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EXCO Resources, Inc., Company Intelligence Report

Published By :

GlobalData

Published Date : Jun 2014

Category :

Power

No. of Pages : 111

EXCO Resources, Inc., Company Intelligence Report

Summary

EXCO Resources Inc. (EXCO) is an independent energy company engaged in the exploration, development, production and acquisition of crude oil and natural gas prospects, primarily in the US. EXCO is headquartered in Dallas, Texas. It upstream assets are located mainly in the US especially in East Texas, North Louisiana, Appalachia, and the Permian Basin in West Texas. EXCO held a net developed and undeveloped acreage of 482,800 acres in 2013, which increased from 478,100 acres in 2012.Its upstream segment held total proved oil and gas reserves of nearly 187.4 million barrels of oil equivalent (mmboe) at the end of 2013. Its total crude oil and natural gas production was 27 mmboe in 2013 and in 2012, at 31.70 mmboe, registering a decrease of 14.8%, while its production for 2014 is estimated to be in the range of 23.9 mmboe. It plans to spend a capex of US$368 million during 2014. This shows a reduction of about 71.3% as compared with its 2013 capex, of which US$294.0 million is allocated to development and completion activities in the East Texas/North Louisiana region and South Texas. The company is focusing on development of East Texas/North Louisiana region, especially Haynesville, Bossier and Cotton Valley shale gas formations, to drive future growth.

Scope

- Key Highlights: This section provides detailed analysis on the companys overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The reports SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Production and Development Overview: This section highlights the companys crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the companys producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the companys exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the companys recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the companys status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Valuation method.
- Financial and Operational Metrics: This section covers the companys historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
1 Table of Contents
1 Table of Contents 6
1.1 List of Tables 9
1.2 List of Figures 11
2 EXCO Resources Inc., Company Overview 14
3 EXCO Resources Inc., Key Highlights 19
3.1 Growth Driven by Stream of Major Shale Projects in Principal Operating Areas 19
3.2 Natural Gas Exploration and Production Company with Growing Oil Exposure 21
3.3 Long-lived Production Coupled with Extensive Shale Reserves Profile 22
4 EXCO Resources Inc., SWOT Analysis 24
4.1 Strengths 24
4.2 Weaknesses 25
4.3 Opportunities 27
4.4 Threats 27
5 EXCO Resources Inc., Goals and Strategies 28
5.1 Flourishing Upstream Operations and Focus on Development Program 28
5.2 Improve Balance Sheet Liquidity and Reduce Debt 29
6 EXCO Resources Inc., Production Overview 31
6.1 Production Profile 31
6.2 Assets Portfolio 34
7 Capital Expenditure 38
7.1 Costs Incurred 39
8 Acreage 41
9 EXCO Resources Inc., Exploration and Development Overview 46
9.1 East Texas and North Louisiana 49
9.2 South Texas 50
9.3 Appalachian Basin 50
9.4 Permian 51
10 EXCO Resources Inc., Forecast Production and Financial Statements 52
10.1 Income Statement, 2011-2018 53
10.2 Balance Sheet, 2011-2018 54
10.3 Cash Flow Statement, 2011-2018 56
11 EXCO Resources Inc., Valuation 57
11.1 Net Asset Value Methodology 57
12 EXCO Resources Inc., Peer Comparison 58
12.1 Share Price Performance 58
12.2 Operational and Financial Performance 59
12.3 Key Financial and Operational Ratio 65
13 Exco Resources, Inc., Production and Reserves Trends 68
13.1 Total Oil and Gas, Reserves and Production 68
13.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 68
13.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 70
13.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 71
13.2 Crude Oil/Liquids Production and Reserve 73
13.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013 73
13.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013 74
13.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013 74
13.3 Natural Gas Production and Reserve 75
13.3.1 Natural Gas Production and Reserve Trend, 2009-2013 75
13.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013 76
13.3.3 Natural Gas Reserve Changes, 2009-2013 77
13.4 Total Crude Oil and Natural Gas Reserves Life Index 78
13.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 78
13.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 79
14 Exco Resources, Inc., E&P Costs Trends 80
14.1 Allocation of the Upstream Capital Expenditure 80
14.1.1 Upstream Capital Expenditure, 2009-2013 80
14.1.2 Acquisition Costs By Country/Region, 2009-2013 81
14.1.3 Exploration and Development Costs, By Country/Region, 2009-2013 82
14.2 Oil and Gas Cost Per boe, US$/boe 83
14.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013 83
14.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 85
15 Exco Resources, Inc., Reserve Replacement Ratio 86
15.1 Oil and Gas Production Replacement Ratio 86
15.1.1 Oil and Gas Production Replacement Ratio, 2009-2013 86
15.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 88
16 Exco Resources, Inc., Results of Oil & Gas Operations Trend 89
16.1 Oil and Gas Revenue and Expenses 89
16.1.1 Oil and Gas Revenue and Expenses, 2009-2013 89
16.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 91
16.2 Oil and Gas Revenue and Expenses, Per boe 94
16.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013 94
16.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 95
16.2.3 Oil and Gas Performance Metrics 98
17 Exco Resources, Inc., Land Holdings and Well Data 99
17.1 Developed and Undeveloped Acreage 99
17.1.1 Gross and Net Developed and Undeveloped Acreage, 2009-2013 99
17.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013 100
17.2 Well Statistics 101
17.2.1 Producible Oil and Gas Well, 2009-2013 101
17.2.2 Producible Oil and Gas Well, By Country/Region, 2009-2013 102
17.2.3 Exploration and Development Wells Drilled, 2009-2013 103
17.2.4 Exploration and Development Wells Drilled, By Country/Region, 2009-2013 104
18 Appendix 106
18.1 Abbreviations 106
18.2 Sources 108
18.3 Methodology 109
18.4 Disclaimer 110

