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Exco Cuts $18MM from Capex in 1Q as Borrowing Base is Cut
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EXCO Resources, Inc. announced operating and financial results for the first quarter 2016.
2016 First Quarter Highlights: Capital budget for 2016 was reduced to $85 million to preserve liquidity and capital resources, representing a reduction of $192 million, or 69%, compared to 2015. During the first quarter 2016, the lenders under EXCO’s credit agreement completed their regular semi-annual redetermination, which resulted in a borrowing base of $325 million, a 13% decline from the previous $375 million borrowing base. Drilled 5 gross (4.6 net) and turned-to-sales 8 gross (3.6 net) operated horizontal wells in the first quarter 2016. Reduced costs by approximately 20% for wells turned-to-sales in 2016 compared to 2015. Produced 295 Mmcfe per day, or 27 Bcfe, for the first quarter 2016, in…- ✓ Full news archive — U.S., Canada & international coverage
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