Past year: ▼ 52%(1.90c – 23.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Nov 2010material agreement● NeutralMajor
EXCO's board signed indemnification agreements with two directors serving on a special committee formed to evaluate Chairman and CEO Douglas Miller's proposal to buy out all shares of EXCO he didn't already own - the company's first going-private bid.
15 Sept 2010debt financing▲ GoodMajor
EXCO completed a $750 million offering of 7.5% senior notes due 2018 and used about $452.8 million of the proceeds to redeem all of its 7 1/4% senior notes due 2011 (about $444.7 million principal). The remainder paid down its credit agreement.
22 July 2010material agreement▲ Good
EXCO disclosed the terms of its new April 2010 credit agreement, including dividend/distribution restrictions, and separately announced a new share repurchase program - a sign of improved balance-sheet confidence after the BG Group asset sales.
17 June 2010material agreement▲ GoodMajor
EXCO agreed to buy Haynesville/Bossier shale acreage in Texas from Southwestern Energy for $355 million, reinvesting cash from the BG Group deals into deepening its core Haynesville position (BG has a right to participate under the existing JV).
7 June 2010asset acquisition disposition▲ GoodMajor
EXCO and BG Group closed their Membership Interest Transfer Agreement and signed a Joint Development Agreement to jointly fund, develop and operate oil and gas properties across seven Appalachian states. Related OPCO and Midstream LLC agreements were also entered into.
10 May 2010material agreement▲ GoodMajor
EXCO agreed to bring BG Group into its Pennsylvania/West Virginia Marcellus shale position too: BG will take 100% of two subsidiaries and 50% of EXCO's operating and midstream entities there, extending the BG partnership from Haynesville into a second shale play.
6 May 2010debt financing● NeutralMajor
EXCO consolidated its separate EXCO and EXCO Operating credit agreements (both dating to 2007) into a single combined credit agreement with a bank group led by JPMorgan, Wells Fargo, Bank of America, BNP Paribas and RBC.
14 Jan 2010listing compliance notice▲ GoodMajor
the New York Stock Exchange certified EXCO RESOURCES INC's securities for listing, clearing them to begin trading.
25 Nov 2009asset acquisition disposition▲ GoodMajor
EXCO closed the sale of its shallow Ohio and certain Northwest Pennsylvania producing oil and gas assets to EnerVest and EV Energy Partners for $131.2 million, with about $13.1 million of properties held back pending third-party consents. The proceeds repaid part of its revolving credit facility.
16 Nov 2009asset acquisition disposition▲ GoodMajor
EXCO closed the sale of all of its remaining Mid-Continent oil and gas assets for $530.2 million, to Sheridan Holding rather than Encore (which had agreed to buy a smaller Midcontinent package back in June) - proceeds went to pay down its revolving credit facility.
5 Oct 2009material agreement● NeutralMajor
EXCO agreed to sell its remaining Ohio/Northwest Pennsylvania Appalachian gas properties to EnerVest and, separately, its Mid-Continent properties under a new purchase agreement, continuing the post-2008 divestiture program to strengthen its balance sheet.
17 Aug 2009asset acquisition disposition▲ GoodMajor
EXCO closed the BG Group Haynesville joint venture: BG paid $727 million (up from the $655 million first announced) for a 50% stake in EXCO's core East Texas/North Louisiana assets, and the two also closed the TGGT midstream joint venture the same day.
11 Aug 2009material agreement▲ GoodMajor
EXCO and BG Group agreed to form TGGT Holdings, a jointly-owned midstream gathering company for their East Texas/North Louisiana JV, the pipeline counterpart to the $655 million upstream interest BG agreed to buy in June.
6 July 2009material agreement▲ GoodMajor
EXCO agreed to sell BG Group's US unit a 50% stake in its core East Texas/North Louisiana (Haynesville Shale) acreage for about $655 million, bringing in a deep-pocketed partner to help fund Haynesville development during the downturn.
29 June 2009material agreement▼ BadMajor
EXCO agreed to sell its East Texas (Overton/Gladewater) properties for $165 million and its Midcontinent properties for $210 million, both to Encore Operating, as it retrenched to core areas after the 2008 acquisition spree and gas-price collapse.
20 Apr 2009material agreement▼ Bad
EXCO's semi-annual borrowing-base review kept its combined credit facilities at $2.475 billion, but lenders raised the interest rate spread by 75 basis points, making that borrowing more expensive.
5 Feb 2009material agreement▼ Bad
EXCO's credit agreement was amended to progressively tighten its maximum leverage ratio from 4.00x down to 3.50x by mid-2010, a lender-driven guardrail as gas prices fell.
8 Dec 2008debt financing▲ GoodMajor
EXCO refinanced its July 2008 $300 million term loan with a new $300 million unsecured term loan from JPMorgan, keeping financing in place through the 2008 credit crisis.
5 Dec 2008material agreement● Neutral
EXCO's lenders agreed to exclude up to $300 million of new debt from its current-liabilities calculation through 2009, clearing the way for it to refinance the $300 million term loan taken out that July.
16 July 2008capital raising announcement▲ GoodMajor
EXCO converted all of its preferred stock (Series A-1, B, C and Hybrid) into common shares, ending the cumulative-dividend obligation Oaktree and Ares held it to, and closed a separate $252 million East Texas acquisition funded by a new $300 million JPMorgan term loan.
26 Feb 2008asset acquisition disposition▲ GoodMajor
EXCO closed a roughly $388 million purchase of shallow natural gas properties in Ohio, Pennsylvania, Virginia and West Virginia from EOG Resources, paid from cash and revolver borrowings. Lenders raised EXCO's facility to $1.175 billion and reaffirmed the $1.3 billion borrowing base of its EXCO Partners Operating Partnership facility.
10 Sept 2007material agreement● Neutral
Ares Corporate Opportunities Fund, another major EXCO preferred shareholder, sold 3.25 million EXCO common shares in a registered secondary offering; EXCO received none of the proceeds. Confirms Ares alongside Oaktree as a core institutional backer.
21 Aug 2007material agreement● Neutral
EXCO sold its 750,000-share stake in Crimson Exploration to an Oaktree Capital affiliate for about $5.2 million. Oaktree is also one of EXCO's largest shareholders through preferred stock and a board seat, making this a related-party disposal, not a core-business sale.
