Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 | 21,630,873 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 82,459 | $ 9,068 |
Restricted cash | 23,379 | 11,150 |
Accounts receivable, net: | ||
Oil and natural gas | 39,457 | 52,674 |
Joint interest | 25,555 | 25,905 |
Other | 2,104 | 3,813 |
Derivative financial instruments - commodity derivatives | 1,512 | 0 |
Inventory and other | 15,915 | 8,007 |
Total current assets | 190,381 | 110,617 |
Equity investments | 25,373 | 24,365 |
Oil and natural gas properties (full cost accounting method): | ||
Unproved oil and natural gas properties and development costs not being amortized | 112,935 | 97,080 |
Proved developed and undeveloped oil and natural gas properties | 3,055,258 | 2,939,923 |
Accumulated depletion | (2,738,103) | (2,702,245) |
Oil and natural gas properties, net | 430,090 | 334,758 |
Other property and equipment, net | 21,078 | 23,661 |
Deferred financing costs, net | 0 | 4,376 |
Derivative financial instruments - commodity derivatives | 97 | 482 |
Goodwill | 163,155 | 163,155 |
Total assets | 830,174 | 661,414 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 60,731 | 54,762 |
Revenues and royalties payable | 132,917 | 120,845 |
Accrued interest payable | 6,097 | 4,701 |
Current portion of asset retirement obligations | 344 | 344 |
Income taxes payable | 0 | 0 |
Derivative financial instruments - commodity derivatives | 1,401 | 27,711 |
Current maturities of long-term debt | 1,333,989 | 50,000 |
Total current liabilities | 1,535,479 | 258,363 |
Long-term debt | 21,388 | 1,258,538 |
Deferred income taxes | 5,885 | 2,802 |
Derivative financial instruments - commodity derivatives | 0 | 464 |
Derivative financial instruments - common share warrants | 14,555 | 0 |
Asset retirement obligations and other long-term liabilities | 13,233 | 13,153 |
Shareholders’ equity: | ||
Common shares, $0.001 par value; 260,000,000 authorized shares; 21,670,959 shares issued and 21,631,314 shares outstanding at September 30, 2017; 18,915,952 shares issued and 18,876,307 shares outstanding at December 31, 2016 | 22 | 19 |
Additional paid-in capital | 3,539,498 | 3,538,080 |
Accumulated deficit | (4,292,254) | (4,402,373) |
Treasury shares, at cost; 39,645 shares at September 30, 2017 and December 31, 2016 | (7,632) | (7,632) |
Total shareholders' equity | (760,366) | (871,906) |
Total liabilities and shareholders' equity | $ 830,174 | $ 661,414 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 260,000,000 | 260,000,000 |
Common stock, shares issued | 21,670,959 | 18,915,952 |
Common stock, shares outstanding | 21,631,314 | 18,876,307 |
Treasury stock, shares | 39,645 | 39,645 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Oil | $ 12,906 | $ 16,215 | $ 43,403 | $ 49,688 |
Natural gas | 48,323 | 54,647 | 151,669 | 127,044 |
Purchased natural gas and marketing | 5,507 | 6,324 | 19,208 | 15,335 |
Total revenues | 66,736 | 77,186 | 214,280 | 192,067 |
Costs and expenses: | ||||
Oil and natural gas operating costs | 9,215 | 8,797 | 25,928 | 25,835 |
Production and ad valorem taxes | 3,044 | 3,811 | 9,894 | 13,308 |
Gathering and transportation | 28,743 | 27,979 | 83,183 | 79,828 |
Purchased natural gas | 5,388 | 6,586 | 18,193 | 17,273 |
Depletion, depreciation and amortization | 13,518 | 15,910 | 36,648 | 63,995 |
Impairment of oil and natural gas properties | 0 | 0 | 0 | 160,813 |
Accretion of discount on asset retirement obligations | 221 | 325 | 648 | 2,006 |
General and administrative | 10,035 | 10,746 | 13,056 | 38,626 |
Other operating items | 1,714 | (1,110) | 3,069 | 23,936 |
Total costs and expenses | 71,878 | 73,044 | 190,619 | 425,620 |
Operating income (loss) | (5,142) | 4,142 | 23,661 | (233,553) |
Other income (expense): | ||||
Interest expense, net | (32,888) | (16,997) | (75,320) | (54,186) |
Gain (loss) on derivative financial instruments - commodity derivatives | 860 | 8,209 | 22,934 | (11,632) |
Gain on derivative financial instruments - common share warrants | 18,286 | 0 | 146,585 | 0 |
Gain (loss) on restructuring and extinguishment of debt | 0 | 57,421 | (6,380) | 119,374 |
Other income | 25 | 12 | 4 | 37 |
Equity income (loss) | 354 | (823) | 1,009 | (8,824) |
Total other income (expense) | (13,363) | 47,822 | 88,832 | 44,769 |
Income (loss) before income taxes | (18,505) | 51,964 | 112,493 | (188,784) |
Income tax expense | 319 | 1,028 | 2,374 | 1,775 |
Net income (loss) | $ (18,824) | $ 50,936 | $ 110,119 | $ (190,559) |
Basic: | ||||
Net income (loss) (in dollars per share) | $ (0.81) | $ 2.73 | $ 5.35 | $ (10.24) |
Weighted average common shares outstanding | 23,319 | 18,670 | 20,599 | 18,612 |
Diluted: | ||||
Net income (loss) (in dollars per share) | $ (0.81) | $ 2.72 | $ 5.35 | $ (10.24) |
Weighted average common shares and common share equivalents outstanding | 23,319 | 18,749 | 20,599 | 18,612 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Activities: | ||
Net income (loss) | $ 110,119 | $ (190,559) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Deferred income tax expense | 3,083 | 1,775 |
Depletion, depreciation and amortization | 36,648 | 63,995 |
Equity-based compensation | (11,207) | 14,558 |
Accretion of discount on asset retirement obligations | 648 | 2,006 |
Impairment of oil and natural gas properties | 0 | 160,813 |
(Gain) loss from equity investments | (1,009) | 8,824 |
(Gain) loss on derivative financial instruments - commodity derivatives | (22,934) | 11,632 |
Cash receipts (payments) of commodity derivative financial instruments | (4,967) | 38,097 |
Gain on derivative financial instruments - common share warrants | (146,585) | 0 |
Amortization of deferred financing costs and discount on debt issuance | 18,744 | 7,250 |
Other non-operating items | 2,019 | 24,068 |
(Gain) loss on restructuring and extinguishment of debt | 6,380 | (119,374) |
Paid in-kind interest expense | 38,386 | 0 |
Effect of changes in: | ||
Restricted cash with related party | 0 | 2,100 |
Accounts receivable | 13,183 | (12,752) |
Other current assets | (6,210) | (1,207) |
Accounts payable and other liabilities | 14,809 | (14,966) |
Net cash provided by (used in) operating activities | 51,107 | (3,740) |
Investing Activities: | ||
Additions to oil and natural gas properties, gathering assets and equipment | (91,009) | (70,455) |
Property acquisitions | (24,665) | 0 |
Proceeds from disposition of property and equipment | 25 | 11,242 |
Restricted cash | (12,229) | 686 |
Net changes in amounts due to joint ventures | (9,498) | 2,377 |
Net cash used in investing activities | (137,376) | (56,150) |
Financing Activities: | ||
Borrowings under EXCO Resources Credit Agreement | 163,401 | 390,897 |
Repayments under EXCO Resources Credit Agreement | (265,592) | (243,797) |
Proceeds received from issuance of 1.5 Lien Notes, net | 295,530 | 0 |
Payments on Exchange Term Loan | (11,602) | (38,056) |
Repurchases of senior unsecured notes | 0 | (53,298) |
Debt financing costs and other | (22,077) | (4,569) |
Net cash provided by financing activities | 159,660 | 51,177 |
Net increase (decrease) in cash | 73,391 | (8,713) |
Cash at beginning of period | 9,068 | 12,247 |
Cash at end of period | 82,459 | 3,534 |
Supplemental Cash Flow Information: | ||
Cash interest payments | 23,072 | 51,975 |
Income tax payments | 0 | 0 |
Supplemental non-cash investing and financing activities: | ||
Capitalized equity-based compensation | 852 | 432 |
Capitalized interest | $ 4,627 | $ 3,939 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning Balance (in shares) at Dec. 31, 2015 | 18,920 | (40) | |||
Beginning Balance at Dec. 31, 2015 | $ (662,323) | $ 19 | $ (7,632) | $ 3,522,410 | $ (4,177,120) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares (in shares) | 16 | ||||
Issuance of common shares | 0 | $ 0 | 0 | ||
Equity-based compensation | 15,240 | 15,240 | |||
Restricted shares issued, net of cancellations (in shares) | (56) | ||||
Restricted shares issued, net of cancellations | 0 | $ 0 | |||
Common stock dividends | 45 | 45 | |||
Net income (loss) | (190,559) | (190,559) | |||
Ending Balance at Sep. 30, 2016 | (837,597) | $ 19 | $ (7,632) | 3,537,650 | (4,367,634) |
Ending Balance (in shares) at Sep. 30, 2016 | 18,880 | (40) | |||
Beginning Balance (in shares) at Dec. 31, 2016 | 18,916 | (40) | |||
Beginning Balance at Dec. 31, 2016 | (871,906) | $ 19 | $ (7,632) | 3,538,080 | (4,402,373) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares (in shares) | 2,746 | ||||
Issuance of common shares | 11,398 | $ 3 | 11,395 | ||
Equity-based compensation | (9,977) | (9,977) | |||
Restricted shares issued, net of cancellations (in shares) | 9 | ||||
Restricted shares issued, net of cancellations | 0 | $ 0 | |||
Net income (loss) | 110,119 | 110,119 | |||
Ending Balance at Sep. 30, 2017 | $ (760,366) | $ 22 | $ (7,632) | $ 3,539,498 | $ (4,292,254) |
Ending Balance (in shares) at Sep. 30, 2017 | 21,671 | (40) |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
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 a wholly owned subsidiary of Royal Dutch Shell, plc, ("Shell") 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 our Marcellus shale assets. We have a joint venture with Shell covering our Marcellus shale assets in the Appalachia region ("Appalachia JV"). EXCO and Shell 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. The accompanying Condensed Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 , Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Changes in Shareholders’ Equity for the nine months ended September 30, 2017 and 2016 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, 2017 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, 2016 , filed with the SEC on March 16, 2017 ("2016 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. Reverse share split On June 2, 2017, we filed a certificate of amendment to our Amended and Restated Certificate of Formation to reduce the number of authorized common shares from 780,000,000 to 260,000,000 and effect a 1-for- 15 reverse share split. The reverse share split became effective after the market closed on June 12, 2017. The par value of the common shares remained unchanged at $0.001 per share, which required retrospective reclassification from common shares to additional paid-in capital within the shareholders' equity section of our consolidated balance sheets. Shareholders' equity and all share data, including treasury shares, and per share data presented herein have been retrospectively adjusted to reflect the impact of the decrease in authorized shares and the reverse share split, as appropriate. Going Concern Assessment 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. We define liquidity as cash and restricted cash plus the unused borrowing base under our credit agreement ("Liquidity"). Background On March 15, 2017, we closed a series of transactions including the issuance of $300.0 million in aggregate principal amount of senior secured 1.5 lien notes due