, SATELLITE ADVISORS, L.L.C. reported no remaining Energy XXI Ltd shareholding in its periodic institutional filing.
12 Feb 2009substantial holder notice● Neutral
Third Point LLC, Daniel S. Loeb, Third Point Offshore Master Fund, L.P., Third Point Advisors II L.L.C. reported a Energy XXI Ltd shareholding of 5,735,000 shares (3.95% of votes) in a periodic institutional filing.
12 Feb 2009substantial holder notice● Neutral
Duquesne Capital Management, L.L.C., Stanley F. Druckenmiller, Windmill Master Fund L.P. reported a Energy XXI Ltd shareholding of 1,258,523 shares (0.90% of votes) in a periodic institutional filing.
10 Feb 2009dividend declaration▲ Good
Energy XXI declared its third quarterly dividend, again $0.005 per share.
5 Feb 2009substantial holder notice● Neutral
Brian Taylor, Pine River Capital Management L.P, Nisswa Master Fund Ltd reported no remaining Energy XXI Ltd shareholding in its periodic institutional filing.
5 Jan 2009substantial holder notice● Neutral
Third Point LLC, Daniel S. Loeb, Third Point Offshore Fund, Ltd., Third Point Offshore Master Fund, L.P., Third Point Advisors II L.L.C. reported a Energy XXI Ltd shareholding of 14,900,000 shares (10.30% of votes) in a periodic institutional filing.
15 Dec 2008debt financing● NeutralMajor
Energy XXI's semi-annual borrowing-base redetermination kept its revolving credit facility at $400 million, with $280 million drawn and $388 million still available (excluding a $12 million slice Lehman Brothers had committed but, post-collapse, couldn't fund) plus $102 million cash on hand - comfortable liquidity heading into the financial crisis.
12 Nov 2008capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q3 2008 financial statements required under its senior notes indenture.
5 Nov 2008material agreement● Neutral
Energy XXI signed standard indemnification agreements with its directors and officers - founding leadership included CEO John D. Schiller Jr., Steve Weyel, CFO David West Griffin, William Colvin, Paul Davison, David M. Dunwoody and Hill Feinberg.
4 Nov 2008dividend declaration▲ Good
Energy XXI declared its second quarterly dividend, again $0.005 per share.
20 Oct 2008capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's audited FY2008 financial statements as required under its 2007 senior notes indenture - another routine compliance filing.
10 Sept 2008securities registration● Neutral
Energy XXI Ltd filed the final prospectus for a registered offering.
10 Sept 2008material agreement● Neutral
Energy XXI adopted a deferred compensation plan letting its non-employee directors defer cash or equity pay.
10 Sept 2008dividend declaration▲ GoodMajor
Energy XXI declared its first-ever quarterly dividend, $0.005 per share, marking the company's transition to returning cash to shareholders.
