Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | EXCO RESOURCES INC | |
Entity Central Index Key | 316,300 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 282,445,821 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 3,534 | $ 12,247 |
Restricted cash | 18,434 | 21,220 |
Accounts receivable, net: | ||
Oil and natural gas | 53,439 | 37,236 |
Joint interest | 17,949 | 22,095 |
Other | 3,871 | 8,894 |
Derivative financial instruments | 5,952 | 39,499 |
Inventory and other | 7,630 | 8,610 |
Total current assets | 110,809 | 149,801 |
Equity investments | 31,973 | 40,797 |
Oil and natural gas properties (full cost accounting method): | ||
Unproved oil and natural gas properties and development costs not being amortized | 93,511 | 115,377 |
Proved developed and undeveloped oil and natural gas properties | 2,946,641 | 3,070,430 |
Accumulated depletion | (2,690,611) | (2,627,763) |
Oil and natural gas properties, net | 349,541 | 558,044 |
Other property and equipment, net | 24,058 | 27,812 |
Deferred financing costs, net | 5,000 | 8,408 |
Derivative financial instruments | 1,455 | 6,109 |
Goodwill | 163,155 | 163,155 |
Total assets | 685,991 | 954,126 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 56,056 | 88,049 |
Revenues and royalties payable | 121,312 | 106,163 |
Accrued interest payable | 3,774 | 7,846 |
Current portion of asset retirement obligations | 428 | 845 |
Income taxes payable | 0 | 0 |
Derivative financial instruments | 10,353 | 16 |
Current maturities of long-term debt | 50,000 | 50,000 |
Total current liabilities | 241,923 | 252,919 |
Long-term debt | 1,256,068 | 1,320,279 |
Deferred income taxes | 1,775 | 0 |
Derivative financial instruments | 1,189 | 0 |
Asset retirement obligations and other long-term liabilities | 22,626 | 43,251 |
Shareholders’ equity: | ||
Common shares, $0.001 par value; 780,000,000 authorized shares; 283,040,484 shares issued and 282,445,821 shares outstanding at September 30, 2016; 283,633,996 shares issued and 283,039,333 shares outstanding at December 31, 2015 | 283 | 276 |
Additional paid-in capital | 3,537,393 | 3,522,153 |
Accumulated deficit | (4,367,634) | (4,177,120) |
Treasury shares, at cost; 594,663 shares at September 30, 2016 and December 31, 2015 | (7,632) | (7,632) |
Total shareholders' equity | (837,590) | (662,323) |
Total liabilities and shareholders' equity | $ 685,991 | $ 954,126 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 780,000,000 | 780,000,000 |
Common stock, shares issued | 283,040,484 | 283,633,996 |
Common stock, shares outstanding | 282,445,821 | 283,039,333 |
Treasury stock, shares | 594,663 | 594,663 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Oil | $ 16,215 | $ 27,444 | $ 49,688 | $ 79,872 |
Natural gas | 54,647 | 56,300 | 127,044 | 184,275 |
Purchased natural gas and marketing | 6,324 | 6,773 | 15,335 | 21,012 |
Total revenues | 77,186 | 90,517 | 192,067 | 285,159 |
Costs and expenses: | ||||
Oil and natural gas operating costs | 8,797 | 12,669 | 25,835 | 41,745 |
Production and ad valorem taxes | 3,811 | 5,944 | 13,308 | 16,408 |
Gathering and transportation | 27,979 | 23,743 | 79,828 | 74,243 |
Purchased natural gas | 6,586 | 6,991 | 17,273 | 21,571 |
Depletion, depreciation and amortization | 15,910 | 52,013 | 63,995 | 176,160 |
Impairment of oil and natural gas properties | 0 | 339,393 | 160,813 | 1,010,047 |
Accretion of discount on asset retirement obligations | 325 | 574 | 2,006 | 1,698 |
General and administrative | 10,746 | 13,393 | 38,626 | 41,227 |
Other operating items | (1,110) | (228) | 23,936 | 1,118 |
Total costs and expenses | 73,044 | 454,492 | 425,620 | 1,384,217 |
Operating income (loss) | 4,142 | (363,975) | (233,553) | (1,099,058) |
Other income (expense): | ||||
Interest expense, net | (16,997) | (27,761) | (54,186) | (80,822) |
Gain (loss) on derivative financial instruments | 8,209 | 37,348 | (11,632) | 54,427 |
Gain on extinguishment of debt | 57,421 | 0 | 119,374 | 0 |
Other income | 12 | 21 | 37 | 119 |
Equity loss | (823) | (152) | (8,824) | (1,452) |
Total other income (expense) | 47,822 | 9,456 | 44,769 | (27,728) |
Income (loss) before income taxes | 51,964 | (354,519) | (188,784) | (1,126,786) |
Income tax expense | 1,028 | 0 | 1,775 | 0 |
Net income (loss) | $ 50,936 | $ (354,519) | $ (190,559) | $ (1,126,786) |
Basic: | ||||
Net income (loss) (in dollars per share) | $ 0.18 | $ (1.30) | $ (0.68) | $ (4.14) |
Weighted average common shares outstanding | 279,873 | 273,348 | 279,008 | 272,147 |
Diluted: | ||||
Net income (loss) (in dollars per share) | $ 0.18 | $ (1.30) | $ (0.68) | $ (4.14) |
Weighted average common shares and common share equivalents outstanding | 281,045 | 273,348 | 279,008 | 272,147 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities: | ||
Net loss | $ (190,559) | $ (1,126,786) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Deferred income tax expense | 1,775 | 0 |
Depletion, depreciation and amortization | 63,995 | 176,160 |
Equity-based compensation expense | 14,558 | 4,045 |
Accretion of discount on asset retirement obligations | 2,006 | 1,698 |
Impairment of oil and natural gas properties | 160,813 | 1,010,047 |
Loss from equity investments | 8,824 | 1,452 |
(Gain) loss on derivative financial instruments | 11,632 | (54,427) |
Cash receipts of derivative financial instruments | 38,097 | 88,977 |
Amortization of deferred financing costs and discount on debt issuance | 7,250 | 11,083 |
Other non-operating items | 24,068 | (13) |
Gain on extinguishment of debt | (119,374) | 0 |
Effect of changes in: | ||
Restricted cash with related party | 2,100 | (1,500) |
Accounts receivable | (12,752) | 59,238 |
Other current assets | (1,207) | 1,062 |
Accounts payable and other current liabilities | (14,966) | (44,180) |
Net cash provided by (used in) operating activities | (3,740) | 126,856 |
Investing Activities: | ||
Additions to oil and natural gas properties, gathering assets and equipment | (70,455) | (269,708) |
Property acquisitions | 0 | (7,608) |
Proceeds from disposition of property and equipment | 11,242 | 7,397 |
Restricted cash | 686 | 4,016 |
Net changes in advances to joint ventures | 2,377 | 8,594 |
Equity investments and other | 0 | 1,455 |
Net cash used in investing activities | (56,150) | (255,854) |
Financing Activities: | ||
Borrowings under EXCO Resources Credit Agreement | 390,897 | 97,500 |
Repayments under EXCO Resources Credit Agreement | (243,797) | 0 |
Payments on Exchange Term Loan | (38,056) | 0 |
Repurchases of senior unsecured notes | (53,298) | 0 |
Proceeds from issuance of common shares, net | 0 | 9,829 |
Deferred financing costs and other | (4,569) | (4,125) |
Net cash provided by financing activities | 51,177 | 103,204 |
Net decrease in cash | (8,713) | (25,794) |
Cash at beginning of period | 12,247 | 46,305 |
Cash at end of period | 3,534 | 20,511 |
Supplemental Cash Flow Information: | ||
Cash interest payments | 51,975 | 81,913 |
Income tax payments | 0 | 0 |
Supplemental non-cash investing and financing activities: | ||
Capitalized equity-based compensation | 432 | 2,861 |
Capitalized interest | $ 3,939 | $ 10,121 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Additional paid-in capital | Accumulated deficit |
Beginning Balance (in shares) at Dec. 31, 2014 | 274,352 | (578) | |||
Beginning Balance at Dec. 31, 2014 | $ 510,004 | $ 270 | $ (7,615) | $ 3,502,209 | $ (2,984,860) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock | 9,881 | $ 6 | 9,875 | ||
Issuance of common stock (in shares) | 5,882 | ||||
Equity-based compensation | 6,439 | 6,439 | |||
Restricted stock issued, net of cancellations (in shares) | 3,422 | ||||
Restricted stock issued, net of cancellations | 0 | $ 0 | |||
Common stock dividends | 3 | 3 | |||
Treasury Stock, Shares, Acquired | (17) | ||||
Treasury Stock, Value, Acquired, Cost Method | (17) | $ (17) | |||
Net loss | (1,126,786) | (1,126,786) | |||
Ending Balance at Sep. 30, 2015 | (600,476) | $ 276 | $ (7,632) | 3,518,523 | (4,111,643) |
Ending Balance (in shares) at Sep. 30, 2015 | 283,656 | (595) | |||
Beginning Balance (in shares) at Dec. 31, 2015 | 283,634 | (595) | |||
Beginning Balance at Dec. 31, 2015 | (662,323) | $ 276 | $ (7,632) | 3,522,153 | (4,177,120) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock | 0 | ||||
Issuance of common stock (in shares) | 243 | ||||
Equity-based compensation | 15,240 | 15,240 | |||
Restricted stock issued, net of cancellations (in shares) | (837) | ||||
Restricted stock issued, net of cancellations | 7 | $ 7 | |||
Common stock dividends | 45 | 45 | |||
Net loss | (190,559) | (190,559) | |||
Ending Balance at Sep. 30, 2016 | $ (837,590) | $ 283 | $ (7,632) | $ 3,537,393 | $ (4,367,634) |
Ending Balance (in shares) at Sep. 30, 2016 | 283,040 | (595) |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and basis of presentation | Organization and basis of presentation Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q to “EXCO,” “EXCO Resources,” “Company,” “we,” “us,” and “our” are to EXCO Resources, Inc. and its consolidated subsidiaries. We are an independent oil and natural gas company engaged in the exploration, exploitation, acquisition, development and production of onshore U.S. oil and natural gas properties with a focus on shale resource plays. Our principal operations are conducted in certain key U.S. oil and natural gas areas including Texas, Louisiana and the Appalachia region. The following is a brief discussion of our producing regions. • East Texas and North Louisiana The East Texas and North Louisiana regions are primarily comprised of our Haynesville and Bossier shale assets. We have a joint venture with BG Group, plc ("BG Group"), a wholly owned subsidiary of Royal Dutch Shell, plc, covering an undivided 50% interest in the majority of our Haynesville and Bossier shale assets in East Texas and North Louisiana. The East Texas and North Louisiana regions also include certain assets outside of the joint venture in the Haynesville and Bossier shales. We serve as the operator for most of our properties in the East Texas and North Louisiana regions. • South Texas The South Texas region is primarily comprised of our Eagle Ford shale assets. We serve as the operator for most of our properties in the South Texas region. • Appalachia The Appalachia region is primarily comprised of Marcellus shale assets as well as shallow conventional assets in other formations. We have a joint venture with BG Group covering our assets in the Appalachia region ("Appalachia JV"). EXCO and BG Group each own an undivided 50% interest in the Appalachia JV and a 49.75% working interest in the Appalachia JV's properties. The remaining 0.5% working interest is held by a jointly owned operating entity ("OPCO") that operates the Appalachia JV's properties. We own a 50% interest in OPCO. On July 1, 2016, we closed the sale of our interests in shallow conventional assets located in Pennsylvania and retained an overriding royalty interest in each well, and on October 3, 2016, we closed the sale of our interests in shallow conventional assets located in West Virginia. See "Note 3. Divestitures" for additional discussion. The accompanying Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 , Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015 , Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Changes in Shareholders’ Equity for the nine months ended September 30, 2016 and 2015 are for EXCO and its subsidiaries. The unaudited Condensed Consolidated Financial Statements and related footnotes are presented in accordance with generally accepted accounting principles in the United States ("GAAP"). Certain reclassifications have been made to prior period information to conform to current period presentation. We have prepared the accompanying unaudited interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and in the opinion of management, such financial statements reflect all adjustments necessary to fairly present the consolidated financial position of EXCO at September 30, 2016 and its results of operations and cash flows for the periods presented. We have omitted certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP pursuant to those rules and regulations, although we believe that the disclosures we have made are adequate to make the information presented not misleading. These unaudited interim financial statements should be read in conjunction with our audited consolidated financial statements and related footnotes included in EXCO's Annual Report on Form 10-K for the year ended December 31, 2015 , filed with the SEC on March 2, 2016 ("2015 Form 10-K"). In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the financial statements and disclosures. The results of operations for the interim periods are not necessarily indicative of the results we expect for the full year. Going Concern Presumption and Management’s Plans These unaudited Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business. Our liquidity and ability to maintain compliance with debt covenants have been negatively impacted by the prolonged depressed oil and natural gas price environment, levels of indebtedness, and gathering, transportation and certain other commercial contracts. As of September 30, 2016, the Company had $3.5 million in cash and cash equivalents, $75.4 million of availability under its credit agreement ("EXCO Resources Credit Agreement") and a working capital deficit of $131.1 million . We have substantial interest payment obligations related to our debt over the next twelve months. The next borrowing base redetermination under the EXCO Resources Credit Agreement is expected to occur in November 2016. The lenders party to the EXCO Resources Credit Agreement have considerable discretion in setting our borrowing base, and we are unable to predict the outcome of any future redeterminations. Our plans to improve near-term liquidity primarily include the issuance of additional indebtedness and we are engaged in discussions with potential lenders. The availability and terms of this financing may be dependent upon our ability to reduce fixed commitments including gathering and transportation contracts. We continue to negotiate a consensual restructuring of gathering and transportation contracts with our counterparties. If we are not able to execute transactions to improve our financial condition, we do not believe we will be able to comply with all of the covenants under the EXCO Resources Credit Agreement or have sufficient liquidity to conduct our business operations based on existing conditions and estimates during the next twelve months. Management’s plans are intended to mitigate these conditions; however, our ability to execute these plans is conditioned upon factors including the availability of capital markets, market conditions, and the actions of counterparties. There is no assurance any such transactions will occur. As of September 30, 2016, we were in compliance with the financial covenants under the EXCO Resources Credit Agreement. We are required to maintain a Consolidated Current Ratio (as defined in the EXCO Resources Credit Agreement) of at least 1.0 to 1.0 as of the end of any fiscal quarter, which includes unused commitments in the definition of consolidated current assets. The inclusion of the unused commitments has historically allowed us to maintain compliance with the Consolidated Current Ratio covenant under the EXCO Resources Credit Agreement. Therefore, the reduction in unused commitments as a result of borrowings under the EXCO Resources Credit Agreement or further reductions to our borrowing base as part of the redetermination process will negatively impact our Consolidated Current Ratio and liquidity. The EXCO Resources Credit Agreement does not permit our ratio of senior secured indebtedness to consolidated EBITDAX ("Senior Secured Indebtedness Ratio") to be greater than 2.5 to 1.0 as of the end of any fiscal quarter. Senior secured indebtedness utilized in the Senior Secured Indebtedness Ratio excludes the Second Lien Term Loans (as defined below) and any other secured indebtedness subordinated to the EXCO Resources Credit Agreement. The Company's compliance with this covenant will be negatively impacted unless we are able to increase our EBITDAX, generate positive free cash flows and/or find other sources of capital to reduce indebtedness under the EXCO Resources Credit Agreement. As a result of the impact of the aforementioned factors on our financial results and condition, we anticipate that we will not meet the minimum requirement under the Consolidated Current Ratio and the Senior Secured Indebtedness Ratio for the twelve-month period following the date of these unaudited Condensed Consolidated Financial Statements. We may not be in compliance with these covenants as early as the fiscal quarter ending December 31, 2016 depending on our future financial and operating results and the outcome of the borrowing base redetermination process. Furthermore, our liquidity is not expected to be sufficient to conduct our business operations for the twelve-month period following the date of these unaudited Condensed Consolidated Financial Statements. If we are not able to comply with our debt covenants or do not have sufficient liquidity to conduct our business operations in future periods, we may be required, but unable, to refinance all or part of our existing debt, seek covenant relief from our lenders, sell assets, incur additional indebtedness, or issue equity on terms acceptable to us, if at all, and may be required to surrender assets pursuant to the security provisions of the EXCO Resources Credit Agreement. Therefore, our ability to continue our planned principal business operations would be dependent on the actions of our lenders or obtaining additional debt and/or equity financing to repay outstanding indebtedness under the EXCO Resources Credit Agreement. These factors raise substantial doubt about our ability to continue as a going concern. The EXCO Resources Credit Agreement and the term loan credit agreements governing our senior secured second lien term loans due October 26, 2020 (“Second Lien Term Loans”) require our annual financial statements to include a report from our independent registered public accounting firm without an explanatory paragraph related to our ability to continue as a going concern. If the substantial doubt about our ability to continue as a going concern still exists at December 31, 2016 or if we fail to comply with the financial and other covenants in the EXCO Resources Credit Agreement or the Second Lien Term Loans, we would be in default under such agreement. Any event of default may cause a default or accelerate our obligations with respect to our other outstanding indebtedness, including our senior unsecured notes due September 15, 2018 (“2018 Notes”) and senior unsecured notes due April 15, 2022 (“2022 Notes”), which could adversely affect our business, financial condition and results of operations. The accompanying unaudited Condensed Consolidated Financial Statements do not include any adjustments to reflect the possible future effects of this uncertainty on the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. Revisions of prior period information On August 19, 2016, we formed Raider Marketing, LP ("Raider") through an internal merger to provide marketing services to EXCO and pursue independent business opportunities. Raider is a wholly owned subsidiary of EXCO and is the contractual counterparty by operation of Texas law to all of EXCO's gathering, transportation and marketing contracts in Texas and Louisiana. In connection with the formation of Raider and the Company's plans to pursue additional marketing opportunities, we have revised our presentation of third party natural gas purchases and sales to report these costs and revenues