Energy XXI output drives strong quarter

Winning: Energy XXI posts solid quarter

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Luke Johnson

 08 August 2012 22:00 GMT

Gulf-focused player Energy XXI reported stronger quarterly results on Wednesday, driven by higher production rates and sweetened by an impressive development well.

The company reported income in the three months to June of $78.3 million, or 93 cents per share, on revenues of $341.9 million. That compared to income of $26.8 million, or 36 cents per share, on revenues of $282.8 million a year earlier.

Record quarterly production averaging 47,600 barrels of oil equivalent per day with a 68% oil cut helped boost the company's bottom line. Production a year earlier was 13% lower at 42,100 boepd.

For the next 12 months, Energy XXI "remain(s) focused on growing oil production through the exploitation and…

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