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E&P Boosts Haynesville Proppant Levels 77% YOY; Well Costs Drop
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EXCO Resources, Inc. announced operating and financial results for the second quarter 2016.
2016 Second Quarter Highlights: Average cost per well decreased 22% to $5.8 million despite the use of 77% more proppant, as compared to prior year (2,700 lbs/foot in Q2 vs. 1,650 lbs/foot in 2015). Produced 296 Mmcfe per day, or 27 Bcfe, for second quarter 2016, consistent with first quarter 2016. GAAP net loss was $111 million, or $0.40 per diluted share, and adjusted net loss, a non-GAAP measure, was $14 million, or $0.05 per diluted share, for second quarter 2016. The GAAP net loss was primarily due to the impairment of oil and natural gas properties pursuant to the ceiling test in accordance with full cost accounting and unrealized losses on derivative financial instruments. Adjusted…- ✓ Full news archive — U.S., Canada & international coverage
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