Energy XXI Ltd. (NYSE: EXXI) filed for bankruptcy protection after spending $5 billion on acquisitions in the years leading up to the crude slump. The oil and gas explorer sought Chapter 11 protection in Houston Thursday, listing $1.8 billion in assets and $3.6 billion in debt and saying it has reached a restructuring agreement with noteholders.

“Energy XXI will eliminate more than $2.8 billion in debt from its balance sheet, substantially deleverage its capital structure and position the company for long-term success,” the company said in a statement. Energy XXI bills itself as the largest publicly traded independent producer on the Gulf of Mexico shelf. Since its initial public offering more than 10 years ago, the Houston-based company bought MitEnergy, picked up $1.01 billion of properties from Exxon Mobil Corp. (NYSE: XOM) and spent $2.3 billion on EPL Oil & Gas, according to its website.

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