Wednesday, September 30, 2015

EXXI Earnings Call

Mike Kelly - Global Hunter Securities - Analyst
Okay, got it. And then, Bruce, I know you don't want to get into the specifics with the bond buybacks, but just what really gets you out of trouble here in your opinion? Buybacks sell for $0.22 on the dollar, that's great, but you still have some negative free cash flow this year and next and eventually liquidity is going to get tighter. So maybe you could discuss kind of what gets you where you want to be with this in the grand scheme of things. Thanks.

Bruce Busmire - Energy XXI Ltd. - CFO
Sure, Mike. We really think that we need in excess of $1 [billion] of debt off our balance sheet equating to somewhere in the $4.50 to $5 a barrel in interest costs. We think that really gets us to where we can sustain the place we want to be in a lower price environment.

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