EXCO Resources Inc Valuation Report, July 2010 - Strategic and Operational Analysis


#41331

137pages

GlobalData

$ 3500

In Stock


EXCO Resources is an independent crude oil and natural gas company engaged in the exploration, exploitation, development and production of onshore North American oil and natural gas properties. EXCO’s principal operations are conducted in areas including East Texas, North Louisiana, Appalachia and the Permian Basin in the US. Figure 1 illustrates the company’s operations in the US during 2010. 

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis.
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies.
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies’ forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets.
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies’ recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period.
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies’ by using different valuation techniques.
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities.
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

  • Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of Content

1 Table of contents 3

1.1 List of Tables 6
1.2 List of Figures 7

2 EXCO Resources Inc, Company Overview 10

3 EXCO Resources Inc, Watchlist for 2010 13

4 EXCO Resources Inc, Investment Summary 14

4.1 Shifting Focus from Conventional to Unconventional Resources; Haynesville and Marcellus to Map Future Growth 14
4.1.1 Haynesville Shale Acquisitions to Continue; Major Growth Driver for EXCO 14
4.1.2 Marcellus Shale Plays; Highest Production and Revenue Growth Expected 16
4.2 Highly Leveraged; Will Test Liquidy Position in Future 19
4.3 Midstream Asset Growth To Complement Shale Development 22

5 EXCO Resources Inc, SWOT Analysis 23
5.1 Strengths 23
5.1.1 High Potential Asset Portfolio in Attractive Regions 23
5.2 Weaknesses 23
5.2.1 Declining Reserve Life Index 23
5.2.2 Less Diversified Portfolio 24
5.2.3 Weak Financial Performance 24
5.3 Opportunities 25
5.3.1 Expansion through Partnerships and Divestiture programs 25
5.3.2 Huge Upside Potential 25
5.4 Threats 26
5.4.1 High Leverage posing threat to competitive edge 26

6 EXCO Resources Inc, Goals and Strategies 27
6.1 EXCO Focusing on Development of Unconventional Shale Resource Plays 27
6.2 Midstream Asset Expansion 28
6.3 Maintain Self Funding Capital Spending Levels 28

7 EXCO Resources Inc, Production Overview 30
7.1 Production Profile 30
7.2 Assets Portfolio 32
7.2.1 Haynesville/Bossier Shale 32
7.2.2 Vernon/Kelleys Field and Cotton Valley Area 33
7.2.3 Appalachian Basin 33
7.2.4 Permian Basin 33

8 Costs Incurred 34

9 EXCO Resources Inc, Exploration and Development Overview 35

10 EXCO Resources Inc, M&A Highlights 39


11 EXCO Resources Inc, Outlook 41

12 EXCO Resources Inc, Forecasted Production and Financial Statements 42

12.1 Income Statement (20072014) 44
12.2 Balance Sheet (20072014) 45
12.3 Cash Flow Statement (20072014) 46
12.4 Financial Ratios 47

13 EXCO Resources Inc, Valuation 50
13.1 Net Asset Value 50

14 EXCO Resources Inc, Peer Comparision 54
14.1 Share Price Performance 54
14.2 Operational and Financial Performance 55
14.3 Key Financial and Operational Ratio 59

15 EXCO Resources Inc, Key Risks 62
15.1 Substantial Debt 62
15.2 Huge costs associated with EXCOs transportation contracts 62
15.3 Drilling risks in new and emerging shale resource plays 62
15.4 Competition 62
15.5 Fluctuations in oil and natural gas prices 62