March 20, 2022 ("1.5 Lien Notes"), the exchange of $682.8 million in aggregate principal amount of our senior secured second lien term loans due October 26, 2020 ("Second Lien Term Loans") for a like amount of senior 1.75 lien term loans due October 26, 2020 ("1.75 Lien Term Loans," and such exchange, the "Second Lien Term Loan Exchange") and the issuance of warrants to purchase our common shares. The terms of the indenture governing the 1.5 Lien Notes and the credit agreement governing the 1.75 Lien Term Loans allow for interest payments in cash, common shares or additional indebtedness (such interest payments in common shares or additional indebtedness, "PIK Payments"), subject to certain restrictions and limitations as discussed below. See further discussion of these transactions as part of "Note 8. Debt". On June 20, 2017, we paid interest on the 1.75 Lien Term Loans in common shares, which resulted in the issuance of 2,745,754 common shares ("PIK Shares"). On September 20, 2017, we paid $17.0 million and $26.2 million of interest on the 1.5 Lien Notes and 1.75 Lien Term Loans, respectively, through the issuance of additional 1.5 Lien Notes and 1.75 Lien Term Loans. Our Liquidity is currently significantly constrained. As of September 30, 2017, our Liquidity was $105.8 million and the principal amount of our outstanding indebtedness was $1.4 billion . During the nine months ended September 30, 2017, our cash flows used in investing activities exceeded our cash flows from operating activities by $86.3 million . We expect cash flows used in investing activities to continue to exceed cash flows from operating activities during the remainder of 2017 and future periods. Our Liquidity is not expected to be sufficient to fund this cash flow deficit and conduct our business operations unless we are able to restructure our current obligations under our existing outstanding debt and other contractual obligations and address near-term liquidity needs. The significant risks to our Liquidity and ability to continue as a going concern are described below. No further availability of credit under EXCO Resources Credit Agreement During the third quarter of 2017, we borrowed substantially all of our remaining unused commitments under our revolving credit agreement ("EXCO Resources Credit Agreement"), and, as of September 30, 2017, we had $126.4 million of outstanding indebtedness and $23.6 million of outstanding letters of credit under the EXCO Resources Credit Agreement. As a result, we had no availability remaining under the EXCO Resources Credit Agreement, including letters of credit, as of September 30, 2017. The borrowing base under the EXCO Resources Credit Agreement remains subject to semi-annual review and redetermination by the lenders pursuant to the terms of the EXCO Resources Credit Agreement. The redetermination of the borrowing base scheduled for November 2017 is currently in process. 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 the redetermination. Compliance with debt covenants The EXCO Resources Credit Agreement requires that our ratio of aggregate revolving credit exposure to consolidated EBITDAX ("Aggregate Revolving Credit Exposure Ratio") cannot exceed 1.2 to 1.0 as of the end of any fiscal quarter. As of September 30, 2017 , our Aggregate Revolving Credit Exposure Ratio exceeded the allowed maximum of 1.2 to 1.0. In anticipation of the potential default, on September 29, 2017, we obtained a limited one-time waiver from the lenders under the EXCO Resources Credit agreement waiving an event of default as a result of a failure to comply with the Aggregate Revolving Credit Exposure Ratio as of September 30, 2017. We believe it is probable that we will not be in compliance with the Aggregate Revolving Credit Exposure Ratio as of December 31, 2017. The EXCO Resources Credit Agreement also requires that our cash (as defined in the agreement) plus unused commitments under the EXCO Resources Credit Agreement cannot be less than (i) $50.0 million as of the end of a fiscal month and (ii) $70.0 million as of the end of a fiscal quarter ("Minimum Liquidity Test"). It is probable that we will not be in compliance with the Minimum Liquidity Test for the twelve-month period following the date of these unaudited Condensed Consolidated Financial Statements and may not be able to comply with this covenant as early as of the end of the fourth quarter of 2017. In addition, the EXCO Resources Credit Agreement requires that our ratio of consolidated EBITDAX to consolidated interest expense ("Interest Coverage Ratio") exceeds a minimum of 1.75 to 1.0 for the fiscal quarter ending September 30, 2017 and 2.0 to 1.0 for fiscal quarters thereafter. The definition of consolidated interest expense utilized in the Interest Coverage Ratio excludes PIK Payments on the 1.5 Lien Notes and 1.75 Lien Term Loans. The consolidated EBITDAX and consolidated interest expense utilized in this calculation are annualized beginning with the fiscal quarter ending September 30, 2017. Therefore, we believe that our ability to make interest payments in common shares is essential to maintain compliance with the Interest Coverage Ratio, and as described below, we are currently limited from making future PIK Payments in our common shares. If we deliver to our lenders an audit report prepared by our auditors with respect to the financial statements for the fiscal year ended December 31, 2017 that includes an explanatory paragraph expressing uncertainty as to our ability to continue as a going concern, then it will be an event of default under each of the EXCO Resources Credit Agreement, 1.5 Lien Notes, and 1.75 Lien Term Loans. These defaults would also result in a default under the indenture governing our senior unsecured notes due September 15, 2018 ("2018 Notes") and our senior unsecured notes due April 15, 2022 ("2022 Notes"). We may not be able to eliminate the substantial doubt concerning our ability to continue as a going concern or obtain waivers with respect to this obligation from our lenders. If the substantial doubt about our ability to continue as a going concern remains at the date we deliver our financial statements for the fiscal year ended December 31, 2017, we would experience an event of default under such agreements. If we are unable to comply with any of the covenants under the EXCO Resources Credit Agreement, there will be an event of default, and our indebtedness under the EXCO Resources Credit Agreement will be accelerated and become immediately due and payable. This would result in an event of default under the indenture governing the 1.5 Lien Notes, the credit agreement governing the 1.75 Lien Term Loans and the indenture governing the 2018 Notes and 2022 Notes. If this occurs and our indebtedness is accelerated and becomes immediately due and payable, our Liquidity would not be sufficient to pay such indebtedness. Limitations on ability to pay interest on 1.5 Lien Notes and 1.75 Lien Term Loans The principal purpose of issuing the 1.5 Lien Notes and Second Lien Term Loan Exchange was to alleviate our substantial cash interest payment burden and improve our Liquidity. Our initial expectation was to make PIK Payments in common shares on the 1.5 Lien Notes and the 1.75 Lien Term Loans throughout the remainder of 2017 and 2018. However, under our Registration Rights Agreement with the holders of the 1.5 Lien Notes and lenders of the 1.75 Lien Term Loans ("Registration Rights Agreement"), our ability to make PIK Payments in common shares is subject to a resale registration statement related to the common shares issued as PIK Payments and all of the shares underlying the warrants issued in connection with the 1.5 Lien Notes and 1.75 Lien Term Loans being declared effective by the SEC by October 11, 2017 ("Resale Registration Statement"). We did not anticipate the Resale Registration Statement would be declared effective as of October 11, 2017, and, as such, we provided a notice of a delay of effectiveness for the Resale Registration Statement to the holders of the 1.5 Lien Notes and lenders of the 1.75 Lien Term Loans, as permitted under the Registration Rights Agreement, extending the requirement for the Resale Registration Statement to be declared effective to no later than December 8, 2017. As of the date of the filing of this Quarterly Report on Form 10-Q, the Resale Registration Statement has not been declared effective and there is no assurance we will be able to satisfy this condition. Even if the Resale Registration Statement is declared effective, the terms of the indenture governing the 1.5 Lien Notes and the credit agreement governing the 1.75 Lien Term Loans prohibit the issuance of common shares as PIK Payments if it would result in a beneficial owner, directly or indirectly, owning more than 50% of our outstanding common shares. Our common share price has been, and continues to be, volatile and has significantly decreased during 2017. If our common share price remains at the current levels or continues to decrease, we will have to issue a greater number of common shares to make PIK Payments on the 1.5 Lien Notes and 1.75 Lien Term Loans. This could prevent us from being able to pay interest in common shares due to the 50% ownership limitation. In addition, we may elect not to make PIK Payments because such issuances would contribute to an ownership change under Section 382 of the Internal Revenue Code that could limit our ability to use our net operating loss carryovers (“NOLs”) to reduce future taxable income. As of September 30, 2017, we had estimated NOLs of $2.4 billion . The amount of PIK Payments made in additional 1.5 Lien Notes or 1.75 Lien Term Loans is subject to incurrence covenants within our debt agreements that limit our aggregate secured indebtedness to $1.2 billion . This amount is reduced dollar-for-dollar to the extent that we incur any additional secured indebtedness, including PIK Payments in additional indebtedness. Our ability to make future PIK Payments in additional indebtedness is limited to $6.9 million . Our next quarterly interest payment of approximately $26.9 million , based on the PIK interest rate of 15.0% on the 1.75 Lien Term Loans, is scheduled to occur on December 20, 2017, and is required to be paid in-kind pursuant to the terms of the indenture governing the 1.5 Lien Notes. Furthermore, the agreement governing the 1.75 Lien Term Loans restricts our ability to pay interest in cash, unless we have liquidity, on a pro forma basis, of at least $175.0 million . As a result of the foregoing, unless we amend our debt agreements or obtain a waiver or other forbearance from certain lenders, we will not be able to make our next interest payment on the 1.75 Lien Term Loans on December 20, 2017. If we cannot make scheduled payments on our debt, we will be in default and holders of our outstanding notes and loans could declare all outstanding principal and interest to be due and