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Yesterday, EXCO Resources (XCO) released a plethora of fresh operating and financial information, including its 2014 budget and production and financial guidance. The company also filed a registration statement (the Prospectus) with the SEC in conjunction with the rights offering which is a "must read" for readers interested in EXCO Resources.

Leverage Remains A Handicap

EXCO provided pro forma capitalization information reflecting the impact of the rights issuance as well as recent acquisition and divestiture activity (page 41 of the Prospectus). On a pro forma basis, the company's net debt as of September 30, 2013 would be $1,478 million.

Based on the new 2014 Adjusted EBITDA guidance of $400-$425 million and $368 million spending budget, I...

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