EXCO Resources, Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and First Nine Months Ended September 30, 2017; Provides Operating and Capital Expenditure Guidance for the Fourth Quarter of Fiscal 2017
November 08, 2017 at 02:31 am IST
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EXCO Resources, Inc. announced unaudited consolidated earnings and operating results for the third quarter and first nine months ended September 30, 2017. For the quarter, the company announced total revenues were $66,736,000 compared to $77,186,000 for the same period a year ago. Operating loss was $5,142,000 compared to operating income of $4,142,000 for the same period a year ago. Loss before income taxes was $18,505,000 compared to income before income taxes of $51,964,000 for the same period a year ago. Net loss was $18,824,000 or $0.81 per diluted share compared to net income of $50,936,000 or $2.72 per diluted share for the same period a year ago. Adjusted EBITDA was $10,126,000 compared to $25,453,000 for the same period a year ago. Net cash provided by operating activities was $17,506,000 compared to net cash used in operating activities of $49,665,000 for the same period a year ago. Additions to oil and natural gas properties, gathering assets and equipment were $46,525,000 compared to $15,492,000 for the same period a year ago. Adjusted net loss was $21,169,000 or $0.91 per share compared to $5,747,000 of $0.31 per share for the same period a year ago. Net debt was $1,265,000 compared to $1,094,000 for the same period a year ago.
For the first nine months, the company announced total revenues were $214,280,000 compared to $192,067,000 for the same period a year ago. Operating income was $23,661,000 compared to operating loss of $233,553,000 for the same period a year ago. Income before income taxes was $112,493,000 compared to loss before income taxes of $188,784,000 for the same period a year ago. Net income was $110,119,000 or $5.35 per diluted share compared to net loss of $190,559,000 or $10.24 per diluted share for the same period a year ago. Adjusted EBITDA was $46,866,000 compared to $69,589,000 for the same period a year ago. Net cash provided by operating activities was $51,107,000 compared to net cash used in operating activities of $3,740,000 for the same period a year ago. Additions to oil and natural gas properties, gathering assets and equipment were $91,009,000 compared to $70,455,000 for the same period a year ago. Adjusted net loss was $31,007,000 or $1.51 per share compared to $38,795,000 of $2.08 per share for the same period a year ago.
For the quarter, the company announced total daily production of 237 Mmcfe/d compared to 288 Mmcfe/d for the same period a year ago. Total production was 21.8 Bcfe compared to 26.5 Bcfe for the same period a year ago. The company's decrease in production compared to second quarter 2017 and third quarter 2016 was primarily due to natural production declines.
For the first nine months, the company announced total daily production of 236 Mmcfe/d compared to 293 Mmcfe/d for the same period a year ago. Total production was 64.4 Bcfe compared to 80.3 Bcfe for the same period a year ago.
The company provided operating and capital expenditure guidance for the fourth quarter of fiscal 2017. For the quarter, the company expects to report total daily production of 235 Mmcfe/d to 245 Mmcfe/d and total production of 21.6 Bcfe to 22.5 Bcfe. The company expects capital expenditures to be $60 million.
EXCO Resources, Inc. is an independent oil and natural gas company. The Company is engaged in the exploration, exploitation, acquisition, development and production of onshore United States oil and natural gas properties with a focus on shale resource plays. Its principal operations are conducted in certain United States oil and natural gas areas, including Texas, Louisiana, and the Appalachia region. Its producing regions include East Texas and North Louisiana, South Texas, and Appalachia. The East Texas and North Louisiana regions are primarily comprised of its Haynesville and Bossier shale assets. It serves as the operator for most of its properties in the East Texas and North Louisiana regions. The South Texas region is primarily comprised of its Eagle Ford shale assets. Its position in this region includes approximately 48,500 net acres. It serves as the operator for most of its properties in the South Texas region. The Appalachia region is comprised of its Marcellus shale assets.
EXCO Resources, Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and First Nine Months Ended September 30, 2017; Provides Operating and Capital Expenditure Guidance for the Fourth Quarter of Fiscal 2017