16 EXCO Resources Inc, Detailed Financial and Operational Metrics 63
16.1 EXCO Resources Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 63
16.1.1 Results of Oil & Gas Operations Per boe Produced, Q2, 2009-Q2, 2010 63
16.1.2 Results of Oil & Gas Operations Per boe Growth Rates, Q2, 2009-Q2, 2010 64
16.2 EXCO Resources Inc., Quarterly E&P Costs Trends 65
16.2.1 Upstream Capital Expenditure, Q2, 2009-Q2, 2010 65
16.3 EXCO Resources Inc., Total Oil and Gas Production 66
16.3.1 Total Crude Oil and Natural Gas Production Trend, Q2, 2009-Q2, 2010 66
16.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2009-Q2, 2010 67
16.4 EXCO Resources Inc., Crude Oil Production 68
16.4.1 Total Crude Oil Production Trend, Q2, 2009-Q2, 2010 68
16.4.2 Crude Oil Production, By Country/Region, Q2, 2009-Q2, 2010 69
16.5 EXCO Resources Inc., Natural Gas Production 70
16.5.1 Total Natural Gas Production Trend, Q2, 2009-Q2, 2010 70
16.5.2 Natural Gas Production, By Country/Region, Q2, 2009-Q2, 2010 71
16.5.3 Share Price Performance, 2004-2009 72
16.5.4 Key Valuation Metrics, 2004-2009 73
16.6 Total Oil and Gas, Reserves and Production 74
16.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2004-2009 74
16.6.2 Total Crude Oil & Natural Gas Production and Reserves by Country/Region, 2004-2009 76
16.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004-2009 78
16.7 Crude Oil/Liquids Production and Reserve 79
16.7.1 Crude Oil/Liquids Production and Reserve Trend, 2004-2009 79
16.7.2 Crude Oil Production and Reserves by Country/Region, 2004-2009 80
16.7.3 Crude Oil/Liquids Reserve Changes, 2004-2009 82
16.8 Natural Gas Production and Reserve 83
16.8.1 Natural Gas Production and Reserve Trend, 2004-2009 83
16.8.2 Natural Gas Production and Reserves, By Country/Region, 2004-2009 84
16.8.3 Natural Gas Reserve Changes, 2004-2009 86
16.9 Total Crude Oil and Natural Gas Reserves Life Index 87
16.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004-2009 87
16.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2004-2009 88
16.10 Allocation of the Upstream Capital Expenditure 90
16.10.1 Upstream Capital Expenditure, 2004-2009 90
16.10.2 Acquisition Costs by Country/Region, 2004-2009 91
16.10.3 Exploration and Development Costs, By Country/Region, 2004-2009 93
16.11 Oil and Gas Cost Per boe, $/boe 95
16.11.1 Oil and Gas Cost Per boe, $/boe, 2004-2009 95
16.11.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2004-2009 97
16.12 Oil and Gas Production Replacement Ratio 100
16.12.1 Oil and Gas Production Replacement Ratio, 2004-2009 100
16.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2004-2009 103
16.13 Oil and Gas Revenue and Expenses 107
16.13.1 Oil and Gas Revenue and Expenses, 2004-2009 107
16.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004-2009 108
16.14 Oil and Gas Revenue and Expenses, Per boe 113
16.14.1 Oil and Gas Revenue and Expenses, By boe, 2004-2009 113
16.14.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2004-2009 114
16.15 Oil and Gas Performance Metrics 118
16.16 Developed and Undeveloped Acreage 119
16.16.1 Gross and Net Developed and Undeveloped Acreage, 2004-2009 119
16.16.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2004-2009 120
16.17 Well Statistics 123
16.17.1 Producible Oil and Gas Well, 2004-2009 123
16.17.2 Producible Oil and Gas Well, By Country/Region, 2004-2009 124
16.17.3 Exploration and Development Wells Drilled, 2004-2009 129
16.17.4 Exploration and Development Wells Drilled, By Country/Region, 2004-2009 131
16.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004-2009 133
16.17.6 Developed Reserves per Well, By Country/Region, 2004-2009 134

