EXCO Resources, Inc. Second Quarter 2014 Earnings Review July 30, 2014
Management Participants Hal Hickey President & COO Mark Mulhern EVP & CFO
Key Takeaways from Q2 2014 Solid results ahead of guidance Strong operational execution Implementing base production enhancement initiatives Improved liquidity 3
Financial and Operational Highlights Financial Operational Adjusted EBITDA 1,2 Drilled and turned-to-sales3 Q2 2014 105 million East Texas & North Louisiana 11 gross wells Exceeded high-end of guidance drilled, 12 wells completed…
East Texas/North Louisiana Haynesville & Bossier Shale EXCO Q2 2014 daily average production 257 Mmcfe/d net 453 EXCO operated wells flowing to sales (381 LA / 72 TX) 200 non-operated wells Net shale acreage of 70,000 (98% HBP)…
South Texas Eagle Ford Shale South Texas Acreage South Texas Q2 2014 oil revenue of 51.9MM (28% of total EXCO Q2 2014 revenue) Concentrated acreage position in oil window 49,200 net acres (11,300 net in Core) Core Area Optionality…
Appalachia Q2 2014 daily average production 62 Mmcfe/d net total 45 Mmcfe/d net Marcellus 125 horizontal Marcellus wells Net prospective shale acreage of 145,000 (70% HBP) One appraisal well planned for 2014 to delineate and hold…
Base Production Enhancement Reducing base production declines positively impacts returns ETX/NLA South Texas Appalachia Reducing line pressure Artificial lift Increased automation and 90 wells benefiting from 90 planned pumping units…
Financial Strategy Maintain Financial Flexibility Manage Capital Program Have worked aggressively to reduce Flexibility to take advantage of debt favorable market conditions With the senior notes offering, we had Manage drilling and…
EXCO Second Quarter 2014 Actuals vs. Guidance1 Production: LOW HIGH ACTUAL Oil (Mbbls) 500 550 579 Natural gas liquids (Mbbls) 60 70 65 Natural gas (Mmcf) 30,300 30,900 31,006 Q2 Adjusted EBITDA3 Reconciliation: Total production…
EXCO Third Quarter and Full Year 2014 Guidance1 Three Months Ended Twelve Months Ended September 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…
Debt and Liquidity Liquidity remains strong going into the second half of the year EXCO Resources, Inc. ( in thousands) June 30, 2014 Cash and restricted cash1 53,466 Amount drawn on revolver 182,492 2018 Senior Notes2 750,000 2022…
Closing Remarks We are executing on our strategy & delivering on our commitments First half 2014 Closed rights offering Resulted in lower Sold non-operated West Texas asset leverage and stronger liquidity Termed out a portion of…
EXCO Resources, Inc. Appendix
Hedge Position Effective Date 6/30/141 Strike Price per Type Volume Units Unit Natural gas 2014 Swap 42,370,516 Mmbtus 4.22 2015 Swap 28,287,500 Mmbtus 4.31 2014 Call 10,120,000 Mmbtus 4.29 2015 Call 20,075,000 Mmbtus 4.29 Oil…
EBITDA and Adjusted EBITDA Reconciliation Three Months Ended Six Months Ended (in thousands) June 30, 2014 June 30, 2014 Net income (loss) 2,293 (2,313) Interest expense 25,968 46,132 Income tax expense - - Depletion, depreciation…
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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