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Exco Resources sells interests in Compass Production Partners for $118M

Oct. 07, 2014 8:38 AM ETEXCO Resources, Inc. (XCO) StockBy: Carl Surran, SA News Editor3 Comments
  • Exco Resources (NYSE:XCO) +10.6% premarket after saying it sold its 25% interest in Compass Production Partners to an affiliate of Harbinger Group (HRG) for $118.75M.
  • XCO says the sale will help improve its balance sheet and simplify its corporate structure, and it plans to use the proceeds to reduce the revolving commitment under its credit agreement.
  • RBC lowers its XCO price target to $3 from $4 after the sale of the remaining conventional east Texas/north Louisiana and Permian assets, reducing its 2015-16 cash flow per share estimates by 11%-12% and NAV by 7% to reflect impacts of the transaction (Briefing.com).

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