17 Appendix 136
17.1 Methodology 136
17.1.1 Coverage 136
17.1.2 Secondary Research 136
17.1.3 Primary Research 137
17.2 Data Sources 137
17.2.1 Company Source 137
17.2.2 SEC/Other Regulatory Filings 137
17.2.3 Agency Reports 137
17.2.4 Other Sources 137
17.3 Methodology for Company Valuation 137
17.4 Expert Panel Validation 138
17.5 Units of Measure 138
17.6 About GlobalData 138
17.7 Disclosure 139
17.8 Disclaimer 139
Table 1: EXCO Resources Inc, Key Events, 20092010 12
Table 2: Marcellus Shale, Key Characteristics, 2009 17
Table 3: EXCO Resources Inc, Reserves Base, July 2010 25
Table 4: EXCO Resources Inc, Significant Asset Transactions, 20092010 40
Table 5: EXCO Resources Inc, Forecast Production, 20072014 42
Table 6: GlobalData, Price Forecasts, 20102014 42
Table 7: EXCO Resources Inc, Income Statement, $m, 20072014 44
Table 8: EXCO Resources Inc, Balance Sheet, $m, 20072014 45
Table 9: EXCO Resources Inc, Cash Flow Statement, $m, 20072014 46
Table 10: EXCO Resources Inc, Profitability Ratios, 20072014 47
Table 11: EXCO Resources Inc, Other Financial Ratios, 20072014 48
Table 12: GlobalData, Price Forecast, 20102014 50
Table 13: EXCO Resources Inc, Net Asset Value, 2010 51
Table 14: EXCO Resources Inc, Prospective Acreage & Non Proven Reserves, 2010 51
Table 15: EXCO Resources Inc, NPV of Natural Gas Reserves, $/Mcf, 2010 51
Table 16: EXCO Resources Inc, NPV of Oil/NGL Reserves, $/bbl, 2010 52
Table 17: EXCO Resources Inc, NPV OF Total Oil and Natural Gas Reserves, $/boe, 2010 52
Table 18: EXCO Resources Inc, Sensitivity Analysis on Fair Value, $/share, 2010 53
Table 19: EXCO Resources Vs. Peer Group, Operational and Financial Performance, 2009 55
Table 20: EXCO Resources Inc and its Peer Group Comparison, Financial Ratios, 2009 60
Table 21: EXCO Resources Inc., Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2009-Q2, 2010 63
Table 22: EXCO Resources Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2009-Q2, 2010 64
Table 23: EXCO Resources Inc., Upstream Capital Expenditure, Q2, 2009-Q2, 2010 65
Table 24: EXCO Resources Inc., Total Crude Oil and Natural Gas, Production, Q2, 2009-Q2, 2010 66
Table 25: EXCO Resources Inc., Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2009-Q2, 2010 67
Table 26: EXCO Resources Inc., Total Crude Oil Production, MMbbl, Q2, 2009-Q2, 2010 68
Table 27: EXCO Resources Inc., Crude Oil Production, By Country/Region, MMbbl, Q2, 2009-Q2, 2010 69
Table 28: EXCO Resources Inc., Total Natural Gas Production, Bcf, Q2, 2009-Q2, 2010 70
Table 29: EXCO Resources Inc., Natural Gas Production, By Country/Region, Bcf, Q2, 2009-Q2, 2010 71
Table 30: EXCO Resources Inc., Share Price Performance, 2004-2009 72
Table 31: EXCO Resources Inc., Key Valuation Metrics, 2004-2009 73
Table 32: EXCO Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 75
Table 33: EXCO Resources Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2004-2009 77
Table 34: EXCO Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004-2009 78
Table 35: EXCO Resources Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 79
Table 36: EXCO Resources Inc., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2004-2009 81
Table 37: EXCO Resources Inc., Crude Oil Reserve Changes, MMbbl, 2004-2009 82
Table 38: EXCO Resources Inc., Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 83
Table 39: EXCO Resources Inc., Natural Gas Production and Reserves, By Country/Region, Bcf, 2004-2009 85
Table 40: EXCO Resources Inc., Natural Gas Reserve Changes, Bcf, 2004-2009 86
Table 41: EXCO Resources Inc., Oil and Gas Reserves Life Index, Years, 2004-2009 87
Table 42: EXCO Resources Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2004-2009 89
