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Investor Presentation and Financial Disclosure – Exco Resources Inc.

Exco Resources Inc. · Jul 13, 2011 · 56 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. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 1
    Investor Presentation and Financial Disclosure July 2011 PPT 192 Management Presentation
  2. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 2
    PPT 192 Management Presentation Index Section Pages Corporate Overview 6 - 10 Financial Summary & Updated Guidance 11 - 17 Net Asset Values 18 - 21 Operations Update 22 - 36 Reserves and Resources Update 37 - 43 Financial…
  3. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 3
    Corporate Overview July 2011 PPT 192 Management Presentation
  4. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 4
    PPT 192 Management Presentation Snapshot Continued growth during 2011 12/31/2010 6/30/2011 E 12/31/2011 E Net Production Exit Rate (Mmcfe/d) 385 513 600 - 650 Operated Rigs 25 27 28 - 29 Producing Operated Shale Wells 156 256…
  5. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 5
    PPT 192 Management Presentation Premier Asset Base with Outstanding People High quality portfolio focused on shale resources 1.5 Tcfe of SEC Year End 2010 Proved Reserves(1) 1.6 Tcfe using management price deck(2) Current net…
  6. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 6
    PPT 192 Management Presentation Unmatched Growth Executing our plan delivers significant growth ('s in Millions) 2011E 2015 Target Upstream Production (Mmcfe/d) 501 - 534 1,023 - 1,142 EBITDA 650 - 680 1,692 - 1,943 Capital…
  7. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 7
    PPT 192 Management Presentation Keys to EXCOs Success Right Assets Right People Right Strategy We have a significant position We have a dedicated, industry We are financially and in two of the most prolific leading technical…
  8. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 8
    Financial Summary & Updated Guidance July 2011 PPT 192 Management Presentation
  9. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 9
    PPT 192 Management Presentation Corporate Highlights Full Year 2010 Guidance Actuals Q1 2011 Actuals Midpoint ( in thousands) Amount Amount Amount Oil and natural gas revenues 515,226 161,228 206,500 Cash settlements of…
  10. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 10
    PPT 192 Management Presentation Liquidity and Financial Position in thousands 3/31/2011 6/30/2011(1) Cash(2) 159,120 214,401 Bank debt (LIBOR + 1.5% to 2.5%) 589,000 851,500 Senior notes due 2018 (7 1/2%)(3) 750,000 750,000…
  11. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 11
    PPT 192 Management Presentation Summary of Indebtedness EXCO Resources Credit Agreement due 4/30/16 851.5 million outstanding as of 6/30/11, 1.5 billion borrowing base Financial covenants: Debt to EBITDAX (as defined in the…
  12. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 12
    PPT 192 Management Presentation Derivative Position Includes all positions entered into through 6/30/2011 NYMEX Contract Contract Contract natural gas price per NYMEX oil price per Equivalent Equivalent price per % Hedged Mmcf…
  13. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 13
    PPT 192 Management Presentation Second Quarter 2011 Original Guidance vs. Updated Guidance Strong performance despite 23 Mmcfe/d curtailment; expect higher EBITDA than original guidance Second Quarter 2011 Second Quarter 2011…
  14. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 14
    PPT 192 Management Presentation Quarterly 2011 Guidance Forecasting annual production growth in excess of 60% compared to full year 2010 25 30 Mmcfe/d of curtailed volume in Q3 associated with the TGGT facility incident is…
  15. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 15
    Net Asset Values July 2011 PPT 192 Management Presentation
  16. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 16
    PPT 192 Management Presentation Net Asset Value Assumptions Based on Financial Modeling Report described on pages 45 59 Report was rolled-forward to respective future dates Unproved reserve and resource locations converted…
  17. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 17
    PPT 192 Management Presentation MGMT Price Deck 2011 2012 2013 2014 2015+ Risked Net Asset Value(1) Oil /Bbl 90.00 90.00 90.00 90.00 90.00 Management Price Deck NG /Mcf 4.50 5.00 5.25 5.50 6.00 12/31/2010 E 6/30/2011 E 12/31/2013…
  18. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 18
    PPT 192 Management Presentation MGMT Price Deck 2011 2012 2013 2014 2015+ E&P Asset Value(1) Oil /Bbl 90.00 90.00 90.00 90.00 90.00 Management Price Deck NG /Mcf 4.50 5.00 5.25 5.50 6.00 12/31/2010 E 6/30/2011 E 12/31/2013 E…
  19. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 19
    Operations Update July 2011 PPT 192 Management Presentation
  20. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 20
    PPT 192 Management Presentation Q2 2011 Operations Highlights Appalachia Record net production volumes of 500 Mmcfe/d despite 23 Mmcfe/d curtailed during Q2 as a 3 rigs running in Q2 with plans to exit 2011 result of TGGT…
