Oct. 9, 2014, 5:36 PM
Oct. 7, 2014, 8:38 AM
- Exco Resources (NYSE:XCO) +10.6% premarket after saying it sold its 25% interest in Compass Production Partners to an affiliate of Harbinger Group (NYSE: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).
Oct. 2, 2014, 3:57 PM
- EXCO Resources (XCO -6.6%) tumbles to all-time lows before recovering slightly, after saying it recently added additional swap contracts to its commodity derivatives portfolio that would limit profit if gas prices rise.
- XCO entered into derivative contracts with a ceiling price for gas of $4.45/MBtu in 2015, the company says, but XCO investors expecting gas to climb as high as $6/MBtu would miss out on returns if prices rise, RBC Capital analyst Leo Mariani says.
- XCO’s assets "are set up to work in a $5-$6 gas environment, not a $4 and below gas environment... Now you’re giving away some of the upside that people hoped for over the next year or two," according to Mariani.
Oct. 2, 2014, 12:45 PM
Sep. 11, 2014, 4:32 PM
Aug. 28, 2014, 10:58 AM
- The Marcellus region is now the world's biggest natural gas shale play, and there’s still $90B to be made by tapping the area’s reserves, according to a study by Wood Mackenzie.
- The energy consultant predicts that the top 20 operators in the Marcellus will earn nearly $86B over the life of the play after the costs of reaching the reserves; for comparison, it estimates ~$118B to be made by extracting the resources in North Dakota’s Bakken region, but most production there is higher-priced oil.
- Major Marcellus shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
Aug. 11, 2014, 3:59 PM
- EXCO Resources (XCO -0.7%) is modestly lower after announcing CFO Mark Mulhern will leave next month to join Highwoods Properties (HIW +0.9%) in the same capacity.
- Richard Burnett will be promoted to CFO from his current role as chief accounting officer at XCO; Mulhern had served as CFO since April 2013 and had held a seat on the company's board since 2010.
Aug. 5, 2014, 7:17 PM
- Natural gas production in the Marcellus region exceeded 15B cf/day in July, the most productive period ever recorded there, according to a new report from the U.S. Energy Information Administration.
- Marcellus, located mostly in West Virginia and Pennsylvania, now accounts for nearly 40% of total U.S. shale gas production, and its rapid growth isn’t expected to ebb soon, the report says.
- New wells in the region are expected to deliver another 600M cf/day, more than offsetting decline rates, for a net production increase of 247M cf/day.
- Major Marcellus shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN.
Jul. 30, 2014, 3:10 PM
- Newfield Exploration (NFX -5.1%) and EXCO Resources (XCO -6.4%) are the latest examples of oilfield services and equipment companies that have sold off despite reporting reasonably healthy quarterly results.
- NFX is sharply lower after Q2 earnings missed expectations but revenues beat estimates and rose 40% Y/Y; it even reported a deal for its Granite Wash assets that would bring in $588M.
- XCO also offered mixed Q2 results - a $0.01 earnings miss with a revenue beat - but said increased capex would not result in significant production volumes until 2015.
- Global Hunter - while also downgrading Natural Gas Services Group (NGS +0.3%) and Vantage Drilling (VTG +0.1%) - thinks the market is showing fatigue in the sector, particularly with positive onshore oil service data points that may no longer seem incremental.
Jul. 29, 2014, 4:11 PM
Jul. 23, 2014, 6:14 PM
Jun. 30, 2014, 12:42 PM
- New York’s cities and towns can block fracking within their borders, the state’s highest court rules, upholding the dismissal of lawsuits challenging bans in two small upstate towns.
- The ruling could lead the oil and gas industry to abandon fracking in New York, or it could mean that a patchwork of rules eventually may govern whether exploration can take place across the state; the case also may invigorate local challenges to the practice in states across the U.S.
- Parts of New York sit above the Marcellus Shale, some of whose top producers are: CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN.
May. 22, 2014, 6:26 PM
May. 1, 2014, 1:05 PM
- Exco Resources (XCO -6.2%) gives back yesterday's ~5% gain achieved after it reported Q1 earnings and revenue that exceeded Wall Street expectations.
- Shares are downgraded to Underperform from Sector Perform with a $4 target price, down from $5, at RBC Capital, which says "interference issues" at the Haynesville properties have cut into XCO's net asset value.
- The firm also sees little upside in XCO's Eagle Ford and Haynesville assets, and believes investors may be overestimating XCO's near-term gas leverage.
Apr. 29, 2014, 4:09 PM| Comment!
Apr. 12, 2014, 8:25 AM
- Ohio geologists for the first time have linked earthquake activity in the Marcellus Shale to fracking, a new connection that could have implications for oil and gas drilling in the state and beyond.
- As a result, Ohio is setting new permitting conditions in quake-sensitive areas and has halted drilling indefinitely at the site of five quakes last month in the Youngstown area.
- Earthquakes recently rattled residents in Oklahoma, putting that state on track for record quake activity this year, which some seismologists say may be tied to oil and gas exploration.
- Among companies drilling in the Marcellus and Utica shales: RRC, CHK, COG, ACMP, APC, ATLS, CVX, CNX, DTE, EOG, EQT, XCO, XOM, MWE, NBL, RGP, REXX, RICE, RDS.A, RDS.B,SWN, STO, SXL, TLM, WMB, WPX.
XCO vs. ETF Alternatives
Other News & PR