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Q4 2009 Review – Exco Resources Inc.

Exco Resources Inc. · Nov 24, 2010 · 33 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2009 Review – Exco Resources Inc. – slide 1
    Fourth Quarter and Full Year 2009 Review February 2010 PPT-128-Q4-09Review
  2. Q4 2009 Review – Exco Resources Inc. – slide 2
    PPT-128-Q4-09Review Management Participants Doug Miller Chairman and CEO Steve Smith President and CFO Hal Hickey Vice President and COO Paul Rudnicki Vice President EXCO Resources, Inc. 2
  3. Q4 2009 Review – Exco Resources Inc. – slide 3
    PPT-128-Q4-09Review Introduction Year in Review Shifted our strategy from acquisition and exploitation to shale development Began full-scale development of Haynesville shale assets Currently at 13 operated horizontal rigs;…
  4. Q4 2009 Review – Exco Resources Inc. – slide 4
    Results and Corporate Highlights Steve Smith PPT-128-Q4-09Review
  5. Q4 2009 Review – Exco Resources Inc. – slide 5
    PPT-128-Q4-09Review Delivered What We Promised Achieved our 2009 strategic plan Joint venture partner Joint venture with BG Group positions EXCO for dramatic upstream and midstream growth Received 1.0 billion of cash and 400…
  6. Q4 2009 Review – Exco Resources Inc. – slide 6
    PPT-128-Q4-09Review Financial Summary and Outlook Well hedged with 50% of expected production for 2010 at 7.82 per Mcfe Prepared to deliver significant, sustained organic production growth Began 2010 with 234 Mmcfe/d Expect…
  7. Q4 2009 Review – Exco Resources Inc. – slide 7
    PPT-128-Q4-09Review Corporate Highlights Reported strong results despite market conditions and divestitures Q4 2009 2009 (3) (in thousands, except per share and production) Amount Per Share Amount Per Share(3) Oil and natural…
  8. Q4 2009 Review – Exco Resources Inc. – slide 8
    PPT-128-Q4-09Review Net Cash Operating Margin(1) Hedging program successfully mitigates price volatility Operating cost Production tax Gathering expense Cash operating margin Realized price before hedges 12.00 10.00…
  9. Q4 2009 Review – Exco Resources Inc. – slide 9
    PPT-128-Q4-09Review 2009 Divestiture Results Proceeds in line with original estimates ( in millions) Cash Proceeds 2009 Divestiture Program 550 ETX / NLA Midstream Joint Venture 269 ETX / NLA Upstream Joint Venture 714…
  10. Q4 2009 Review – Exco Resources Inc. – slide 10
    PPT-128-Q4-09Review Liquidity and Financial Position Significant financial flexibility Consolidated ( in thousands) December 31, 2009 February 22, 2010 Cash(1) 127,316 100,950 Bank debt (L + 175 - 250bps) 747,564 747,564…
  11. Q4 2009 Review – Exco Resources Inc. – slide 11
    Financial Review Paul Rudnicki PPT-128-Q4-09Review
  12. Q4 2009 Review – Exco Resources Inc. – slide 12
    PPT-128-Q4-09Review Derivatives Position As of December 31, 2009, including Q1 2010 transactions NYMEX Contract Contract Contract natural gas price per NYMEX oil price per Equivalent price per Percent Mmcf Mcf Mbls Bbl Mmcfe…
  13. Q4 2009 Review – Exco Resources Inc. – slide 13
    PPT-128-Q4-09Review Fourth Quarter 2009 Guidance vs. Actuals Fourth Quarter 2009 Guidance: Guidance: (dollars in thousands, except per unit amounts) Low High Actual Production: Oil - Mbbls 160 170 204 Gas - Mmcf 21,600…
  14. Q4 2009 Review – Exco Resources Inc. – slide 14
    PPT-128-Q4-09Review Quarterly 2010 Guidance Q1 2010E Q2 2010E Q3 2010E Q4 2010E 2010 (dollars in thousands, except per unit amounts) Low High Low High Low High Low High Low High Production: Oil - Mbbls 126 138 131 143 133 144…
  15. Q4 2009 Review – Exco Resources Inc. – slide 15
    Operational Review Hal Hickey PPT-128-Q4-09Review
  16. Q4 2009 Review – Exco Resources Inc. – slide 16
    PPT-128-Q4-09Review 2009 Divestiture Program Sold non-strategic assets across all divisions 2009 Divestitures Current Operating Areas EXCO Resources, Inc. 18
  17. Q4 2009 Review – Exco Resources Inc. – slide 17
    PPT-128-Q4-09Review Reserve Base(1) Restructured portfolio focused on shale resources Appalachia Proved Reserves = 1.2 Tcfe 3P Reserves = 3.0 Tcfe Proved: 0.3 Tcfe 3P: 0.5 Tcfe 3P+ Reserves = 15.8 Tcfe 3P+: 11.6 Tcfe Current…
  18. Q4 2009 Review – Exco Resources Inc. – slide 18
    PPT-128-Q4-09Review 2009 Results Operational highlights & accomplishments Rapid growth in Haynesville Gross operated production increased from an average of 7 Mmcf/d in Q4 2008 and currently totals approximately 340 Mmcf/d from…