on a gross basis in the accompanying statements of operations in accordance with Financial Accounting Standards Board (“FASB”) Codification (“ASC”) 605, Revenue Recognition, beginning in the third quarter of 2016. Third party purchases and sales are now reported gross as "Purchased natural gas" expenses and "Purchased natural gas and marketing" revenues, respectively. Purchased natural gas and marketing revenues include revenue we receive as a result of selling natural gas that we purchase from third parties and marketing fees we receive from third parties. Purchased natural gas expenses include purchases from third parties plus an allocation of transportation costs. The transportation costs allocated to the third party purchases relate to our firm transportation agreements with unutilized commitments; therefore, the utilization of this transportation reduces the unutilized commitments that would have otherwise been allocated to our net share of production and incurred by EXCO. We previously reported these transactions on a net basis in the financial statements due to the materiality associated with the income or loss generated from these purchases and sales, and the historical insignificance of the Company's marketing activities involving the purchases and sales of third party natural gas to our business strategies and operations. The net effect of these revisions did not impact our previously reported net income or loss, shareholders’ equity or cash flows. The Company evaluated the materiality of the revisions based on ASC 250, Accounting Changes and Error Corrections , and concluded the revisions to be immaterial corrections of an error. The following table reflects the revisions to prior periods: Three months ended (in thousands) June 30, 2016 March 31, 2016 Gathering and transportation, previously reported $ 26,895 $ 26,630 Revision of third party natural gas purchases and sales (151 ) (1,525 ) Gathering and transportation, as currently reported $ 26,744 $ 25,105 Purchased natural gas and marketing revenues $ 4,570 $ 4,441 Purchased natural gas expenses $ 4,721 $ 5,966 Three months ended (in thousands) December 31, 2015 September 31, 2015 June 30, 2015 March 31, 2015 Natural gas revenues, previously reported $ 41,828 $ 56,082 $ 62,197 $ 65,437 Revision of third party natural gas purchases and sales 368 218 184 157 Natural gas revenues, as currently reported $ 42,196 $ 56,300 $ 62,381 $ 65,594 Purchased natural gas and marketing revenues $ 5,430 $ 6,773 $ 6,678 $ 7,561 Purchased natural gas expenses $ 5,798 $ 6,991 $ 6,862 $ 7,718 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies We consider significant accounting policies to be those related to our estimates of proved reserves, oil and natural gas properties, derivatives, business combinations, equity-based compensation, goodwill, revenue recognition, asset retirement obligations and income taxes. The policies include significant estimates made by management using information available at the time the estimates were made. However, these estimates could change materially if different information or assumptions were used. These policies and others are summarized in our 2015 Form 10-K. Recent accounting pronouncements In August 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 reduces diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in ASU 2016-15 provide guidance on specific cash flow issues including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, and distributions received from equity method investees. ASU 2016-15 is effective for annual and interim periods beginning after December 15, 2017. We are currently assessing the potential impact of ASU 2016-15 on our consolidated financial condition and results of operations. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ("ASU 2016-12"). ASU 2016-12 does not change the core principle of Topic 606 but improves the following aspects of Topic 606: assessing collectability, presentation of sales taxes, noncash considerations, completed contracts and contract modifications at transaction. ASU 2016-12 is effective for annual and interim periods beginning after December 15, 2017. We are currently assessing the potential impact of ASU 2016-12 on our consolidated financial condition and results of operations. In May 2016, the FASB issued ASU No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting ("ASU 2016-11"). The SEC Staff is rescinding the following SEC Staff Observer comments that are codified in Topic 605, Revenue Recognition, and Topic 932, Extractive Activities-Oil and Gas, effective upon adoption of Topic 606. Specifically, registrants should not rely on the following SEC Staff Observer comments upon adoption of Topic 606: a) Revenue and Expense Recognition for Freight Services in Process which is codified in 605-20-S99-2; b) Accounting for Shipping and Handling Fees and Costs, which is codified in paragraph 605-45-S99-1; c) Accounting for Consideration Given by a Vendor to a Customer, which is codified in paragraph 605-50-S99-1 and d) Accounting for Gas-Balancing Arrangements (that is, use of the “entitlements method”), which is codified in paragraph 932-10-S99-5. We do not use the entitlements method of accounting and are not impacted by this specific SEC Staff Observer comment; however, we are assessing the potential impact of other SEC Staff Observer comments included in ASU 2016-11 on our consolidated financial condition and results of operations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("ASU 2016-10"). ASU 2016-10 does not change the core principle of Topic 606 but clarifies the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. ASU 2016-10 is effective for annual and interim periods beginning after December 15, 2017. We are currently assessing the potential impact of ASU 2016-10 on our consolidated financial condition and results of operations. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-07 is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. We are currently assessing the potential impact of ASU 2016-09 on our consolidated financial condition and results of operations. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"). ASU 2016-08 does not change the core principle of Topic 606 but clarifies the implementation guidance on principal versus agent considerations. ASU 2016-08 is effective for annual and interim periods beginning after December 15, 2017. We are currently assessing the potential impact of ASU 2016-08 on our consolidated financial condition and results of operations. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting ("ASU 2016-07"). ASU 2016-07 eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. ASU 2016-07 is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. We do not currently have significant investments that are accounted for by a method other than the equity method and do not expect ASU 2016-07 to have a significant impact on our consolidated financial condition and results of operations. |
Divestitures Divestitures
Divestitures Divestitures | 9 Months Ended |
Sep. 30, 2016 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Divestitures South Texas transaction On May 6, 2016, we closed a sale of certain non-core undeveloped acreage in South Texas and our interests in four producing wells for $11.5 million , subject to customary post-closing purchase price adjustments. Proceeds from the sale were used to reduce indebtedness under the EXCO Resources Credit Agreement. Conventional asset divestitures On July 1, 2016, we closed the sale of our interests in shallow conventional assets located in Pennsylvania and received an overriding royalty interest in each well and approximately $0.1 million , subject to customary post-closing purchase price adjustments. In addition, we retained all rights to other formations below the conventional depths in this region including the Marcellus and Utica shales. For the six months ended June 30, 2016, the divested assets produced approximately 6 Mmcfe per day and the revenues less direct operating expenses, excluding general and administrative costs, generated a net loss of less than $0.1 million . The asset retirement obligations related to the divested wells were $22.6 million on July 1, 2016. On October 3, 2016, we closed the sale of our interests in shallow conventional assets located in West Virginia for approximately $4.5 million , subject to customary post-closing purchase price adjustments. We retained all rights to other formations below the conventional depths in this region including the Marcellus and Utica shales. For the nine months ended September 30, 2016, the divested assets produced approximately 4 Mmcfe per day and the revenues less direct operating expenses, excluding general and administrative costs, generated net income of $0.7 million . The asset retirement obligations related to the divested wells were $9.7 million on September 30, 2016. In conjunction with the sales of our shallow conventional assets in Pennsylvania and West Virginia, the Company's field employee count in the Appalachia region has been reduced by 85% since December 31, 2015. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2016 | |
Asset Retirement Obligation [Abstract] | |
Asset retirement obligations | Asset retirement obligations The following is a reconciliation of our asset retirement obligations for the nine months ended September 30, 2016 : (in thousands) Asset retirement obligations at beginning of period $ 41,648 Activity during the period: Liabilities settled during the period (59 ) Adjustment to liability due to divestitures (1) (22,859 ) Accretion of discount 2,006 Asset retirement obligations at end of period 20,736 Less current portion 428 Long-term portion $ 20,308 (1) Adjustment to liability due to divestitures is primarily due to the sale of our conventional assets in Pennsylvania on July 1, 2016. See "Note 3. Divestitures" for additional information. Our asset retirement obligations are determined using discounted cash flow methodologies based on inputs and assumptions developed by management. We do not have any assets that are legally restricted for purposes of settling asset retirement obligations. |
Oil and Natural Gas Properties
Oil and Natural Gas Properties | 9 Months Ended |
Sep. 30, 2016 | |
Oil and Gas Property [Abstract] | |
Oil and natural gas properties | Oil and natural gas properties We use the full cost method of accounting, which involves capitalizing all acquisition, exploration, exploitation and development costs of oil and natural gas properties. Once we incur costs, they are recorded in the depletable pool of proved properties or in unproved properties, collectively, the full cost pool. We review our unproved oil and natural gas property costs on a quarterly basis to assess for impairment or the need to transfer unproved costs to proved properties as a result of extensions or discoveries from drilling operations or determination that no proved reserves are attributable to such costs. The majority of our undeveloped properties are held-by-production, which reduces the risk of impairment as a result of lease expirations. There were no impairments of unproved properties during the nine months ended September 30, 2016 and we impaired $84.9 million of unproved properties during the nine months ended September 31, 2015 . At the end of each quarterly period, companies that use the full cost method of accounting for their oil and natural gas properties must compute a limitation on capitalized costs ("ceiling test"). The ceiling test involves comparing the net book value of the full cost pool, after taxes, to the full cost ceiling limitation defined below. In the event the full cost ceiling limitation is less than the full cost pool, we are required to record an impairment of our oil and natural gas properties. The full cost ceiling limitation is computed as the sum of the present value of estimated future net revenues from our proved reserves by applying the average price as prescribed by the SEC, less estimated future expenditures (based on current costs) to develop and produce the proved reserves, discounted at 10% , plus the cost of properties not being amortized and the lower of cost or estimated fair value of unproved properties included in the costs being amortized, net of income tax effects. The ceiling test for each period presented was based on the following average spot prices, in each case adjusted for quality factors and regional differentials to derive estimated future net revenues. Prices presented in the table below are the trailing twelve-month simple average spot prices at the first of the month for natural gas at Henry Hub ("HH") and West Texas Intermediate ("WTI") crude oil at Cushing, Oklahoma. The fluctuations demonstrate the volatility in oil and natural gas prices between each of the periods and have a significant impact on our ceiling test limitation. Average spot prices Oil (per Bbl) Natural gas (per Mmbtu) September 30, 2016 $ 41.68 $ 2.24 June 30, 2016 43.12 2.24 March 31, 2016 46.26 2.40 December 31, 2015 50.28 2.59 We did no t recognize an impairment to our proved oil and natural gas properties for the three months ended September 30, 2016, and we recognized impairments to our proved oil and natural gas properties of $160.8 million for the nine months ended September 30, 2016 . We recognized impairments to our proved oil and natural gas properties of $339.4 million and $1.0 billion for the three and nine months ended September 30, 2015 , respectively. The impairments were primarily due to the decline in oil and natural gas prices. Furthermore, the fixed costs associated with certain gathering and transportation contracts continue to have a significant impact on the present value of our proved reserves. Oil and natural gas prices are volatile and we may incur additional impairments during 2016 if future oil and natural gas prices result in a decrease in the trailing twelve-month reference prices compared to September 30, 2016 . The possibility and amount of any future impairments is difficult to predict, and will depend, in part, upon future oil and natural gas prices to be utilized in the ceiling test, estimates of proved reserves, future capital expenditures and operating costs. During 2016, all of our proved undeveloped reserves, other than the proved undeveloped reserves associated with certain wells drilled and/or completed in 2016, were reclassified to unproved primarily due to the uncertainty regarding the financing required to develop these reserves. A significant amount of our proved undeveloped reserves that were reclassified to unproved remain economic at current prices, and we may report proved undeveloped reserves in future filings if we determine we have the financial capability to execute a development plan. The evaluation of impairment of our oil and natural gas properties includes estimates of proved reserves. There are inherent uncertainties in estimating quantities of proved reserves including projecting the future rates of production and the timing of development activities. The accuracy of any reserve estimate is a function of the quality of available data, and engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify revisions of such estimate. Accordingly, reserve estimates often differ from the quantities of oil and natural gas that are ultimately recovered. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings (loss) per share The following table presents the basic and diluted earnings (loss) per share computations for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2016 2015 2016 2015 Basic net income (loss) per common share: Net income (loss) $ 50,936 $ (354,519 ) $ (190,559 ) $ (1,126,786 ) Weighted average common shares outstanding 279,873 273,348 279,008 272,147 Net income (loss) per basic common share $ 0.18 $ (1.30 ) $ (0.68 ) $ (4.14 ) Diluted net income (loss) per common share: Net income (loss) $ 50,936 $ (354,519 ) $ (190,559 ) $ (1,126,786 ) Weighted average common shares outstanding 279,873 273,348 279,008 272,147 Dilutive effect of: Stock options — — — — Restricted shares and restricted share units 1,172 — — — Warrants — — — — Weighted average common shares and common share equivalents outstanding 281,045 273,348 279,008 272,147 Net income (loss) per diluted common share $ 0.18 $ (1.30 ) $ (0.68 ) $ (4.14 ) Diluted net income (loss) per common share for the three and nine months ended September 30, 2016 and 2015 is computed in the same manner as basic net income (loss) per share after assuming the issuance of common shares for all potentially dilutive common share equivalents, which include stock options, restricted share units, restricted share awards and warrants, whether exercisable or not. The computation of diluted net income (loss) per share excluded 88,083,055 and 36,157,630 antidilutive share equivalents for the three months ended September 30, 2016 and 2015 , respectively, and 89,522,616 and 21,200,285 antidilutive share equivalents for the nine months ended September 30, 2016 and 2015 , respectively. Our antidilutive share equivalents for the three and nine months ended September 30, 2016 included 80,000,000 warrants issued to Energy Strategic Advisory Services LLC ("ESAS"). See "Note 12. Related party transactions" for additional information on the warrants issued to ESAS. All of our outstanding warrants and stock options were out-of-the-money and considered antidilutive during the three months ended September 30, 2016. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative financial instruments | Derivative financial instruments Our primary objective in entering into derivative financial instruments is to manage our exposure to commodity price fluctuations, protect our returns on investments and achieve a more predictable cash flow from operations. These transactions limit exposure to declines in commodity prices, but also limit the benefits we would realize if commodity prices increase. When prices for oil and natural gas are volatile, a significant portion of the effect of our derivative financial instruments consists of non-cash income or expense due to changes in the fair value. Cash losses or gains only arise from payments made or received on monthly settlements of contracts or if we terminate a contract prior to its expiration. We do not designate our derivative financial instruments as hedging instruments for financial accounting purposes and, as a result, we recognize the change in the respective instruments’ fair value in earnings. The table below outlines the classification of our derivative financial instruments on our Condensed Consolidated Balance Sheets and their financial impact on our Condensed Consolidated Statements of Operations. Fair Value of Derivative Financial Instruments (in thousands) September 30, 2016 December 31, 2015 Derivative financial instruments - Current assets $ 5,952 $ 39,499 Derivative financial instruments - Long-term assets 1,455 6,109 Derivative financial instruments - Current liabilities (10,353 ) (16 ) Derivative financial instruments - Long-term liabilities (1,189 ) — Net derivative financial instruments $ (4,135 ) $ 45,592 Effect of Derivative Financial Instruments Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Gain (loss) on derivative financial instruments $ 8,209 $ 37,348 $ (11,632 ) $ 54,427 Settlements in the normal course of maturities of our derivative financial instrument contracts result in cash receipts from, or cash disbursements to, our derivative contract counterparties. Changes in the fair value of our derivative financial instrument contracts, which include both cash settlements and non-cash changes in fair value, are included in earnings with a corresponding increase or decrease in the Condensed Consolidated Balance Sheets fair value amounts. Our oil and natural gas derivative instruments are comprised of the following instruments: Swaps : These contracts allow us to receive a fixed price and pay a floating market price to the counterparty for the hedged commodity. Swaptions : These contracts give our trading counterparties the right, but not the obligation, to enter into a swap contract for an agreed quantity of oil or natural gas from us at a certain time and fixed price in the future. The counterparty to our swaption contracts can choose to exercise its option in December 2016 to enter into 2017 swap contracts. Collars : A collar is a combination of options including a sold call and a purchased put. These contracts allow us to participate in the upside of commodity prices to the ceiling of the call option and provide us with downside protection through the put option. If the market price is below the strike price of the purchased put at the time of settlement then the counterparty pays us the excess. If the market price is above the strike price of the sold call at the time of settlement, we pay the counterparty the excess. These transactions were conducted contemporaneously with a single counterparty and resulted in a net cashless transaction. We place our derivative financial instruments with the financial institutions that are lenders under the EXCO Resources Credit Agreement that we believe have high quality credit ratings. To mitigate our risk of loss due to default, we have entered into master netting agreements with counterparties to our derivative financial instruments that allow us to offset our asset position with our liability position in the event of a default by the counterparty. Our credit rating and financial condition may restrict our ability to enter into certain types of derivative financial instruments and limit the maturity of the contracts with counterparties. Our derivative contracts also contain rights that could result in the early termination of our derivative contracts and cash payments to our counterparties due to an event of default under the EXCO Resources Credit Agreement. The following table presents the volumes and fair value of our oil and natural gas derivative financial instruments as of September 30, 2016 : (dollars in thousands, except prices) Volume Bbtu/Mbbl Weighted average strike price per Mmbtu/Bbl Fair value at September 30, 2016 Natural gas: Swaps: Remainder of 2016 14,260 $ 2.88 $ (1,610 ) 2017 23,700 2.99 (2,440 ) 2018 3,650 3.15 819 Swaptions: 2017 7,300 2.76 (2,743 ) Collars: 2017 10,950 (420 ) Sold call 3.28 Purchased put 2.87 Total natural gas $ (6,394 ) Oil: Swaps: Remainder of 2016 276 $ 58.61 $ 2,542 2017 183 50.00 (283 ) Total oil $ 2,259 Total oil and natural gas derivative financial instruments $ (4,135 ) At December 31, 2015 , we had outstanding swap contracts covering 49,370 Bbtu of natural gas and 915 Mbbls of oil. At September 30, 2016 , the average forward NYMEX WTI oil prices per Bbl for the remainder of 2016 and calendar year 2017 were $48.53 and $51.30 , respectively, and the average forward NYMEX HH natural gas prices per Mmbtu for the remainder of 2016 and calendar years 2017 and 2018 were $3.02 , $3.09 and $2.91 , respectively. Our derivative financial instruments covered approximately 60% and 69% of production volumes for the three months ended September 30, 2016 and 2015 , respectively, and 55% and 66% of production volumes for the nine months ended September 30, 2016 and 2015 , respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Long-term Debt, Current and Noncurrent [Abstract] | |
Debt | Debt The carrying value of our total debt is summarized as follows: (in thousands) September 30, 2016 December 31, 2015 EXCO Resources Credit Agreement $ 214,592 $ 67,492 Exchange Term Loan 603,116 641,172 Fairfax Term Loan 300,000 300,000 2018 Notes 131,576 158,015 Unamortized discount on 2018 Notes (589 ) (932 ) 2022 Notes 70,169 222,826 Deferred financing costs, net (12,796 ) (18,294 ) Total debt 1,306,068 1,370,279 Less amounts due within one year 50,000 50,000 Total debt due after one year $ 1,256,068 $ 1,320,279 September 30, 2016 (in thousands) Carrying value Deferred reduction in carrying value Unamortized discount/deferred financing costs Principal balance EXCO Resources Credit Agreement $ 214,592 $ — $ — $ 214,592 Exchange Term Loan 603,116 (203,116 ) — 400,000 Fairfax Term Loan 300,000 — — 300,000 2018 Notes 130,987 — 589 131,576 2022 Notes 70,169 — — 70,169 Deferred financing costs, net (12,796 ) — 12,796 — Total debt $ 1,306,068 $ (203,116 ) $ 13,385 $ 1,116,337 Terms and conditions of our debt obligations are discussed below. Tender Offer and open market repurchases On August 24, 2016, we completed a cash tender offer for our outstanding senior unsecured notes ("Tender Offer") that resulted in the repurchase of an aggregate of $101.3 million in principal amount of the 2022 Notes for an aggregate purchase price of $40.0 million . Holders of the 2022 Notes that were accepted for payment in the Tender Offer also received accumulated and unpaid interest. The Tender Offer was funded with the borrowings under the EXCO Resources Credit Agreement. For the nine months ended September 30, 2016 , we repurchased an aggregate of $26.4 million and $152.7 million in principal amount of the 2018 Notes and 2022 Notes, respectively, with an aggregate of $53.3 million in cash through the Tender Offer and open market repurchases. These repurchases resulted in net gains on extinguishment of debt of $57.4 million and $119.4 million for the three and nine months ended September 30, 2016 , respectively. EXCO Resources Credit Agreement As of September 30, 2016 , we had $214.6 million of outstanding indebtedness and a borrowing base of $325.0 million under the EXCO Resources Credit Agreement. On September 1, 2016, the lenders under the EXCO Resources Credit Agreement postponed the scheduled redetermination of the borrowing base from September 1, 2016 to November 1, 2016 at our request. We are currently working with the lenders to amend the EXCO Resources Credit Agreement and the redetermination of the borrowing base is still in progress. There is no assurance that we will be able to amend the EXCO Resources Credit Agreement and our lenders have discretion in the timing and amount during the redetermination process. In connection with the postponed redetermination, we may not request borrowings from the lenders under the EXCO Resources Credit Agreement that would result in their aggregate exposure to exceed $300.0 million , including letters of credit, until the effective date of the postponed redetermination. Therefore, the Company's available borrowing capacity was $75.4 million as of September 30, 2016. The maturity date of the EXCO Resources Credit Agreement is July 31, 2018 . The interest rate grid for the revolving commitment under the EXCO Resources Credit Agreement ranges from London Interbank Offered Rate ("LIBOR") plus 225 bps to 325 bps (or alternate base rate ("ABR") plus 125 bps to 225 bps), depending on our borrowing base usage. On September 30, 2016 , our interest rate was approximately 3.5% . As of September 30, 2016 , we were in compliance with the financial covenants (defined in the EXCO Resources Credit Agreement), which required that we: • maintain a Consolidated Current Ratio of at least 1.0 to 1.0 as of the end of any fiscal quarter. The consolidated current assets utilized in this ratio include unused commitments under the EXCO Resources Credit Agreement. As of September 30, 2016, the unused commitments were based on the Company's borrowing base of $325.0 million; • maintain a ratio of consolidated EBITDAX to consolidated interest expense (“Interest Coverage Ratio”) of at least 1.25 to 1.0 as of the end of any fiscal quarter. The consolidated interest expense utilized in the Interest Coverage Ratio is calculated in accordance with GAAP; therefore, this excludes cash payments under the terms of the Exchange Term Loan (as defined below), whether designated as interest or as principal amount, that reduce the carrying amount and are not recognized as interest expense; and • not permit a Senior Secured Indebtedness Ratio to be greater than 2.5 to 1.0 as of the end of any fiscal quarter. Senior secured indebtedness utilized in the Senior Secured Indebtedness Ratio excludes the Second Lien Term Loans and any other secured indebtedness subordinated to the EXCO Resources Credit Agreement. Our liquidity and ability to maintain compliance with debt covenants have been negatively impacted by the prolonged depressed oil and natural gas price environment, levels of indebtedness, and gathering, transportation and certain other commercial contracts. Based on our current estimates and expectations, we do not believe we will be able to comply with all of the covenants under the EXCO Resources Credit Agreement for the twelve-month period following the date of these unaudited Condensed Consolidated Financial Statements. See "Note 1. Organization and basis of presentation" for further discussion on this matter. Second Lien Term Loans On October 26, 2015 , we closed a 12.5% senior secured second lien term loan with certain affiliates of Fairfax Financial Holdings Limited ("Fairfax") in the aggregate principal amount of $300.0 million ("Fairfax Term Loan"). We also closed a 12.5% senior secured second lien term loan with certain unsecured noteholders in the aggregate principal amount of $291.3 million on October 26, 2015 and $108.7 million on November 4, 2015 (“Exchange Term Loan"). The proceeds from the Exchange Term Loan were used to repurchase a portion of the outstanding 2018 Notes and 2022 Notes in exchange for the holders of such notes agreeing to act as lenders in connection with the Exchange Term Loan. The exchange was accounted for as a troubled debt restructuring pursuant to FASB ASC 470-60, Troubled Debt Restructuring by Debtors . The future undiscounted cash flows from the Exchange Term Loan through its maturity were less than the carrying amounts of the retired 2018 Notes and 2022 Notes. As a result, the carrying amount of the Exchange Term Loan is equal to the total undiscounted future cash payments, including interest and principal. All cash payments under the terms of the Exchange Term Loan, whether designated as interest or as principal amount, will reduce the carrying amount and no interest expense will be recognized. As such, our reported interest expense will be less than the contractual payments throughout the term of the Exchange Term Loan. The Second Lien Term Loans mature on October 26, 2020 with interest payable on the last day in each calendar quarter. The Second Lien Term Loans are guaranteed by substantially all of EXCO’s subsidiaries, with the exception of certain non-guarantor subsidiaries and our jointly held equity investments with BG Group, and are secured by second-priority liens on substantially all of EXCO’s assets securing the indebtedness under the EXCO Resources Credit Agreement. The Second Lien Term Loans rank (i) junior to the debt under the EXCO Resources Credit Agreement and any other priority lien obligations, (ii) pari passu to one another and (iii) effectively senior to all of our existing and future unsecured senior indebtedness, including the 2018 Notes and the 2022 Notes, to the extent of the value of collateral. The agreements governing the Second Lien Term Loans contain covenants that, subject to certain exceptions, limit our ability and the ability of our restricted subsidiaries to, among other things: • pay dividends or make other distributions or redeem or repurchase our common shares; • prepay, redeem or repurchase certain debt; • enter into agreements restricting the subsidiary guarantors’ ability to pay dividends to us or another subsidiary guarantor, make loans or advances to us or transfer assets to us; • engage in asset sales or substantially alter the business that the we conduct, unless the proceeds are utilized to prepay the Second Lien Term Loans, reduce priority lien indebtedness, or reinvest in the acquisition or development of oil and gas properties; • enter into transactions with affiliates; • consolidate, merge or dispose of assets; • incur liens; and • enter into sale/leaseback transactions. In addition, the term loan agreement governing the Exchange Term Loan prohibits us from incurring, among other things and subject to certain exceptions: • debt under credit facilities, as defined in the term loan credit agreement governing the Exchange Term Loan, in excess of the greatest of (i) $375.0 million plus an amount equal to six and two-thirds percent of the aggregate principal amount of our outstanding indebtedness under the EXCO Resources Credit Agreement for over-advances to protect collateral, (ii) the borrowing base under the EXCO Resources Credit Agreement and (iii) 30% of modified adjusted consolidated net tangible assets (as defined in the agreement); • second lien debt in excess of $700.0 million ; and • unsecured debt where on the date of such incurrence or after giving effect to such incurrence, our consolidated coverage ratio (as defined in the agreement) is or would be less than 2.25 to 1.0. The term loan agreement governing the Fairfax Term Loan prohibits us from incurring, among other things and subject to certain exceptions: • debt under credit facilities, as defined in the term loan credit agreement governing the Fairfax Term Loan, in excess of $375.0 million plus an amount equal to six and two-thirds percent of the aggregate principal amount of our outstanding indebtedness under the EXCO Resources Credit Agreement for over-advances to protect collateral, provided that such indebtedness may not exceed $500.0 million , unless we obtain consent from the administrative agent; • second lien debt, other than the Exchange Term Loan, in an amount to be agreed upon with the administrative agent; • junior lien debt, unless such debt is being used to refinance the 2018 Notes or the 2022 Notes or the terms and conditions of such junior lien debt are approved by the administrative agent; and • unsecured debt, unless we obtain consent from the administrative agent. In addition, under the term loan credit agreement governing the Fairfax Term Loan, a change of control constitutes an event of default, which, subject to certain limitations, may allow the Fairfax Term Loan lenders to declare the Fairfax Term Loan to be due and payable, in whole or in part, including accrued but unpaid interest thereon, plus an amount equal to all interest payments that would have accrued through the Fairfax Term Loan maturity date. Under the term loan credit agreement governing the Exchange Term Loan, in the event of a change of control EXCO is required to offer to repurchase the Exchange Term Loan at 101% of the face value of the Exchange Term Loan. In connection with the Second Lien Term Loans, on October 26, 2015, EXCO entered into an intercreditor agreement governing the relationship between EXCO’s lenders and the holders of any other lien obligations that EXCO may issue in the future and a collateral trust agreement governing the administration and maintenance of the collateral securing the Second Lien Term Loans. 2018 Notes The 2018 Notes are guaranteed on a senior unsecured basis by a majority of EXCO’s subsidiaries, with the exception of certain non-guarantor subsidiaries and our jointly held equity investments with BG Group. Our equity investments, other than OPCO, have been designated as unrestricted subsidiaries under the indenture governing the 2018 Notes. In the fourth quarter of 2015, EXCO repurchased an aggregate $551.2 million of the 2018 Notes in exchange for certain holders of the 2018 Notes becoming lenders under the Exchange Term Loan. Additionally, as of September 30, 2016 , we had repurchased a total of $67.2 million in principal amount of the 2018 Notes for an aggregate of $18.8 million in a series of open market repurchases. As a result of the repurchases, the aggregate principal amount of outstanding 2018 Notes was reduced to $131.6 million as of September 30, 2016 . Interest accrues at 7.5% per annum and is payable semi-annually in arrears on March 15 and September 15 of each year. The indenture governing the 2018 Notes contains covenants, which may limit our ability and the ability of our restricted subsidiaries to: • incur or guarantee additional debt and issue certain types of preferred stock; • pay dividends on our capital stock or redeem, repurchase or retire our capital stock or subordinated debt; • make certain investments; • create liens on our assets; • enter into sale/leaseback transactions; • create restrictions on the ability of our restricted subsidiaries to pay dividends or make other payments to us; • engage in transactions with our affiliates; • transfer or issue shares of stock of subsidiaries; • transfer or sell assets; and • consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries. 2022 Notes The 2022 Notes were issued at 100.0% of the principal amount and bear interest at a rate of 8.5% per annum, payable in arrears on April 15 and October 15 of each year. In the fourth quarter of 2015, EXCO repurchased an aggregate $277.2 million in principal amount of the 2022 Notes in exchange for certain holders of the 2022 Notes becoming lenders under the Exchange Term Loan. On August 24, 2016, we completed the Tender Offer that resulted in the repurchases of an aggregate of $101.3 million in principal amount of the 2022 Notes for an aggregate purchase price of $40.0 million . As of September 30, 2016 , through the Tender Offer and a series of open market repurchases, we had repurchased a total of $152.7 million in principal amount of the 2022 Notes for an aggregate of $46.5 million . As a result of the repurchases, the aggregate principal amount of outstanding 2022 Notes was reduced to $70.2 million as of September 30, 2016 . In conjunction with the Tender Offer, we solicited consents from the registered holders of the 2022 Notes to amend certain terms of the indenture governing the 2022 Notes. Following the consummation of the consent solicitation, we entered into a supplemental indenture governing the 2022 Notes to amend the definition of “Credit Facilities” to include debt securities as a permitted form of additional secured indebtedness, in addition to the term loans and other credit facilities currently permitted. The 2022 Notes rank equally in right of payment to any existing and future senior unsecured indebtedness of the Company (including the 2018 Notes) and are guaranteed on a senior unsecured basis by EXCO’s consolidated subsidiaries that are guarantors of the indebtedness under the EXCO Resources Credit Agreement. The 2022 Notes were issued under the same base indenture governing the 2018 Notes and the supplemental indenture governing the 2022 Notes contains similar covenants to those in the supplemental indenture governing the 2018 Notes. |
Commitments and contingencies (