Table 43: EXCO Resources Inc., Upstream Capital Expenditure, $m, 2004-2009 90
Table 44: EXCO Resources Inc., Proved and Unproved Acquisition Costs, By Country/Region, $m, 2004-2009 92
Table 45: EXCO Resources Inc., Exploration and Development Costs, By Country/Region, $m, 2004-2009 94
Table 46: EXCO Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009 96
Table 47: EXCO Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2004-2009 99
Table 48: EXCO Resources Inc., Oil and Gas Production Replacement Ratio, %, 2004-2009 101
Table 49: EXCO Resources Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2004-2009 106
Table 50: EXCO Resources Inc., Revenue and Expenses, $m, 2004-2009 107
Table 51: EXCO Resources Inc., Revenue and Expenses, By Country/Region, $m, 2004-2009 112
Table 52: EXCO Resources Inc., Oil and Gas Revenue and Expenses, $/boe, 2004-2009 113
Table 53: EXCO Resources Inc., Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2004-2009 117
Table 54: EXCO Resources Inc., Oil and Gas Performance Metrics, 2004-2009 118
Table 55: EXCO Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2004-2009 119
Table 56: EXCO Resources Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2004-2009 122
Table 57: EXCO Resources Inc., Producible Oil and Gas Wells, 2004-2009 123
Table 58: EXCO Resources Inc., Producible Oil and Gas Wells, By Country/Region, 2004-2009 128
Table 59: EXCO Resources Inc., Exploratory and Developed Wells, 2004-2009 130
Table 60: EXCO Resources Inc., Exploratory and Developed Wells, By Country/Region, 2004-2009 131
Table 61: EXCO Resources Inc., Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004-2009 133
Table 62: EXCO Resources Inc., Developed Reserves per Well, By Country/Region, Mboe per Well, 2004-2009 135
Figure 1: EXCO Resources Inc, Operations, 2010 10
Figure 2: EXCO Resources Inc, Financial & Operational Overview, 20062009 11
Figure 3: EXCO Resources Inc, Share Price Movement, June 2009June 2010 12
Figure 4: EXCO Resources Inc, Net Buying and Selling in Conventional and Unconventional Resources, No. of Deals, 20062009 14
Figure 5: EXCO Resources Inc. and Peer Group, Current and Potential Acreage Position, Haynesville Shale, Net Acres (in 1000s), 2010 15
Figure 6: EXCO Resources Inc, Haynesville Shale, Projected Revenues as per GlobalData Price Estimates, $m, 20102014 16
Figure 7: EXCO Resources Inc, Estimated Production from Marcellus Shales, Bcfe, 20102014 18
Figure 8: EXCO Resources Inc, Marcellus Shale, Projected Revenues as per GlobalData Price Estimates, $m, 20102014 19
Figure 9: EXCO Resources Inc, Capex as a % of Cash From Operations, 20062009 20
Figure 10: EXCO Resources Inc, Inflow, Outflow and Deficit of Funds, $m, 20062009 21
Figure 11: EXCO Resources Inc, Debt to Equity (%), 20062009 22
Figure 12: EXCO Resources Inc, Reserves Life, Years, 20062009 24
Figure 13: EXCO Resources Inc, Percentage Distribution of Estimated Capex Spending, 2010 27
Figure 14: EXCO Resources Inc, Estimated Capex spending as compared to Operational cash flows, 20102014 29
Figure 15: EXCO Resources Inc, Total Production By Type, MMboe, 20072014 31
Figure 16: EXCO Resources Inc, Total Production, MMboe, 20072014 32
Figure 17: EXCO Resources Inc, Total Cost Incurred, $m, 20062009 34
Figure 18: EXCO Resources Inc, Exploration success, %, 20062009 36
Figure 19: EXCO Resources Inc, Comparison of Exploration Cost and Reserve Addition Through Drill bit, 20052009 37
Figure 20: EXCO Resources Inc, Comparison of Acquisition Costs and Reserve Additions Through Acquisition, 20052009 38
Figure 21: EXCO Resources Inc and Peer Group, Relative Share Price Performance Index , June 20092010 54
