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EXCO Resources, Inc. Reports Fourth Quarter And Full Year 2012 Results

Operations activity and outlook

We spent $77 million on development and exploitation activities, drilling and completing 43 gross (18.9 net) operated wells in the fourth quarter 2012, compared with 38 gross (18.2 net) operated wells during the third quarter 2012. In addition, we participated in 1 gross (0.2 net) well operated by others (OBO) during the fourth quarter 2012. We had an overall drilling success rate of 98% for the fourth quarter 2012. Our total capital expenditures, including leasing and net of acreage reimbursements from BG Group, were approximately $125 million in the fourth quarter 2012 and approximately $500 million for the full year 2012. We spent $403 million of net capital on full year 2012 development and exploration activities as we drilled and completed 175 gross (76.0 net) wells during 2012.

Our actual capital expenditures for the fourth quarter 2012, the full year 2012 and our 2013 capital budget are presented in the following table:

2012 Actuals
(in thousands) Fourth Quarter Full Year 2013 Budget
Capital expenditures:
Development capital $ 76,678 $ 403,342 $ 214,000
Gas gathering and water pipelines 39 1,044 1,000
Lease acquisitions and seismic (1) 37,925 47,025 17,000
Capitalized interest 5,317 23,809 25,000
Corporate and other   5,264   24,494   16,000
Total $ 125,223 $ 499,714 $ 273,000

(1) Net of acreage reimbursements from BG Group totaling $2.1 million during 2012.

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