Commitments and contingencies (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Settlement of Participation Agreement litigation In July 2013, we entered into a participation agreement with a joint venture partner for the development of certain assets in the Eagle Ford shale ("Participation Agreement"). As described in "Item 3. Legal Proceedings" in our 2015 Form 10-K, we were in a dispute subject to litigation over the offer and the acceptance process with our joint venture partner. On July 25, 2016, we settled the litigation with our joint venture partner, and the litigation was thereafter dismissed after a final judgment order was entered in response to the parties’ joint motion to dismiss the case with prejudice. Among other things, the settlement provided a full release for any claims, rights, demands, damages and causes of action that either party has asserted or could have asserted for any breach of the Participation Agreement. As part of the settlement, the parties amended and restated the Participation Agreement to (i) eliminate our requirement to offer to purchase our joint venture partner's interests in certain wells each quarter, (ii) eliminate our requirement to convey a portion of our working interest to our joint venture partner upon commencing development of future locations, (iii) terminate the area of mutual interest, which required either party acquiring an interest in non-producing acreage included in certain areas to provide notice of the acquisition to the non-acquiring party and allowed the non-acquiring party to acquire a proportionate share in such acquired interest, (iv) provide that EXCO transfer to its joint venture partner a portion of its interests in certain producing wells and certain undeveloped locations in South Texas (“Transferred Interests”), effective May 1, 2016 and (v) modify or eliminate certain other provisions. We recorded a loss in "Other operating items" in the Condensed Consolidated Statements of Operations, and a corresponding credit to the "Proved developed and undeveloped oil and natural gas properties" in our Condensed Consolidated Balance Sheet during the nine months ended September 30, 2016. The fair value of the Transferred Interests was $23.2 million as of July 25, 2016 based on a discounted cash flow model of the estimated reserves using NYMEX forward strip prices. See "Note 10. Fair value measurements" for additional information. The net production from the Transferred Interests was approximately 350 Bbls of oil per day during June 2016. Natural gas sales and firm transportation contract litigation During the third quarter of 2016, we terminated our sales and transportation contracts with Enterprise Products Operating LLC (“Enterprise”) and Acadian Gas Pipeline System (“Acadian”), respectively. We transported natural gas produced from our operated wells in North Louisiana through Acadian, and Enterprise was a purchaser of certain volumes of our natural gas, until we terminated the contracts. Enterprise and Acadian are part of the corporate family of Enterprise Products Partners L.P. (“EPD”). Acadian is an indirect, wholly-owned subsidiary of EPD that owns and operates the Acadian natural gas pipeline system. The agreement with Acadian provided for the firm transportation of 150,000 Mmbtu/day and 175,000 Mmbtu/day of natural gas at reservation fees of $0.25 and $0.20, respectively. In addition, the sales contract with Enterprise contemplated that we could, subject to certain limitations and exclusions, sell 75,000 Mmbtu/day of natural gas at a $0.25 reduction from market index prices. The primary term for these contracts had been through October 31, 2025. The fees described represent our gross commitments and a portion of these costs is allocated to working interest and other owners. The Acadian firm transportation agreement is accounted for as gathering and transportation expenses and the Enterprise sales contract is accounted for as a reduction in the total sales price within revenues. Under the parties’ sales and transportation agreements, Enterprise owed us for July 2016 natural gas sales, and we owed Acadian for July 2016 transportation fees. The amount owed to us by Enterprise exceeded the amount owed by us to Acadian. We notified Enterprise in writing of its failure to pay and gave Enterprise opportunity to cure. When Enterprise failed to cure, we gave written notice to Enterprise and Acadian that we were terminating the sales and transportation agreements. Enterprise and Acadian subsequently filed an action in Harris County, Texas, against us alleging that we could not terminate the parties’ agreements despite Enterprise's uncured payment default under the natural gas sales agreement, and further alleged that we were in breach of the firm transportation agreements. On October 17, 2016, we filed a counterclaim asserting that Enterprise was the breaching party because it improperly withheld payment for natural gas we delivered to it and the amounts owed by Enterprise exceeded the amounts owed by us to Acadian. We are also seeking a declaration that we properly terminated the contracts with Enterprise and Acadian. We cannot currently estimate or predict the outcome of the litigation but we plan to vigorously defend our right to terminate the contracts and to seek the amounts owed to us for delivered natural gas. We are no longer selling natural gas under the Enterprise sales contract or transporting natural gas under the Acadian firm transportation contract effective as of the termination date. The Company is accounting for these contracts in accordance with FASB ASC 450 ("ASC 450"), Contingencies , which states a contingency that might result in a gain should not be reflected until it is realized or realizable. There is a rebuttable presumption that a claim subject to litigation does not meet the criteria to be realized or realizable; therefore, the termination of these contracts will not be reflected in our financial results until the litigation is resolved. Upon resolution of the litigation, we will adjust the previously recognized amounts to reflect the outcome of the litigation. As of September 30, 2016, we recorded a $6.4 million receivable related to the net amounts owed by Enterprise prior to the termination of the contracts and an accrual of $2.1 million for costs subsequent to the termination of the contract in accordance with the guidance related to contingencies in ASC 450. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements We value our derivatives and other financial instruments according to FASB ASC 820, Fair Value Measurements and Disclosures , which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability ("exit price") in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We categorize the inputs used in measuring fair value into a three-tier fair value hierarchy. These tiers include: Level 1 – Observable inputs, such as quoted market prices in active markets, for substantially identical assets and liabilities. Level 2 – Observable inputs other than quoted prices within Level 1 for similar assets and liabilities. These include quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data. If the asset or liability has a specified or contractual term, the input must be observable for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that are supported by little or no market activity, generally requiring development of fair value assumptions by management. Fair value of derivative financial instruments The fair value of our derivative financial instruments may be different from the settlement value based on company-specific inputs, such as credit ratings, futures markets and forward curves, and readily available buyers or sellers. During the nine months ended September 30, 2016 and 2015 there were no changes in the fair value level classifications. The following table presents a summary of the estimated fair value of our derivative financial instruments as of September 30, 2016 and December 31, 2015 . September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Oil and natural gas derivative financial instruments $ — $ (4,135 ) $ — $ (4,135 ) December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Oil and natural gas derivative financial instruments $ — $ 45,592 $ — $ 45,592 We evaluate derivative assets and liabilities in accordance with master netting agreements with the derivative counterparties, but report them on a gross basis in our Condensed Consolidated Balance Sheets. Net derivative asset values are determined primarily by quoted futures prices and utilization of the counterparties’ credit-adjusted risk-free rate curves and net derivative liabilities are determined by utilization of our credit-adjusted risk-free rate curve. The credit-adjusted risk-free rates of our counterparties are based on an independent market-quoted credit default swap rate curve for the counterparties’ debt plus the LIBOR curve as of the end of the reporting period. Our credit-adjusted risk-free rate is based on the blended rate of independent market-quoted credit default swap rate curves for companies that have the same credit rating as us plus the LIBOR curve as of the end of the reporting period. The valuation of our commodity price derivatives, represented by oil and natural gas swaps, collars and swaption contracts, is discussed below. Oil derivatives . Our oil derivatives are swap contracts for notional barrels of oil at fixed NYMEX oil index prices. The asset and liability values attributable to our oil derivatives as of the end of the reporting period are based on (i) the contracted notional volumes, (ii) independent active NYMEX futures price quotes for oil index prices, and (iii) the applicable credit-adjusted risk-free rate curve, as described above. Natural gas derivatives . Our natural gas derivatives are swap, collar and swaption contracts for notional Mmbtus of natural gas at posted price indexes, including NYMEX HH swap, option and swaption contracts. The asset and liability values attributable to our natural gas derivatives as of the end of the reporting period are based on (i) the contracted notional volumes, (ii) independent active NYMEX futures price quotes for natural gas swaps, (iii) the applicable credit-adjusted risk-free rate curve, as described above, and (iv) the implied rates of volatility inherent in the option and swaption contracts. The implied rates of volatility were determined based on the average of historical HH natural gas prices. See further details on the fair value of our derivative financial instruments in “Note 7. Derivative financial instruments”. Fair value of other financial instruments Our financial instruments include cash and cash equivalents, accounts receivable and payable and accrued liabilities. The carrying amount of these instruments approximates fair value because of their short-term nature. The carrying values of our borrowings under the EXCO Resources Credit Agreement approximate fair value, as these are subject to short-term floating interest rates that approximate the rates available to us for those periods. The estimated fair values of our 2018 Notes, 2022 Notes, Exchange Term Loan and Fairfax Term Loan are presented below. The estimated fair values of the 2018 Notes and 2022 Notes have been calculated based on quoted prices in active markets. The estimated fair values of the Exchange Term Loan and the Fairfax Term Loan have been calculated based on quoted prices obtained from third-party pricing sources and are classified as Level 2. September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total 2018 Notes $ 60,438 $ — $ — $ 60,438 2022 Notes 27,366 — — 27,366 Exchange Term Loan — 263,500 — 263,500 Fairfax Term Loan — 197,625 — 197,625 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total 2018 Notes $ 43,170 $ — $ — $ 43,170 2022 Notes 48,376 — — 48,376 Exchange Term Loan — 278,000 — 278,000 Fairfax Term Loan — 208,500 — 208,500 Other fair value measurements During the nine months ended September 30, 2016 , we impaired $4.9 million of our investment in a midstream company in the East Texas and North Louisiana regions that we account for under the cost method of accounting. The impairment was recorded to reduce the carrying value to the fair value and is considered to be Level 3 within the fair value hierarchy. The estimated fair value of our cost method investment was determined based on trading metrics of comparable transactions. As discussed in "Note 9. Commitments and contingencies", we recorded a $23.2 million loss in "Other operating items" in our Condensed Consolidated Statements of Operations for the nine months ended September 30, 2016 and a corresponding credit to our "Proved developed and undeveloped oil and natural gas properties" in our balance sheet related to the settlement of litigation with a joint venture partner in the Eagle Ford shale. The fair market value of the properties transferred pursuant to the settlement was determined using a discounted cash flow model of the estimated reserves. The estimated quantities of reserves utilized assumptions based on our internal geological, engineering and financial data. We utilized NYMEX forward strip prices to value the reserves, then applied various discount rates depending on the classification of reserves and other risk characteristics. The fair value measurements utilized included significant unobservable inputs that are considered to be Level 3 within the fair value hierarchy. These unobservable inputs include management's estimates of reserve quantities, commodity prices, operating costs, development costs, discount factors and other risk factors applied to the future cash flows. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes We evaluate our estimated annual effective income tax rate based on current and forecasted business results and enacted tax laws on a quarterly basis and apply this tax rate to our ordinary income or loss to calculate our estimated tax liability or benefit. We have accumulated financial deferred tax assets primarily due to losses arising from impairments to the carrying value of our oil and natural gas properties that are subject to valuation allowances. Our valuation allowances increased $69.4 million for the nine months ended September 30, 2016 . As a result of cumulative financial operating losses, we have recognized net valuation allowances of approximately $1.4 billion that have fully offset our net deferred tax assets as of September 30, 2016 . The valuation allowances will continue to be recognized until the realization of future deferred tax benefits are more likely than not to become utilized. The valuation allowances do not impact future utilization of the underlying tax attributes. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions OPCO OPCO serves as the operator of our wells in the Appalachia JV and we advance funds to OPCO on an as needed basis. We did not advance any funds to OPCO during three and nine months ended September 30, 2016 or 2015 . OPCO may distribute any excess cash equally between us and BG Group when its operating cash flows are sufficient to meet its capital requirements. There are service agreements between us and OPCO whereby we provide administrative and technical services for which we are reimbursed. For the three and nine months ended September 30, 2016 and 2015 , these transactions included the following: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Amounts received from OPCO $ 3,824 $ 7,281 $ 12,586 $ 23,847 As of September 30, 2016 and December 31, 2015 , the amounts owed were as follows: (in thousands) September 30, 2016 December 31, 2015 Amounts due to EXCO (1) $ 932 $ 1,733 Amounts due from EXCO (1) 12,903 10,410 (1) Advances to OPCO are recorded in "Other current assets" in our Condensed Consolidated Balance Sheets. Any amounts we owe to OPCO are netted against the advance until the advances are utilized. If the advances are fully utilized, we record amounts owed in "Accounts payable and accrued liabilities" in our Condensed Consolidated Balance Sheets. ESAS On September 8, 2015 , we closed the services and investment agreement with ESAS, a wholly owned subsidiary of Bluescape Resources Company LLC ("Bluescape"). At the closing, C. John Wilder, Executive Chairman of Bluescape, was appointed as a member of our Board of Directors and as Executive Chairman of the Board of Directors. As part of the agreement, ESAS completed its required purchase of EXCO's common shares as of December 31, 2015 and is currently the beneficial owner of approximately 6.5% of our outstanding common shares. As consideration for the services provided under the agreement, EXCO pays ESAS a monthly fee of $300,000 and an annual incentive payment of up to $2.4 million per year that is based on EXCO’s common share price achieving certain performance hurdles as compared to a peer group. The monthly fees were held in escrow until one year following the closing of the agreement and reported as "Restricted cash" on our Condensed Consolidated Balance Sheets. In September 2016, we made a cash payment to ESAS of $7.2 million , which consisted of (i) the monthly fees previously held in escrow and (ii) a $2.4 million annual incentive payment as a result of EXCO achieving a performance rank above the 75th percentile of the peer group. Our accrual totaled $0.9 million and $4.5 million at September 30, 2016 and December 31, 2015, respectively, for the services performed under the services and investment agreement, and is recorded in "Accounts payable and accrued liabilities" in our Condensed Consolidated Balance Sheets. The amount at September 30, 2016 includes an accrual for the annual incentive payment of $0.6 million as a result of EXCO's performance rank. As an additional performance incentive under the services and investment agreement, EXCO issued warrants to ESAS in four tranches to purchase an aggregate of 80,000,000 common shares. These warrants may become exercisable in the future if our common shares achieve certain performance metrics compared to a peer group as of March 31, 2019. The measurement of the warrants is accounted for in accordance with ASC Topic 505-50, Equity-Based Payments to Non-Employees , which requires the warrants to be re-measured each interim reporting period until the completion of the services on March 31, 2019 and an adjustment is recorded in the statement of operations within equity-based compensation expense. For the three and nine months ended September 30, 2016 , we recognized equity-based compensation related to the warrants of $0.9 million and $11.8 million , respectively, and $0.2 million for the three and nine months ended September 30, 2015. In the first quarter of 2016, ESAS entered into an agreement with an unaffiliated lender under the Exchange Term Loan, pursuant to which the lender will make periodic payments to ESAS or receive periodic payments from ESAS based on changes in the market value of the Exchange Term Loan, and the lender will make periodic payments to ESAS based on the interest rate of the Exchange Term Loan. As of September 30, 2016 , the agreement effectively provided ESAS with the economic consequences of ownership of approximately $47.9 million in principal amount of the Exchange Term Loan without direct ownership of, or consent rights with respect to, the Exchange Term Loan. As described above, ESAS is a wholly owned subsidiary of Bluescape, and C. John Wilder, a member of our Board of Directors, is Bluescape’s Executive Chairman. As Bluescape’s Executive Chairman, Mr. Wilder has the power to direct the affairs of Bluescape and, indirectly, ESAS, and may be deemed to share ESAS’s interest in the Exchange Term Loan and our common shares. See our 2015 Form 10-K for additional disclosures related to the services and investment agreement and the related warrants. Fairfax Hamblin Watsa Investment Counsel Ltd. (“Hamblin Watsa”), a wholly owned subsidiary of Fairfax, is the administrative agent of the Fairfax Term Loan and certain affiliates of Fairfax are lenders under the Fairfax Term Loan and a portion of the Exchange Term Loan. As of September 30, 2016 , affiliates of Fairfax were the record holders of approximately $112.1 million in principal amount of the Exchange Term Loan. Samuel A. Mitchell, a member of our Board of Directors, is a Managing Director of Hamblin Watsa and a member of Hamblin Watsa’s investment committee, which consists of seven members that manage the investment portfolio of Fairfax. Based on filings with the SEC, Fairfax is the beneficial owner of approximately 9.0% of our outstanding common shares. See “Note 8. Debt” for additional information. