EXCO Resources Continues Marcellus Drilling Moratorium in 1Q15

EXCO Resources, a sizable independent driller with operations in a number of locations, has (for the time being) suspended drilling in the Marcellus Shale. EXCO has been a company in trouble. We reported earlier this month a major shakeup at the company (see Bluescape Pulls Strings Installs New CEO, COO at EXCO Resources). At the end of 2014, EXCO suspended dividend payments for shareholders (see EXCO Resources Suspends Dividend Payments to Shareholders). Also in December, the company appeared on Debtwire’s “Distressed Watchlist” (see 4 Marcellus Companies Debut on Debtwire’s Distressed Watchlist). In February, EXCO was listed on “The Oil Company Death List” (see 19 Oil/Gas Companies on “Death List” – 8 are in Marcellus/Utica). So it’s not all that surprising that EXCO did no new drilling, and only completed one outstanding well already drilled, in the Marcellus during the first three months of 2015. Here’s what EXCO said about Appalachia in their quarterly update from earlier this week…

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