payable, the lenders under the EXCO Resources Credit Agreement could terminate their commitments to loan money, and our secured lenders could foreclose against the assets securing their borrowings. Any event of default may cause a default or accelerate our obligations with respect to unsecured indebtedness, including our 2018 Notes and 2022 Notes, which could adversely affect our business, financial condition and results of operations. Near-term debt maturities The maturity date of the EXCO Resources Credit Agreement is July 31, 2018, and our 2018 Notes are due September 15, 2018. As of September 30, 2017, there was approximately $126.4 million aggregate principal amount of indebtedness outstanding, excluding letters of credit, under the EXCO Resources Credit Agreement and approximately $131.6 million aggregate principal amount of indebtedness outstanding under the 2018 Notes. There is no assurance that the maturity date of the EXCO Resources Credit Agreement will be extended or that we will be able to refinance the debt outstanding under the EXCO Resources Credit Agreement on terms that are satisfactory to us, or at all. If we repay the 2018 Notes in full in cash at maturity in September 2018, there will be an event of default under the indenture governing the 1.5 Lien Notes and the credit agreement governing the 1.75 Lien Term Loans, which would result in an event of default under all of our other debt agreements. In addition, the covenants in the EXCO Resources Credit Agreement limit cash paid for repurchases, exchanges, redemptions or acquisitions of the 2018 Notes and 2022 Notes to $75.0 million ; provided further that we shall have, after giving pro forma effect to any such transaction, unused commitments under the EXCO Resources Credit Agreement plus unrestricted cash equal to or greater than $100.0 million . The covenants in the 1.5 Lien Notes and 1.75 Lien Term Loans limit cash paid for repurchases, exchanges, redemptions or acquisitions of the 2018 Notes and 2022 Notes not to exceed $25.0 million . However we may repurchase, exchange, redeem or acquire additional 2018 Notes and 2022 Notes for an amount not to exceed an additional $70.0 million , thereafter, provided that we have liquidity (as defined in the agreement) of at least $200.0 million . Our Liquidity is not expected to be sufficient to repay the outstanding indebtedness due in 2018. Other factors Our Liquidity and compliance with debt covenants may be impacted by the outcome of certain litigation. As described in "Item 3. Legal Proceedings" in our 2016 Form 10-K, we are currently in litigation with Enterprise Products Operating LLC ("Enterprise") and Acadian Gas Pipeline System ("Acadian") in which Enterprise and Acadian filed a suit claiming that we improperly terminated certain sales and transportation contracts with them. If we are unable to satisfactorily resolve our litigation with Enterprise and Acadian and we are required to pay a judgment, any such payment could adversely affect our ability to pay the principal and interest on our outstanding debt. Furthermore, we expect to have a shortfall under a minimum volume commitment for gathering services in the East Texas and North Louisiana regions for the twelve-month period ending November 30, 2017. As of September 30, 2017, we accrued $19.5 million in " Revenues and royalties payable " in our Condensed Consolidated Balance Sheet related to this shortfall and the payment is due within 90 days of the end of the twelve-month period ending November 30, 2017. The payment of this shortfall is expected to have a significant impact on our Liquidity. Management's plans On September 7, 2017, we announced that our Board of Directors has delegated authority to the Audit Committee of the Board of Directors ("Audit Committee") to explore strategic alternatives to strengthen our balance sheet and maximize the value of the Company, which may include, but is not limited to, seeking a comprehensive out-of-court restructuring or reorganization under Chapter 11 of the U.S. Bankruptcy Code. Our plans may include obtaining additional financing or relief from debt holders to support operations throughout the restructuring process, delevering our capital structure, and reducing the financial burden of certain gathering, transportation and other commercial contracts. At the direction of the Audit Committee, we have retained PJT Partners LP as financial advisors and Alvarez & Marsal North America, LLC as restructuring advisors. We continue to retain Kirkland & Ellis LLP as our legal advisor to assist the Audit Committee and management team with the restructuring process. We are actively engaged in negotiations with our stakeholders to evaluate the feasibility of a consensual in-court or out-of-court restructuring. If we are unable to restructure our current obligations under our existing outstanding debt and address near-term liquidity needs, we will be forced to seek relief under the U.S. Bankruptcy Code. This may include: (i) pursuing a plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code; (ii) seeking bankruptcy court approval for the sale or sales of some, most or substantially all of our assets and a subsequent liquidation of the remaining assets in a bankruptcy case; or (iii) seeking another form of bankruptcy relief, all of which involve uncertainties, potential delays and litigation risks. In addition, our creditors may file an involuntary petition for bankruptcy against us. In any bankruptcy proceeding, holders of our common shares may receive little or no consideration. Assessment of ability to continue as a going concern Our ability to continue as a going concern is dependent on many factors, including, among other things, sufficient Liquidity to conduct our business operations, our ability to comply with the covenants in our existing debt agreements, our ability to cure any defaults that occur under our debt agreements or to obtain waivers with respect to any such defaults, and our ability to pay, retire, amend, replace or refinance our indebtedness as defaults occur or as interest and principal payments come due. These factors raise substantial doubt about our ability to continue as a going concern. 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. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
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 2016 Form 10-K. Goodwill We perform an impairment test for goodwill at least annually or more frequently as impairment indicators arise. Our impairment test is typically performed during the fourth quarter; however, we performed an impairment test as of June 30, 2017 and September 30, 2017 due to a significant decline of EXCO's market capitalization. As a result of our testing, the fair value of our business exceeded the carrying value of net assets and we did not record an impairment charge during the second or third quarter of 2017. Recent accounting pronouncements In July 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features, II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception ("ASU 2017-11"). ASU 2017-11 revises the guidance for instruments with down round features in Subtopic 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity, which is considered in determining whether an equity-linked financial instrument qualifies for a scope exception from derivative accounting. An entity still is required to determine whether instruments would be classified in equity under the guidance in Subtopic 815-40 in determining whether they qualify for that scope exception. If they do qualify, freestanding instruments with down round features are no longer classified as liabilities. Our 2017 Warrants, as defined in "Note 7. Derivative Financial Instruments", are required to be classified as liabilities under the current guidance due to their down round features. The amendments in Part I are required to be applied retrospectively to outstanding financial instruments with down round features. ASU 2017-11 is effective for annual and interim periods beginning after December 15, 2018, and early adoption is permitted, including adoption in an interim period. We are currently assessing the impact of ASU 2017-11; however, we believe that it may have a significant impact on our consolidated financial condition and results of operations if we determine the 2017 Warrants qualify for equity classification. During the nine months ended September 30, 2017 , we recorded a gain of $146.6 million on the revaluation of the 2017 Warrants on the Condensed Consolidated Statements of Operations and a liability of $14.6 million on the Condensed Consolidated Balance Sheet as of September 30, 2017 . In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ("ASU 2017-09"). ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for annual and interim periods beginning after December 15, 2017, and early adoption is permitted. We adopted ASU 2017-09 in the current period; however, the adoption of ASU 2017-09 did not have an impact on our consolidated financial condition and results of operations. We will apply the guidance in ASU 2017-09 in future periods, if applicable. In August 2016, the FASB issued 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, and early adoption is permitted. We early adopted ASU 2016-15 and will apply the new guidance, if applicable, in future periods. We elected to apply the cumulative earnings approach to classify distributions received from equity method investees. The adoption of ASU 2016-15 did not have an impact on our current consolidated financial condition and results of operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). The FASB and the International Accounting Standards Board ("IASB") jointly issued this comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under currently applicable guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. During 2016, the FASB issued four additional ASUs that primarily clarified the implementation guidance on principal versus agent considerations, performance obligations and licensing, collectability, presentation of sales taxes and other similar taxes collected from customers, and non-cash consideration. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017 and permits the use of either the retrospective or cumulative effect transition method. We are currently assessing the impact of ASU 2014-09 and the related updates and clarifications and are performing a review of the new guidance. We intend to adopt ASU 2014-09 and the related updates for the interim and annual periods beginning after December 15, 2017 and we expect to adopt the new standard using the modified retrospective method of adoption. We are evaluating the new guidance and performing detailed analysis of our contracts. We are currently unable to quantify the impact the standard will have on our consolidated financial condition and results of operations; however, we do not believe this standard will have a material impact, if any, on our consolidated financial condition and results of operations. However, the adoption of the standard will require that we provide expanded disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. |
