Exco Resources Inc · OTC:EXCE
Exco Resources — Shareholder Meeting (June 2010)
17 slides from Exco Resources's shareholder meeting presentation, Jun 17, 2010
Slide 1: Annual Shareholders Meeting
Exhibit 99.1 Annual Shareholders Meeting June 17, 2010
Slide 2: Company Overview
PPT-156- 2010Annual Shareholders Presentation Company Overview (1) Significant shale upside with a solid base of conventional assets • 1.2 Tcfe of Proved Reserves – 300 Mmcfe/d of current net production, reserve life of 10.9 years and 62% Proved Developed – 255 Bcf of shale assets booked as proved w
Slide 3: Production Profile
PPT-156- 2010Annual Shareholders Presentation Production Profile Achieved our 2009 strategic plan; positioned for significant growth 450 $3,500 400 $3,000 350 $2,500 300 250 $2,000 200 $1,500 150 $1,000 100 $500 50 - $- Actual production Production guidance midpoint Outstanding net debt • Successful
Slide 4: Recent Events
PPT-156- 2010Annual Shareholders Presentation Recent Events • Significant liquidity created through 2009 asset sales and joint venture with BG Group – Reduced debt by $2.4 billion or 78% since YE 2008 – Increased liquidity to over $1.1 billion • Continued success in the Haynesville – Completed 62 op
Slide 5: Unmatched NAV Growth
PPT-156- 2010Annual Shareholders Presentation Unmatched NAV Growth 2010E (1) 2014 Target (2) Production (Mmcfe/d) 319 900 - 1,000 Proved Reserves (Tcfe) 1.2 5.0 - 6.0 EBITDA (Millions) $506 $1,250 - $1,600 Cash Flow (Millions) $458 $1,200 - $1,550 Capital Expenditures (Millions) $504 $1,100 - $1,300
Slide 6: Financial Review
Financial Review Stephen F. Smith
Slide 7: Corporate Highlights
PPT-156- 2010Annual Shareholders Presentation Corporate Highlights Pro Forma 2009 Q1 2009 Q1 2010 (in thousands, except per share and production) Amount Per Share(3) Amount Amount Per Share(3) Oil and natural gas revenues $ 550,505 $ 105,333 $ 130,994 Cash settlements (payments) on oil and natural g
Slide 8: Net Cash Operating Margin
PPT-156- 2010Annual Shareholders Presentation Net Cash Operating Margin(1) Operating cost Production tax Gathering expense Cash operating margin Realized price before hedges $12.00 $10.00 Average realized price including $8.00 hedge settlements = $8.21 Average realized price excluding hedge settleme
Slide 9: Liquidity and Financial Position
PPT-156- 2010Annual Shareholders Presentation Liquidity and Financial Position Common Appalachian Pro Forma Consolidated ($ in thousands) March 31, 2010 Acquisition Joint Venture March 31, 2010 (1) Cash $ 117,792 $ - $ - $ 117,792 Bank debt (L + 200 - 300bps) 762,543 220,800 (835,200) 148,143 (2) Se
Slide 10: Net Asset Value Summary
PPT-156- 2010Annual Shareholders Presentation Net Asset Value Summary Pro forma for the Common acquisition and Appalachia JV In millions, except per share and per unit Low Case High Case E&P Proved Reserves - 1.2 Tcfe at $2.00 & $2.50 per Mcfe $ 2,400 $ 3,000 Unproved Reserves (Conventional) - 0.9 T
Slide 11: Production and Cash Flow Growth
PPT-156- 2010Annual Shareholders Presentation Production and Cash Flow Growth(1) (dollars in millions) 2010 2011 2012 2013 2014 Average Rig Counts: Haynesville/Bossier Area 17 22 27 27 27 Marcellus Area 2 5 10 14 16 Permian Area 2 2 3 2 - Total 21 29 40 43 43 Production (Mmcfe/d) 319 500 650 800 950
Slide 12: Operations Review
Operations Review Harold L. Hickey
Slide 13: 2009 In Review
PPT-156- 2010Annual Shareholders Presentation 2009 In Review Highlights & Accomplishments • Year-end 2009 net production of 234 Mmcfe/d; currently at 300 Mmcfe/d – 98% drilling success rate; drilled 108 and completed 106 gross (51.9 net) wells across our portfolio – Exited 2009 with 14 operated dril
Slide 14: Reserve Base
PPT-156- 2010Annual Shareholders Presentation Reserve Base Concentrated portfolio focused on shale resources Appalachia Proved Reserves = 1.2 Tcfe 3P Reserves = 3.2 Tcfe Proved: 0.2 Tcfe 3P: 0.2 Tcfe 3P+ Reserves = 11.9 Tcfe 3P+: 5.9 Tcfe Pennsylvania Current Net Production = 300 Mmcfe/d Production:
Slide 15: 2010 Focus
PPT-156- 2010Annual Shareholders Presentation 2010 Focus Organic growth via the Haynesville and Marcellus Shales • Plan to spend $504 million in 2010 to spud 135 operated horizontal Haynesville / Bossier wells, 16 Marcellus operated horizontal wells, and 45 Canyon Sand wells in 2010 – BG and EXCO co
Slide 16: Capital Spending Summary
PPT-156- 2010Annual Shareholders Presentation Capital Spending Summary Focus on the shales $ in millions 2010E 2010 Capital Spending Haynesville / Bossier $ 278 Haynesville / Marcellus 134 Bossier 47% Marcellus Conventional 64 23% Corporate 28 Total CAPEX 504 Investment in TGGT Holdings, LLC 80 Tota
Slide 17: EXCO Gross Operated Haynesville Shale Forecast
PPT-156- 2010Annual Shareholders Presentation EXCO Gross Operated Haynesville Shale Forecast Poised to deliver significant growth in Haynesville production ~2,000 Mmcf/d Production (High Case) ~1,700 Mmcf/d Production (Low Case) ~1,600 Mmcf/d Production ~ 939 Mmcf/d Production Currently ~500 Mmcf/d