Energy XXI -6.9% as lower commodity prices cut profits

Energy XXI (EXXI) -6.9% AH after posting FQ2 net income of $10.4M, down from $41.3M in the same period last year.

Revenues shrank to $297M from $320.5M in the same interval, with realized crude prices dropping to $94.85 from $106.31.

FQ2 production averaged 45.1K boe/day vs. 44.6K boe/day in the year-ago quarter.

EXXI says it expects a strong finish to the fiscal year in June as six horizontal oil wells are set to be drilled at West Delta 73 and 30.

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