Acquisitions, Divestitures And
Acquisitions, Divestitures And Other Significant Events (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions, divestitures and other significant events Termination of South Texas divestiture On April 7, 2017, we entered into a purchase and sale agreement with a subsidiary of Venado Oil and Gas, LLC ("Venado") to divest our oil and natural gas properties and surface acreage in South Texas for a total purchase price of $300.0 million that was subject to closing conditions and adjustments based on an effective date of January 1, 2017. Pursuant to the terms of the agreement, the closing of the transaction was originally anticipated to occur on June 1, 2017 (the “Original Scheduled Closing Date”), unless certain conditions had not been satisfied or waived on or prior to the Original Scheduled Closing Date. The purchase agreement included conditions to the closing, including seller's representation and warranty regarding all material contracts being in full force and effect be true as of the Original Scheduled Closing Date. On May 31, 2017, Chesapeake Energy Marketing, L.L.C. (“CEML”) purportedly terminated a long-term natural gas sales contract with an expiration of June 30, 2032, between CEML and Raider Marketing, LP (“Raider”), a wholly owned subsidiary of EXCO. On June 6, 2017, we filed a petition, application for temporary restraining order and temporary injunction against CEML and subsequently added the parent entity, Chesapeake Energy Corporation ("CEC"). In the lawsuit, we assert breach of contract, tortious interference with existing contract, tortious interference with prospective business relations, and declaratory relief that the contract is still in full force and effect. On June 7, 2017, CEML filed to remove the lawsuit to the United States District Court Northern District of Texas. On June 9, 2017, the District Court denied our motion for temporary restraining order. CEC filed a motion to dismiss on the basis of personal jurisdiction, and the motion remains pending. Due to the purported contract termination, the closing conditions were not anticipated to be satisfied or waived by the Original Scheduled Closing Date. Therefore, we entered into an amendment to extend the Original Scheduled Closing Date to August 15, 2017. The amendment, among other things, provided that the satisfaction of the closing conditions would be deemed satisfied by the reinstatement of the natural gas sales contract or by entry into a new gathering agreement. Because all closing conditions had not been satisfied or waived by August 15, 2017, EXCO and Venado mutually agreed to terminate the purchase and sale agreement, effective as of August 15, 2017. Following the termination, the purchase and sale agreement was void and of no further effect. North Louisiana acquisitions During June and August 2017, we closed the acquisitions of certain oil and natural gas properties and undeveloped acreage in the North Louisiana region for $4.6 million and $20.1 million , respectively, subject to customary post-closing purchase price adjustments. The August 2017 acquisition consisted of a purchase price of $13.3 million and preliminary purchase price adjustments of $6.8 million . The total purchase price, including preliminary purchase price adjustments, was primarily allocated to $5.2 million of unproved oil and natural gas properties and $14.8 million of proved oil and natural gas properties. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 : (in thousands) Asset retirement obligations at beginning of period $ 11,289 Activity during the period: Liabilities incurred during the period 13 Liabilities settled during the period (101 ) Adjustment to liability due to acquisitions 17 Accretion of discount 648 Asset retirement obligations at end of period 11,866 Less current portion 344 Long-term portion $ 11,522 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, 2017 | |
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, 2017 or 2016. 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 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, 2017 $ 49.81 $ 3.00 June 30, 2017 48.95 3.01 March 31, 2017 47.61 2.73 December 31, 2016 42.75 2.48 We did no t recognize an impairment to our proved oil and natural gas properties for the three and nine months ended September 30, 2017 or 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 nine months ended September 30, 2016 . The impairments during 2016 were primarily due to the decline in oil and natural gas prices. 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. Our proved undeveloped reserves, other than the proved undeveloped reserves associated with certain wells drilled prior to September 30, 2017, remained reclassified in unproved primarily due to the uncertainty regarding the financing required to develop these reserves. These reserves remained classified as unproved due to our inability to meet the reasonable certainty criteria for recording proved undeveloped reserves, as prescribed under the SEC requirements, as the uncertainty regarding our availability of capital required to develop these reserves still existed at September 30, 2017 . 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, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings (loss) per share The following table presents the basic and diluted earnings (loss) per share computations, adjusted to give effect to our reverse share split, for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2017 2016 2017 2016 Basic net income (loss) per common share: Net income (loss) $ (18,824 ) $ 50,936 $ 110,119 $ (190,559 ) Weighted average common shares outstanding 23,319 18,670 20,599 18,612 Net income (loss) per basic common share $ (0.81 ) $ 2.73 $ 5.35 $ (10.24 ) Diluted net income (loss) per common share: Net income (loss) $ (18,824 ) $ 50,936 $ 110,119 $ (190,559 ) Weighted average common shares outstanding 23,319 18,670 20,599 18,612 Dilutive effect of: Stock options — — — — Restricted shares and restricted share units — 79 — — Warrants — — — — Weighted average common shares and common share equivalents outstanding 23,319 18,749 20,599 18,612 Net income (loss) per diluted common share $ (0.81 ) $ 2.72 $ 5.35 $ (10.24 ) Basic net income (loss) per common share is based on the weighted average number of common shares outstanding during the period. In addition, warrants representing the right to purchase our common shares at an exercise price of $0.01 are included in our weighted average common shares outstanding and used in the computation of our basic net income (loss) per common share. Diluted net income (loss) per common share for the three and nine months ended September 30, 2017 and 2016 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, warrants representing the right to purchase our common shares at an exercise price of $13.95 , and warrants issued to Energy Strategic Advisory Services LLC ("ESAS"), whether exercisable or not. The computation of diluted net income (loss) per share excluded 21,723,733 and 5,872,204 antidilutive share equivalents for the three months ended September 30, 2017 and 2016 , respectively, and 9,951,298 and 5,968,174 for the nine months ended September 30, 2017 and 2016 , respectively. The antidilutive common share equivalents for the three and nine months ended September 30, 2017 primarily related to the warrants representing the right to purchase our common shares at an exercise price of $13.95 . The antidilutive common share equivalents for the three and nine months ended September 30, 2016 primarily related to warrants issued to ESAS. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative financial instruments | Derivative financial instruments Our derivative financial instruments are comprised of commodity derivatives and common share warrants. 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, 2017 December 31, 2016 Current assets Derivative financial instruments - commodity derivatives $ 1,512 $ — Long-term assets Derivative financial instruments - commodity derivatives 97 482 Current liabilities Derivative financial instruments - commodity derivatives (1,401 ) (27,711 ) Long-term liabilities Derivative financial instruments - commodity derivatives — (464 ) Net commodity derivative financial instruments $ 208 $ (27,693 ) Long-term liabilities Derivative financial instruments - common share warrants $ (14,555 ) $ — Effect of Derivative Financial Instruments Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Gain (loss) on derivative financial instruments - commodity derivatives $ 860 $ 8,209 $ 22,934 $ (11,632 ) Gain on derivative financial instruments - common share warrants 18,286 — 146,585 — Commodity derivative financial instruments Our primary objective in entering into commodity 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 commodity 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 commodity 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. 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. 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 commodity 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 commodity 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 current credit rating and financial condition restrict our ability to enter into certain types of commodity derivative financial instruments and limit the maturity of the contracts with counterparties. We have historically entered into commodity derivative financial instruments with the financial institutions that are lenders under the EXCO Resources Credit Agreement. Therefore, our ability to enter into commodity derivative financial instruments is limited beyond the maturity of the EXCO Resources Credit Agreement in July 2018. As a result, our exposure to commodity price fluctuations will increase in 2018 due to lower oil and natural gas volumes covered by derivative contracts compared to historical levels. 