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Second Quarter 2010 Review – Exco Resources Inc.

Exco Resources Inc. · Aug 4, 2010 · 27 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. Second Quarter 2010 Review – Exco Resources Inc. – slide 1
    Second Quarter 2010 Review August 4th, 2010 PPT-159 Q2 2010 Review
  2. Second Quarter 2010 Review – Exco Resources Inc. – slide 2
    PPT-159 Q2 2010 Review 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. Second Quarter 2010 Review – Exco Resources Inc. – slide 3
    PPT-159 Q2 2010 Review Introduction Continued Haynesville success First horizontal Bossier tests in DeSoto Parish Marcellus JV with BG Group Marcellus development Closed on SWN transaction, complementary to recent Common…
  4. Second Quarter 2010 Review – Exco Resources Inc. – slide 4
    Results and Corporate Highlights Steve Smith PPT-159 Q2 2010 Review
  5. Second Quarter 2010 Review – Exco Resources Inc. – slide 5
    PPT-159 Q2 2010 Review Recent Events Continued success in the Haynesville Completed 73 operated wells to date with average IPs of 23 Mmcf/d; current net Haynesville production exceeds 160 Mmcf/d Shelby area transactions…
  6. Second Quarter 2010 Review – Exco Resources Inc. – slide 6
    PPT-159 Q2 2010 Review Corporate Highlights Q2 2010 Actuals Q2 2010 Guidance Midpoint (3) (in thousands, except per share and production) Amount Per Share Amount Per Share(3) Oil and natural gas revenues 118,344 111,247 Cash…
  7. Second Quarter 2010 Review – Exco Resources Inc. – slide 7
    PPT-159 Q2 2010 Review Production Growth Adjusted for all sales and JVs Exit Rate 350 300 Target average of 50 250 Mmcfe/d quarterly exit 200 rate growth 150 305 257 100 216 Year to date growth in 50 exit rate of 41%…
  8. Second Quarter 2010 Review – Exco Resources Inc. – slide 8
    PPT-159 Q2 2010 Review Net Cash Operating Margin(1) Operating cost Production tax Gathering expense Cash operating margin Realized price before hedges 12.00 10.00 Average realized price including 8.00 hedge…
  9. Second Quarter 2010 Review – Exco Resources Inc. – slide 9
    Financial Review and Outlook Paul Rudnicki PPT-159 Q2 2010 Review
  10. Second Quarter 2010 Review – Exco Resources Inc. – slide 10
    PPT-159 Q2 2010 Review Liquidity and Financial Position Consolidated ( in thousands) June 30, 2010 Cash(1) 173,273 Bank debt (L + 200 - 300bps) 477,500 Senior notes (7 1/4%)(2) 444,720 Total debt 922,220 Net debt 748,947…
  11. Second Quarter 2010 Review – Exco Resources Inc. – slide 11
    PPT-159 Q2 2010 Review Derivatives Position As of June 30, 2010 NYMEX Contract Contract Contract natural gas price per NYMEX oil price per Equivalent price per % Hedged (1) Mmcf Mcf Mbls Bbl Mmcfe Equivalent forecast Q3 2010…
  12. Second Quarter 2010 Review – Exco Resources Inc. – slide 12
    PPT-159 Q2 2010 Review Second Quarter 2010 Guidance vs. Actuals Second Quarter 2010 Guidance: Guidance: (dollars in thousands, except per unit amounts) Low High Actual Description Production: Oil - Mbbls 130 141 168 Gas -…
  13. Second Quarter 2010 Review – Exco Resources Inc. – slide 13
    PPT-159 Q2 2010 Review Quarterly 2010 Guidance Q1 2010 Q2 2010 Q3 2010E Q4 2010E 2010 (dollars in thousands, except per unit amounts) Actual Actual Low High Low High Low High Production: Oil - Mbbls 159 168 170 178 188 196 685…
  14. Second Quarter 2010 Review – Exco Resources Inc. – slide 14
    PPT-159 Q2 2010 Review Capital Forecast 2H 2010 Total 2010 ( in millions) Q1 Actuals Q2 Actuals Budget Budget Development capital expenditures 65 103 159 327 Lease purchases (1) 9 12 41 62 Seismic 4 6 10 20 Gas gathering…
