EXCO Resources, Inc. Third Quarter 2014 Earnings Review October 29, 2014
Management Participants Hal Hickey President & COO Ricky Burnett VP, CFO & CAO
Third Quarter Highlights Adjusted EBITDA1,2 Q3 2014 - 94 million, above midpoint of guidance Continue to Deliver YTD - 311 million Capital expenditures3 Solid Results Q3 2014 - 104 million, below midpoint of guidance YTD - 303…
Recent Initiatives EXCO is well positioned for the current commodity cycle Worked aggressively to reduce debt Successfully completed rights offering Termed out portion of capital structure Increased liquidity Added hedges to…
East Texas / North Louisiana EXCO Q3 2014 average daily production 242 Mmcfe/d net 466 EXCO operated wells flowing to sales (386 LA / 80 TX) 199 non-operated wells Net shale acreage totals 71,000 (99% HBP) Five rigs currently…
East Texas 2014 Program Exceeding Expectations Jacob SU 1H Crenshaw SU 1H Shelby Area Eight well 2014 program consisted of five (Haynesville) (Haynesville) wells targeting the Haynesville and three wells targeting the Bossier…
North Louisiana Bossier Plans Opportunity to transfer learnings North Louisiana Bossier from East Texas completion and flowback modifications to Bossier position in North Louisiana Two existing wells Potential to develop…
North Louisiana Base Optimization Focused on reducing declines and increasing returns on maturing assets Initial Refrac Base initiatives offset PDP declines and reduce capital intensity Refrac opportunities Artificial lift Field…
South Texas Concentrated acreage position in oil window Core Area Acreage 49,000 net acres (11,700 net in Core) Optionality on farm-in acreage Operated production of 5,839 BOE/d1 net from 170 producing wells 55 pumping units…
South Texas Operational Excellence Third quarter activity Operated an average of two rigs 11 gross wells (2.7 net) drilled; 14 gross Spud to Rig Release Improvements wells (2.9 net) turned-to-sales 18 31 wells in inventory as of…
Appalachia Central Maintain optionality with minimal Development Area cost to carry Northeast Development Area Q3 2014 average daily production 56 Mmcfe/d net total West Virginia Central Appraisal 42 Mmcfe/d net Marcellus…
EXCO Third Quarter 2014 Actuals vs. Guidance1 Three Months Ended September 30, 2014 Production: LOW HIGH ACTUAL Oil (Mbbls) 500 550 537 Natural gas liquids (Mbbls) 60 70 62 Natural gas (Mmcf) 29,500 30,000 29,359 Q3 Adjusted EBITDA3…
EXCO Fourth Quarter 2014 Guidance1 Three Months Ended December 31, 2014 Production: LOW HIGH Oil (Mbbls) 510 560 Natural gas liquids (Mbbls) 40 50 Natural gas (Mmcf) 28,000 28,500 Total production (Mmcfe) 31,300 32,160 Average…
South Texas 2015 Offer Wells 2015 Q1 7 Wells Q2 Q3 Q4 41 Offer 25 to 11 Wells 11 Wells 12 Wells Wells Wells1 30 mm Currently seven wells are eligible for the first quarter 2015 offer process; EXCO is providing a current estimate…
Debt and Liquidity September 30, 2014 855 million of pro forma liquidity PF Compass 65 million cash Divestiture and ( in thousands) Actual BB Increase 790 million available on credit agreement Cash and restricted cash1 65,143…
Current Hedge Position Effective Date 10/1/141 EXCO Resources, Inc. Natural Gas Q4 2014 2015 2016 Swaps - HH (Mmbtu/d) 215,000 107,500 - Strike 4.23 4.22 - Short Calls - HH (Mmbtu/d) 55,000 55,000 - Strike 4.29 4.29 - Three Way…
EXCO Resources, Inc. Appendix
EBITDA and Adjusted EBITDA Reconciliation Three Months Ended Nine Months Ended (in thousands) September 30, 2014 September 30, 2014 Net income 41,569 39,256 Interest expense 23,974 70,106 Income tax expense - - Depletion,…
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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