Not quite two years ago, EXXI acquired EPL for $1.5 billion:
March 12, 2014 6:10 p.m. ETSadly, the most recent quarter net production averaged 58,900 barrels equivalent per day. And, of course, we have the $400 million of 2018 holding company notes trading at 6 cents on the dollar. (Still a $100 million market cap though.)
Energy XXI Ltd. agreed to acquire EPL Oil & Gas Inc. in a $1.53 billion cash-and-stock deal that will create the largest publicly traded oil-and-gas producer in the shallow waters of the U.S. Gulf of Mexico.
When operations are combined, the new company will produce 65,000 barrels of oil equivalent a day, 70% of it crude, said Energy XXI Chairman and Chief Executive John Schiller on Wednesday.
Another good sign was the North American Prospect Expo in Denver which we reported in December 2013. At the time:
"On the ground at the expo, it looked like oil is near the top of the cycle. Private jet booths. Huge attendance with everyone bringing extraneous people just to get drunk and have fun."And of course King Aubrey.
Every man a king, but no one wears a crown.