Energy XXI completes EPL takeover, provides operations update

Energy XXI (EXXI) says it has completed the acquisition of EPL Oil & Gas (EPL) for ~$2.3B, which the company says makes it the largest publicly traded independent operator on the Gulf of Mexico shelf.

Current oil and gas production for the combined companies is ~62K boe/day (73% oil), and EXXI expects FQ4 production to average 45K-46K boe/day (68% oil), which includes one month of EPL's volumes.

In an operations update, EXXI says it has commenced drilling horizontal oil development wells with two platform rigs at West Delta 73, and began drilling the first horizontal oil well at West Delta 30.

EXXI +0.5% premarket.

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