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 commodity derivative financial instruments as of September 30, 2017 : (dollars in thousands, except prices) Volume Bbtu/Mbbl Weighted average strike price per Mmbtu/Bbl Fair value at September 30, 2017 Natural gas: Swaps: Remainder of 2017 9,200 $ 3.05 $ (3 ) 2018 3,650 3.15 351 Collars: Remainder of 2017 2,760 (59 ) Sold call 3.28 Purchased put 2.87 Total natural gas $ 289 Oil: Swaps: Remainder of 2017 46 $ 50.00 $ (81 ) Total oil $ (81 ) Total commodity derivative financial instruments $ 208 At December 31, 2016 , we had outstanding swap and collar contracts covering 41,950 and 10,950 Bbtu, respectively, of natural gas and we had outstanding swap contracts covering 183 Mbbls of oil. At September 30, 2017 , the average forward NYMEX WTI oil prices per Bbl for the remainder of 2017 were $51.74 and the average forward NYMEX HH natural gas prices per Mmbtu for the remainder of 2017 and calendar year 2018 were $3.05 and $3.05 , respectively. Our commodity derivative financial instruments covered approximately 56% and 60% of production volumes for the three months ended September 30, 2017 and 2016 , respectively, and 59% and 55% for the nine months ended September 30, 2017 and 2016 , respectively. Common share warrants In connection with the issuance of the 1.5 Lien Notes, on March 15, 2017, we issued warrants to the investors of 1.5 Lien Notes representing the right to purchase an aggregate of up to 21,505,383 common shares (assuming a cash exercise) at an exercise price of $13.95 per share ("Financing Warrants"), and warrants representing the right to purchase an aggregate of up to 431,433 common shares (assuming a cash exercise) at an exercise price of $0.01 per share (“Commitment Fee Warrants”). In addition, certain exchanging holders of the Second Lien Term Loans received warrants representing the right to purchase an aggregate of up to 1,325,546 common shares (assuming a cash exercise) at an exercise price of $0.01 per share ("Amendment Fee Warrants", and with the Commitment Fee Warrants and Financing Warrants, collectively referred to as the "2017 Warrants"). Subject to certain exceptions and limitations, the 2017 Warrants may not be exercised if, as a result of such exercise, the holder of such 2017 Warrants or its affiliates would beneficially own, directly or indirectly, more than 50% of our outstanding common shares. Each of the 2017 Warrants has an exercise term of 5 years from May 31, 2017 and, subject to certain exceptions, may be exercised by cash or cashless exercise. The Financing Warrants are subject to an anti-dilution adjustment in the event we issue common shares for consideration less than the market value of our common shares or exercise price of the Financing Warrants, subject to certain adjustments and exceptions. The Commitment Fee Warrants and the Amendment Fee Warrants are subject to an anti-dilution adjustment in the event we issue common shares at a price per share less than $10.50 per share, subject to certain exceptions and adjustments. The 2017 Warrants are accounted for as derivatives in accordance with FASB Accounting Standard Codification ("ASC") Topic 815, Derivatives and Hedging , ("ASC 815"), and required to be classified as liabilities due to the types of anti-dilution adjustments. We record the 2017 Warrants as non-current liabilities at fair value, with the increase or decrease in fair value being recognized in earnings. The 2017 Warrants will be measured at fair value on a recurring basis until the date of exercise or the date of expiration. As a result of the change in the fair value of the 2017 Warrants, we recorded a gain of $18.3 million and $146.6 million on the revaluation of the warrants during three and nine months ended September 30, 2017 , respectively, in " Gain on derivative financial instruments - common share warrants " on the Condensed Consolidated Statements of Operations. The gain was primarily due to a decrease in EXCO's share price. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Long-term Debt, Current and Noncurrent [Abstract] | |
Debt | Debt The carrying value of our total debt is summarized as follows: (in thousands) September 30, 2017 December 31, 2016 EXCO Resources Credit Agreement $ 126,401 $ 228,592 1.5 Lien Notes 316,958 — Unamortized discount on 1.5 Lien Notes (144,928 ) — 1.75 Lien Term Loans 863,097 — Unamortized discount on 1.75 Lien Term Loans (18,610 ) — Exchange Term Loan 23,543 590,477 Fairfax Term Loan — 300,000 2018 Notes 131,576 131,576 Unamortized discount on 2018 Notes (305 ) (520 ) 2022 Notes 70,169 70,169 Deferred financing costs, net (12,524 ) (11,756 ) Total debt 1,355,377 1,308,538 Current maturities of long-term debt 1,333,989 50,000 Long-term debt $ 21,388 $ 1,258,538 September 30, 2017 (in thousands) Carrying value Deferred reduction in carrying value Unamortized discount/deferred financing costs Principal balance EXCO Resources Credit Agreement $ 126,401 $ — $ — $ 126,401 1.5 Lien Notes 172,030 — 144,928 316,958 1.75 Lien Term Loans 844,487 (154,171 ) 18,610 708,926 Exchange Term Loan 23,543 (6,297 ) — 17,246 2018 Notes 131,271 — 305 131,576 2022 Notes 70,169 — — 70,169 Deferred financing costs, net (12,524 ) — 12,524 — Total debt $ 1,355,377 $ (160,468 ) $ 176,367 $ 1,371,276 The terms and conditions of our debt obligations are discussed below. EXCO Resources Credit Agreement Concurrently with the issuance of the 1.5 Lien Notes and as a condition precedent thereto, on March 15, 2017, we amended the EXCO Resources Credit Agreement to, among other things, permit the issuance of the 1.5 Lien Notes and the exchanges of Second Lien Term Loans, reduce the borrowing base thereunder to $150.0 million and modify certain financial covenants. During the third quarter of 2017, we borrowed substantially all of our remaining unused commitments and had $126.4 million of outstanding indebtedness and $23.6 million of outstanding letters of credit under the EXCO Resources Credit Agreement as of September 30, 2017. As a result, we had no availability remaining under the EXCO Resources Credit Agreement, including letters of credit, as of September 30, 2017. The borrowing base under the EXCO Resources Credit Agreement remains subject to semi-annual review and redetermination by the lenders pursuant to the terms of the EXCO Resources Credit Agreement. The redetermination of the borrowing base scheduled for November 2017 is currently in process. 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 the redetermination. 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, as amended on September 29, 2017, ranges from London Interbank Offered Rate ("LIBOR") plus 250 bps to 350 bps (or alternate base rate ("ABR") plus 150 bps to 250 bps), depending on our borrowing base usage. On September 30, 2017, our interest rate was approximately 4.7% . Our financial covenants (as defined in the EXCO Resources Credit Agreement), require that: • our cash (as defined in the EXCO Resources Credit Agreement) plus unused commitments under the EXCO Resources Credit Agreement cannot be less than (i) $50.0 million as of the end of a fiscal month and (ii) $70.0 million as of the end of a fiscal quarter; • our Aggregate Revolving Credit Exposure Ratio cannot exceed 1.2 to 1.0 as of the end of any fiscal quarter. Aggregate revolving credit exposure utilized in the Aggregate Revolving Credit Exposure Ratio includes borrowings and letters of credit under the EXCO Resources Credit Agreement; and • our Interest Coverage Ratio cannot be less than 1.75 to 1.0 for the fiscal quarter ending September 30, 2017 and 2.0 to 1.0 for fiscal quarters thereafter. The consolidated EBITDAX and consolidated interest expense utilized in this ratio are based on the most recent fiscal quarter ended multiplied by 4.0 as of September 30, 2017, the most recent two fiscal quarters ended multiplied by 2.0 as of December 31, 2017, the most recent three fiscal quarters ended multiplied by 4/3 as of March 31, 2018, and the trailing twelve month period for fiscal quarters ending thereafter. The definition of consolidated interest expense includes cash interest payments that are accounted for as reductions in the carrying amount of indebtedness in accordance with FASB ASC 470-60, Troubled Debt Restructuring by Debtors . Consolidated interest expense is limited to payments in cash, and excludes PIK Payments on the 1.5 Lien Notes and 1.75 Lien Term Loans. As of September 30, 2017 , our Aggregate Revolving Credit Exposure Ratio exceeded the allowed maximum of 1.2 to 1.0. In anticipation of the potential default, on September 29, 2017, we obtained a limited one-time waiver from the lenders under the EXCO Resources Credit agreement waiving an event of default as a result of a failure to comply with the Aggregate Revolving Credit Exposure Ratio as of September 30, 2017. A breach of any covenant under the EXCO Resources Credit Agreement could also cause an event of default under the indenture governing the 1.5 Lien Notes, credit agreement governing the 1.75 Lien Term Loans and the indentures governing the 2018 Notes and 2022 Notes. Although an event of default has not yet occurred, FASB ASC Topic 470, Debt , requires debt to be presented as a current liability if a debtor modifies a covenant in anticipation of a potential default and it is probable the debtor will not be able meet the covenant in future periods. We believe it is probable that we will not be in compliance with the Aggregate Revolving Credit Exposure ratio as of December 31, 2017. Therefore, we have classified the amounts outstanding under the EXCO Resources Credit Agreement, as well as any outstanding debt with cross-default provisions, as a current liability. See discussion regarding our Liquidity, compliance with debt covenants and ability to continue as a going concern as part of "Note 1. Organization and basis of presentation". 1.5 Lien Notes On March 15, 2017, we issued an aggregate of $300.0 million of 1.5 Lien Notes due March 20, 2022 to affiliates of Fairfax Financial Holdings Limited ("Fairfax"), Bluescape Resources Company LLC ("Bluescape"), Oaktree Capital Management, LP ("Oaktree"), and an unaffiliated investor. The 1.5 Lien Notes bear interest at a cash interest rate of 8% per annum, or, if we elect to make interest payments on the 1.5 Lien Notes with our common shares or, in certain circumstances, by issuing additional 1.5 Lien Notes, at an interest rate of 11% per annum. Interest is payable bi-annually on March 20 and September 20 of each year, commencing on September 20, 2017. On September 20, 2017 we paid the interest due on the 1.5 Lien Notes in-kind with approximately $17.0 million of aggregate principal amount of 1.5 Lien Notes, resulting in $317.0 million of total aggregate principal amount of 1.5 Lien Notes outstanding as of September 30, 2017. As described in “Note 7. Derivative financial instruments,” in connection with the issuance of the 1.5 Lien Notes, we also issued the Commitment Fee Warrants and the Financing Warrants. The combined fair value of the Commitment Fee Warrants and the Financing Warrants of $148.6 million as of March 15, 2017 and $4.5 million of cash paid to certain investors who elected to receive cash in lieu of Commitment Fee Warrants was recorded as a discount to the 1.5 Lien Notes. The discount and $4.3 million of transaction costs incurred related to the transaction are being amortized to interest expense over the life of the 1.5 Lien Notes. We used the majority of the proceeds from the issuance of the 1.5 Lien Notes to repay the entire amount outstanding under the EXCO Resources Credit Agreement in March 2017. 