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EXCO Resources' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Douglas H. Miller

Disclaimer. So, go ahead, Doug.

J. Douglas Ramsey

All right, thanks, Doug. I'd like to remind everyone that you can go to www.excoresources.com and click on the presentations link in the Investor Relations section at the bottom of our homepage to access today's presentation slides.

The statements that may be made on this conference call regarding future financial and operational plans, projections, structure, results, business strategy, market prices and derivative activities or other plans, forecasts and statements that are not historical facts are forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on a variety of assumptions that may change depending on future events which are difficult to predict. Actual results may differ materially from those forward-looking statements. We caution you not to place undue, if any, reliance on such statements. Please refer to Pages 24 and 25 of the slide presentation for the complete text regarding our forward-looking statements, as well as the cautionary information set forth in our most recent Form 10-K, Form 10-Q, and other SEC filings, which are available on our website at www.excoresources.com.

In addition, the slide presentation contains information, including reconciliations regarding certain non-GAAP financial numbers, which will be discussed on today's call.

Doug?

Douglas H. Miller

Okay. Welcome, everybody, to our call. We have a slide show that is on our website, that we'll be going over today. With me today, I have 10 people, lawyers, all our financial guys and our operating guys. And we're going to be going over, in some detail, our quarter and we'll be sticking with you through -- as long as you want, as far as Q&A goes.

Just to get started. We have been -- with gas prices going down -- I could sometimes feel like we were driving across Kansas going 90 miles an hour, a year ago, with gas prices high and working as hard as we can. And hereabout, beginning of the year, we ran into a school zone. And so, I think we've had to figure out how to go slower and we're doing it and I think we still have guys in our industry speeding. So some of them are starting to get tickets. With that -- what we've been doing is we have been ramping down and cutting our capital budget. We do believe that you run a company, an oil and gas company inside your cash flow. We've been doing that. We've cut our capital expenditures 3 times since our November capital meeting. We'll continue to do so as gas prices stay cheap.

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