EXCO Resources, Inc. Investor Presentation 9/12/13 9/13/13 June 2014
Presenters Hal Hickey Mark Mulhern President & COO EVP & CFO EXCO Resources, I nc. 13 years Form er EXCO Director 3 years M obil Oil Corp. 21 years P rogress Energy, I nc. 17 years P W C 9 years
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 Net shale acreage: 145,000 Pennsylvania growing oil exposure…
The Transition of EXCO Began in 2013 and Continues Forward in 2014 PARTICIPATION AGREEMENT NOTES OFFERING Sale of 50% interest in the 500 million notes offering; undeveloped Eagle Ford acreage for proceeds repaid 1st lien term…
2014 Objectives Focus on our development program Improve balance sheet liquidity and reduce debt Fortify platform for future growth 5
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 average production of 280 Mmcfe/d net TX LA 441 EXCO operated wells flowing to sales TX LA 179 non-operated wells flowing to sales 1,200 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 spuds…
South Texas Eagle Ford Shale Eagle Ford Acreage Q1 2014 average production of 6,500 BO/d1 net from 143 producing Eagle Ford wells Concentrated acreage position in oil window 47,800 net acres (11,300 net in Core) Core Optionality on…
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 average production of 61 Mmcfe/d net, including conventional production 125 horizontal Marcellus wells; 6,000 conventional wells Shale acreage 70% HBP Two appraisal wells planned for 2014 to delineate and hold…
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…
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…
Hedge Position Effective Date 3/31/141 Active hedging program Enhances ability to execute business plan, protect ROIs and Strike Price per manage capital structure Type Volume Units Unit Natural gas Utilize plain vanilla swaps…
Key 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 Ford…
EXCO Resources, Inc. Appendix
Adjusted EBITDA1 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 Accretion of…
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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