1.1 List of Tables
Table 1: EXCO Resources, Inc. Haynesville-Bossier Shale, Key Operational Parameters, 2013* 20
Table 2: EXCO Resources, Inc. Eagle Ford Shale, Key Operational Parameters, 2013* 20
Table 3: EXCO Resources, Inc. Marcellus Shale, Key Operational Parameters, 2013* 21
Table 4: EXCO Resources Inc., Proved Reserves, 2011-2013 23
Table 5: EXCO Resources Inc., Capital Budget (US$ mil), 2014 29
Table 6: EXCO Resources Inc., Total Oil and Gas Production Forecast, 2010-2018 33
Table 7: EXCO Resources Inc., Costs Incurred (US$ mil), 2010-2013 40
Table 8: EXCO Resources Inc. vs. Peers, Total Net Acreage (000), 2013 43
Table 9: EXCO Resources Inc., Historical and Forecast Production, 2011-2018 52
Table 10: GlobalData, Price Forecasts, 2014-2018 52
Table 11: EXCO Resources Inc., Income Statement (US$ mil), 2011-2018 53
Table 12: EXCO Resources Inc., Balance Sheet (US$ mil), 2011-2018 54
Table 13: EXCO Resources Inc., Cash Flow Statement (US$ mil), 2011-2018 56
Table 14: EXCO Resources Inc., Net Asset Value, 2013 57
Table 15: EXCO Resources Inc., Peer Group Comparison, Operational and Financial Performance, 2014 59
Table 16: EXCO Resources Inc., Peer Group Comparison, Total Reserves and Production (mmboe), 2013 64
Table 17: EXCO Resources Inc., Peer Group Comparison, Financial and Operational Ratios, 2013 66
Table 18: Exco Resources, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 69
Table 19: Exco Resources, Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 70
Table 20: Exco Resources, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 72
Table 21: Exco Resources, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 73
Table 22: Exco Resources, Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 74
Table 23: Exco Resources, Inc., Crude Oil Reserve Changes, mmbbl, 2009-2013 75
Table 24: Exco Resources, Inc., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 76
Table 25: Exco Resources, Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 76
Table 26: Exco Resources, Inc., Natural Gas Reserve Changes, bcf, 2009-2013 77
Table 27: Exco Resources, Inc., Oil and Gas Reserves Life Index, Years, 2009-2013 78
Table 28: Exco Resources, Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 79
Table 29: Exco Resources, Inc., Upstream Capital Expenditure, US$ mil, 2009-2013 80
Table 30: Exco Resources, Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 81
Table 31: Exco Resources, Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 82
Table 32: Exco Resources, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 84
Table 33: Exco Resources, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 85
Table 34: Exco Resources, Inc., Oil and Gas Production Replacement Ratio, %, 2009-2013 87
Table 35: Exco Resources, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 88
Table 36: Exco Resources, Inc., Revenue and Expenses, US$ mil, 2009-2013 90
Table 37: Exco Resources, Inc., Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 93
Table 38: Exco Resources, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 94
Table 39: Exco Resources, Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 97
Table 40: Exco Resources, Inc., Oil and Gas Performance Metrics, 2009-2013 98
Table 41: Exco Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 99
Table 42: Exco Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013 100
Table 43: Exco Resources, Inc., Producible Oil and Gas Wells, 2009-2013 101
Table 44: Exco Resources, Inc., Producible Oil and Gas Wells, By Country/Region, 2009-2013 102
Table 45: Exco Resources, Inc., Exploratory and Developed Wells, 2009-2013 103
Table 46: Exco Resources, Inc., Exploratory and Developed Wells, By Country/Region, 2009-2013 104

