Gulf of Mexico-focused Energy XXI saw its oil reserves rise by half for 2013 – but saw earnings fall.
The Bermuda-based firm ended the financial year to June with 179million boe, after adding 62million through discoveries.
However, the company saw earnings fall to $738million for the year, with profits of $150.6million – down from $316.7million the previous year.
Energy XXI chairman John Schiller looked to the positives after an impressive growth of the company’s portfolio.
“We continue to see excellent results from our oil-focused drilling program,” he said.
“If full-year production averages the current rate of about 47,000 BOE/d, volumes will increase 10 percent year over year.”
The company said it plans to spend around $126million on exploration drilling in the next year, a third of which will be on its ultra-deep joint venture with Freeport McMoran.
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