EXCO Resources Posts 3Q12 Loss, Marcellus Production Up
EXCO Resources released their third quarter financials and operational update yesterday. The company lost $346 million ($1.62 per share) in 3Q12, mostly because of an accounting “write-down” on the value of some of their oil and gas properties.
With most of their Marcellus drilling activity concentrated in Lycoming County, PA, EXCO reports year-over-year production for their Marcellus operation increased 35% from 3Q11. EXCO currently operates one drilling rig in the Marcellus and says although they previously committed to drill 49 wells this year, they “continue to evaluate” their 2012 drilling program. Translation: Don’t count on a full 49 wells being drilled this year.