Exco Resources Inc - EXCE stock
OTC Market: EXCE • Industry: Oil
Exco Resources (OTC: EXCE) is an independent oil and natural gas company that explores, develops, and produces oil and natural gas reserves. The company was founded in 1955 and is headquartered in Dallas, Texas.
Exco Resources has operations in several oil and gas-producing regions in the United States, including the Appalachia Basin, the Permian Basin, and the East Texas Basin. The company's core operations are focused on natural gas production, although it also produces some oil.
Exco Resources' strategy is to maintain a diverse portfolio of assets, including a mix of long-lived, low-decline properties and higher-risk, higher-reward opportunities. The company also seeks to control costs and operate efficiently in order to maximize the value of its assets. Today, Exco Resources continues to operate as an independent oil and gas producer, with a focus on optimizing its existing assets and pursuing new growth opportunities in the energy sector.
Exco Resources has faced some challenges in recent years, including low commodity prices and a high debt load. In 2018, the company filed for Chapter 11 bankruptcy protection, but emerged from bankruptcy in 2019 after completing a financial restructuring.
On 7/1/2019 the company emerged from Chapter 11 after completing a financial restructuring. Exco reduced debt by more than $1.1 billion and received a committment for approximately $325 million in financing, According to the press release the company " will continue to engage in the exploration, acquisition, development and production of onshore U.S. oil and natural gas properties with a focus on shale resource plays in key basins in Texas, Louisiana and the Appalachia region." The release also stated "EXCO is now a privately-owned company and its shares are no longer available for trading on a public exchange."
- ↑ 1.0 1.1 Excoresources.com. About Us. Retrieved on 4/10/2023.
- ↑ Excoresources.com. Company Profile. Retrieved on 4/10/2023.
- ↑ American Bankruptcy Institute. EXCO Resources, Inc. Files Ch. 11 Bankruptcy. Retrieved on 12/1/2022.
- ↑ PRNewswire. EXCO Resources, Inc. Successfully Completes Financial Restructuring. July 1, 2019.