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 raised $750 million in new 7.5% senior notes due 2018 and used the proceeds to redeem all $444.7 million of its outstanding 2011 notes, pushing out its nearest bond maturity.
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 closed the Marcellus joint venture with BG Group, transferring the agreed Pennsylvania/West Virginia interests for $835.2 million cash and forming a new joint development agreement to run the properties together.
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 Ohio/Northwest Pennsylvania producing gas properties to EnerVest for $131.2 million, completing its exit from the shallow Appalachian assets bought from EOG Resources less than two years earlier.
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 $388 million purchase of shallow natural gas properties in Ohio, Pennsylvania, Virginia and West Virginia from EOG Resources, entering the Appalachian Basin, and lenders raised its credit facilities to $1.175 billion (EXCO) and $1.3 billion (its midstream unit) to support it.
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.