1.2 List of Figures
Figure 1: EXCO Resources Inc., Operational Map, 2014 14
Figure 2: EXCO Resources Inc., Financial and Operational Overview, 2010-2013 16
Figure 3: EXCO Resources Inc., Share Price Movement, July 2013 to June 2014 17
Figure 4: EXCO Resources Inc. and Peer Group, Low Oil and Gas Reserve Life Index, 2009-2013 26
Figure 5: EXCO Resources Inc., Historical and Estimated Production, 2010-2018 32
Figure 6: EXCO Resources Inc., Production Mix (%), 2010-2018 33
Figure 7: EXCO Resources Inc., Operational Map, East Texas/North Louisiana Division, 2014 35
Figure 8: EXCO Resources Inc., Operational Map, Appalachia Basin, 2014 36
Figure 9: EXCO Resources Inc., Capital Expenditure Classification (US$ mil), 2010-2014* 38
Figure 10: EXCO Resources Inc., Costs Incurred (US$ mil), 2010-2013 40
Figure 11: EXCO Resources Inc., Developed and Undeveloped Acreage (000), 2009-2013 41
Figure 12: EXCO Resources Inc. vs. Peers, Total Net Acreage (000), 2013 42
Figure 13: EXCO Resources Inc. vs. Peers, Acreage Comparison (000), 2010-2013 44
Figure 14: EXCO Resources Inc., Net Developed and Undeveloped Acreage (000), 2013 45
Figure 15: EXCO Resources Inc., Operational Map, 2014 46
Figure 16: EXCO Resources Inc., Net Productive and Dry Exploratory and Development Wells, 2010-2013 47
Figure 17: EXCO Resources Inc., Net Total Dry and Productive Exploratory Wells, 2010-2013 48
Figure 18: EXCO Resources Inc., and Peers, Relative Share Price Performance Index (%), July 2013 to June 2014 58
Figure 19: EXCO Resources Inc., Financial Parameters, 2009-2013 60
Figure 20: EXCO Resources Inc., Financial Parameters, 2009-2013 61
Figure 21: EXCO Resources Inc. and Peer Group, Financial Parameters, 2012 62
Figure 22: EXCO Resources Inc. and Peer Group, Finding and Development Cost and Reserve Replacement Comparison, 2013 63
Figure 23: EXCO Resources Inc., Peer Group Comparison, Total Reserves and Production (mmboe), 2013 64
Figure 24: EXCO Resources Inc. and Peer Group, Reserve Life Index (Years), 2013 65
Figure 25: EXCO Resources Inc., Peer Group Comparison, Valuation Ratios (US$/boe), 2012 67
Figure 26: Exco Resources, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 68
Figure 27: Exco Resources, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 71
Figure 28: Exco Resources, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 73
Figure 29: Exco Resources, Inc., Crude Oil Reserve Changes, mmbbl, 2013 74
Figure 30: Exco Resources, Inc., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 75
Figure 31: Exco Resources, Inc., Natural Gas Reserve Changes, bcf, 2013 77
Figure 32: Exco Resources, Inc., Oil and Gas Reserves Life Index, Years, 2009-2013 78
Figure 33: Exco Resources, Inc., Upstream Capital Expenditure, US$ mil, 2009-2013 80
Figure 34: Exco Resources, Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 81
Figure 35: Exco Resources, Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 83
Figure 36: Exco Resources, Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 86
Figure 37: Exco Resources, Inc., Revenue and Expenses, US$ mil, 2009-2013 89
Figure 38: Exco Resources, Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 91
Figure 39: Exco Resources, Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 92
Figure 40: Exco Resources, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 94
Figure 41: Exco Resources, Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013 95
Figure 42: Exco Resources, Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013 96
Figure 43: Exco Resources, Inc., Oil and Gas Performance Metrics, 2009-2013 98
Figure 44: Exco Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 99
Figure 45: Exco Resources, Inc., Producible Oil and Gas Wells, 2009-2013 101
Figure 46: Exco Resources, Inc., Exploratory and Developed Wells, 2009-2013 103

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