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed consolidating financial statements | Condensed consolidating financial statements As of September 30, 2016 , the majority of EXCO’s subsidiaries were guarantors under the EXCO Resources Credit Agreement and the indentures governing the 2018 Notes and 2022 Notes and the agreements governing the Second Lien Term Loans. All of our unrestricted subsidiaries under the Second Lien Term Loans and the indentures governing the 2018 Notes and 2022 Notes are considered non-guarantor subsidiaries. Set forth below are condensed consolidating financial statements of EXCO, the guarantor subsidiaries and the non-guarantor subsidiaries. The 2018 Notes, 2022 Notes and the Second Lien Term Loans, which were issued by EXCO Resources, Inc., are jointly and severally guaranteed by substantially all of our subsidiaries (referred to as Guarantor Subsidiaries). For purposes of this footnote, EXCO Resources, Inc. is referred to as Resources to distinguish it from the Guarantor Subsidiaries. Each of the Guarantor Subsidiaries is a 100% owned subsidiary of Resources and the guarantees are unconditional as they relate to the assets of the Guarantor Subsidiaries. The following financial information presents consolidating financial statements, which include: • Resources; • the Guarantor Subsidiaries; • the Non-Guarantor Subsidiaries; • elimination entries necessary to consolidate Resources, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries; and • EXCO on a consolidated basis. Investments in subsidiaries are accounted for using the equity method of accounting for the disclosures within this footnote. The financial information for the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries is presented on a combined basis. The elimination entries primarily eliminate investments in subsidiaries and intercompany balances and transactions. EXCO RESOURCES, INC. CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) September 30, 2016 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 9,754 $ (6,220 ) $ — $ — $ 3,534 Restricted cash — 18,434 — — 18,434 Other current assets 13,233 75,608 — — 88,841 Total current assets 22,987 87,822 — — 110,809 Equity investments — — 31,973 — 31,973 Oil and natural gas properties (full cost accounting method): Unproved oil and natural gas properties and development costs not being amortized — 93,511 — — 93,511 Proved developed and undeveloped oil and natural gas properties 331,326 2,615,315 — — 2,946,641 Accumulated depletion (330,776 ) (2,359,835 ) — — (2,690,611 ) Oil and natural gas properties, net 550 348,991 — — 349,541 Other property and equipment, net 608 23,450 — — 24,058 Investments in and advances to affiliates, net 452,896 — — (452,896 ) — Deferred financing costs, net 5,000 — — — 5,000 Derivative financial instruments 1,455 — — — 1,455 Goodwill 13,293 149,862 — — 163,155 Total assets $ 496,789 $ 610,125 $ 31,973 $ (452,896 ) $ 685,991 Liabilities and shareholders' equity Current liabilities $ 74,818 $ 167,105 $ — $ — $ 241,923 Long-term debt 1,256,068 — — — 1,256,068 Other long-term liabilities 3,493 22,097 — — 25,590 Payable to parent — 2,360,227 — (2,360,227 ) — Total shareholders' equity (837,590 ) (1,939,304 ) 31,973 1,907,331 (837,590 ) Total liabilities and shareholders' equity $ 496,789 $ 610,125 $ 31,973 $ (452,896 ) $ 685,991 EXCO RESOURCES, INC. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 34,296 $ (22,049 ) $ — $ — $ 12,247 Restricted cash 2,100 19,120 — — 21,220 Other current assets 51,133 65,201 — — 116,334 Total current assets 87,529 62,272 — — 149,801 Equity investments — — 40,797 — 40,797 Oil and natural gas properties (full cost accounting method): Unproved oil and natural gas properties and development costs not being amortized — 115,377 — — 115,377 Proved developed and undeveloped oil and natural gas properties 330,775 2,739,655 — — 3,070,430 Accumulated depletion (330,775 ) (2,296,988 ) — — (2,627,763 ) Oil and natural gas properties, net — 558,044 — — 558,044 Other property and equipment, net 749 27,063 — — 27,812 Investments in and advances to affiliates, net 616,940 — — (616,940 ) — Deferred financing costs, net 8,408 — — — 8,408 Derivative financial instruments 6,109 — — — 6,109 Goodwill 13,293 149,862 — — 163,155 Total assets $ 733,028 $ 797,241 $ 40,797 $ (616,940 ) $ 954,126 Liabilities and shareholders' equity Current liabilities $ 74,472 $ 178,447 $ — $ — $ 252,919 Long-term debt 1,320,279 — — — 1,320,279 Other long-term liabilities 600 42,651 — — 43,251 Payable to parent — 2,276,594 — (2,276,594 ) — Total shareholders' equity (662,323 ) (1,700,451 ) 40,797 1,659,654 (662,323 ) Total liabilities and shareholders' equity $ 733,028 $ 797,241 $ 40,797 $ (616,940 ) $ 954,126 EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) For the three months ended September 30, 2016 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ — $ 70,862 $ — $ — $ 70,862 Purchased natural gas and marketing — 6,324 — — 6,324 Total revenues — 77,186 — — 77,186 Costs and expenses: Oil and natural gas production — 12,608 — — 12,608 Gathering and transportation — 27,979 — — 27,979 Purchased natural gas — 6,586 — — 6,586 Depletion, depreciation and amortization 89 15,821 — — 15,910 Impairment of oil and natural gas properties — — — — — Accretion of discount on asset retirement obligations — 325 — — 325 General and administrative (4,395 ) 15,141 — — 10,746 Other operating items — (1,110 ) — — (1,110 ) Total costs and expenses (4,306 ) 77,350 — — 73,044 Operating income (loss) 4,306 (164 ) — — 4,142 Other income (expense): Interest expense, net (16,997 ) — — (16,997 ) Gain on derivative financial instruments 8,209 — — 8,209 Gain on extinguishment of debt 57,421 — — 57,421 Other income 4 8 — 12 Equity loss — — (823 ) (823 ) Net loss from consolidated subsidiaries (979 ) — — 979 — Total other income (expense) 47,658 8 (823 ) 979 47,822 Income (loss) before income taxes 51,964 (156 ) (823 ) 979 51,964 Income tax expense 1,028 — — — 1,028 Net income (loss) $ 50,936 $ (156 ) $ (823 ) $ 979 $ 50,936 EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) For the three months ended September 30, 2015 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ — $ 83,744 $ — $ — $ 83,744 Purchased natural gas and marketing — 6,773 — — 6,773 Total revenues — 90,517 — — 90,517 Costs and expenses: Oil and natural gas production 7 18,606 — — 18,613 Gathering and transportation — 23,743 — — 23,743 Purchased natural gas — 6,991 — — 6,991 Depletion, depreciation and amortization 229 51,784 — — 52,013 Impairment of oil and natural gas properties 1,372 338,021 — — 339,393 Accretion of discount on asset retirement obligations — 574 — — 574 General and administrative (2,345 ) 15,738 — — 13,393 Other operating items (3 ) (225 ) — — (228 ) Total costs and expenses (740 ) 455,232 — — 454,492 Operating income (loss) 740 (364,715 ) — — (363,975 ) Other income (expense): Interest expense, net (27,761 ) — — — (27,761 ) Gain on derivative financial instruments 37,348 — — — 37,348 Other income 14 7 — — 21 Equity loss — — (152 ) — (152 ) Net loss from consolidated subsidiaries (364,860 ) — — 364,860 — Total other income (expense) (355,259 ) 7 (152 ) 364,860 9,456 Loss before income taxes (354,519 ) (364,708 ) (152 ) 364,860 (354,519 ) Income tax expense — — — — — Net loss $ (354,519 ) $ (364,708 ) $ (152 ) $ 364,860 $ (354,519 ) EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) For the nine months ended September 30, 2016 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ — $ 176,732 $ — $ — $ 176,732 Purchased natural gas and marketing — 15,335 — — 15,335 Total revenues — 192,067 — — 192,067 Costs and expenses: Oil and natural gas production 4 39,139 — — 39,143 Gathering and transportation — 79,828 — — 79,828 Purchased natural gas — 17,273 — — 17,273 Depletion, depreciation and amortization 298 63,697 — — 63,995 Impairment of oil and natural gas properties 838 159,975 — — 160,813 Accretion of discount on asset retirement obligations — 2,006 — — 2,006 General and administrative (6,062 ) 44,688 — — 38,626 Other operating items (406 ) 24,342 — — 23,936 Total costs and expenses (5,328 ) 430,948 — — 425,620 Operating income (loss) 5,328 (238,881 ) — — (233,553 ) Other income (expense): Interest expense, net (54,186 ) — — — (54,186 ) Loss on derivative financial instruments (11,632 ) — — — (11,632 ) Gain on extinguishment of debt 119,374 — — — 119,374 Other income 9 28 — — 37 Equity loss — — (8,824 ) — (8,824 ) Net loss from consolidated subsidiaries (247,677 ) — — 247,677 — Total other income (expense) (194,112 ) 28 (8,824 ) 247,677 44,769 Loss before income taxes (188,784 ) (238,853 ) (8,824 ) 247,677 (188,784 ) Income tax expense 1,775 — — — 1,775 Net loss $ (190,559 ) $ (238,853 ) $ (8,824 ) $ 247,677 $ (190,559 ) EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) For the nine months ended September 30, 2015 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ 4 $ 264,143 $ — $ — $ 264,147 Purchased natural gas and marketing — 21,012 — — 21,012 Total revenues 4 285,155 — — 285,159 Costs and expenses: Oil and natural gas production 30 58,123 — — 58,153 Gathering and transportation — 74,243 — — 74,243 Purchased natural gas — 21,571 — — 21,571 Depletion, depreciation and amortization 753 175,407 — — 176,160 Impairment of oil and natural gas properties 8,263 1,001,784 — — 1,010,047 Accretion of discount on asset retirement obligations 4 1,694 — — 1,698 General and administrative (6,569 ) 47,796 — — 41,227 Other operating items 2,065 (947 ) — — 1,118 Total costs and expenses 4,546 1,379,671 — — 1,384,217 Operating loss (4,542 ) (1,094,516 ) — — (1,099,058 ) Other income (expense): Interest expense, net (80,822 ) — — — (80,822 ) Gain on derivative financial instruments 54,427 — — — 54,427 Other income 87 32 — — 119 Equity loss — — (1,452 ) — (1,452 ) Net loss from consolidated subsidiaries (1,095,936 ) — — 1,095,936 — Total other income (expense) (1,122,244 ) 32 (1,452 ) 1,095,936 (27,728 ) Loss before income taxes (1,126,786 ) (1,094,484 ) (1,452 ) 1,095,936 (1,126,786 ) Income tax expense — — — — — Net loss $ (1,126,786 ) $ (1,094,484 ) $ (1,452 ) $ 1,095,936 $ (1,126,786 ) EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the nine months ended September 30, 2016 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities: Net cash provided by (used in) operating activities $ 9,152 $ (12,892 ) $ — $ — $ (3,740 ) Investing Activities: Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions (1,250 ) (69,205 ) — — (70,455 ) Proceeds from disposition of property and equipment 10 11,232 — — 11,242 Restricted cash — 686 — — 686 Net changes in advances to joint ventures — 2,377 — — 2,377 Equity investments and other — — — — — Advances/investments with affiliates (83,631 ) 83,631 — — — Net cash provided by (used in) investing activities (84,871 ) 28,721 — — (56,150 ) Financing Activities: Borrowings under EXCO Resources Credit Agreement 390,897 — — — 390,897 Repayments under EXCO Resources Credit Agreement (243,797 ) — — — (243,797 ) Payments on Exchange Term Loan (38,056 ) — — — (38,056 ) Repurchases of senior unsecured notes (53,298 ) — — — (53,298 ) Deferred financing costs and other (4,569 ) — — — (4,569 ) Net cash provided by financing activities 51,177 — — — 51,177 Net increase (decrease) in cash (24,542 ) 15,829 — — (8,713 ) Cash at beginning of period 34,296 (22,049 ) — — 12,247 Cash at end of period $ 9,754 $ (6,220 ) $ — $ — $ 3,534 EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the nine months ended September 30, 2015 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities: Net cash provided by operating activities $ 27,860 $ 98,996 $ — $ — $ 126,856 Investing Activities: Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions (1,784 ) (275,532 ) — — (277,316 ) Proceeds from disposition of property and equipment 686 6,711 — — 7,397 Restricted cash — 4,016 — — 4,016 Net changes in advances to joint ventures — 8,594 — — 8,594 Equity investments and other — 1,455 — — 1,455 Advances/investments with affiliates (181,813 ) 181,813 — — — Net cash used in investing activities (182,911 ) (72,943 ) — — (255,854 ) Financing Activities: Borrowings under EXCO Resources Credit Agreement 97,500 — — — 97,500 Proceeds from issuance of common shares, net 9,829 — — — 9,829 Deferred financing costs and other (4,125 ) — — — (4,125 ) Net cash provided by financing activities 103,204 — — — 103,204 Net increase (decrease) in cash (51,847 ) 26,053 — — (25,794 ) Cash at beginning of period 86,837 (40,532 ) — — 46,305 Cash at end of period $ 34,990 $ (14,479 ) $ — $ — $ 20,511 |
Summary Of Significant Accoun20
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Industry Specific Policies, Oil and Gas | Oil and natural gas properties We use the full cost method of accounting, which involves capitalizing all acquisition, exploration, exploitation and development costs of oil and natural gas properties. Once we incur costs, they are recorded in the depletable pool of proved properties or in unproved properties, collectively, the full cost pool. We review our unproved oil and natural gas property costs on a quarterly basis to assess for impairment or the need to transfer unproved costs to proved properties as a result of extensions or discoveries from drilling operations or determination that no proved reserves are attributable to such costs. The majority of our undeveloped properties are held-by-production, which reduces the risk of impairment as a result of lease expirations. There were no impairments of unproved properties during the nine months ended September 30, 2016 and we impaired $84.9 million of unproved properties during the nine months ended September 31, 2015 . At the end of each quarterly period, companies that use the full cost method of accounting for their oil and natural gas properties must compute a limitation on capitalized costs ("ceiling test"). The ceiling test involves comparing the net book value of the full cost pool, after taxes, to the full cost ceiling limitation defined below. In the event the full cost ceiling limitation is less than the full cost pool, we are required to record an impairment of our oil and natural gas properties. The full cost ceiling limitation is computed as the sum of the present value of estimated future net revenues from our proved reserves by applying the average price as prescribed by the SEC, less estimated future expenditures (based on current costs) to develop and produce the proved reserves, discounted at 10% , plus the cost of properties not being amortized and the lower of cost or estimated fair value of unproved properties included in the costs being amortized, net of income tax effects. The ceiling test for each period presented was based on the following average spot prices, in each case adjusted for quality factors and regional differentials to derive estimated future net revenues. Prices presented in the table below are the trailing twelve-month simple average spot prices at the first of the month for natural gas at Henry Hub ("HH") and West Texas Intermediate ("WTI") crude oil at Cushing, Oklahoma. The fluctuations demonstrate the volatility in oil and natural gas prices between each of the periods and have a significant impact on our ceiling test limitation. Average spot prices Oil (per Bbl) Natural gas (per Mmbtu) September 30, 2016 $ 41.68 $ 2.24 June 30, 2016 43.12 2.24 March 31, 2016 46.26 2.40 December 31, 2015 50.28 2.59 We did no t recognize an impairment to our proved oil and natural gas properties for the three months ended September 30, 2016, and we recognized impairments to our proved oil and natural gas properties of $160.8 million for the nine months ended September 30, 2016 . We recognized impairments to our proved oil and natural gas properties of $339.4 million and $1.0 billion for the three and nine months ended September 30, 2015 , respectively. The impairments were primarily due to the decline in oil and natural gas prices. Furthermore, the fixed costs associated with certain gathering and transportation contracts continue to have a significant impact on the present value of our proved reserves. Oil and natural gas prices are volatile and we may incur additional impairments during 2016 if future oil and natural gas prices result in a decrease in the trailing twelve-month reference prices compared to September 30, 2016 . The possibility and amount of any future impairments is difficult to predict, and will depend, in part, upon future oil and natural gas prices to be utilized in the ceiling test, estimates of proved reserves, future capital expenditures and operating costs. During 2016, all of our proved undeveloped reserves, other than the proved undeveloped reserves associated with certain wells drilled and/or completed in 2016, were reclassified to unproved primarily due to the uncertainty regarding the financing required to develop these reserves. A significant amount of our proved undeveloped reserves that were reclassified to unproved remain economic at current prices, and we may report proved undeveloped reserves in future filings if we determine we have the financial capability to execute a development plan. The evaluation of impairment of our oil and natural gas properties includes estimates of proved reserves. There are inherent uncertainties in estimating quantities of proved reserves including projecting the future rates of production and the timing of development activities. The accuracy of any reserve estimate is a function of the quality of available data, and engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify revisions of such estimate. Accordingly, reserve estimates often differ from the quantities of oil and natural gas that are ultimately recovered. |
Organization And Basis Of Pre21
Organization And Basis Of Presentation Organization and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Change in Accounting Estimate [Table Text Block] | The following table reflects the revisions to prior periods: Three months ended (in thousands) June 30, 2016 March 31, 2016 Gathering and transportation, previously reported $ 26,895 $ 26,630 Revision of third party natural gas purchases and sales (151 ) (1,525 ) Gathering and transportation, as currently reported $ 26,744 $ 25,105 Purchased natural gas and marketing revenues $ 4,570 $ 4,441 Purchased natural gas expenses $ 4,721 $ 5,966 Three months ended (in thousands) December 31, 2015 September 31, 2015 June 30, 2015 March 31, 2015 Natural gas revenues, previously reported $ 41,828 $ 56,082 $ 62,197 $ 65,437 Revision of third party natural gas purchases and sales 368 218 184 157 Natural gas revenues, as currently reported $ 42,196 $ 56,300 $ 62,381 $ 65,594 Purchased natural gas and marketing revenues $ 5,430 $ 6,773 $ 6,678 $ 7,561 Purchased natural gas expenses $ 5,798 $ 6,991 $ 6,862 $ 7,718 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Asset Retirement Obligation [Abstract] | |
Schedule of Asset Retirement Obligations | The following is a reconciliation of our asset retirement obligations for the nine months ended September 30, 2016 : (in thousands) Asset retirement obligations at beginning of period $ 41,648 Activity during the period: Liabilities settled during the period (59 ) Adjustment to liability due to divestitures (1) (22,859 ) Accretion of discount 2,006 Asset retirement obligations at end of period 20,736 Less current portion 428 Long-term portion $ 20,308 (1) Adjustment to liability due to divestitures is primarily due to the sale of our conventional assets in Pennsylvania on July 1, 2016. See "Note 3. Divestitures" for additional information. |
Oil and Natural Gas Properties
Oil and Natural Gas Properties Oil and Natural Gas Properties (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Oil and Gas Property [Abstract] | |
