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EXCO Resources, Inc. Reports Third Quarter 2012 Results

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

                     
(in thousands) Q1 Actuals Q2 Actuals Q3 Actuals

October -

December

Forecast

 

Full Year

Forecast

Capital expenditures:
Development capital $ 141,771 $ 97,107 $ 87,786 $ 78,336 $ 405,000
Gas gathering and water pipelines 533 163 309 1,995 3,000
Lease acquisitions and seismic (1) 5,570 4,125 (595 ) 2,900 12,000
Capitalized interest 6,302 6,223 5,967 5,508 24,000
Corporate and other 7,975   6,053   5,202   6,770   26,000
Total $ 162,151   $ 113,671   $ 98,669   $ 95,509   $ 470,000
 

(1)

 Net of acreage reimbursements from BG Group totaling $0.9 million, with $0.1 million being attributable to both the first and second quarter 2012 and $0.7 million attributable to the third 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 October 20, 2012, our Haynesville/Bossier shale operated production was 1,038 Mmcf per day gross (312.9 Mmcf per day net) and with the addition of net production from our OBO wells, we had 341.7 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 had 22 operated rigs in the Haynesville/Bossier play. We began to reduce our rig count in late 2011 and by early July 2012, we reached an operated rig count of five. We currently have five operated rigs drilling in the play and will continue to assess product pricing and project economics and make further decisions on rig count. Our development drilling program for 2012 is focused in DeSoto Parish, Louisiana where we continue our 80-acre spacing manufacturing program. We currently have 31 units fully developed in the Haynesville in DeSoto Parish. During 2012, we plan to drill approximately 56 gross (22.5 net) operated wells in the Haynesville/Bosser shale play.

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