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Energy XXI has implemented an "acquire and exploit" growth strategy to build a geographically focused portfolio with some of the highest per-unit margins in the industry. It has completed five major acquisitions totaling approximately $2.5B since its founding in October 2005, creating a company with more than 116 MMboe/d of proved reserves and about 42 Mboe/d of production, 67% of which is oil. Energy XXI operates or has an interest in 7 of the 11 largest oil fields in the Gulf of Mexico. The company's core properties are located in coastal and offshore Louisiana.