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TheStreet Open House

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

Stock quotes in this article: XCO

The 2013 capital budget, as approved by our Board of Directors, is highly dependent upon natural gas prices and is therefore subject to change. Further, our renewed focus on acquisitions of producing properties and our interest in obtaining outside participation in certain of our drilling activities and acquisitions of drilling locations could have an impact on the 2013 approved capital budget. We will update our capital spending plans on a quarterly basis during the year.

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 December 31, 2012, our Haynesville/Bossier shale operated production was 1,096 Mmcf per day gross (328.1 Mmcf per day net) and with the addition of production from our OBO wells, we had 353.0 Mmcf per day net of total Haynesville/Bossier shale 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 shale play at our peak. We began to reduce our rig count in late 2011 and currently have three operated rigs drilling in the play. We will continue to assess product pricing and project economics to make further decisions on rig count. Our development drilling program for 2012 focused in DeSoto Parish, Louisiana where we continued our 80-acre spacing manufacturing program. We currently have 34 units fully developed in the Haynesville in DeSoto Parish. During 2012, we drilled 58 gross (21.8 net) operated wells in the Haynesville/Bosser shale play. We drilled and completed 20 gross (5.9 net) operated Haynesville horizontal wells and participated in 1 gross (0.2 net) OBO Haynesville horizontal well during the fourth quarter 2012. We utilized an average of five operated rigs and spud 10 operated horizontal wells during the quarter. We currently have no OBO rigs drilling. In total, we have 378 operated horizontal wells and 178 OBO horizontal wells flowing to sales.

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