Average spot price | Average spot prices Oil (per Bbl) Natural gas (per Mmbtu) September 30, 2016 $ 41.68 $ 2.24 June 30, 2016 43.12 2.24 March 31, 2016 46.26 2.40 December 31, 2015 50.28 2.59 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Earnings Per Share Computations | The following table presents the basic and diluted earnings (loss) per share computations for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2016 2015 2016 2015 Basic net income (loss) per common share: Net income (loss) $ 50,936 $ (354,519 ) $ (190,559 ) $ (1,126,786 ) Weighted average common shares outstanding 279,873 273,348 279,008 272,147 Net income (loss) per basic common share $ 0.18 $ (1.30 ) $ (0.68 ) $ (4.14 ) Diluted net income (loss) per common share: Net income (loss) $ 50,936 $ (354,519 ) $ (190,559 ) $ (1,126,786 ) Weighted average common shares outstanding 279,873 273,348 279,008 272,147 Dilutive effect of: Stock options — — — — Restricted shares and restricted share units 1,172 — — — Warrants — — — — Weighted average common shares and common share equivalents outstanding 281,045 273,348 279,008 272,147 Net income (loss) per diluted common share $ 0.18 $ (1.30 ) $ (0.68 ) $ (4.14 ) |
Derivative Financial Instrume25
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Fair Value Of Derivative Financial Instruments | Fair Value of Derivative Financial Instruments (in thousands) September 30, 2016 December 31, 2015 Derivative financial instruments - Current assets $ 5,952 $ 39,499 Derivative financial instruments - Long-term assets 1,455 6,109 Derivative financial instruments - Current liabilities (10,353 ) (16 ) Derivative financial instruments - Long-term liabilities (1,189 ) — Net derivative financial instruments $ (4,135 ) $ 45,592 |
Effect Of Derivative Financial Instruments | Effect of Derivative Financial Instruments Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Gain (loss) on derivative financial instruments $ 8,209 $ 37,348 $ (11,632 ) $ 54,427 |
Fair Value Of Oil And Natural Gas Derivative Financial Instruments | The following table presents the volumes and fair value of our oil and natural gas derivative financial instruments as of September 30, 2016 : (dollars in thousands, except prices) Volume Bbtu/Mbbl Weighted average strike price per Mmbtu/Bbl Fair value at September 30, 2016 Natural gas: Swaps: Remainder of 2016 14,260 $ 2.88 $ (1,610 ) 2017 23,700 2.99 (2,440 ) 2018 3,650 3.15 819 Swaptions: 2017 7,300 2.76 (2,743 ) Collars: 2017 10,950 (420 ) Sold call 3.28 Purchased put 2.87 Total natural gas $ (6,394 ) Oil: Swaps: Remainder of 2016 276 $ 58.61 $ 2,542 2017 183 50.00 (283 ) Total oil $ 2,259 Total oil and natural gas derivative financial instruments $ (4,135 ) |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Long-term Debt, Current and Noncurrent [Abstract] | |
Schedule Of Debt | The carrying value of our total debt is summarized as follows: (in thousands) September 30, 2016 December 31, 2015 EXCO Resources Credit Agreement $ 214,592 $ 67,492 Exchange Term Loan 603,116 641,172 Fairfax Term Loan 300,000 300,000 2018 Notes 131,576 158,015 Unamortized discount on 2018 Notes (589 ) (932 ) 2022 Notes 70,169 222,826 Deferred financing costs, net (12,796 ) (18,294 ) Total debt 1,306,068 1,370,279 Less amounts due within one year 50,000 50,000 Total debt due after one year $ 1,256,068 $ 1,320,279 September 30, 2016 (in thousands) Carrying value Deferred reduction in carrying value Unamortized discount/deferred financing costs Principal balance EXCO Resources Credit Agreement $ 214,592 $ — $ — $ 214,592 Exchange Term Loan 603,116 (203,116 ) — 400,000 Fairfax Term Loan 300,000 — — 300,000 2018 Notes 130,987 — 589 131,576 2022 Notes 70,169 — — 70,169 Deferred financing costs, net (12,796 ) — 12,796 — Total debt $ 1,306,068 $ (203,116 ) $ 13,385 $ 1,116,337 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary Of Estimated Fair Value Of Derivative Financial Instruments | The following table presents a summary of the estimated fair value of our derivative financial instruments as of September 30, 2016 and December 31, 2015 . September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Oil and natural gas derivative financial instruments $ — $ (4,135 ) $ — $ (4,135 ) December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Oil and natural gas derivative financial instruments $ — $ 45,592 $ — $ 45,592 |
Schedule Of Estimated Fair Value Of Other Financial Instruments | The estimated fair values of our 2018 Notes, 2022 Notes, Exchange Term Loan and Fairfax Term Loan are presented below. The estimated fair values of the 2018 Notes and 2022 Notes have been calculated based on quoted prices in active markets. The estimated fair values of the Exchange Term Loan and the Fairfax Term Loan have been calculated based on quoted prices obtained from third-party pricing sources and are classified as Level 2. September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total 2018 Notes $ 60,438 $ — $ — $ 60,438 2022 Notes 27,366 — — 27,366 Exchange Term Loan — 263,500 — 263,500 Fairfax Term Loan — 197,625 — 197,625 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total 2018 Notes $ 43,170 $ — $ — $ 43,170 2022 Notes 48,376 — — 48,376 Exchange Term Loan — 278,000 — 278,000 Fairfax Term Loan — 208,500 — 208,500 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | For the three and nine months ended September 30, 2016 and 2015 , these transactions included the following: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Amounts received from OPCO $ 3,824 $ 7,281 $ 12,586 $ 23,847 As of September 30, 2016 and December 31, 2015 , the amounts owed were as follows: (in thousands) September 30, 2016 December 31, 2015 Amounts due to EXCO (1) $ 932 $ 1,733 Amounts due from EXCO (1) 12,903 10,410 (1) Advances to OPCO are recorded in "Other current assets" in our Condensed Consolidated Balance Sheets. Any amounts we owe to OPCO are netted against the advance until the advances are utilized. If the advances are fully utilized, we record amounts owed in "Accounts payable and accrued liabilities" in our Condensed Consolidated Balance Sheets. |
Condensed Consolidating Finan29
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule Of Condensed Consolidating Balance Sheet | EXCO RESOURCES, INC. CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) September 30, 2016 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 9,754 $ (6,220 ) $ — $ — $ 3,534 Restricted cash — 18,434 — — 18,434 Other current assets 13,233 75,608 — — 88,841 Total current assets 22,987 87,822 — — 110,809 Equity investments — — 31,973 — 31,973 Oil and natural gas properties (full cost accounting method): Unproved oil and natural gas properties and development costs not being amortized — 93,511 — — 93,511 Proved developed and undeveloped oil and natural gas properties 331,326 2,615,315 — — 2,946,641 Accumulated depletion (330,776 ) (2,359,835 ) — — (2,690,611 ) Oil and natural gas properties, net 550 348,991 — — 349,541 Other property and equipment, net 608 23,450 — — 24,058 Investments in and advances to affiliates, net 452,896 — — (452,896 ) — Deferred financing costs, net 5,000 — — — 5,000 Derivative financial instruments 1,455 — — — 1,455 Goodwill 13,293 149,862 — — 163,155 Total assets $ 496,789 $ 610,125 $ 31,973 $ (452,896 ) $ 685,991 Liabilities and shareholders' equity Current liabilities $ 74,818 $ 167,105 $ — $ — $ 241,923 Long-term debt 1,256,068 — — — 1,256,068 Other long-term liabilities 3,493 22,097 — — 25,590 Payable to parent — 2,360,227 — (2,360,227 ) — Total shareholders' equity (837,590 ) (1,939,304 ) 31,973 1,907,331 (837,590 ) Total liabilities and shareholders' equity $ 496,789 $ 610,125 $ 31,973 $ (452,896 ) $ 685,991 EXCO RESOURCES, INC. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 34,296 $ (22,049 ) $ — $ — $ 12,247 Restricted cash 2,100 19,120 — — 21,220 Other current assets 51,133 65,201 — — 116,334 Total current assets 87,529 62,272 — — 149,801 Equity investments — — 40,797 — 40,797 Oil and natural gas properties (full cost accounting method): Unproved oil and natural gas properties and development costs not being amortized — 115,377 — — 115,377 Proved developed and undeveloped oil and natural gas properties 330,775 2,739,655 — — 3,070,430 Accumulated depletion (330,775 ) (2,296,988 ) — — (2,627,763 ) Oil and natural gas properties, net — 558,044 — — 558,044 Other property and equipment, net 749 27,063 — — 27,812 Investments in and advances to affiliates, net 616,940 — — (616,940 ) — Deferred financing costs, net 8,408 — — — 8,408 Derivative financial instruments 6,109 — — — 6,109 Goodwill 13,293 149,862 — — 163,155 Total assets $ 733,028 $ 797,241 $ 40,797 $ (616,940 ) $ 954,126 Liabilities and shareholders' equity Current liabilities $ 74,472 $ 178,447 $ — $ — $ 252,919 Long-term debt 1,320,279 — — — 1,320,279 Other long-term liabilities 600 42,651 — — 43,251 Payable to parent — 2,276,594 — (2,276,594 ) — Total shareholders' equity (662,323 ) (1,700,451 ) 40,797 1,659,654 (662,323 ) Total liabilities and shareholders' equity $ 733,028 $ 797,241 $ 40,797 $ (616,940 ) $ 954,126 |
Schedule Of Condensed Consolidating Statement Of Operations | EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) For the three months ended September 30, 2016 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ — $ 70,862 $ — $ — $ 70,862 Purchased natural gas and marketing — 6,324 — — 6,324 Total revenues — 77,186 — — 77,186 Costs and expenses: Oil and natural gas production — 12,608 — — 12,608 Gathering and transportation — 27,979 — — 27,979 Purchased natural gas — 6,586 — — 6,586 Depletion, depreciation and amortization 89 15,821 — — 15,910 Impairment of oil and natural gas properties — — — — — Accretion of discount on asset retirement obligations — 325 — — 325 General and administrative (4,395 ) 15,141 — — 10,746 Other operating items — (1,110 ) — — (1,110 ) Total costs and expenses (4,306 ) 77,350 — — 73,044 Operating income (loss) 4,306 (164 ) — — 4,142 Other income (expense): Interest expense, net (16,997 ) — — (16,997 ) Gain on derivative financial instruments 8,209 — — 8,209 Gain on extinguishment of debt 57,421 — — 57,421 Other income 4 8 — 12 Equity loss — — (823 ) (823 ) Net loss from consolidated subsidiaries (979 ) — — 979 — Total other income (expense) 47,658 8 (823 ) 979 47,822 Income (loss) before income taxes 51,964 (156 ) (823 ) 979 51,964 Income tax expense 1,028 — — — 1,028 Net income (loss) $ 50,936 $ (156 ) $ (823 ) $ 979 $ 50,936 EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) For the three months ended September 30, 2015 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ — $ 83,744 $ — $ — $ 83,744 Purchased natural gas and marketing — 6,773 — — 6,773 Total revenues — 90,517 — — 90,517 Costs and expenses: Oil and natural gas production 7 18,606 — — 18,613 Gathering and transportation — 23,743 — — 23,743 Purchased natural gas — 6,991 — — 6,991 Depletion, depreciation and amortization 229 51,784 — — 52,013 Impairment of oil and natural gas properties 1,372 338,021 — — 339,393 Accretion of discount on asset retirement obligations — 574 — — 574 General and administrative (2,345 ) 15,738 — — 13,393 Other operating items (3 ) (225 ) — — (228 ) Total costs and expenses (740 ) 455,232 — — 454,492 Operating income (loss) 740 (364,715 ) — — (363,975 ) Other income (expense): Interest expense, net (27,761 ) — — — (27,761 ) Gain on derivative financial instruments 37,348 — — — 37,348 Other income 14 7 — — 21 Equity loss — — (152 ) — (152 ) Net loss from consolidated subsidiaries (364,860 ) — — 364,860 — Total other income (expense) (355,259 ) 7 (152 ) 364,860 9,456 Loss before income taxes (354,519 ) (364,708 ) (152 ) 364,860 (354,519 ) Income tax expense — — — — — Net loss $ (354,519 ) $ (364,708 ) $ (152 ) $ 364,860 $ (354,519 ) EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) For the nine months ended September 30, 2016 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ — $ 176,732 $ — $ — $ 176,732 Purchased natural gas and marketing — 15,335 — — 15,335 Total revenues — 192,067 — — 192,067 Costs and expenses: Oil and natural gas production 4 39,139 — — 39,143 Gathering and transportation — 79,828 — — 79,828 Purchased natural gas — 17,273 — — 17,273 Depletion, depreciation and amortization 298 63,697 — — 63,995 Impairment of oil and natural gas properties 838 159,975 — — 160,813 Accretion of discount on asset retirement obligations — 2,006 — — 2,006 General and administrative (6,062 ) 44,688 — — 38,626 Other operating items (406 ) 24,342 — — 23,936 Total costs and expenses (5,328 ) 430,948 — — 425,620 Operating income (loss) 5,328 (238,881 ) — — (233,553 ) Other income (expense): Interest expense, net (54,186 ) — — — (54,186 ) Loss on derivative financial instruments (11,632 ) — — — (11,632 ) Gain on extinguishment of debt 119,374 — — — 119,374 Other income 9 28 — — 37 Equity loss — — (8,824 ) — (8,824 ) Net loss from consolidated subsidiaries (247,677 ) — — 247,677 — Total other income (expense) (194,112 ) 28 (8,824 ) 247,677 44,769 Loss before income taxes (188,784 ) (238,853 ) (8,824 ) 247,677 (188,784 ) Income tax expense 1,775 — — — 1,775 Net loss $ (190,559 ) $ (238,853 ) $ (8,824 ) $ 247,677 $ (190,559 ) EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) For the nine months ended September 30, 2015 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ 4 $ 264,143 $ — $ — $ 264,147 Purchased natural gas and marketing — 21,012 — — 21,012 Total revenues 4 285,155 — — 285,159 Costs and expenses: Oil and natural gas production 30 58,123 — — 58,153 Gathering and transportation — 74,243 — — 74,243 Purchased natural gas — 21,571 — — 21,571 Depletion, depreciation and amortization 753 175,407 — — 176,160 Impairment of oil and natural gas properties 8,263 1,001,784 — — 1,010,047 Accretion of discount on asset retirement obligations 4 1,694 — — 1,698 General and administrative (6,569 ) 47,796 — — 41,227 Other operating items 2,065 (947 ) — — 1,118 Total costs and expenses 4,546 1,379,671 — — 1,384,217 Operating loss (4,542 ) (1,094,516 ) — — (1,099,058 ) Other income (expense): Interest expense, net (80,822 ) — — — (80,822 ) Gain on derivative financial instruments 54,427 — — — 54,427 Other income 87 32 — — 119 Equity loss — — (1,452 ) — (1,452 ) Net loss from consolidated subsidiaries (1,095,936 ) — — 1,095,936 — Total other income (expense) (1,122,244 ) 32 (1,452 ) 1,095,936 (27,728 ) Loss before income taxes (1,126,786 ) (1,094,484 ) (1,452 ) 1,095,936 (1,126,786 ) Income tax expense — — — — — Net loss $ (1,126,786 ) $ (1,094,484 ) $ (1,452 ) $ 1,095,936 $ (1,126,786 ) |
Schedule Of Condensed Consolidating Statement Of Cash Flows | EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the nine months ended September 30, 2016 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities: Net cash provided by (used in) operating activities $ 9,152 $ (12,892 ) $ — $ — $ (3,740 ) Investing Activities: Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions (1,250 ) (69,205 ) — — (70,455 ) Proceeds from disposition of property and equipment 10 11,232 — — 11,242 Restricted cash — 686 — — 686 Net changes in advances to joint ventures — 2,377 — — 2,377 Equity investments and other — — — — — Advances/investments with affiliates (83,631 ) 83,631 — — — Net cash provided by (used in) investing activities (84,871 ) 28,721 — — (56,150 ) Financing Activities: Borrowings under EXCO Resources Credit Agreement 390,897 — — — 390,897 Repayments under EXCO Resources Credit Agreement (243,797 ) — — — (243,797 ) Payments on Exchange Term Loan (38,056 ) — — — (38,056 ) Repurchases of senior unsecured notes (53,298 ) — — — (53,298 ) Deferred financing costs and other (4,569 ) — — — (4,569 ) Net cash provided by financing activities 51,177 — — — 51,177 Net increase (decrease) in cash (24,542 ) 15,829 — — (8,713 ) Cash at beginning of period 34,296 (22,049 ) — — 12,247 Cash at end of period $ 9,754 $ (6,220 ) $ — $ — $ 3,534 EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the nine months ended September 30, 2015 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities: Net cash provided by operating activities $ 27,860 $ 98,996 $ — $ — $ 126,856 Investing Activities: Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions (1,784 ) (275,532 ) — — (277,316 ) Proceeds from disposition of property and equipment 686 6,711 — — 7,397 Restricted cash — 4,016 — — 4,016 Net changes in advances to joint ventures — 8,594 — — 8,594 Equity investments and other — 1,455 — — 1,455 Advances/investments with affiliates (181,813 ) 181,813 — — — Net cash used in investing activities (182,911 ) (72,943 ) — — (255,854 ) Financing Activities: Borrowings under EXCO Resources Credit Agreement 97,500 — — — 97,500 Proceeds from issuance of common shares, net 9,829 — — — 9,829 Deferred financing costs and other (4,125 ) — — — (4,125 ) Net cash provided by financing activities 103,204 — — — 103,204 Net increase (decrease) in cash (51,847 ) 26,053 — — (25,794 ) Cash at beginning of period 86,837 (40,532 ) — — 46,305 Cash at end of period $ 34,990 $ (14,479 ) $ — $ — $ 20,511 |
Organization And Basis Of Pre30
Organization And Basis Of Presentation (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Cash and cash equivalents | $ 3,534 | $ 12,247 | $ 20,511 | $ 3,534 | $ 20,511 | $ 46,305 | ||||
Working Capital Deficit | 131,100 | 131,100 | ||||||||
Gathering and transportation | 27,979 | $ 26,744 | $ 25,105 | 23,743 | 79,828 | 74,243 | ||||
Purchased natural gas and marketing revenues | 6,324 | 4,570 | 4,441 | 5,430 | 6,773 | $ 6,678 | $ 7,561 | 15,335 | 21,012 | |
Purchased natural gas expenses | 6,586 | 4,721 | 5,966 | 5,798 | 6,991 | 6,862 | 7,718 | 17,273 | 21,571 | |
Natural gas revenues | $ 54,647 | 42,196 | 56,300 | 62,381 | 65,594 | $ 127,044 | $ 184,275 | |||
OPCO [Member] | ||||||||||
Working interest in equity investment | 0.50% | |||||||||
Percentage of ownership interest | 50.00% | 50.00% | ||||||||
East Texas/North Louisiana JV [Member] | ||||||||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||||||
Appalachia JV [Member] | ||||||||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||||||
Proportional working interest | 49.75% | |||||||||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 75,400 | $ 75,400 | ||||||||
Current ratio, numerator | 1 | |||||||||
Current ratio, denominator | 1 | |||||||||
Debt Instrument, Covenant, Maximum Ratio of Senior Secured Indebtedness to Consolidated EBITDAX | 2.5 | 2.5 | ||||||||
Previously Reported | ||||||||||
Gathering and transportation | 26,895 | 26,630 | ||||||||
Natural gas revenues | 41,828 | 56,082 | 62,197 | 65,437 | ||||||
Revision of third party natural gas purchases and sales | ||||||||||
Gathering and transportation | $ (151) | $ (1,525) | ||||||||
Natural gas revenues | $ 368 | $ 218 | $ 184 | $ 157 |
Divestitures Divestitures (Deta
Divestitures Divestitures (Details) $ in Thousands | Oct. 03, 2016USD ($) | Jul. 01, 2016USD ($) | May 06, 2016USD ($)wells | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2016USD ($)MMcfe | Sep. 30, 2016USD ($)MMcfe | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from disposition of property and equipment | $ 11,242 | $ 7,397 | |||||||
Operating income (loss) | $ 4,142 | $ (363,975) | (233,553) | $ (1,099,058) | |||||
Asset Retirement Obligation | 20,736 | $ 20,736 | $ 41,648 | ||||||
South Texas divestiture [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Productive Oil Wells, Number of Wells, Gross | wells | 4 | ||||||||
Proceeds from disposition of property and equipment | $ 11,500 | ||||||||
Pennsylvania divestiture [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from disposition of property and equipment | $ 100 | ||||||||
Sale of Other Property, Plant, and Equipment, Production, Per Day | MMcfe | 6 | ||||||||
Operating income (loss) | $ (100) | ||||||||
Asset Retirement Obligation | $ 22,600 | ||||||||
