SAC Capital boosted its holding in Energy XXI (Bermuda) Limited (NASDAQ:EXXI) to 5.1 percent, according to its 13G filing with the Securities and Exchange Commission (SEC) dated Jan. 31, 2013. SAC is now the company’s third largest shareholder

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Steve Cohen’s SAC Capital purchased 2, 957,481 shares of Energy EXXI bringing its total stakes in the company to 4,074,684 shares. During the previous quarter, the hedge fund owned more than 1 million shares in the company.

EXXI is an independent oil and natural gas exploration and production company. Its growth strategy is acquisitions and is enhanced by its value organic drilling program. The company’s assets are located in United States Gulf of Mexico and the Gulf Coast onshore.

The oil and natural gas company recently reported its financial performance for the second quarter of fiscal 2013. Based on its financial statement, EXXI posted an EBITDA of $198.8 million, lower than its $225.6 million EBITDA during the same period last year. Its net income was $38.5 million or $0.47 per diluted share on $321 million revenue. During the second quarter in 2012, the company posted $93.4 million net income or $1.11 per diluted share on $341 million revenue.

According to Energy XXI (Bermuda) Limited (NASDAQ:EXXI) during the second quarter its production averaged 44,600 barrels of oil equivalent per day (BOE/d), compared with 42,700 BOE/d last year.  Its oil volumes for the period averaged 29,400 barrels per day (Bbl/d). The company’s current production is approximately 47,000 BOE/d, with another 5,000 BOE/d temporarily offline due to various downtime issues. Its total capacity is around 52,000 BOE/d.

In a statement, John Schiller, chairman and CEO of Energy XXI said, “Good operating margins driven by our oil-focused development program have established a solid base going into the second half of our fiscal year. We continue the horizontal drilling program, complemented by key exploration projects, focused on growing reserves and production simultaneously.”

The company recently acquired Laphroaig field from Mcmoran Exploration Co (NYSE:MMR) for $80 million, which would add 2,000 BOE/d of production. Energy XXI purchased  Laphroaig field using its available cash and revolver facility.

Aside from SAC Capital, some of the other large shareholders of Energy XXI (Bermuda) Limited (NASDAQ:EXXI) include Vanguard Group, Elliott Associates, Omega Advisors, and Mount Kellett Capital Management.