EXCO Resources, Inc. First Quarter Earnings Review 9/12/13 9/13/13 April 30, 2014
Management Participants Hal Hickey President & COO Mark Mulhern EVP & CFO
Key Takeaways from Q1 2014 Solid results ahead of guidance Strong execution Significantly improved balance sheet liquidity and reduced debt Fortified platform for future growth Expect to benefit from better macro environment…
Financial and Operational Highlights Financial Operational Adjusted EBITDA Drilled and completed3 Q1 2014 112 million East Texas & North Louisiana 13 gross wells Exceeded high-end of guidance drilled, 2 completed South Texas 23…
East Texas/North Louisiana Haynesville & Bossier Shale EXCO Q1 2014 daily average production 280 Mmcfe/d net TX LA 441 EXCO operated wells flowing to TX LA sales (371 LA / 70 TX) 179 non-operated wells 1,206 gross EXCO operated…
Haynesville Operational Effectiveness Holly Area (DeSoto Core) Days from Spud to Total Depth (TD) Six wells/section 107 acre spacing 33 days spud to rig release 14 frac stages 4,200 lateral 11,500 12,500 True Vertical Depth (TVD);…
DeSoto Core Haynesville 6.9 Bcf Proved Curve 6 Wells Per Section TYPE WELL ECONOMICS Actual Production Type Curve CAPEX (M) 7,500 EUR (BCF) 6.9 Average WI 45.9% Average NRI 35.1% Mmcfe/d IP 13.0 Mmcfe/d 1st Month 11.6 % Gas / %…
Multi-Year Inventory in the Haynesville/Bossier Identified 1,206 operated locations; 600 locations achieve a +20% IRR at current forward strip Greater than 14 years of economic (+20% IRR) drilling inventory at current pace of 42…
South Texas Eagle Ford Shale Eagle Ford Acreage Concentrated acreage position in oil window 47,800 net acres (11,300 net in Core) Optionality on farm-in acreage Operated shale production of 6,500 BO/d1 net Core from 143 producing Eagle…
Transferring Haynesville Competencies to Eagle Ford Days from Spud to Rig Release Realizing significant operational efficiencies 35 Manufacturing mode well underway 30 Leveraging third party experience and expertise; developing…
Appalachia Q1 2014 daily average production 61 Mmcfe/d net including conventional production 48 Mmcfe/d net Marcellus 125 horizontal Marcellus wells Net prospective shale acreage of 145,000 (70% HBP) Four core areas: Northeast…
Financial Strategy Reduced Leverage Disciplined Capital Program Have worked aggressively to reduce debt Manage capital expenditures in With the senior notes offering, we relation to operating cash flow have 790 million of…
EXCO First Quarter 2014 Actuals vs. Guidance1 Three Months Ended March 31, 2014 Production: LOW HIGH ACTUAL Oil (Mbbls) 480 530 593 Natural gas liquids (Mbbls) 60 70 59 Natural gas (Mmcf) 32,800 33,300 32,722 Q1 Adjusted EBITDA3…
EXCO Second Quarter and Full Year 2014 Guidance1 Three Months Ended Twelve Months Ended June 30, 2014 December 31, 2014 Production: LOW HIGH LOW HIGH Oil (Mbbls) 500 550 2,030 2,220 Natural gas liquids (Mbbls) 60 70 270 290 Natural…
Debt and Liquidity Pro Forma liquidity increased to 790 million March 31, 2014 EXCO Resources, Inc. PF for Notes ( in thousands) Actual Offering4 Cash and restricted cash1 104,915 104,915 Amount drawn on revolver 375,992 183,720…
Closing Remarks We are executing on our strategy & delivering on our commitments Second half 2013 Closed 1 billion of acquisitions Entered into drilling partnership Sold TGGT Resulting in lower First half 2014 leverage and…
EXCO Resources, Inc. Appendix
Key Investment Highlights 988,300 gross (443,400 net) total acres in three prominent shale plays in the United States 1.1 Tcfe of proved reserves as of 12/31/13 High Quality Asset Base 407 Mmcfe/d Q1 2014 average production Eagle…
EXCO Company Overview Appalachia Net production1: 407 Mmcfe/d Net shale acreage: 262,800 EXCO net production2: 61 Mmcfe/d Natural gas E&P company with Total employees: 700 2014 activity: 2 appraisal wells Pennsylvania growing oil…
Hedge Position Effective Date 3/31/141 Strike Price per Type Volume Units Unit Natural gas 2014 Swap 63,332,500 Mmbtus 4.22 2015 Swap 28,287,500 Mmbtus 4.31 2014 Call 15,125,000 Mmbtus 4.29 2015 Call 20,075,000 Mmbtus 4.29 Oil…
EBITDA and Adjusted EBITDA Reconciliation Three Months Ended (in thousands) March 31, 2014 Net income (loss) (4,606) Interest expense 20,164 Income tax expense - Depletion, depreciation and amortization 69,275 EBITDA1 84,833…
EBITDA and Adjusted EBITDA EBITDA and Adjusted EBITDA Earnings before interest, taxes, depreciation, depletion and amortization, or EBITDA represents net income adjusted to exclude interest expense, income taxes and depreciation,…
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