West Virginia divestiture [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Sale of Other Property, Plant, and Equipment, Production, Per Day | MMcfe | 4 | ||||||||
Operating income (loss) | $ 700 | ||||||||
Asset Retirement Obligation | $ 9,700 | $ 9,700 | |||||||
Subsequent Event [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Reduction in field employees | 85.00% | ||||||||
Subsequent Event [Member] | West Virginia divestiture [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from disposition of property and equipment | $ 4,500 |
Asset Retirement Obligations (S
Asset Retirement Obligations (Schedule of Reconciliation of Asset Retirement Obligations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
Asset retirement obligations at beginning of period | $ 41,648 | |||||
Liabilities settled during the period | (59) | |||||
Adjustment to liability due to divestitures (1) | [1] | (22,859) | ||||
Accretion of discount | $ 325 | $ 574 | 2,006 | $ 1,698 | ||
Asset retirement obligations at end of period | 20,736 | 20,736 | ||||
Less current portion | 428 | 428 | $ 845 | |||
Long-term portion | $ 20,308 | $ 20,308 | ||||
[1] | Adjustment to liability due to divestitures is primarily due to the sale of our conventional assets in Pennsylvania on July 1, 2016. See "Note 3. Divestitures" for additional information. |
Oil and Natural Gas Propertie33
Oil and Natural Gas Properties (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016USD ($) | Mar. 31, 2016$ / bbl$ / MMBTU | Sep. 30, 2015USD ($) | Jun. 30, 2016$ / bbl$ / MMBTU | Sep. 30, 2016USD ($)$ / bbl$ / MMBTU | Sep. 30, 2015USD ($) | Dec. 31, 2015$ / bbl$ / MMBTU | |
Oil and Gas Property [Abstract] | |||||||
Impairment of unproved costs to proved properties | $ 0 | $ 84,900,000 | |||||
Reference prices per mmbtu of natural gas | $ / MMBTU | 2.40 | 2.24 | 2.24 | 2.59 | |||
Reference Prices Per Bbl Of Oil | $ / bbl | 46.26 | 43.12 | 41.68 | 50.28 | |||
Impairment of oil and natural gas properties | $ 0 | $ 339,393,000 | $ 160,813,000 | $ 1,010,047,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income (loss) | $ 50,936 | $ (354,519) | $ (190,559) | $ (1,126,786) |
Weighted average common shares outstanding | 279,873 | 273,348 | 279,008 | 272,147 |
Net income (loss) per basic common share | $ 0.18 | $ (1.30) | $ (0.68) | $ (4.14) |
Dilutive Effect of Warrants | 0 | 0 | 0 | 0 |
Weighted average common and common equivalent shares outstanding | 281,045 | 273,348 | 279,008 | 272,147 |
Net income (loss) per diluted common share | $ 0.18 | $ (1.30) | $ (0.68) | $ (4.14) |
Stock Options [Member] | ||||
Dilutive effect of stock equivalents | 0 | 0 | 0 | 0 |
Restricted Stock [Member] | ||||
Dilutive effect of stock equivalents | 1,172 | 0 | 0 | 0 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 88,083,055 | 36,157,630 | 89,522,616 | 21,200,285 |
Derivative Financial Instrume36
Derivative Financial Instruments (Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - Current assets | $ 5,952 | $ 39,499 |
Derivative financial instruments - Long-term assets | 1,455 | 6,109 |
Derivative financial instruments - Current liabilities | (10,353) | (16) |
Derivative financial instruments - Long-term liabilities | (1,189) | 0 |
Net derivative financial instruments | $ (4,135) | $ 45,592 |
Derivative Financial Instrume37
Derivative Financial Instruments (Effect Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||||
Gain (loss) on derivative financial instruments | $ 8,209 | $ 37,348 | $ (11,632) | $ 54,427 |
Derivative Financial Instrume38
Derivative Financial Instruments (Fair Value Of Oil And Natural Gas Derivative Financial Instruments) (Details) bbl in Thousands, MMBTU in Thousands, $ in Thousands | Sep. 30, 2016USD ($)MMBTU$ / MMBTU$ / bblbbl | Dec. 31, 2015USD ($)MMBTUbbl |
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | $ (4,135) | $ 45,592 |
Oil [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | $ 2,259 | |
Oil [Member] | Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Volume (oil) | bbl | 915 | |
Oil [Member] | Swap [Member] | 2016 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Volume (oil) | bbl | 276 | |
Weighted average strike price per Mmbtu/Bbl | $ / bbl | 58.61 | |
Fair Value of Derivative Financial Instruments | $ 2,542 | |
Oil [Member] | Swap [Member] | 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Volume (oil) | bbl | 183 | |
Weighted average strike price per Mmbtu/Bbl | $ / bbl | 50 | |
Fair Value of Derivative Financial Instrument | $ (283) | |
Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | $ (6,394) | |
Natural Gas [Member] | Swaption [Member] | 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Natural Gas Mmbtu | MMBTU | 7,300 | |
Weighted average strike price per Mmbtu/Bbl | $ / MMBTU | 2.76 | |
Fair Value of Derivative Financial Instrument | $ (2,743) | |
Natural Gas [Member] | Collar [Member] | 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Natural Gas Mmbtu | MMBTU | 10,950 | |
Fair Value of Derivative Financial Instrument | $ (420) | |
Natural Gas [Member] | Collar [Member] | Short [Member] | Call Option [Member] | 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Weighted average strike price per Mmbtu/Bbl | $ / MMBTU | 3.28 | |
Natural Gas [Member] | Collar [Member] | Long [Member] | Put Option [Member] | 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Weighted average strike price per Mmbtu/Bbl | $ / MMBTU | 2.87 | |
Natural Gas [Member] | Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Natural Gas Mmbtu | MMBTU | 49,370 | |
Natural Gas [Member] | Swap [Member] | 2016 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Natural Gas Mmbtu | MMBTU | 14,260 | |
Weighted average strike price per Mmbtu/Bbl | $ / MMBTU | 2.88 | |
Fair Value of Derivative Financial Instrument | $ (1,610) | |
Natural Gas [Member] | Swap [Member] | 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Natural Gas Mmbtu | MMBTU | 23,700 | |
Weighted average strike price per Mmbtu/Bbl | $ / MMBTU | 2.99 | |
Fair Value of Derivative Financial Instrument | $ (2,440) | |
Natural Gas [Member] | Swap [Member] | 2018 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Natural Gas Mmbtu | MMBTU | 3,650 | |
Weighted average strike price per Mmbtu/Bbl | $ / MMBTU | 3.15 | |
Fair Value of Derivative Financial Instruments | $ 819 |
Derivative Financial Instrume39
Derivative Financial Instruments (Narrative) (Details) bbl in Thousands, MMBTU in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016MMBTU$ / MMBTU$ / bblbbl | Sep. 30, 2015 | Sep. 30, 2016MMBTU$ / MMBTU$ / bblbbl | Sep. 30, 2015 | Dec. 31, 2015MMBTUbbl | |
Derivative [Line Items] | |||||
Percentage Of Derivative Instruments To Equivalent Production | 60.00% | 69.00% | 55.00% | 66.00% | |
Oil [Member] | 2016 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Average Forward Price | $ / bbl | 48.53 | 48.53 | |||
Oil [Member] | 2017 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Average Forward Price | $ / bbl | 51.30 | 51.30 | |||
Oil [Member] | Swap [Member] | |||||
Derivative [Line Items] | |||||
Investment Contract Volume | bbl | 915 | ||||
Oil [Member] | Swap [Member] | 2016 [Member] | |||||
Derivative [Line Items] | |||||
Investment Contract Volume | bbl | 276 | 276 | |||
Oil [Member] | Swap [Member] | 2017 [Member] | |||||
Derivative [Line Items] | |||||
Investment Contract Volume | bbl | 183 | 183 | |||
Natural Gas [Member] | 2016 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Average Forward Price | $ / MMBTU | 3.02 | 3.02 | |||
Natural Gas [Member] | 2017 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Average Forward Price | $ / MMBTU | 3.09 | 3.09 | |||
Natural Gas [Member] | 2018 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Average Forward Price | $ / MMBTU | 2.91 | 2.91 | |||
Natural Gas [Member] | Swap [Member] | |||||
Derivative [Line Items] | |||||
Natural gas volume | 49,370 | ||||
Natural Gas [Member] | Swap [Member] | 2016 [Member] | |||||
Derivative [Line Items] | |||||
Natural gas volume | 14,260 | 14,260 | |||
Natural Gas [Member] | Swap [Member] | 2017 [Member] | |||||
Derivative [Line Items] | |||||
Natural gas volume | 23,700 | 23,700 | |||
Natural Gas [Member] | Swap [Member] | 2018 [Member] | |||||
Derivative [Line Items] | |||||
Natural gas volume | 3,650 | 3,650 |
Debt (Schedule Of Long-Term Deb
Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Nov. 04, 2015 | Oct. 26, 2015 |
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,116,337 | |||
Debt Instrument, Deferred Reduction In Carrying Value of Long Term Debt | (203,116) | |||
Deferred financing costs, net | (12,796) | $ (18,294) | ||
Total Debt | 1,306,068 | 1,370,279 | ||
Less amounts due within one year | 50,000 | 50,000 | ||
Long-term Debt, Excluding Current Maturities | 1,256,068 | 1,320,279 | ||
Debt Instrument, Unamortized Discount and Deferred Financing Costs | 13,385 | |||
Senior Unsecured Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 131,576 | 158,015 | ||
Unamortized discount | (589) | (932) | ||
Senior Unsecured Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 70,169 | |||
Debt Instrument | 70,169 | 222,826 | ||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility under credit agreement | 214,592 | 67,492 | ||
Senior Notes [Member] | Exchange Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | 603,116 | 641,172 | ||
Debt Instrument, Face Amount | 400,000 | $ 108,700 | $ 291,300 | |
Senior Notes [Member] | Fairfax Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 300,000 | $ 300,000 | ||
Debt Instrument | 300,000 | |||
Senior Notes [Member] | Senior Unsecured Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 130,987 | |||
Senior Notes [Member] | Senior Unsecured Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 70,169 | |||
Secured Debt [Member] | Exchange Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 603,116 | |||
Debt Instrument, Deferred Reduction In Carrying Value of Long Term Debt | $ (203,116) |
Debt Debt (Detailed Summary) (D
Debt Debt (Detailed Summary) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Nov. 04, 2015 | Oct. 26, 2015 |
Debt Instrument [Line Items] | ||||
Debt Instrument, Deferred Reduction In Carrying Value of Long Term Debt | $ 203,116 | |||
Debt Instrument, Unamortized Discount and Deferred Financing Costs | 13,385 | |||
Debt Instrument, Face Amount | 1,116,337 | |||
Deferred financing costs, net | 12,796 | $ 18,294 | ||
Total Debt | 1,306,068 | 1,370,279 | ||
Senior Unsecured Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 131,576 | 158,015 | ||
Debt Instrument, Unamortized Discount | 589 | 932 | ||
Senior Unsecured Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 70,169 | 222,826 | ||
Debt Instrument, Face Amount | 70,169 | |||
Secured Debt [Member] | Exchange Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 603,116 | |||
Debt Instrument, Deferred Reduction In Carrying Value of Long Term Debt | 203,116 | |||
Senior Notes [Member] | Exchange Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 400,000 | $ 108,700 | $ 291,300 | |
Senior Notes [Member] | Fairfax Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 300,000 | |||
Debt Instrument, Face Amount | 300,000 | 300,000 | ||
Senior Notes [Member] | Senior Unsecured Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 130,987 | |||
Senior Notes [Member] | Senior Unsecured Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 70,169 | |||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility under credit agreement | $ 214,592 | $ 67,492 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Nov. 04, 2015 | Oct. 26, 2015 | |
Debt Instrument [Line Items] | ||||||||
Repayments of Unsecured Debt | $ 40,000 | $ 53,298 | $ 0 | |||||
Gain on extinguishment of debt | 57,421 | $ 0 | 119,374 | $ 0 | ||||
Debt Instrument, Face Amount | $ 1,116,337 | $ 1,116,337 | $ 1,116,337 | |||||
Repurchase price of Exchange Term Loan | 101.00% | 101.00% | 101.00% | |||||
Fairfax Term Loan [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate | 12.50% | |||||||
Debt Instrument, Face Amount | $ 300,000 | $ 300,000 | $ 300,000 | $ 300,000 | ||||
Debt instrument, covenant, maximum priority borrowing capacity | 500,000 | 500,000 | 500,000 | |||||
Debt Instrument, Covenant, Priority Borrowing Capacity | 375,000 | 375,000 | 375,000 | |||||
Debt instrument, principal outstanding | 300,000 | 300,000 | 300,000 | |||||
Exchange Term Loan [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate | 12.50% | |||||||
Debt Instrument, Face Amount | 400,000 | 400,000 | 400,000 | $ 108,700 | $ 291,300 | |||
Debt instrument, covenant, maximum priority borrowing capacity | $ 375,000 | $ 375,000 | $ 375,000 | |||||
Debt instrument, covenant, maximum percentage of modified adjusted consolidated net tangible assets | 30.00% | 30.00% | 30.00% | |||||
Debt instrument, covenant, maximum borrowing capacity for all second liens of indebtedness | $ 700,000 | $ 700,000 | $ 700,000 | |||||
Debt instrument, covenant, coverage ratio, maximum for unsecured borrowings | 2.25 | 2.25 | 2.25 | |||||
Senior Unsecured Notes due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate | 7.50% | 7.50% | 7.50% | |||||
Repayments of Unsecured Debt | $ 18,800 | |||||||
Debt Instrument, Amount Exchanged | 551,200 | |||||||
Debt Instrument, Repurchased Face Amount | $ 67,200 | $ 67,200 | 67,200 | |||||
Debt instrument, principal outstanding | 131,576 | 131,576 | 131,576 | 158,015 | ||||
Senior Unsecured Notes due 2018 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, principal outstanding | $ 130,987 | $ 130,987 | $ 130,987 | |||||
Senior Unsecured Notes due 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate | 8.50% | 8.50% | 8.50% | |||||
Repayments of Unsecured Debt | $ 46,500 | |||||||
Debt Instrument, Face Amount | $ 70,169 | $ 70,169 | 70,169 | |||||
Debt Instrument, Amount Exchanged | 277,200 | |||||||
Debt Instrument, Repurchased Face Amount | 152,700 | 152,700 | 152,700 | |||||
Debt instrument, principal outstanding | $ 70,169 | $ 70,169 | $ 70,169 | 222,826 | ||||
Debt instrument, issued price, percentage | 100.00% | 100.00% | 100.00% | |||||
Senior Unsecured Notes due 2022 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, principal outstanding | $ 70,169 | $ 70,169 | $ 70,169 | |||||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding indebtedness | 214,592 | 214,592 | 214,592 | $ 67,492 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 325,000 | 325,000 | 325,000 | |||||
Current borrowing capacity | 300,000 | 300,000 | 300,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 75,400 | $ 75,400 | $ 75,400 | |||||
Line of credit facility, maturity date | Jul. 31, 2018 | |||||||
Line of Credit Facility, Interest Rate at Period End | 4.00% | 4.00% | 4.00% | |||||
Current ratio, numerator | 1 | |||||||
Current ratio, denominator | 1 | |||||||
Debt instrument, covenant, minimum ratio of consolidated EBITDAX to consolidated interest expense | 1.25 | 1.25 | 1.25 | |||||
Debt Instrument, Covenant, Maximum Ratio of Senior Secured Indebtedness to Consolidated EBITDAX | 2.5 | 2.5 | 2.5 | |||||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 3.25% | |||||||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | Alternate Base Rate (ABR) [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | Alternate Base Rate (ABR) [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||
Senior Unsecured Notes due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of Debt, Amount | $ 26,400 | |||||||
Senior Unsecured Notes due 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of Debt, Amount | $ 101,300 | $ 152,700 |
Commitments and contingencies43
Commitments and contingencies (Details) MMBTU in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2016bbl | Sep. 30, 2016USD ($)MMBTU$ / MMBTU | Mar. 31, 2016$ / MMBTU | Jun. 30, 2016$ / MMBTU | Sep. 30, 2016USD ($)$ / MMBTU | Dec. 31, 2015$ / MMBTU | |
Loss Contingencies [Line Items] | ||||||
Reservation fees 75,000 mmbtu | 2.40 | 2.24 | 2.24 | 2.59 | ||
Eagle Ford joint venture partner [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Transfered Interest, Net Production of Oil, Per Day | bbl | 350 | |||||
Enterprise Products Operating LLC and Acadian Gas Pipeline System Case | ||||||
Loss Contingencies [Line Items] | ||||||
Natural gas, volume, reservation fees $0.25 | MMBTU | 150 | |||||
Reservation fees150,000 mmbtu | 0.25 | |||||
Natural gas, volume, reservation fees $0.20 | MMBTU | 175 | |||||
Reservation fees175,000 mmbtu | 0.20 | |||||
Amount that can be sold per agreement | MMBTU | 75 | |||||
Reservation fees 75,000 mmbtu | 0.25 | |||||
Enterprise Products Operating LLC | Enterprise Products Operating LLC and Acadian Gas Pipeline System Case | ||||||
Loss Contingencies [Line Items] | ||||||
Receivables | $ | $ 6.4 | $ 6.4 | ||||
Accrued termination costs | $ | $ 2.1 | $ 2.1 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Jul. 25, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Accounts Payable and Accrued Liabilities, Current | $ 56,056 | $ 88,049 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cost-method Investments, Other than Temporary Impairment | $ 4,900 | ||
Eagle Ford joint venture partner [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets transferred | $ 23,200 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Estimated Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | $ (4,135) | $ 45,592 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | (4,135) | 45,592 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Estimated Fair Value Of Other Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Senior Unsecured Notes due 2018 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 60,438 | $ 43,170 |
Senior Unsecured Notes due 2018 [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 60,438 | 43,170 |
Senior Unsecured Notes due 2018 [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Senior Unsecured Notes due 2018 [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Senior Unsecured Notes due 2022 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 27,366 | 48,376 |
Senior Unsecured Notes due 2022 [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 27,366 | 48,376 |
Senior Unsecured Notes due 2022 [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Senior Unsecured Notes due 2022 [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Exchange Term Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 263,500 | 278,000 |
Exchange Term Loan [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Exchange Term Loan [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 263,500 | 278,000 |
Exchange Term Loan [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fairfax Term Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 197,625 | 208,500 |
Fairfax Term Loan [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fairfax Term Loan [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 197,625 | 208,500 |
Fairfax Term Loan [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Change in valuation allowance | $ 69.4 |
Recognized net valuation allowance | $ 1,400 |
Related Party Transactions (Det
Related Party Transactions (Details) - OPCO [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Advances to OPCO | $ 0 | $ 0 | $ 0 | $ 0 | ||
Amounts received from OPCO | 3,824 | $ 7,281 | 12,586 | $ 23,847 | ||
Amounts due to EXCO | [1] | 932 | 932 | $ 1,733 | ||
Amounts due from EXCO | [1] | $ 12,903 | $ 12,903 | $ 10,410 | ||
[1] | Advances to OPCO are recorded in "Other current assets" in our Condensed Consolidated Balance Sheets. Any amounts we owe to OPCO are netted against the advance until the advances are utilized. If the advances are fully utilized, we record amounts owed in "Accounts payable and accrued liabilities" in our Condensed Consolidated Balance Sheets. |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||||
