Energy XXI upgraded to Strong Buy from Outperform at Raymond James Raymond James upgraded Energy XXI (EXXI) to Strong Buy citing valuation and potential upside from the soon-to-close merger with EPL Oil & Gas (EPL). The firm has a $29 price target for shares.
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.