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 Services and Investment Agreement with turnaround advisor Energy Strategic Advisory Services (ESAS): ESAS committed to invest at least $50 million in EXCO stock (starting with shares at $1.70 apiece) and received warrants for 80 million shares as compensation - a sign of how serious the company's distress had become, and a major potential source of future dilution.
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 raised $500 million in new senior notes due 2022 at 8.5% interest - a full point above the 7.5% rate on its 2010 bonds, reflecting a higher cost of capital as its credit quality slipped.
21 Jan 2014capital raising announcement▲ GoodMajor
EXCO's rights offering closed, raising about $273 million through 54.6 million new shares; WL Ross and Hamblin Watsa took roughly $98 million and $34 million of that respectively, becoming major new shareholders alongside existing holders who also participated.
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 lined up Wilbur Ross's WL Ross funds and Fairfax Financial's Hamblin Watsa to backstop a rights offering to existing shareholders, bringing in two well-known value investors to help refinance the balance sheet after the TGGT sale.
21 Nov 2013asset acquisition disposition▲ GoodMajor
EXCO and BG Group closed the sale of TGGT Holdings to Azure Midstream for about $910 million (mostly cash plus a combined 7% stake in Azure); EXCO's roughly $240 million net proceeds went to pay down its credit facility, ending the four-year-old BG Group midstream partnership.
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 Haynesville shale leases and wells in Caddo and DeSoto Parishes, Louisiana from Chesapeake affiliates, adding to its core Haynesville position as Chesapeake shed non-core assets.
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's lenders cut its credit facility borrowing base from $1.4 billion to $1.3 billion - the first reduction after several years of increases - as depressed natural gas prices weighed on the value of its reserves.
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.
