EXCO Resources, Inc. Reports First Quarter 2010
Results
May 04, 2010 04:08 PM Eastern Daylight Time
DALLAS--(EON: Enhanced Online News)--EXCO Resources, Inc. (NYSE:XCO) today announced its first
quarter 2010 results of operations. Highlights during the quarter include:
─ Adjusted net income available to common shareholders, a non-GAAP measure adjusting for unrealized derivative
gains and losses, non-cash ceiling test write-downs and other non-cash items typically not included by securities
analysts in published estimates, was $0.25 per share for the first quarter 2010 compared with $0.19 per share for
the first quarter 2009.
─ Oil and natural gas production was 23.8 Bcfe, reflecting daily production of 264 Mmcfe per day, for the first
quarter 2010 compared with 21.4 Bcfe (237 Mmcfe per day) pro forma first quarter 2009 production, which
eliminates volumes attributable to properties sold during 2009 and the impact of our August 2009 joint venture with
BG Group in East Texas/North Louisiana ("BG Upstream Transaction"). The following table presents the current
quarter’s production and the prior year’s first quarter production on an actual and pro forma basis:
─ Net production from our Haynesville shale operations was 8.7 Bcf (97 Mmcf per day), or 37% of our total
production during the first quarter 2010 compared with only 10 Mmcf per day, or 4% of our total production, in the
pro forma first quarter 2009. Current net Haynesville volumes exceed 120 Mmcf per day. During the first quarter
2010, we spud 22 operated Haynesville wells and completed 19 operated wells with an average initial production
(“IP”) rate of approximately 21 Mmcf per day. We calculate our IP as the highest 24-hour production rate during
the flow back period. We continue to drill and complete some of the strongest wells in the field. During the first
quarter 2010, we drilled our first horizontal Bossier test well and completed this well early in the second quarter
2010 with an IP of approximately 11 Mmcf per day. We