Equity-based compensation related to warrants | $ 900,000 | $ 200,000 | $ 11,800,000 | $ 200,000 | |
Fairfax [Member] | |||||
Related Party Transaction [Line Items] | |||||
beneficial ownership of outstanding common shares | 9.00% | 9.00% | |||
Ownership of principal amount of Exchange Term Loan, amount | $ 112,100,000 | $ 112,100,000 | |||
Energy Strategic Advisory Services LLC (ESAS) [Member] | |||||
Related Party Transaction [Line Items] | |||||
beneficial ownership of outstanding common shares | 6.50% | ||||
Services and Investment Agreement, Monthly Fee | 300,000 | 300,000 | |||
Services and Investment Agreement, Annual Incentive Payment | 2,400,000 | 2,400,000 | |||
Payments to related party | 7,200,000 | ||||
Accounts Payable, Related Parties, Current | $ 900,000 | $ 900,000 | $ 4,500,000 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 80,000,000 | 80,000,000 | |||
Ownership of principal amount of Exchange Term Loan, amount | $ 47,900,000 | $ 47,900,000 | |||
75th Percentile or Above of Peer Group [Member] | Energy Strategic Advisory Services LLC (ESAS) [Member] | |||||
Related Party Transaction [Line Items] | |||||
Services and Investment Agreement, Annual Incentive Payment | 2,400,000 | 2,400,000 | |||
Below 75th Percentile of Peer Group [Member] | Energy Strategic Advisory Services LLC (ESAS) [Member] | |||||
Related Party Transaction [Line Items] | |||||
Services and Investment Agreement, Annual Incentive Payment | $ 600,000 | $ 600,000 |
Condensed Consolidating Finan50
Condensed Consolidating Financial Statements (Schedule Of Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 3,534 | $ 12,247 | $ 20,511 | $ 46,305 |
Restricted cash | 18,434 | 21,220 | ||
Other current assets | 88,841 | 116,334 | ||
Total current assets | 110,809 | 149,801 | ||
Equity investments | 31,973 | 40,797 | ||
Unproved oil and natural gas properties and development costs not being amortized | 93,511 | 115,377 | ||
Proved developed and undeveloped oil and natural gas properties | 2,946,641 | 3,070,430 | ||
Accumulated depletion | (2,690,611) | (2,627,763) | ||
Oil and natural gas properties, net | 349,541 | 558,044 | ||
Other property and equipment, net | 24,058 | 27,812 | ||
Investments in and advances to affiliates, net | 0 | 0 | ||
Deferred financing costs, net | 5,000 | 8,408 | ||
Derivative financial instruments | 1,455 | 6,109 | ||
Goodwill | 163,155 | 163,155 | ||
Total assets | 685,991 | 954,126 | ||
Liabilities and shareholders’ equity | ||||
Current liabilities | 241,923 | 252,919 | ||
Long-term debt | 1,256,068 | 1,320,279 | ||
Other long-term liabilities | 25,590 | 43,251 | ||
Payable to parent | 0 | 0 | ||
Total shareholders' equity | (837,590) | (662,323) | (600,476) | 510,004 |
Total liabilities and shareholders' equity | 685,991 | 954,126 | ||
Resources [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 9,754 | 34,296 | 34,990 | 86,837 |
Restricted cash | 0 | 2,100 | ||
Other current assets | 13,233 | 51,133 | ||
Total current assets | 22,987 | 87,529 | ||
Equity investments | 0 | 0 | ||
Unproved oil and natural gas properties and development costs not being amortized | 0 | 0 | ||
Proved developed and undeveloped oil and natural gas properties | 331,326 | 330,775 | ||
Accumulated depletion | (330,776) | (330,775) | ||
Oil and natural gas properties, net | 550 | 0 | ||
Other property and equipment, net | 608 | 749 | ||
Investments in and advances to affiliates, net | 452,896 | 616,940 | ||
Deferred financing costs, net | 5,000 | 8,408 | ||
Derivative financial instruments | 1,455 | 6,109 | ||
Goodwill | 13,293 | 13,293 | ||
Total assets | 496,789 | 733,028 | ||
Liabilities and shareholders’ equity | ||||
Current liabilities | 74,818 | 74,472 | ||
Long-term debt | 1,256,068 | 1,320,279 | ||
Other long-term liabilities | 3,493 | 600 | ||
Payable to parent | 0 | 0 | ||
Total shareholders' equity | (837,590) | (662,323) | ||
Total liabilities and shareholders' equity | 496,789 | 733,028 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | (6,220) | (22,049) | (14,479) | (40,532) |
Restricted cash | 18,434 | 19,120 | ||
Other current assets | 75,608 | 65,201 | ||
Total current assets | 87,822 | 62,272 | ||
Equity investments | 0 | 0 | ||
Unproved oil and natural gas properties and development costs not being amortized | 93,511 | 115,377 | ||
Proved developed and undeveloped oil and natural gas properties | 2,615,315 | 2,739,655 | ||
Accumulated depletion | (2,359,835) | (2,296,988) | ||
Oil and natural gas properties, net | 348,991 | 558,044 | ||
Other property and equipment, net | 23,450 | 27,063 | ||
Investments in and advances to affiliates, net | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Goodwill | 149,862 | 149,862 | ||
Total assets | 610,125 | 797,241 | ||
Liabilities and shareholders’ equity | ||||
Current liabilities | 167,105 | 178,447 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 22,097 | 42,651 | ||
Payable to parent | 2,360,227 | 2,276,594 | ||
Total shareholders' equity | (1,939,304) | (1,700,451) | ||
Total liabilities and shareholders' equity | 610,125 | 797,241 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Equity investments | 31,973 | 40,797 | ||
Unproved oil and natural gas properties and development costs not being amortized | 0 | 0 | ||
Proved developed and undeveloped oil and natural gas properties | 0 | 0 | ||
Accumulated depletion | 0 | 0 | ||
Oil and natural gas properties, net | 0 | 0 | ||
Other property and equipment, net | 0 | 0 | ||
Investments in and advances to affiliates, net | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Total assets | 31,973 | 40,797 | ||
Liabilities and shareholders’ equity | ||||
Current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Payable to parent | 0 | 0 | ||
Total shareholders' equity | 31,973 | 40,797 | ||
Total liabilities and shareholders' equity | 31,973 | 40,797 | ||
Consolidation, Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Restricted cash | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Equity investments | 0 | 0 | ||
Unproved oil and natural gas properties and development costs not being amortized | 0 | 0 | ||
Proved developed and undeveloped oil and natural gas properties | 0 | 0 | ||
Accumulated depletion | 0 | 0 | ||
Oil and natural gas properties, net | 0 | 0 | ||
Other property and equipment, net | 0 | 0 | ||
Investments in and advances to affiliates, net | (452,896) | (616,940) | ||
Deferred financing costs, net | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Total assets | (452,896) | (616,940) | ||
Liabilities and shareholders’ equity | ||||
Current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Payable to parent | (2,360,227) | (2,276,594) | ||
Total shareholders' equity | 1,907,331 | 1,659,654 | ||
Total liabilities and shareholders' equity | $ (452,896) | $ (616,940) |
Condensed Consolidating Finan51
Condensed Consolidating Financial Statements (Schedule Of Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Oil and natural gas | $ 70,862 | $ 83,744 | $ 176,732 | $ 264,147 | |||||
Purchased natural gas and marketing | 6,324 | $ 4,570 | $ 4,441 | $ 5,430 | 6,773 | $ 6,678 | $ 7,561 | 15,335 | 21,012 |
Total revenues | 77,186 | 90,517 | 192,067 | 285,159 | |||||
Oil and natural gas production | 12,608 | 18,613 | 39,143 | 58,153 | |||||
Gathering and transportation | 27,979 | 26,744 | 25,105 | 23,743 | 79,828 | 74,243 | |||
Purchased natural gas | 6,586 | $ 4,721 | $ 5,966 | $ 5,798 | 6,991 | $ 6,862 | $ 7,718 | 17,273 | 21,571 |
Depletion, depreciation and amortization | 15,910 | 52,013 | 63,995 | 176,160 | |||||
Impairment of oil and natural gas properties | 0 | 339,393 | 160,813 | 1,010,047 | |||||
Accretion of discount on asset retirement obligations | 325 | 574 | 2,006 | 1,698 | |||||
General and administrative | 10,746 | 13,393 | 38,626 | 41,227 | |||||
Other operating items | (1,110) | (228) | 23,936 | 1,118 | |||||
Total costs and expenses | 73,044 | 454,492 | 425,620 | 1,384,217 | |||||
Operating income (loss) | 4,142 | (363,975) | (233,553) | (1,099,058) | |||||
Interest expense, net | (16,997) | (27,761) | (54,186) | (80,822) | |||||
Gain (loss) on derivative financial instruments | 8,209 | 37,348 | (11,632) | 54,427 | |||||
Gain on extinguishment of debt | 57,421 | 0 | 119,374 | 0 | |||||
Other income (loss) | 12 | 21 | 37 | 119 | |||||
Equity loss | (823) | (152) | (8,824) | (1,452) | |||||
Net earnings (loss) from consolidated subsidiaries | 0 | 0 | 0 | 0 | |||||
Total other income (expense) | 47,822 | 9,456 | 44,769 | (27,728) | |||||
Income (loss) before income taxes | 51,964 | (354,519) | (188,784) | (1,126,786) | |||||
Income tax expense | 1,028 | 0 | 1,775 | 0 | |||||
Net income (loss) | 50,936 | (354,519) | (190,559) | (1,126,786) | |||||
Resources [Member] | |||||||||
Oil and natural gas | 0 | 0 | 0 | 4 | |||||
Purchased natural gas and marketing | 0 | 0 | 0 | 0 | |||||
Total revenues | 0 | 0 | 0 | 4 | |||||
Oil and natural gas production | 0 | 7 | 4 | 30 | |||||
Gathering and transportation | 0 | 0 | 0 | 0 | |||||
Purchased natural gas | 0 | 0 | 0 | 0 | |||||
Depletion, depreciation and amortization | 89 | 229 | 298 | 753 | |||||
Impairment of oil and natural gas properties | 0 | 1,372 | 838 | 8,263 | |||||
Accretion of discount on asset retirement obligations | 0 | 0 | 0 | 4 | |||||
General and administrative | (4,395) | (2,345) | (6,062) | (6,569) | |||||
Other operating items | 0 | (3) | (406) | 2,065 | |||||
Total costs and expenses | (4,306) | (740) | (5,328) | 4,546 | |||||
Operating income (loss) | 4,306 | 740 | 5,328 | (4,542) | |||||
Interest expense, net | (16,997) | (27,761) | (54,186) | (80,822) | |||||
Gain (loss) on derivative financial instruments | 8,209 | 37,348 | (11,632) | 54,427 | |||||
Gain on extinguishment of debt | 57,421 | 119,374 | |||||||
Other income (loss) | 4 | 14 | 9 | 87 | |||||
Equity loss | 0 | 0 | 0 | 0 | |||||
Net earnings (loss) from consolidated subsidiaries | (979) | (364,860) | (247,677) | (1,095,936) | |||||
Total other income (expense) | 47,658 | (355,259) | (194,112) | (1,122,244) | |||||
Income (loss) before income taxes | 51,964 | (354,519) | (188,784) | (1,126,786) | |||||
Income tax expense | 1,028 | 0 | 1,775 | 0 | |||||
Net income (loss) | 50,936 | (354,519) | (190,559) | (1,126,786) | |||||
Guarantor Subsidiaries [Member] | |||||||||
Oil and natural gas | 70,862 | 83,744 | 176,732 | 264,143 | |||||
Purchased natural gas and marketing | 6,324 | 6,773 | 15,335 | 21,012 | |||||
Total revenues | 77,186 | 90,517 | 192,067 | 285,155 | |||||
Oil and natural gas production | 12,608 | 18,606 | 39,139 | 58,123 | |||||
Gathering and transportation | 27,979 | 23,743 | 79,828 | 74,243 | |||||
Purchased natural gas | 6,586 | 6,991 | 17,273 | 21,571 | |||||
Depletion, depreciation and amortization | 15,821 | 51,784 | 63,697 | 175,407 | |||||
Impairment of oil and natural gas properties | 0 | 338,021 | 159,975 | 1,001,784 | |||||
Accretion of discount on asset retirement obligations | 325 | 574 | 2,006 | 1,694 | |||||
General and administrative | 15,141 | 15,738 | 44,688 | 47,796 | |||||
Other operating items | (1,110) | (225) | 24,342 | (947) | |||||
Total costs and expenses | 77,350 | 455,232 | 430,948 | 1,379,671 | |||||
Operating income (loss) | (164) | (364,715) | (238,881) | (1,094,516) | |||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||
Gain (loss) on derivative financial instruments | 0 | 0 | 0 | 0 | |||||
Gain on extinguishment of debt | 0 | 0 | |||||||
Other income (loss) | 8 | 7 | 28 | 32 | |||||
Equity loss | 0 | 0 | 0 | 0 | |||||
Net earnings (loss) from consolidated subsidiaries | 0 | 0 | 0 | 0 | |||||
Total other income (expense) | 8 | 7 | 28 | 32 | |||||
Income (loss) before income taxes | (156) | (364,708) | (238,853) | (1,094,484) | |||||
Income tax expense | 0 | 0 | 0 | 0 | |||||
Net income (loss) | (156) | (364,708) | (238,853) | (1,094,484) | |||||
Non-Guarantor Subsidiaries [Member] | |||||||||
Oil and natural gas | 0 | 0 | 0 | 0 | |||||
Purchased natural gas and marketing | 0 | 0 | 0 | 0 | |||||
Total revenues | 0 | 0 | 0 | 0 | |||||
Oil and natural gas production | 0 | 0 | 0 | 0 | |||||
Gathering and transportation | 0 | 0 | 0 | 0 | |||||
Purchased natural gas | 0 | 0 | 0 | 0 | |||||
Depletion, depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Impairment of oil and natural gas properties | 0 | 0 | 0 | 0 | |||||
Accretion of discount on asset retirement obligations | 0 | 0 | 0 | 0 | |||||
General and administrative | 0 | 0 | 0 | 0 | |||||
Other operating items | 0 | 0 | 0 | 0 | |||||
Total costs and expenses | 0 | 0 | 0 | 0 | |||||
Operating income (loss) | 0 | 0 | 0 | 0 | |||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||
Gain (loss) on derivative financial instruments | 0 | 0 | 0 | 0 | |||||
Gain on extinguishment of debt | 0 | 0 | |||||||
Other income (loss) | 0 | 0 | 0 | 0 | |||||
Equity loss | (823) | (152) | (8,824) | (1,452) | |||||
Net earnings (loss) from consolidated subsidiaries | 0 | 0 | 0 | 0 | |||||
Total other income (expense) | (823) | (152) | (8,824) | (1,452) | |||||
Income (loss) before income taxes | (823) | (152) | (8,824) | (1,452) | |||||
Income tax expense | 0 | 0 | 0 | 0 | |||||
Net income (loss) | (823) | (152) | (8,824) | (1,452) | |||||
Consolidation, Eliminations [Member] | |||||||||
Oil and natural gas | 0 | 0 | 0 | 0 | |||||
Purchased natural gas and marketing | 0 | 0 | 0 | 0 | |||||
Total revenues | 0 | 0 | 0 | 0 | |||||
Oil and natural gas production | 0 | 0 | 0 | 0 | |||||
Gathering and transportation | 0 | 0 | 0 | 0 | |||||
Purchased natural gas | 0 | 0 | 0 | 0 | |||||
Depletion, depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Impairment of oil and natural gas properties | 0 | 0 | 0 | 0 | |||||
Accretion of discount on asset retirement obligations | 0 | 0 | 0 | 0 | |||||
General and administrative | 0 | 0 | 0 | 0 | |||||
Other operating items | 0 | 0 | 0 | 0 | |||||
Total costs and expenses | 0 | 0 | 0 | 0 | |||||
Operating income (loss) | 0 | 0 | 0 | 0 | |||||
Interest expense, net | 0 | 0 | 0 | ||||||
Gain (loss) on derivative financial instruments | 0 | 0 | 0 | ||||||
Gain on extinguishment of debt | 0 | ||||||||
Other income (loss) | 0 | 0 | 0 | ||||||
Equity loss | 0 | 0 | 0 | ||||||
Net earnings (loss) from consolidated subsidiaries | 979 | 364,860 | 247,677 | 1,095,936 | |||||
Total other income (expense) | 979 | 364,860 | 247,677 | 1,095,936 | |||||
Income (loss) before income taxes | 979 | 364,860 | 247,677 | 1,095,936 | |||||
Income tax expense | 0 | 0 | 0 | 0 | |||||
Net income (loss) | $ 979 | $ 364,860 | $ 247,677 | $ 1,095,936 |
Condensed Consolidating Finan52
Condensed Consolidating Financial Statements (Schedule Of Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | |
Net cash provided by (used in) operating activities | $ (3,740) | $ 126,856 | ||
Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions | (70,455) | (277,316) | ||
Proceeds from disposition of property and equipment | 11,242 | 7,397 | ||
Restricted cash | 686 | 4,016 | ||
Net changes in advances to joint ventures | 2,377 | 8,594 | ||
Equity investments and other | 0 | 1,455 | ||
Advances/investments with affiliates | 0 | 0 | ||
Net cash used in investing activities | (56,150) | (255,854) | ||
Borrowings under EXCO Resources Credit Agreement | 390,897 | 97,500 | ||
Proceeds from issuance of common shares, net | 0 | 9,829 | ||
Repayments under EXCO Resources Credit Agreement | (243,797) | 0 | ||
Payments on Exchange Term Loan | (38,056) | 0 | ||
Repurchases of senior unsecured notes | $ (40,000) | (53,298) | 0 | |
Deferred financing costs and other | (4,569) | (4,125) | ||
Net cash provided by financing activities | 51,177 | 103,204 | ||
Net decrease in cash | (8,713) | (25,794) | ||
Cash at beginning of period | 12,247 | 46,305 | $ 20,511 | |
Cash at end of period | 3,534 | 3,534 | 20,511 | 3,534 |
Resources [Member] | ||||
Net cash provided by (used in) operating activities | 9,152 | 27,860 | ||
Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions | (1,250) | (1,784) | ||
Proceeds from disposition of property and equipment | 10 | 686 | ||
Restricted cash | 0 | 0 | ||
Net changes in advances to joint ventures | 0 | 0 | ||
Equity investments and other | 0 | 0 | ||
Advances/investments with affiliates | (83,631) | (181,813) | ||
Net cash used in investing activities | (84,871) | (182,911) | ||
Borrowings under EXCO Resources Credit Agreement | 390,897 | 97,500 | ||
Proceeds from issuance of common shares, net | 9,829 | |||
Repayments under EXCO Resources Credit Agreement | (243,797) | |||
Payments on Exchange Term Loan | (38,056) | |||
Repurchases of senior unsecured notes | (53,298) | |||
Deferred financing costs and other | (4,569) | (4,125) | ||
Net cash provided by financing activities | 51,177 | 103,204 | ||
Net decrease in cash | (24,542) | (51,847) | ||
Cash at beginning of period | 34,296 | 86,837 | 34,990 | |
Cash at end of period | 9,754 | 9,754 | 34,990 | 9,754 |
Guarantor Subsidiaries [Member] | ||||
Net cash provided by (used in) operating activities | (12,892) | 98,996 | ||
Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions | (69,205) | (275,532) | ||
Proceeds from disposition of property and equipment | 11,232 | 6,711 | ||
Restricted cash | 686 | 4,016 | ||
Net changes in advances to joint ventures | 2,377 | 8,594 | ||
Equity investments and other | 0 | 1,455 | ||
Advances/investments with affiliates | 83,631 | 181,813 | ||
Net cash used in investing activities | 28,721 | (72,943) | ||
Borrowings under EXCO Resources Credit Agreement | 0 | 0 | ||
Proceeds from issuance of common shares, net | 0 | |||
Repayments under EXCO Resources Credit Agreement | 0 | |||
Payments on Exchange Term Loan | 0 | |||
Repurchases of senior unsecured notes | 0 | |||
Deferred financing costs and other | 0 | 0 | ||
Net cash provided by financing activities | 0 | 0 | ||
Net decrease in cash | 15,829 | 26,053 | ||
Cash at beginning of period | (22,049) | (40,532) | (14,479) | |
Cash at end of period | (6,220) | (6,220) | (14,479) | (6,220) |
Non-Guarantor Subsidiaries [Member] | ||||
Net cash provided by (used in) operating activities | 0 | 0 | ||
Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions | 0 | 0 | ||
Proceeds from disposition of property and equipment | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Net changes in advances to joint ventures | 0 | 0 | ||
Equity investments and other | 0 | 0 | ||
Advances/investments with affiliates | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | ||
Borrowings under EXCO Resources Credit Agreement | 0 | 0 | ||
Proceeds from issuance of common shares, net | 0 | |||
Repayments under EXCO Resources Credit Agreement | 0 | |||
Payments on Exchange Term Loan | 0 | |||
Repurchases of senior unsecured notes | 0 | |||
Deferred financing costs and other | 0 | 0 | ||
Net cash provided by financing activities | 0 | 0 | ||
Net decrease in cash | 0 | 0 | ||
Cash at beginning of period | 0 | 0 | 0 | |
Cash at end of period | 0 | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | ||||
Net cash provided by (used in) operating activities | 0 | 0 | ||
Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions | 0 | 0 | ||
Proceeds from disposition of property and equipment | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Net changes in advances to joint ventures | 0 | 0 | ||
Equity investments and other | 0 | 0 | ||
Advances/investments with affiliates | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | ||
Borrowings under EXCO Resources Credit Agreement | 0 | 0 | ||
Proceeds from issuance of common shares, net | 0 | |||
Repayments under EXCO Resources Credit Agreement | 0 | |||
Payments on Exchange Term Loan | 0 | |||
Repurchases of senior unsecured notes | 0 | |||
Deferred financing costs and other | 0 | 0 | ||
Net cash provided by financing activities | 0 | 0 | ||
Net decrease in cash | 0 | 0 | ||
Cash at beginning of period | 0 | 0 | 0 | |
Cash at end of period | $ 0 | $ 0 | $ 0 | $ 0 |