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Energy XXI Ltd. Message Board

  • bellard bellard May 6, 2013 3:28 PM Flag

    EXXI CC and presentation

    Overall a pretty good CC. Like others have stated on this board it is obvious that EXXI is no longer a big growth play. With DJ out of the picture, and capex going down in 2013(FY 2014) - production growth will not be huge. Also looks like the NG % will be increasing which may be a positive if NG prices keep rising.

    The share buyback, free cash flow and Divy are more defensive plays, but add it all together and EXXI looks like a good hybrid stock - value/growth. With a PV-10 well above $40, nice oil hedges, and a return to free cash flow this stock should be at around $30 a share IMHO. Also the new org chart looks like a good move to run this larger firm in a more efficient manner. Also the cost per barrel trend look positive as well.....

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    • "With DJ out of the picture..."

      That is exactly what makes this stock so attractive right now... most people seem to be discounting this huge upside. Once MMR/FCX are together this can start again with even greater intensity. There is value here!

      Sentiment: Strong Buy

      • 1 Reply to steelpokers
      • I agree on this - I think EXXI will sell their interest in DJ for a larger than expected amount, or keep it and realize value over time. But the market is currently assigning zero value for it IMHO. This is one of the reasons for the SP slide.....I think EXXI is a $30 stock with upside based on the drill bit and NG prices....

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