EXCO Resources Inc. Appoints C. John Wilder as Executive Chairman
Sep 9 15
EXCO Resources Inc. appointed C. John Wilder as a Executive Chairman. John Wilder and ESAS will continue to lead EXCO’s transformational strategy that focuses on six core areas, liability management, operational performance, capital deployment, risk management, portfolio repositioning, and performance management.
EXCO Resources, Inc. Receives Non-Compliance Notice From NYSE
Aug 3 15
EXCO Resources, Inc. announced that on July 30, 2015, EXCO was notified by the New York Stock Exchange (NYSE) of its noncompliance with continued listing standards because the average closing price of its common shares over a period of 30 consecutive trading days had fallen below $1.00 per share, which is the minimum average closing price per share required to maintain listing on the NYSE. Under the NYSE rules, during the six-month period from the date of the NYSE notice, EXCO can regain compliance if the price per share of EXCO’s common shares on the last trading day of any calendar month within such period and the 30 trading day average price per common share for that month is at least $1.00. During this period, subject to EXCO’s compliance with other NYSE continued listing requirements, EXCO’s common shares will continue to be traded on the NYSE but will have an added designation of ‘.BC’ to indicate the status of the common shares as below compliance. EXCO intends to notify the NYSE of its intent to cure this noncompliance and is currently exploring its options for regaining compliance, including by way of effecting a reverse share split, subject to the approval of EXCO’s shareholders. The company anticipates that a reverse share split, when completed, will cure the deficiency and the company will regain compliance with the NYSE continued listing requirement. If EXCO is unable to regain compliance, the NYSE will initiate procedures to suspend and delist EXCO’s common shares. The NYSE notification does not affect EXCO’s business operations or its Securities and Exchange Commission (SEC) reporting requirements and does not conflict with or cause an event of default under any of the company’s material debt agreements. Furthermore, the NYSE notice is not related to the NYSE continued listing requirement that a listed company have a market capitalization of at least $50 million. Based on the closing price of the company’s common stock on August 3, 2015, the company’s market capitalization was approximately $158 million. A reverse share split would not be expected to affect the company’s market capitalization.
Exco Resources Inc. Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Operating Guidance for the Year 2015
Jul 27 15
EXCO Resources Inc. reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, total revenues were $93,742,000 against $182,966,000 last year. Operating loss was $421,465,000 against operating income of $43,312,000 last year. Loss before income taxes was $454,155,000 against income before income taxes of $2,293,000 last year. Net loss was $454,155,000 or $1.67 per basic and diluted share against net income of $2,293,000 or $0.01 per basic and diluted share last year. Adjusted EBITDA was $69 million against $105 million last year. Net cash provided by operating activities was $51,674,000 against $67,788,000 last year. Adjusted net loss was $12 million or $0.05 per share against adjusted net income of $7 million or $0.03 per share last year. Total capital expenditures were $75 million against $99 million a year ago. Adjusted EBITDA was primarily due to higher production as well as lower operating and general and administrative costs.
For the six months, total revenues were $180,062,000 against $381,438,000 last year. Operating loss was $735,083,000 against operating income of $100,735,000 last year. Loss before income taxes was $772,267,000 against loss before income taxes of $2,313,000 last year. Net loss was $772,267,000 or $2.84 per basic and diluted share against net loss of $2,313,000 or $0.01 per basic and diluted share last year. Adjusted EBITDA was $127 million against $217 million last year. Net cash provided by operating activities was $108,204,000 against $268,122,000 last year. Adjusted net loss was $31 million or $0.11 per share against adjusted net income of $19 million or $0.07 per share last year.
For the quarter, total production was 32.9 Bcfe against 34.9 Bcfe a year ago.
For the six months, total production was 63.4 Bcfe against 71.5 Bcfe a year ago.
The company is targeting a rate of return of approximately 40% to 50% for the Buda wells included in its 2015 drilling program.