EXCO Resources, Inc. Fourth Quarter & Full Year 2014 Review February 25, 2015
Fourth Quarter and Full Year 2014 Review Management Participants Hal Hickey President and COO Ricky Burnett VP, CFO & CAO 2
Fourth Quarter and Full Year 2014 Review Update on Recent Events and Initiatives Divested our interest for 119 million in cash (portion used to pay down EXCOs revolver) and removed Compass Production Partners 83 million of…
Fourth Quarter and Full Year 2014 Review Q4 and FY 2014 Highlights Operational Financial Drilled and turned-to-sales(1) Adjusted EBITDA(2)(3) Q4 28 gross (9.3 net) drilled operated Q4 81 million wells, 37 gross (11.6 net)…
Fourth Quarter and Full Year 2014 Review Year End 2014 Proved Reserves Year end 2014 SEC proved reserves Year End 2013 to Year End 2014 SEC Proved Reserves Reconciliation are 1,264 Bcfe(1) with 1,543 1,800 million PV-10(1)(2)…
Fourth Quarter and Full Year 2014 Review 2015 Capital Budget of 275 Million Align capital spending levels with expected Adjusted EBITDA(1) Reducing rig count from an average of seven rigs in 2014 to four rigs in 2015 2014 total…
Fourth Quarter and Full Year 2014 Review 2015 Capital Budget 2015 capital budget of 275 million 35% lower than 2014 total capital expenditures 2015 budget targets production of 335 to 355 Mmcfe/d Essentially flat (excluding…
Fourth Quarter and Full Year 2014 Review East Texas / North Louisiana Q4 2014 average daily production 240 Mmcfe/d TX LA net 481 EXCO operated wells flowing to sales (397 LA / 84 TX) 203 non-operated wells Holly Area Net…
Fourth Quarter and Full Year 2014 Review East Texas Shelby Program Eight well 2014 program consisted of five wells targeting the Shelby Area Haynesville and three wells targeting the Bossier Wells strategically drilled across…
Fourth Quarter and Full Year 2014 Review East Texas and North Louisiana Economics and Sensitivities Selected Wellhead Rates of Return - 12/31/14 Strip(1) ETX Shelby (ELL 6,900) Return Sensitivity(2) 40% 70% 34% 35% 60% 30%…
Fourth Quarter and Full Year 2014 Review North Louisiana Base Production Optimization Focused on reducing declines and increasing returns on maturing assets Initial Refrac Base production initiatives help flatten base decline…
Fourth Quarter and Full Year 2014 Review South Texas Q4 2014 average daily production of 6,083 South Texas BOE/d net 209 producing wells Concentrated acreage position in oil window 52,900 net acres (11,300 net in Core)…
Fourth Quarter and Full Year 2014 Review Demonstrated Ability to Add Value Through Efficient Operations Demonstrated track record North Louisiana of driving drilling and completion costs lower 12.0 10.9 10.0 60 Increased…
Fourth Quarter and Full Year 2014 Review Appalachia Maintain optionality with minimal cost to carry Q4 2014 average daily production 55 Mmcfe/d net total 41 Mmcfe/d net Marcellus 127 horizontal Marcellus wells Net…
Fourth Quarter and Full Year 2014 Review Multi-Year Value Creation Opportunities Across EXCOs Portfolio Shifting development to later years enhances returns with contango commodity prices East Texas Opportunity to add…
EXCO Resources, Inc. Financial Overview
Fourth Quarter and Full Year 2014 Review Positive Deleveraging Momentum EXCO has worked aggressively to reduce debt and enhance liquidity 2,100 2,000 1,900 1,800 Total debt in millions reduction of 1,700…
Fourth Quarter and Full Year 2014 Review Debt and Liquidity Position Pro Forma ( in thousands) 12/31/2014 Amended credit agreement and set Cash and restricted cash 70,275 borrowing base at 725 million Amount drawn on credit…
Fourth Quarter and Full Year 2014 Review 2014 Fourth Quarter Actuals to Guidance 4Q 2014 Low High Actual Commentary Production: Oil (Mbbls) 510 560 527 Production impacted by more restricted choke program on new wells;…
Fourth Quarter and Full Year 2014 Review 2015 First Quarter and Full-Year Guidance(1) 1Q 2015 FY 2015 Low High Low High Production: Oil (Mbbls) 540 550 2,250 2,300 Natural Gas (Mmcf) 26,910 27,750 108,775 115,775 Total…
Fourth Quarter and Full Year 2014 Review Derivative Summary(1) 2015 2016 2017 Volume Strike Price Volume Strike Price Volume Strike Price Natural Gas (Mmbtus): Fixed Price Swaps Henry Hub 49,007,500 4.04 7,320,000 3.42…
Fourth Quarter and Full Year 2014 Review South Texas Offer Process Update Made first offer for seven wells in January for 15 million One Committed well (approximately 3 million) and six Uncertainty wells Offer is based on PV-10…
Fourth Quarter and Full Year 2014 Review Well Positioned For Current Commodity Cycle 2015 budget of 275 million is 35% lower than 2014 spending and aligned with 2015 adjusted EBITDA(1) Preserve Liquidity and Amended credit…
EXCO Resources, Inc. Appendix
Fourth Quarter and Full Year 2014 Review Type Curve Summary East Texas Shelby Area (6,900 North Louisiana Holly Core ELL) 1.3 BCF/1,000 CAPEX (m, gross) 10,844 7,250 EUR (BCF, gross) 8.9 6.9 Average WI 40.8% 51.0%…
Fourth Quarter and Full Year 2014 Review December 31, 2014 Price Deck NYMEX futures prices as of December 31, 2014 Gas Oil 2015 3.01 56.76 2016 3.46 63.21 2017 3.76 66.83 2018 3.96 68.67 2019 4.12 69.85 2020 4.26 70.65…
Fourth Quarter and Full Year 2014 Review EBITDA and Adjusted EBITDA Reconciliation Three Months Ended Year Ended (in thousands) December 31, 2014 September 30, 2014 December 31, 2013 December 31, 2014 December 31, 2013 Net…
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