Exploration & Production | Top Story | Deals - Acquisition, Mergers, Divestitures
As BG Passes On Haynesville Interest, Exco Ups Guidance
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EXCO Resources, Inc. has reported that BG Group plc has elected not to acquire 50% of the recently acquired producing and undeveloped oil and gas assets in the Haynesville shale formation.
EXCO closed the acquisition of the Haynesville assets on July 12, 2013 for a purchase price of $288 million, after customary preliminary purchase price adjustments. These assets were subject to BG Group's right to acquire a 50% interest, which was formally offered to BG Group on July 13, 2013.
As a result of BG Group’s election and continued strong operating performance, EXCO has raised its full year 2013 adjusted EBITDA guidance from approximately $435 million to approximately $450 million. EXCO’s full year 2013 guidance was initially $296 million, which was raised to $341 million with the March…
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