  21. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 21
    PPT 192 Management Presentation East Texas/North Louisiana Continued success in our core Haynesville/Bossier development areas Current operated shale production of 1.1 Bcf/d gross (347 Mmcf/d net); including OBO (operated by…
  22. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 22
    PPT 192 Management Presentation East Texas/North Louisiana Drilling efficiencies gained with long-term contracts Longest Contracted Flex Rig in EXCOs Fleet (2.9 years) North Louisiana: As tracked by our bit contractors, EXCO…
  23. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 23
    PPT 192 Management Presentation East Texas/North Louisiana Cost saving initiatives Implementing significant capital cost reduction in North LA Variable components of 12.0 cost reduction: 11.5 Drilling 11.0 Bit selection 10.5…
  24. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 24
    PPT 192 Management Presentation Haynesville/Bossier Focus for 2011 Reduce Costs Without Sacrificing Well Performance: Continuous review of best practices Faster drilling times Optimize proppant mix Improve consistency through…
  25. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 25
    PPT 192 Management Presentation East TX / North LA Gas Marketing Current Firm Transportation Agreements 1,700 1,600 Significant downstream 1,500 1,400 takeaway agreements 1,300 1,200 currently in place 1,100 1,000…
  26. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 26
    PPT 192 Management Presentation Appalachia Significant Resource Potential Current development focused on Northeast Area 847,000 gross acres (379,000 net) with 140,000 net acres with Marcellus shale potential Central Area…
  27. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 27
    PPT 192 Management Presentation Marcellus Capital Shift to development program will result in lower costs Cost Reduction Initiatives Contractor Resources and Management Build local workforce and service points Keep crews and…
  28. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 28
    PPT 192 Management Presentation Appalachia Water Procurement & Disposal Recycled more than 90% of frac water in 2011 Marcellus Water Procurement & Disposal Water management staff of eight employees 18 MMgpd of water available…
  29. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 29
    PPT 192 Management Presentation Marcellus Focus for 2011 Development in the Northeast Area Continue to improve technical understanding of the Marcellus shale play Pennsylvania production data available Competitor data trades…
  30. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 30
    PPT 192 Management Presentation Non-shale Conventional Assets 1.2 Tcf of reserves and resources potential(1) Conventional assets represent 25% of our net Appalachia Shallow production Reserves and Resources Proved developed…
  31. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 31
    PPT 192 Management Presentation TGGT Throughput exceeds 1.5 Bcf/d Average Q2 throughput set a record, TGGT System exceeding 1.4 Bcf/d Holly: 893 Mmcf/d Holly Shelby: 162 Mmcf/d Mid Cycle Focus on well Legacy East Texas:…
  32. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 32
    PPT 192 Management Presentation TGGT May 28, 2011 Treating Facility Incident Red River Parish, Louisiana The function of the damaged facility is to treat 450 Mmcf/d of natural gas to pipeline quality Failure of a vessel…
  33. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 33
    PPT 192 Management Presentation 2011 Capital Budget and Development Strategy E&P budget totals 976 million(1) Haynesville development is our main activity as a result of 2011 Capital Budget by Category Performance as we are…
  34. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 34
    Reserves and Resources Update July 2011 PPT 192 Management Presentation
  35. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 35
    PPT 192 Management Presentation EXCO Reserves and Resources Strong historical performance and future potential Strong performance since the end of 2008 Added 0.9 Tcfe in extensions and discoveries, spending 640 million or…
  36. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 36
    PPT 192 Management Presentation YE 2009(1) to YE 2010(2) Total Proved Reserves Reconciliation Extensions & discoveries of 646 Bcfe; 576% production replacement and positive revisions Extensions & Discoveries 646 Bcfe EXCO…
  37. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 37
    PPT 192 Management Presentation DeSoto Area Performance Operated well performance exceeding year end 2010 proved type curve DeSoto Core Cumulative Production Haynesville 30 Days Wells 60 Days Wells 90 Days Wells 180 Days Wells…
  38. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 38
    PPT 192 Management Presentation Reserves and Resources Report effective 12/31/10 Assumptions Proved Reserves based on year end 2010 SEC proved reserve report Operating expenses adjusted to expected levels Drilling and completion…
