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

During the fourth quarter 2012, we spud 4 new operated wells and drilled and completed 13 gross (3.3 net) operated wells in the Marcellus shale. These 13 completed wells were all in Northeast Pennsylvania. During 2012, we also focused on building our field infrastructure, particularly water handling lines, storage and disposal facilities, in support of our expected future levels of activity.

Permian

We drilled and completed 10 gross (9.8 net) wells in our Sugg Ranch area during the fourth quarter 2012 with 90% drilling success. For the year, we drilled and completed 37 gross (36.1 net) wells with 95% drilling success. Economics for this drilling activity typically have rates-of-return in excess of 50%. In the fourth quarter, our production averaged approximately 3,900 barrels per day of net oil equivalents. This average production rate consisted of 1,450 net barrels of oil, 6,400 net Mcf of natural gas, and 1,340 net barrels of natural gas liquids per day. The shallow Permian assets were contributed to the partnership with HGI. The partnership expects to run one operated rig and drill and complete 36 gross (34.9 net) wells at Sugg Ranch in 2013.

Based on industry results surrounding our Permian acreage position, we are continuing to evaluate our shale potential. We have tested both the Wolfcamp and Cline shale formations vertically in several wells and continue to collect and analyze core samples. The Wolfcamp and Cline shale rights were not contributed to the partnership with HGI.

TGGT

Our jointly held midstream company, TGGT, had total throughput which averaged approximately 1.4 Bcf per day during the fourth quarter of 2012 and averaged approximately 1.5 Bcf per day for full year 2012. TGGT's adjusted EBITDA was $38 million for the fourth quarter of 2012 and $158 million for full year 2012, a 41% increase over adjusted EBITDA of $112 million for full year 2011.

Stock quotes in this article: XCO 

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