Energy XXI cuts workforce by 18%

Energy XXI Gulf Coast Inc., Houston, said it has “implemented additional workforce reductions to lower its overhead costs and better align its staffing with its current expected operational plans.”

The firm reduced total headcount by 18%, which will result in severance and separation expenses of $2.5 million in the second quarter. Energy XXI will realize a total of $8-8.5 million of annualized general and administrative and lease operating expense savings from the reduction.

Energy XXI completed financial restructuring late last year.

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