1.75 Lien Term Loans and Second Lien Term Loan Exchange During 2015, we closed a 12.5% senior secured second lien term loan with certain affiliates of Fairfax in the aggregate principal amount of $300.0 million ("Fairfax Term Loan") and a 12.5% senior secured second lien term loan with certain unsecured noteholders in the aggregate principal amount of $400.0 million (“Exchange Term Loan" and together with the Fairfax Term Loan, "Second Lien Term Loans"). 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 was adjusted to equal 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, reduce the carrying amount and no interest expense is recognized. In connection with the offering of the 1.5 Lien Notes, on March 15, 2017, we completed the Second Lien Term Loan Exchange whereby approximately $682.8 million in aggregate principal amount of the outstanding Second Lien Term Loans, consisting of all of the outstanding indebtedness under the Fairfax Term Loan and approximately $382.8 million in aggregate principal amount of the Exchange Term Loan, were exchanged for approximately $682.8 million in aggregate principal amount of 1.75 Lien Term Loans. As a result of the Second Lien Term Loan Exchange, the Fairfax Term Loan was deemed satisfied and paid in full and was terminated. In addition, by participating in the Second Lien Term Loan Exchange, each exchanging lender was deemed to consent to an amendment to the Second Lien Term Loans that eliminated substantially all of the restrictive covenants and events of default in the agreements governing the Second Lien Term Loans. Following the Second Lien Term Loan Exchange, the Company has approximately $17.2 million in aggregate principal amount of Second Lien Term Loans outstanding, consisting entirely of the remaining portion of the Exchange Term Loan. The Second Lien Term Loan Exchange was accounted for as a modification of debt, and no gain or loss was recognized on the exchange. As described in “Note 7. Derivative financial instruments,” in connection with the issuance of the 1.75 Lien Term Loans, we also issued the Amendment Fee Warrants. The combined fair value of the Amendment Fee Warrants issued to the lenders of the 1.75 Lien Term Loans on March 15, 2017 of $12.6 million and $8.6 million of cash paid to the lenders who elected to receive cash in lieu of warrants was recorded as a discount to the 1.75 Lien Term Loans, and is being amortized to interest expense over the life of the loans. The transaction costs related to the Second Lien Term Loan Exchange of $6.4 million were recorded in " Gain (loss) on restructuring and extinguishment of debt " in our Condensed Consolidated Statements of Operations for the nine months ended September 30, 2017 . The 1.75 Lien Term Loans are due on October 26, 2020, bear interest at a cash rate of 12.5% per annum, or, if we elect to pay interest on the 1.75 Lien Term Loans with our common shares or, in certain circumstances, by issuing additional 1.75 Lien Term Loans, at an interest rate of 15.0% per annum. On September 20, 2017 we paid the interest due on the 1.75 Lien Term Loans in-kind with approximately $26.2 million of aggregate principal amount of 1.75 Lien Term Loans, resulting in $708.9 million of total aggregate principal amount of 1.75 Lien Term Loans outstanding as of September 30, 2017. PIK Payments under the 1.5 Lien Notes and the 1.75 Lien Term Loans The indenture governing the 1.5 Lien Notes and the credit agreement governing the 1.75 Lien Term Loans allow us to make PIK Payments subject to certain restrictions and limitations. See further discussion of the limitations on our ability make PIK Payments in "Note 1. Organization and basis of presentation". Prior to December 31, 2018, the indenture governing the 1.5 Lien Notes and the credit agreement governing the 1.75 Lien Term Loans allow us to make PIK Payments on the 1.5 Lien Notes and the 1.75 Lien Term Loans in our sole discretion, subject to certain limitations. After December 31, 2018, the amount of PIK Payments we are permitted to make will depend on our level of liquidity, which, for the purposes of 1.5 Lien Notes and 1.75 Lien Term Loans, is defined as (i) the sum of (a) our unrestricted cash and cash equivalents and (b) any amounts available to be borrowed under the EXCO Resources Credit Agreement (to the extent then available) less (ii) the face amount of any letters of credit outstanding under the EXCO Resources Credit Agreement. The PIK Payment percentage after December 31, 2018 decreases linearly from as much as 100% to 0% as the level of liquidity increases from less than $150.0 million to greater than $225.0 million , respectively. However, we are currently restricted from paying interest in our common shares, and our ability to make future PIK Payments in additional indebtedness is limited to $6.9 million . See "Note 1. Organization and basis of presentation" for further discussion. On June 20, 2017, we issued a total of 2,745,754 PIK Shares in lieu of an approximate $23.0 million cash interest payment under the 1.75 Lien Term Loans. The number of PIK Shares issued was calculated based on the interest rate for PIK Payments of 15.0% , which resulted in a value of $27.6 million for the interest payment. The price of the Company's common shares for determining PIK Shares was based on the trailing 20 -day volume weighted average price calculated as of the end of the three trading days prior to February 28, 2017. On September 20, 2017, we paid approximately $17.0 million and $26.2 million of PIK Payments under the 1.5 Lien Notes and 1.75 Lien Term Loans, respectively, through the issuance of additional 1.5 Lien Notes and 1.75 Lien Term Loans. Covenants, events of default and other material provisions under the 1.5 Lien Notes and the 1.75 Lien Term Loans The 1.5 Lien Notes and 1.75 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 Shell. The 1.5 Lien Notes and 1.75 Lien Term Loans are secured by second priority liens and third priority liens, respectively, on substantially all of EXCO’s assets and the assets of such guarantors. Subject to certain exceptions, the covenants under the indenture governing the 1.5 Lien Notes and the credit agreement governing the 1.75 Lien Term Loans 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 we conduct; • enter into transactions with affiliates; • consolidate, merge or dispose of assets; • incur liens; and • enter into sale/leaseback transactions. In addition, the indenture governing the 1.5 Lien Notes includes restrictions on our ability to incur additional indebtedness, including debt under the EXCO Resources Credit Agreement in excess of $150.0 million , among other things and subject to certain restrictions. The indenture governing the 1.5 Lien Notes and the credit agreement governing the 1.75 Lien Term Loans require that net cash proceeds of certain asset sales be used within one year to acquire or develop oil and natural gas properties or we must use the proceeds to permanently repay, redeem or repurchase a portion of the EXCO Resources Credit Agreement, 1.5 Lien Notes or 1.75 Lien Term Loans. If there is an event of default, we will be required to pay each of the 1.5 Lien Notes and the 1.75 Lien Term Loans in an amount equal to the outstanding principal amount plus an applicable make-whole premium. In connection with the offering of the 1.5 Lien Notes and the Second Lien Term Loan Exchange, we entered into an amended and restated intercreditor agreement, under which the lenders of the remaining outstanding portion of the Exchange Term Loan agreed to subordinate their security interest in the collateral to the interests of the holders of the 1.5 Lien Notes, the 1.75 Lien Term Loans and the lenders under EXCO Resources Credit Agreement. In addition, the lenders of the 1.75 Lien Term Loans agreed to subordinate their security interest in the collateral to the interests of the holders of the 1.5 Lien Notes and the lenders under the EXCO Resources Credit Agreement, and the holders of the 1.5 Lien Notes agreed to subordinate their security interest in the collateral to the lenders under the EXCO Resources Credit Agreement. 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 Shell. Our equity investments, other than OPCO, have been designated as unrestricted subsidiaries under the indenture governing the 2018 Notes. During 2015 and 2016, we completed exchanges and a series of open market repurchases of the 2018 Notes significantly reducing the aggregate principal amount outstanding. As of September 30, 2017 , $131.6 million in principal was outstanding on the 2018 Notes. Interest accrues at 7.5% per annum and is payable semi-annually in arrears on March 15 and September 15 of each year. The maturity date of the 2018 Notes is September 15, 2018. 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. During 2015 and 2016, we completed exchanges and a series of open market repurchases of the 2022 Notes significantly reducing the aggregate principal amount outstanding. As of September 30, 2017 , $70.2 million in principal was outstanding on the 2022 Notes. 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. See discussion regarding our Liquidity, compliance with debt covenants and ability to continue as a going concern as part of "Note 1. Organization and basis of presentation". |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
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. During the nine months ended September 30, 2017 and 2016 there were no changes in the fair value level classifications, except that the Exchange Term Loan was reclassified to Level 3. 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, 2017 and December 31, 2016 . September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Derivative financial instruments - commodity derivatives $ — $ 208 $ — $ 208 Derivative financial instruments - common share warrants — (14,555 ) — (14,555 ) December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Derivative financial instruments - commodity derivatives $ — $ (27,693 ) $ — $ (27,693 ) Derivative financial instruments - commodity derivatives We evaluate commodity 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 commodity derivative asset values are determined primarily by quoted futures prices and utilization of the counterparties’ credit-adjusted risk-free rate curves and net commodity 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 and collar 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 consisted of swap and collar contracts for notional Mmbtus of natural gas at posted price indexes, including NYMEX HH swap and option 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, (iii) the applicable credit-adjusted risk-free rate curve, as described above, and (iv) the implied rates of volatility inherent in the option contracts. The implied rates of volatility were determined based on the average of historical HH natural gas prices. The fair value of our commodity 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. Derivative financial instruments - common share warrants The liability attributable to our common share warrants as of the issuance date and the end of each reporting period was measured using the Black-Scholes model based on inputs including our share price, volatility, expected remaining life and the risk-free rate of return. The implied rates of volatility were determined based on historical prices of our common shares over a period consistent with the expected remaining life. Common share warrants are measured at fair value on a recurring basis until the date of exercise or the date of expiration. See further details on the fair value of our derivative financial instruments in “Note 6. 