Energy XXI expectations lowered near-term at Cowen Cowen maintains its Buy rating on Energy XXl (EXXI) following the announcement of a joint venture with Apache (APA) which will add additional potential and inventory to its portfolio. The firm lowered its expectations in the near-term due to production issues. Price target is $35.
Energy XXI lowers 2015 capex view to $640M-$660M Energy XXI projected FY15 capex of $640M-$660M in slides for its presentation at the Howard Weil energy conference. On February 9, the company had estimated total FY15 capital program to range from $670M-$690M. Energy XXI still sees FY15 production 57,000-61,000 BOE/d. The company said it is pursuing asset monetization for midstream and non-core E&P and that for the combined GoM divestiture with M21K that bids have been received and negotiations are underway with potential buyers. Says annualized savings approaching $170M.