Past year: ▼ 52%(1.90c – 23.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Aug 2015listing compliance notice▼ BadMajor
EXCO received a notice from the NYSE that its share price had fallen out of compliance with listing standards, and said it was considering a reverse stock split to fix it - its first listing warning as the price downturn deepened.
28 July 2015debt financing▼ BadMajor
EXCO's lenders cut its credit facility borrowing base again, from $725 million to $600 million, as low oil and gas prices kept eroding the value backing the loan.
1 June 2015material agreement● Neutral
EXCO and ESAS signed a minor clerical amendment to their March 2015 Services and Investment Agreement, correcting an error rather than changing its substance.
27 Apr 2015material agreement▼ BadMajor
EXCO signed a Registration Rights Agreement with ESAS on April 21, 2015, requiring it to register ESAS's shares, the 80 million warrants and the warrant shares for resale under the March services and investment deal. It also obtained waivers from holders of existing registration rights.
12 Feb 2015debt financing▼ BadMajor
EXCO's lenders cut its credit facility borrowing base sharply, from $900 million to $725 million, as the late-2014 oil and gas price crash hit the value of its reserves.
6 Nov 2014asset acquisition disposition▲ GoodMajor
EXCO closed the sale of its remaining Compass Production Partners stake to HGI for $118.75 million, completing its exit from the 2013 Harbinger Group joint venture.
27 Oct 2014debt financing● Neutral
EXCO's semi-annual credit facility review nudged its borrowing base up slightly, from $875 million to $900 million.
10 Oct 2014material agreement▲ GoodMajor
EXCO agreed to sell HGI its remaining 25.5% stake in their 2013 joint venture (now Compass Production Partners) for $118.75 million, exiting the partnership entirely and using the cash to pay down its credit facility.
18 July 2014debt financing▲ Good
EXCO's credit agreement was amended to raise the cap on common-stock dividends it's allowed to pay from $50 million to $75 million, alongside other covenant tweaks.
16 Apr 2014debt financing▼ BadMajor
EXCO closed a $500 million offering of 8.5% senior notes due 2022, issued at par, with net proceeds of about $490 million. It used the proceeds to repay its term loan in full and to pay down part of its revolving credit facility.
21 Jan 2014capital raising announcement▲ GoodMajor
EXCO closed its $273 million rights offering, issuing about 54.6 million shares. Existing holders WL Ross and Hamblin Watsa took about $98.0 million and $33.6 million of it, lifting them to 18.7% and 6.4% ownership, and EXCO used the proceeds to repay credit facility debt.
17 Dec 2013material agreement● NeutralMajor
EXCO launched the rights offering backstopped by WL Ross and Hamblin Watsa, letting existing shareholders buy 0.25 of a new share for each share they held.
25 Nov 2013capital raising announcement▲ GoodMajor
EXCO announced a planned rights offering of one right per four shares, at $5.00 a share, to raise about $272.9 million if fully exercised. WL Ross funds and Hamblin Watsa each agreed to exercise their rights and buy shares not taken up by other shareholders, within set limits.
21 Nov 2013asset acquisition disposition▲ GoodMajor
EXCO and BG Group closed the sale of TGGT Holdings to Azure Midstream for about $910 million, about $875 million in cash plus a combined 7% stake in Azure. EXCO received about $240 million, used to reduce its credit facility, and both companies committed 600,000 MMBtu/day to TGGT's systems through November 2018.
22 Oct 2013material agreement▲ GoodMajor
EXCO and BG Group agreed to sell their entire TGGT Holdings midstream joint venture (formed together in 2009) to Azure Midstream Holdings, beginning EXCO's exit from the East Texas/North Louisiana pipeline business it built with BG.
4 Sept 2013debt financing● Neutral
EXCO's credit agreement was amended again on a technical point - how borrowing-base usage is calculated - with no change to the facility's size.
23 Aug 2013debt financing● Neutral
EXCO amended its new credit agreement to replace the term loan commitment used to help fund the Eagle Ford acquisition, a technical follow-up to that deal's financing.
6 Aug 2013asset acquisition disposition▲ GoodMajor
EXCO entered a new shale play, paying about $685 million to Chesapeake for Eagle Ford oil properties in Dimmit, Frio, La Salle and Zavala Counties, Texas (plus a 3-year option on 147,000 more acres), funded by a restated $1.6 billion credit facility and a same-day Participation Agreement that brought in a partner to help pay for it.
16 July 2013asset acquisition disposition▲ GoodMajor
EXCO closed its purchase of the Chesapeake-affiliated Haynesville leases and wells in Caddo and DeSoto Parishes, Louisiana agreed to earlier in the month.
8 July 2013material agreement▲ GoodMajor
EXCO agreed to buy Chesapeake Haynesville assets in Caddo and DeSoto Parishes, Louisiana for about $315.5 million, and Eagle Ford shale assets in south Texas for about $681.0 million. It also agreed a farmout option on about 147,000 more Eagle Ford net acres.
21 Feb 2013asset acquisition disposition▲ GoodMajor
EXCO closed the Harbinger/HGI partnership: it contributed its conventional East Texas/North Louisiana gas assets in exchange for about $573 million in cash (including $225 million the new partnership itself borrowed) while keeping a 25.5% stake and staying on as operator; EXCO's own credit facility was cut to $900 million as part of the deal.
19 Feb 2013material agreement● Neutral
Two subsidiaries formed for the pending Harbinger/HGI deal signed on to guarantee EXCO's 2018 senior notes, a routine structural step ahead of that transaction's closing.
9 Nov 2012material agreement▲ GoodMajor
EXCO agreed to form a new partnership with Harbinger Group's HGI Energy unit, contributing its conventional (non-shale) East Texas/North Louisiana gas properties in exchange for a cash infusion from Harbinger - another outside-capital deal in the mold of the earlier BG Group joint ventures, signed shortly after its credit facility was cut for the first time.
5 Nov 2012material agreement▼ BadMajor
EXCO signed a Seventh Amendment to its credit agreement reducing the borrowing base from $1.4 billion to $1.3 billion and permitting a new master limited partnership. The base would fall to $900 million after the MLP deal closes.
31 Jan 2012material agreement● Neutral
TGGT Holdings, EXCO's midstream joint venture with BG Group, amended its own credit agreement, a routine technical update to the facility put in place a year earlier.
9 Nov 2011material agreement▲ Good
EXCO's lenders raised its credit facility borrowing base again, from $1.5 billion to $1.6 billion, and increased the maximum facility size to $2.0 billion.
22 Aug 2011security holder rights change● NeutralMajor
EXCO's board accelerated the expiration of the shareholder rights plan ('poison pill') it had adopted in January 2011, cutting its life from January 2012 to September 2011 - standing down the takeover defense less than a year after Chairman Douglas Miller's going-private proposal.
4 Apr 2011material agreement▲ Good
EXCO's lenders raised its credit facility borrowing base from $1.0 billion to $1.5 billion and cut its interest rate by 50 basis points, reflecting an improved balance sheet after the BG Group asset sales.
4 Feb 2011material agreement● Neutral
TGGT Holdings, EXCO's 50%-owned midstream joint venture with BG Group, put its own $500 million credit facility in place, collateralized by first liens on its pipeline assets and maturing in 2016.
21 Dec 2010asset acquisition disposition▲ GoodMajor
EXCO bought Marcellus shale properties in Pennsylvania (15 producing wells, 11 more awaiting completion, over 50,000 net acres) from Chief Oil & Gas and partners for about $459.4 million, within the area of mutual interest it shares with joint-venture partner BG Group.