  15. Second Quarter 2010 Review – Exco Resources Inc. – slide 15
    Operations and Development Update Hal Hickey PPT-159 Q2 2010 Review
  16. Second Quarter 2010 Review – Exco Resources Inc. – slide 16
    PPT-159 Q2 2010 Review Production Profile Positioned for significant growth while still exceeding our economic hurdles 450 4,500 400 4,000 Outstanding net debt ( in millions) Average net production (Mmcfe/d) 350…
  17. Second Quarter 2010 Review – Exco Resources Inc. – slide 17
    PPT-159 Q2 2010 Review Haynesville Well Costs Haynesville Well Cost Break-Down 12 10.2 9.3 9.9 10 1.2 0.9 1.0 OCTG 1.4 1.0 ( million) 8 1.0 2.6 Rig Costs 6 2.8 2.5 1.8 Drilling Special 4 2.1 Services 2.4…
  18. Second Quarter 2010 Review – Exco Resources Inc. – slide 18
    PPT-159 Q2 2010 Review Haynesville Economics Evaluating development pace in light of current pricing environment and increased service costs Flexibility to adjust development level and pace due to high HBP acreage Deferred…
  19. Second Quarter 2010 Review – Exco Resources Inc. – slide 19
    PPT-159 Q2 2010 Review Operations Highlights 2010 Current Rig YTD 2010 YTD 2010 Forecast Count Spuds Completions Spuds Haynesville/Bossier 18 54 41 139 Marcellus 1 6 3 15 Vernon - 3 2 3 Permian 2 23 22 53 Total operated 21…
  20. Second Quarter 2010 Review – Exco Resources Inc. – slide 20
    PPT-159 Q2 2010 Review Haynesville Assets and Efforts AR TX 80,000 net Haynesville acres with EXCO / BG LA significant held by production position JV Area Optimizing drilling and completion methods to improve recoveries…
  21. Second Quarter 2010 Review – Exco Resources Inc. – slide 21
    PPT-159 Q2 2010 Review Haynesville IP Rate Consistency 23 Mmcf/d average IP in DeSoto Parish(1) EXCO Operated Haynesville IP's DeSoto Parish, LA IP, Mcf/d 35,000 Average DeSoto Parish IP rate of 30,000 23 Mmcf/d…
  22. Second Quarter 2010 Review – Exco Resources Inc. – slide 22
    PPT-159 Q2 2010 Review Pad Drilling EXCOs first 4 well, 80 acre spacing super pad - IP rate of 92 Mmcf/d Currently testing various drilling and completion methods to improve our recoveries and reduce costs 2 well heads 4 wells…
  23. Second Quarter 2010 Review – Exco Resources Inc. – slide 23
    PPT-159 Q2 2010 Review Shelby Area Haynesville and Middle Bossier assets Bossier Located in Shelby Trough 9 Mmcf/d IP in Shelby, San Augustine & Nacogdoches Counties, TX Bossier Haynesville 12 Mmcf/d IP 12 Mmcf/d IP 9…
  24. Second Quarter 2010 Review – Exco Resources Inc. – slide 24
    PPT-159 Q2 2010 Review EXCO Gross Operated Haynesville Shale Forecast Poised to deliver significant growth in Haynesville production 2,000 Mmcf/d Production (High Case) 1,700 Mmcf/d Production (Low Case) 1,600 Mmcf/d…
  25. Second Quarter 2010 Review – Exco Resources Inc. – slide 25
    PPT-159 Q2 2010 Review Marcellus JV Overview Agreement with BG Group plc Signed agreement with BG Group plc (BG Group) for joint development of EXCOs Marcellus shale and related Appalachian assets (the JV) Sold 50% of EXCOs…
  26. Second Quarter 2010 Review – Exco Resources Inc. – slide 26
    PPT-159 Q2 2010 Review Marcellus Activity Drilling program underway Plan to drill and complete 15 horizontal wells in 2010 First built-for-purpose drilling rig under long term contract delivered February 2010 Contracted two…
  27. Second Quarter 2010 Review – Exco Resources Inc. – slide 27
    PPT-159 Q2 2010 Review TGGT Midstream Operations Additional expansion projects in Shelby Trough TGGT East TX / North LA System TGGT throughput currently totals more than 1.1 Bcf/d Throughput capacity growing to 2.0 Bcf/d Will…

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