Figure 22: EXCO Resources Inc and its Peers, F&D cost/ boe and Reserve Replacement %, 2009 56
Figure 23: EXCO Resources Inc and its Peers, Per Boe Parameters, 2009 57
Figure 24: EXCO Resources Inc and its Peers, Total Reserves & Production, MMboe, 2009 58
Figure 25: EXCO Resources Inc and its Peers, Valuation Ratios, 2009 61
Figure 26: EXCO Resources Inc., Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2009-Q2, 2010 63
Figure 27: EXCO Resources Inc., Upstream Capital Expenditure, $m, Q2, 2009-Q2, 2010 65
Figure 28: EXCO Resources Inc., Total Crude Oil and Natural Gas, Production, MMboe, Q2, 2009-Q2, 2010 66
Figure 29: EXCO Resources Inc., Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2009-Q2, 2010 67
Figure 30: EXCO Resources Inc., Total Crude Oil Production, MMbbl, Q2, 2009-Q2, 2010 68
Figure 31: EXCO Resources Inc., Crude Oil Production, By Country/Region, MMbbl, Q2, 2009-Q2, 2010 69
Figure 32: EXCO Resources Inc., Total Natural Gas Production, Bcf, Q2, 2009-Q2, 2010 70
Figure 33: EXCO Resources Inc., Natural Gas Production, By Country/Region, Bcf, Q2, 2009-Q2, 2010 71
Figure 34: EXCO Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2004-2009 73
Figure 35: EXCO Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 74
Figure 36: EXCO Resources Inc., Total Proved Oil & Gas Reserves, By Country/Region, MMboe, 2004-2009 76
Figure 37: EXCO Resources Inc., Total Oil & Gas Production, By Country/Region, MMboe, 2004-2009 76
Figure 38: EXCO Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 78
Figure 39: EXCO Resources Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 79
Figure 40: EXCO Resources Inc., Total Proved Oil Reserves, By Country/Region, MMbbl, 2004-2009 80
Figure 41: EXCO Resources Inc., Oil Production, By Country/Region, MMbbl, 2004-2009 80
Figure 42: EXCO Resources Inc., Crude Oil Reserve Changes, MMbbl, 2009 82
Figure 43: EXCO Resources Inc., Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 83
Figure 44: EXCO Resources Inc., Total Proved Gas Reserves, By Country/Region, Bcf, 2004-2009 84
Figure 45: EXCO Resources Inc., Gas Production, By Country/Region, Bcf, 2004-2009 84
Figure 46: EXCO Resources Inc., Natural Gas Reserve Changes, Bcf, 2009 86
Figure 47: EXCO Resources Inc., Oil and Gas Reserves Life Index, Years, 2004-2009 87
Figure 48: EXCO Resources Inc., Gas Reserve Life Index, By Country/Region, Years, 2004-2009 88
Figure 49: EXCO Resources Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2004-2009 88
Figure 50: EXCO Resources Inc., Oil Reserve Life Index, By Country/Region, Years, 2004-2009 89
Figure 51: EXCO Resources Inc., Upstream Capital Expenditure, $m, 2004-2009 90
Figure 52: EXCO Resources Inc., Proved Acquisition Costs, By Country/Region, $m, 2004-2009 91
Figure 53: EXCO Resources Inc., Unproved Acquisition Costs, By Country/Region, $m, 2004-2009 91
Figure 54: EXCO Resources Inc., Development Costs, By Country/Region, $m, 2004-2009 93
Figure 55: EXCO Resources Inc., Exploration Costs, By Country/Region, $m, 2004-2009 93
Figure 56: EXCO Resources Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009 95
Figure 57: EXCO Resources Inc., 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/boe, 2004-2009 97
Figure 58: EXCO Resources Inc., 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/boe, 2004-2009 97
Figure 59: EXCO Resources Inc., 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/boe, 2004-2009 98
Figure 60: EXCO Resources Inc., 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/boe, 2004-2009 98
Figure 61: EXCO Resources Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2004-2009 100