  39. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 39
    PPT 192 Management Presentation Reserves and Resources Report effective 12/31/10(1) Reconciliation to year end 2010 SEC Report Reserves and Resources Report Detail Net Oil (Mbbl) Net Gas (Mmcf) Net Gas Equiv (Mmcfe) 1PDP 4,364…
  40. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 40
    PPT 192 Management Presentation Reserves and Resources Report effective 12/31/10(1) Shale/non-shale by area NonShale Shale Net Bcfe ETXNLA Permian Appalachia Total ETXNLA Appalachia Total Grand Total 1PDP 415 59 87 560 187 23 211…
  41. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 41
    Financial Models July 2011 PPT 192 Management Presentation
  42. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 42
    PPT 192 Management Presentation Financial Modeling Report effective 7/1/11 Assumptions Based on unrisked Financial Modeling Report Effective 7/1/11 Operating, drilling and completion cost assumptions are the same as the Reserves…
  43. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 43
    PPT 192 Management Presentation Financial Modeling Report effective 7/1/11(1) Reconciliation to Reserves and Resources Report Net Oil (Mbbl) Net Gas (Mmcf) Net Gas Equiv (Mmcfe) 1PDP 4,773 897,573 926,210 2PNP 51 42,388 42,696…
  44. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 44
    PPT 192 Management Presentation Financial Modeling Report effective 7/1/11(1) Shale/non-shale by area NonShale Shale Net Bcfe ETXNLA Permian Appalachia Total ETXNLA Appalachia Total Grand Total 1PDP 392 64 84 540 322 64 386 926…
  45. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 45
    PPT 192 Management Presentation Development Plan Summary Net Wells Turned to Sales Operated 2011 E 2012 E 2013 E 2014 E 2015 E Development plan scheduled to Haynesville 65.1 56.8 49.1 32.4 24.1 drill highest PV areas first…
  46. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 46
    PPT 192 Management Presentation Development Plan Economics and 2011E Operating Margin by Area Gross well Gross EUR Royalty Net EUR (1) cost (M) (Mmcfe) % (Mmcfe) F&D IRR% Haynesville 9,000 7,100 23% 5,467 1.65 61% Bossier…
  47. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 47
    PPT 192 Management Presentation Financial Model Summary Upstream: 2011 E 2012 E 2013 E 2014 E 2015 E Average Rigs: Haynesville/Bossier 22 27 27 27 27 Marcellus 4 8 11 13 16 Permian 2 2 2 2 Total 28 37 40 42 43 Production…
  48. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 48
    PPT 192 Management Presentation Upstream Summary Forecast 2011 E 2012 E 2013 E 2014 E 2015 E Total Oil - Mbbls 836 833 820 770 614 3,874 Natural gas - Mmcf 187,384 299,221 370,267 378,638 413,258 1,648,768 Equivalent - Mmcfe…
  49. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 49
    PPT 192 Management Presentation Upstream Income Statement in thousands 2011 E 2012 E 2013 E 2014 E 2015 E Total Oil - Mbbls 836 833 820 770 614 3,874 Natural gas - Mmcf 187,384 299,221 370,267 378,638 413,258 1,648,768…
  50. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 50
    PPT 192 Management Presentation Upstream Cash Flow Statement in thousands 2011 E 2012 E 2013 E 2014 E 2015 E Total Operating activities Net income (loss) 251,983 676,349 597,755 648,215 812,305 2,986,607 Adjustments to…
  51. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 51
    PPT 192 Management Presentation Upstream Balance Sheet in thousands 2011 E 2012 E 2013 E 2014 E 2015 E Assets Current assets Cash 75,000 75,000 75,000 142,311 701,805 Restricted cash 169,743 169,743 169,743 169,743 169,743…
  52. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 52
    PPT 192 Management Presentation Summary Midstream Financial Projections Assumptions Based on unrisked Financial Modeling Report effective 7/1/11 Projections based on management price deck: MGMT Price Deck 2011 2012 2013 2014…
  53. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 53
    PPT 192 Management Presentation Midstream Summary Income Statement Midstream Financials are 100% to the JVs, EXCO owns 50% of JVs TGGT & Appalachia Midstream Income Statement ( in millions) 2011 E 2012 E 2013 E 2014 E 2015 E…
  54. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 54
    PPT 192 Management Presentation Midstream Summary Balance Sheet Midstream Financials are 100% to the JVs, EXCO owns 50% of JVs TGGT & Appalachia Midstream Balance Sheet As of December 31, ( in millions) 2011 E 2012 E 2013 E 2014…
  55. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 55
    PPT 192 Management Presentation Midstream Summary Cash Flow Midstream Financials are 100% to the JVs, EXCO owns 50% of JVs TGGT & Appalachia Midstream Cash Flow Statement ( in millions) 2011 E 2012 E 2013 E 2014 E 2015 E…
  56. Investor Presentation and Financial Disclosure – Exco Resources Inc. – slide 56
    PPT 192 Management Presentation Midstream Summary Throughput and Capital Summary Midstream Financials are 100% to the JVs, EXCO owns 50% of JVs Midstream Throughput (Mmcf/d) 2011 E 2012 E 2013 E 2014 E 2015 E TGGT 1,488.9 2,268.1…

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