  19. Q4 2009 Review – Exco Resources Inc. – slide 19
    PPT-128-Q4-09Review 2009 Results Operational highlights & accomplishments Began 2010 with net production of approximately 234 Mmcfe/d; currently at 265 Mmcfe/d 98% drilling success rate across our portfolio; drilled 108 and…
  20. Q4 2009 Review – Exco Resources Inc. – slide 20
    PPT-128-Q4-09Review Year End SEC Total Proved Reserves(1) Based on new SEC methodology: EXCO 2009 Proved Reserve Adjustments Year end 2009 proved reserves of 959 Bcfe 2,500 Added 242 Bcfe of extensions + 242 (128) and…
  21. Q4 2009 Review – Exco Resources Inc. – slide 21
    PPT-128-Q4-09Review Year End SEC Total Proved Reserves Development costs Total Proved Reserves F&D Reserves (dollars in thousands, except per Mcfe) Cost Mmcfe Per Mcfe Haynesville - DeSoto 143,570 202,147 0.71 Conventional…
  22. Q4 2009 Review – Exco Resources Inc. – slide 22
    PPT-128-Q4-09Review Year End SEC Total Proved Reserves Haynesville capital discussion Dollar weighted Average gross Capital share Gross wells Net average (dollars in millions) well cost percentage drilled capital well cost…
  23. Q4 2009 Review – Exco Resources Inc. – slide 23
    PPT-128-Q4-09Review 2010 Focus Organic growth via the Haynesville and Marcellus Shales Plan to spend 471 million in 2010 and drill 102 operated horizontal Haynesville / Bossier wells, 6 operated horizontal Cotton Valley wells,11…
  24. Q4 2009 Review – Exco Resources Inc. – slide 24
    PPT-128-Q4-09Review 2010 Capital Program Total capital program of 471 million is net of 205 million of EXCO drilling and completion capital carried by BG Group 2010 Capital Program by Category 2010 Capital Program by Area…
  25. Q4 2009 Review – Exco Resources Inc. – slide 25
    PPT-128-Q4-09Review Haynesville Assets and Efforts Implementing our growth strategy 53,900 net Haynesville acres Actively working to acquire additional acreage Significant additional opportunities continue to be identified…
  26. Q4 2009 Review – Exco Resources Inc. – slide 26
    PPT-128-Q4-09Review EXCO Gross Operated Horizontal Haynesville Shale Production Currently have 35 operated horizontal completions flowing to sales; project to exit 2010 at 795 Mmcf/d gross 1,000 Gross Operated Gas Rate, Mm cf/d…
  27. Q4 2009 Review – Exco Resources Inc. – slide 27
    PPT-128-Q4-09Review Gas Marketing Haynesville marketing strategy Term Total JV FT Start Date End Date (Mmcf/d) Crosstex LIG Existing Q2 2012 70 Regency Haynesville Q1 2010 Q1 2020 475 Energy Transfer Tiger Q1 2011 Q1 2021 200…
  28. Q4 2009 Review – Exco Resources Inc. – slide 28
    PPT-128-Q4-09Review Haynesville/Bossier Operations Snapshot Production: 427 Mmcf/d gross, 96 Mmcf/d net on 02/07/10 Operated: 340 Mmcf/d gross, 92 Mmcf/d net(1) OBO: 87 Mmcf/d gross, 4 Mmcf/d net 35 operated horizontals…
  29. Q4 2009 Review – Exco Resources Inc. – slide 29
    PPT-128-Q4-09Review Bossier The next frontier Top Bossier +/- 10,000 Top Haynesville +/- 11,500 Top Limestone +/- 11,900 Potential net gas in place on the JV acreage is 17 Tcf Recovery factor to be determined EXCO…
  30. Q4 2009 Review – Exco Resources Inc. – slide 30
    PPT-128-Q4-09Review EXCO Midstream Operations East Texas / North Louisiana Positioned for growth Finalizing construction of 36 inch, 29 mile diameter Haynesville header system Throughput capacity in excess of 1.5 Bcf/d with…
  31. Q4 2009 Review – Exco Resources Inc. – slide 31
    PPT-128-Q4-09Review Marcellus Opportunity Largest areal extent of the major shale plays Marcellus Fairway EXCO has 343,000 net acres in the play Approximately 186,000 net acres in the over-pressured fairway Marcellus…
  32. Q4 2009 Review – Exco Resources Inc. – slide 32
    PPT-128-Q4-09Review Current Marcellus Activity Preparing to implement horizontal program 2009 Drilling Program Drill to test the play Drilled 11 vertical wells to date; two vertical wells scheduled for 2010 Plan 11 horizontals…
  33. Q4 2009 Review – Exco Resources Inc. – slide 33
    PPT-128-Q4-09Review Conclusion 2009 A Transformational Year Shift in strategy focuses on developing top-tier assets; expect 30% + compound annual organic growth Fortified balance sheet affords liquidity to accelerate…

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