Figure 62: EXCO Resources Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2004-2009 103
Figure 63: EXCO Resources Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2004-2009 103
Figure 64: EXCO Resources Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2004-2009 104
Figure 65: EXCO Resources Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2004-2009 104
Figure 66: EXCO Resources Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2004-2009 105
Figure 67: EXCO Resources Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2004-2009 105
Figure 68: EXCO Resources Inc., Revenue and Expenses, $m, 2004-2009 107
Figure 69: EXCO Resources Inc., Depreciation, Depletion & Amortization , By Country/Region, $m, 2004-2009 108
Figure 70: EXCO Resources Inc., Income Tax/(Benefit), By Country/Region, $m, 2004-2009 108
Figure 71: EXCO Resources Inc., Net Income/ Loss, By Country/Region, $m, 2004-2009 109
Figure 72: EXCO Resources Inc., Oil & Gas Revenue, By Country/Region, $m, 2004-2009 109
Figure 73: EXCO Resources Inc., Pre-tax Profit, By Country/Region, $m, 2004-2009 110
Figure 74: EXCO Resources Inc., Production Expenses, By Country/Region, $m, 2004-2009 110
Figure 75: EXCO Resources Inc., Total Expenses, By Country/Region, $m, 2004-2009 111
Figure 76: EXCO Resources Inc., Oil and Gas Revenue and Expenses, $/boe, 2004-2009 113
Figure 77: EXCO Resources Inc., Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2004-2009 114
Figure 78: EXCO Resources Inc., Lifting Cost per boe, By Country/Region, $/boe, 2004-2009 114
Figure 79: EXCO Resources Inc., Annual Net Income per boe, By Country/Region, $/boe, 2004-2009 115
Figure 80: EXCO Resources Inc., Oil & Gas Revenue per boe, By Country/Region, $/boe, 2004-2009 115
Figure 81: EXCO Resources Inc., Total DD&A per boe, By Country/Region, $/boe, 2004-2009 116
Figure 82: EXCO Resources Inc., Total Revenue per boe, By Country/Region, $/boe, 2004-2009 116
Figure 83: EXCO Resources Inc., Oil and Gas Performance Metrics, 2004-2009 118
Figure 84: EXCO Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2004-2009 119
Figure 85: EXCO Resources Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2004-2009 120
Figure 86: EXCO Resources Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2004-2009 120
Figure 87: EXCO Resources Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2004-2009 121
Figure 88: EXCO Resources Inc., Total Net Developed Acreage, By Country/Region, Acres, 2004-2009 121
Figure 89: EXCO Resources Inc., Producible Oil and Gas Wells, 2004-2009 123
Figure 90: EXCO Resources Inc., Gross Producible Gas Wells, By Country/Region, Number, 2004-2009 124
Figure 91: EXCO Resources Inc., Gross Producible Oil & Gas Wells, By Country/Region, Number, 2004-2009 124
Figure 92: EXCO Resources Inc., Gross Producible Oil Wells, By Country/Region, Number, 2004-2009 125
Figure 93: EXCO Resources Inc., Net Oil & Gas Wells as % of Gross Oil & Gas Wells, By Country/Region, %, 2004-2009 125
Figure 94: EXCO Resources Inc., Net Producible Gas Wells, By Country/Region, Number, 2004-2009 126
Figure 95: EXCO Resources Inc., Net Producible Oil & Gas Wells, By Country/Region, Number, 2004-2009 126
Figure 96: EXCO Resources Inc., Net Producible Oil Wells, By Country/Region, Number, 2004-2009 127
Figure 97: EXCO Resources Inc., Exploratory and Developed Wells, 2004-2009 129
Figure 98: EXCO Resources Inc., Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 2004-2009 134
Figure 99: EXCO Resources Inc., Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 2004-2009 134
Figure 100: EXCO Resources Inc., Developed Oil Reserves per Well (Mbbls per Well), By Country/Region, 2004-2009 135