EXCO Resources 3Q15: $42M Loss, Plan to Turn Things Around

pretty pleaseEXCO Resources is an exploration and production company operating in East Texas/North Louisiana (the Haynesville Shale), South Texas (the Eagle Ford Shale), and in the Marcellus Shale region–in Pennsylvania and West Virginia. EXCO has a sizable Marcellus presence with 145,000 net acres in the Marcellus and having drilled and operating 124 horizontal Marcellus wells. EXCO is also a company in trouble. Their stock price has gone so low the New York Stock Exchange is threatening to de-list them (see More Trouble for EXCO Resources – NYSE Threatens to De-List Stock). In August we pointed out the company’s stock had dropped 96% during the last 5 years, 71% since the beginning of this year, and 86% during the last 12 months (see EXCO Resources #1 Stockholder and his “Distressing” Investment). Moody’s Investors Service isn’t all that impressed either (see Moody’s Downgrades EXCO Resources Credit Profile to the Basement). So it comes as no surprise that EXCO, in issuing their third quarter update, leads off with their “strategic plan” to turn things around (a “pretty please don’t drive us into bankruptcy just yet” plan). Of interest to MDN–EXCO’s Marcellus/Utica program has flatlined this year–no new drilling whatsoever in the northeast…

Please Login to view this content. (Not a member? Join Today!)
You do not have permission to view the comments.

Please Login to post a comment