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EXCO Resources, Inc. Reports Second Quarter 2012 Results

Stocks in this article: XCO

Our actual capital expenditures for the three months ended March 31, 2012 and June 30, 2012 and our projected capital spending for the remainder of 2012 are presented in the following table:

(in thousands)   Q1 2012 Actuals   Q2 2012 Actuals   July - December 2012 capital forecast   2012 Full Year Forecast
Capital expenditures:
Development capital $ 141,771 $ 97,107 $ 156,122 $ 395,000
Gas gathering and water pipelines 533 163 4,804 5,500
Lease acquisitions and seismic (1) 5,570 4,125 9,805 19,500
Capitalized interest 6,302 6,223 12,075 24,600
Corporate and other 7,975   6,053   11,372   25,400
Total $ 162,151   $ 113,671   $ 194,178   $ 470,000
 

(1)  Net of acreage reimbursements from BG Group totaling $0.2 million, with $0.1 million being attributable to both the first and second quarter 2012.

Haynesville/Bossier Shale

Our horizontal Haynesville shale development program continues to be a significant asset for EXCO and continues to yield strong results. As of July 17, 2012, our Haynesville/Bossier shale operated production was 1,178 Mmcf per day gross (350.6 Mmcf per day net) and with the addition of net production from our OBO wells, we had 381.8 Mmcf per day of total Haynesville/Bossier shale net production. In response to low natural gas prices, we have significantly reduced our drilling program. In 2011, we averaged 22 operated rigs in the Haynesville/Bossier shale throughout the year. We began to reduce our rig count in late 2011 and have further reduced the rig count in the first half of 2012. We currently have five active operated rigs drilling in the play. We will evaluate product pricing and project economics and make further decisions on rig count throughout the year. Our development drilling program for 2012 is focused in DeSoto Parish, Louisiana where we continue our 80-acre spacing manufacturing program. Our assets in San Augustine and Nacogdoches Counties, Texas have been delineated and tested and almost all of our core acreage in that area is held by production. We do not have plans to drill additional operated wells in the East Texas area in 2012, although we are participating in two OBO wells in East Texas over the remainder of 2012. Our focus in East Texas is on evaluation and planning for future full field development. During 2012, we plan to drill approximately 60 gross (22.2 net) operated wells in the Haynesville/Bossier shale play.

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