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 senior notes and term loans 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 value of the 1.5 Lien Notes, 1.75 Lien Term Loans and the Exchange Term Loan have been calculated based on quoted prices obtained from third-party pricing sources that lack significant observable inputs and are classified as Level 3. The 2017 Warrants are considered freestanding financial instruments and are not considered in the determination of the fair value of the 1.5 Lien Notes and 1.75 Lien Term Loans. The estimated fair value of the Exchange Term Loan was calculated based on quoted prices obtained from third-party sources and classified as Level 2 during 2016. During the nine months ended September 30, 2017 , we reclassified the fair value of the Exchange Term Loan into Level 3 due to the lack of market activity and significant observable inputs. See "Note 8. Debt" for the carrying value and the principal balance of each debt instrument included in the table below. September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total 1.5 Lien Notes $ — $ — $ 232,276 $ 232,276 1.75 Lien Term Loans — — 474,980 474,980 Exchange Term Loan — — 11,555 11,555 2018 Notes 33,210 — — 33,210 2022 Notes 14,341 — — 14,341 December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Exchange Term Loan $ — $ 294,000 $ — $ 294,000 Fairfax Term Loan — 222,000 — 222,000 2018 Notes 79,028 — — 79,028 2022 Notes 35,260 — — 35,260 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes We have historically evaluated our estimated annual effective income tax rate based on current and forecasted business results and enacted tax laws on a quarterly basis and applied this tax rate to our ordinary income or loss to calculate our estimated tax liability or benefit. However, due to our annual effective tax rate being highly sensitive to estimates of total ordinary income or loss, we calculated an estimated year-to-date effective tax rate for the nine months ended September 30, 2017 . Our annual effective tax rate is highly sensitive to estimates of ordinary income or loss primarily due to significant permanent differences related to the non-taxable gains or losses on the 2017 Warrants and non-deductible interest on our 1.5 Lien Notes and 1.75 Lien Term Loans. We have accumulated financial net 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 decreased $95.5 million for the nine months ended September 30, 2017 . As a result of cumulative financial operating losses, we have recognized net valuation allowances of approximately $1.3 billion that have fully offset our net deferred tax assets, excluding the deferred tax liability for goodwill, as of September 30, 2017 . 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. The utilization of our NOLs to offset taxable income in future periods may be limited if we undergo an ownership change pursuant to the criteria in Section 382 of the Internal Revenue Code. Generally, an ownership change occurs for Section 382 purposes when the percentage of stock held by one or more five -percent shareholders increases by more than 50 percentage points over the lowest stock ownership held by such shareholders on any testing date within a three -year period. The indenture governing the 1.5 Lien Notes and the credit agreement governing the 1.75 Lien Term Loans allow us to make PIK Payments in common shares, subject to certain restriction and limitations. Our common share price has been and continues to be volatile, and has significantly decreased during 2017. If our common share price remains at the current levels or continues to decrease, the payment of interest in common shares on the 1.75 Lien Term Loans on December 20, 2017 would more-likely-than-not cause us to experience an ownership change pursuant to Section 382 of the Internal Revenue Code. As of September 30, 2017, we had estimated NOLs of $2.4 billion . |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions OPCO and Appalachia Midstream JV 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, 2017 or 2016 . OPCO may distribute any excess cash equally between us and Shell 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, 2017 and 2016 , these transactions included the following: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Amounts received from OPCO $ 1,562 $ 3,824 $ 4,940 $ 12,586 As of September 30, 2017 and December 31, 2016 , the amounts owed were as follows: (in thousands) September 30, 2017 December 31, 2016 Amounts due to EXCO (1) $ 492 $ 618 Amounts due from EXCO (1) 3,389 13,624 (1) Advances to OPCO are recorded in "Inventory and other" 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. We own a 50% interest in an entity that owns and operates midstream assets in the Appalachia region ("Appalachia Midstream JV"). On October 12, 2017, EXCO received a $6.0 million cash distribution from Appalachia Midstream JV. ESAS We have a services and investment agreement with ESAS, a wholly owned subsidiary of an affiliate of Bluescape. C. John Wilder, Executive Chairman of Bluescape, is the Executive Chairman of our Board of Directors and indirectly controls ESAS. 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. Amounts due to ESAS are recorded in "Accounts payable and accrued liabilities" in our Condensed Consolidated Balance Sheets. As a result of EXCO's performance rank, no incentive payment was due to ESAS for the twelve-month period ending March 31, 2017. We did not make an accrual for the annual incentive payment at September 30, 2017 as a result of EXCO's performance rank. In connection with the services and investment agreement, EXCO issued warrants to ESAS in four tranches representing the right to purchase an aggregate of 5,333,335 common shares ("ESAS Warrants"). 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 ESAS 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. For the three and nine months ended September 30, 2017 we recognized income of $1.3 million and $14.2 million , respectively, and expense of $0.9 million and $11.8 million , for the three and nine months ended September 30, 2016 , respectively, of equity-based compensation related to the ESAS Warrants. The income recorded during the three and nine months ended September 30, 2017 was due to a significant decrease in the fair value of the ESAS Warrants primarily as a result of a decrease in the Company's share price. On September 20, 2017, ESAS received $4.0 million and $1.8 million of PIK Payments in the form of additional 1.5 Lien Notes and 1.75 Lien Term Loans, respectively, resulting in ESAS holding $74.0 million in aggregate principal amount of 1.5 Lien Notes and $49.7 million in aggregate principal amount of 1.75 Lien Term Loans as of September 30, 2017. During the nine months ended September 30, 2017 , ESAS also received $1.2 million of cash interest payments on the Exchange Term Loan and 192,609 of PIK Shares under the 1.75 Lien Term Loans. In addition, ESAS holds Financing Warrants representing the right to purchase an aggregate of 5,017,922 common shares at an exercise price equal to $13.95 per share. ESAS received a consent fee of $1.6 million in cash for exchanging its interest in the Exchange Term Loan, and a commitment fee of $2.1 million in cash in connection with the issuance of the 1.5 Lien Notes. At September 30, 2017 , ESAS was the beneficial owner of approximately 24.1% of our outstanding common shares, including common shares issuable upon the exercise of the 2017 Warrants. As described above, ESAS is a wholly owned subsidiary of an affiliate of Bluescape, and C. John Wilder, the Executive Chairman of Bluescape, is the Executive Chairman of our Board of Directors and indirectly controls ESAS. 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 1.5 Lien Notes, 1.75 Lien Term Loans and our common shares. Fairfax Samuel Mitchell serves as a Managing Director of Hamblin Watsa Investment Counsel Ltd. ("Hamblin Watsa"), the investment manager of Fairfax and certain affiliates thereof. Samuel Mitchell was a member of our Board of Directors until his resignation on September 20, 2017. On September 20, 2017, certain affiliates of Fairfax received $8.5 million and $15.8 million of PIK Payments in the form of additional 1.5 Lien Notes and 1.75 Lien Term Loans, respectively, resulting in Fairfax holding, directly or indirectly, $159.5 million in aggregate principal amount of 1.5 Lien Notes and $427.9 million in aggregate principal amount of 1.75 Lien Term Loans as of September 30, 2017. During the nine months ended September 30, 2017 , Fairfax also received $10.6 million of cash interest payments on the Fairfax Term Loan and the Exchange Term Loan and 1,657,330 of PIK Shares under the 1.75 Lien Term Loan. In addition, Fairfax holds Financing Warrants representing the right to purchase an aggregate of 10,824,377 common shares at an exercise price equal to $13.95 per share, Commitment Fee Warrants representing the right to purchase an aggregate of 431,433 common shares at an exercise price equal to $0.01 per share and Amendment Fee Warrants representing the right to purchase an aggregate of 1,294,143 common shares at an exercise price equal to $0.01 per share. Oaktree B. James Ford serves as a Senior Advisor of Oaktree, and was a member of our Board of Directors until his resignation on September 20, 2017. On September 20, 2017, Oaktree received $2.2 million of PIK Payments in the form of additional 1.5 Lien Notes resulting in certain affiliates of Oaktree holding, directly or indirectly, $41.7 million in aggregate principal amount of 1.5 Lien Notes as of September 30, 2017. In addition, certain affiliates of Oaktree hold Financing Warrants representing the right to purchase an aggregate of 2,831,542 common shares at an exercise price equal to $13.95 per share. Oaktree also received a commitment fee of $1.2 million in cash in connection with the issuance of the 1.5 Lien Notes. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed consolidating financial statements | Condensed consolidating financial statements As of September 30, 2017, the majority of EXCO’s subsidiaries were guarantors under the EXCO Resources Credit Agreement, the indenture governing the 1.5 Lien Notes, the credit agreement governing the 1.75 Lien Term Loans and the indentures governing the 2018 Notes and 2022 Notes. All of our unrestricted subsidiaries under the 1.5 Lien Notes, 1.75 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 1.5 Lien Notes, 1.75 Lien Term Loans, 2018 Notes and 2022 Notes, 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, 2017 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 94,216 $ (11,757 ) $ — $ — $ 82,459 Restricted cash — 23,379 — — 23,379 Other current assets 16,082 68,461 — — 84,543 Total current assets 110,298 80,083 — — 190,381 Equity investments — — 25,373 — 25,373 Oil and natural gas properties (full cost accounting method): Unproved oil and natural gas properties and development costs not being amortized — 112,935 — — 112,935 Proved developed and undeveloped oil and natural gas properties 333,253 2,722,005 — — 3,055,258 Accumulated depletion (330,776 ) (2,407,327 ) — — (2,738,103 ) Oil and natural gas properties, net 2,477 427,613 — — 430,090 Other property and equipment, net 585 20,493 — — 21,078 Investments in and advances to affiliates, net 502,864 — — (502,864 ) — Derivative financial instruments - commodity derivatives 97 — — — 97 Goodwill 13,293 149,862 — — 163,155 Total assets $ 629,614 $ 678,051 $ 25,373 $ (502,864 ) $ 830,174 Liabilities and shareholders' equity Current maturities of long-term debt $ 1,333,989 $ — $ — $ — $ 1,333,989 Other current liabilities 14,163 187,327 — — 201,490 Long-term debt 21,388 — — — 21,388 Derivative financial instruments - common share warrants 14,555 — — — 14,555 Other long-term liabilities 5,885 13,233 — — 19,118 Payable to parent — 2,416,991 — (2,416,991 ) — Total shareholders' equity (760,366 ) (1,939,500 ) 25,373 1,914,127 (760,366 ) Total liabilities and shareholders' equity $ 629,614 $ 678,051 $ 25,373 $ (502,864 ) $ 830,174 EXCO RESOURCES, INC. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 24,610 $ (15,542 ) $ — $ — $ 9,068 Restricted cash — 11,150 — — 11,150 Other current assets 6,463 83,936 — — 90,399 Total current assets 31,073 79,544 — — 110,617 Equity investments — — 24,365 — 24,365 Oil and natural gas properties (full cost accounting method): Unproved oil and natural gas properties and development costs not being amortized — 97,080 — — 97,080 Proved developed and undeveloped oil and natural gas properties 331,823 2,608,100 — — 2,939,923 Accumulated depletion (330,776 ) (2,371,469 ) — — (2,702,245 ) Oil and natural gas properties, net 1,047 333,711 — — 334,758 Other property and equipment, net 568 23,093 — — 23,661 Investments in and advances to affiliates, net 430,168 — — (430,168 ) — Deferred financing costs, net 4,376 — — — 4,376 Derivative financial instruments - commodity derivatives 482 — — — 482 Goodwill 13,293 149,862 — — 163,155 Total assets $ 481,007 $ 586,210 $ 24,365 $ (430,168 ) $ 661,414 Liabilities and shareholders' equity Current maturities of long-term debt $ 50,000 $ — $ — $ — $ 50,000 Other current liabilities 40,671 167,692 — — 208,363 Long-term debt 1,258,538 — — — 1,258,538 Other long-term liabilities 3,704 12,715 — — 16,419 Payable to parent — 2,337,585 — (2,337,585 ) — Total shareholders' equity (871,906 ) (1,931,782 ) 24,365 1,907,417 (871,906 ) Total liabilities and shareholders' equity $ 481,007 $ 586,210 $ 24,365 $ (430,168 ) $ 661,414 EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) For the three months ended September 30, 2017 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ — $ 61,229 $ — $ — $ 61,229 Purchased natural gas and marketing — 5,507 — — 5,507 Total revenues — 66,736 — — 66,736 Costs and expenses: Oil and natural gas production — 12,259 — — 12,259 Gathering and transportation — 28,743 — — 28,743 Purchased natural gas — 5,388 — — 5,388 Depletion, depreciation and amortization 88 13,430 — — 13,518 Impairment of oil and natural gas properties — — — — — Accretion of discount on asset retirement obligations — 221 — — 221 General and administrative (5,042 ) 15,077 — — 10,035 Other operating items — 1,714 — — 1,714 Total costs and expenses (4,954 ) 76,832 — — 71,878 Operating income (loss) 4,954 (10,096 ) — — (5,142 ) Other income (expense): Interest expense, net (32,888 ) — — — (32,888 ) Gain on derivative financial instruments - commodity derivatives 860 — — — 860 Gain on derivative financial instruments - common share warrants 18,286 — — — 18,286 Other income 13 12 — — 25 Equity income — — 354 — 354 Net loss from consolidated subsidiaries (9,730 ) — — 9,730 — Total other income (expense) (23,459 ) 12 354 9,730 (13,363 ) Income (loss) before income taxes (18,505 ) (10,084 ) 354 9,730 (18,505 ) Income tax expense 319 — — — 319 Net income (loss) $ (18,824 ) $ (10,084 ) $ 354 $ 9,730 $ (18,824 ) 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 - commodity derivatives 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 nine months ended September 30, 2017 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ — $ 195,072 $ — $ — $ 195,072 Purchased natural gas and marketing — 19,208 — — 19,208 Total revenues — 214,280 — — 214,280 Costs and expenses: Oil and natural gas production — 35,822 — — 35,822 Gathering and transportation — 83,183 — — 83,183 Purchased natural gas — 18,193 — — 18,193 Depletion, depreciation and amortization 224 36,424 — — 36,648 Impairment of oil and natural gas properties — — — — — Accretion of discount on asset retirement obligations — 648 — — 648 General and administrative (32,169 ) 45,225 — — 13,056 Other operating items 577 2,492 — — 3,069 Total costs and expenses (31,368 ) 221,987 — — 190,619 Operating income (loss) 31,368 (7,707 ) — — 23,661 Other income (expense): Interest expense, net (75,318 ) (2 ) — — (75,320 ) Gain on derivative financial instruments - commodity derivatives 22,934 — — — 22,934 Gain on derivative financial instruments - common share warrants 146,585 — — — 146,585 Loss on restructuring of debt (6,380 ) — — — (6,380 ) Other income (loss) 14 (10 ) — — 4 Equity income — — 1,009 — 1,009 Net loss from consolidated subsidiaries (6,710 ) — — 6,710 — Total other income (expense) 81,125 (12 ) 1,009 6,710 88,832 Income (loss) before income taxes 112,493 (7,719 ) 1,009 6,710 112,493 Income tax expense 2,374 — — — 2,374 Net income (loss) $ 110,119 $ (7,719 ) $ 1,009 $ 6,710 $ 110,119 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 - commodity derivatives (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 CASH FLOWS (Unaudited) For the nine months ended September 30, 2017 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities: Net cash provided by (used in) operating activities $ (9,637 ) $ 60,744 $ — $ — $ 51,107 Investing Activities: Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions (1,011 ) (114,663 ) — — (115,674 ) Proceeds from disposition of property and equipment — 25 — — 25 Restricted cash — (12,229 ) — — (12,229 ) Net changes in amounts due to joint ventures — (9,498 ) — — (9,498 ) Advances/investments with affiliates (79,406 ) 79,406 — — — Net cash used in investing activities (80,417 ) (56,959 ) — — (137,376 ) Financing Activities: Borrowings under EXCO Resources Credit Agreement 163,401 — — — 163,401 Repayments under EXCO Resources Credit Agreement (265,592 ) — — — (265,592 ) Proceeds received from issuance of 1.5 Lien Notes, net 295,530 — — — 295,530 Payments on Exchange Term Loan (11,602 ) — — — (11,602 ) Debt financing costs and other (22,077 ) — — — (22,077 ) Net cash provided by financing activities 159,660 — — — 159,660 Net increase in cash 69,606 3,785 — — 73,391 Cash at beginning of period 24,610 (15,542 ) — — 9,068 Cash at end of period $ 94,216 $ (11,757 ) $ — $ — $ 82,459 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 amounts due to joint ventures — 2,377 — — 2,377 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 ) Debt 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 |
Summary Of Significant Accoun19
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | In July 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features, II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception ("ASU 2017-11"). ASU 2017-11 revises the guidance for instruments with down round features in Subtopic 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity, which is considered in determining whether an equity-linked financial instrument qualifies for a scope exception from derivative accounting. An entity still is required to determine whether instruments would be classified in equity under the guidance in Subtopic 815-40 in determining whether they qualify for that scope exception. If they do qualify, freestanding instruments with down round features are no longer classified as liabilities. Our 2017 Warrants, as defined in "Note 7. Derivative Financial Instruments", are required to be classified as liabilities under the current guidance due to their down round features. The amendments in Part I are required to be applied retrospectively to outstanding financial instruments with down round features. ASU 2017-11 is effective for annual and interim periods beginning after December 15, 2018, and early adoption is permitted, including adoption in an interim period. We are currently assessing the impact of ASU 2017-11; however, we believe that it may have a significant impact on our consolidated financial condition and results of operations if we determine the 2017 Warrants qualify for equity classification. During the nine months ended September 30, 2017 , we recorded a gain of $146.6 million on the revaluation of the 2017 Warrants on the Condensed Consolidated Statements of Operations and a liability of $14.6 million on the Condensed Consolidated Balance Sheet as of September 30, 2017 . In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ("ASU 2017-09"). ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for annual and interim periods beginning after December 15, 2017, and early adoption is permitted. We adopted ASU 2017-09 in the current period; however, the adoption of ASU 2017-09 did not have an impact on our consolidated financial condition and results of operations. We will apply the guidance in ASU 2017-09 in future periods, if applicable. In August 2016, the FASB issued 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, and early adoption is permitted. We early adopted ASU 2016-15 and will apply the new guidance, if applicable, in future periods. We elected to apply the cumulative earnings approach to classify distributions received from equity method investees. The adoption of ASU 2016-15 did not have an impact on our current consolidated financial condition and results of operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). The FASB and the International Accounting Standards Board ("IASB") jointly issued this comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under currently applicable guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. During 2016, the FASB issued four additional ASUs that primarily clarified the implementation guidance on principal versus agent considerations, performance obligations and licensing, collectability, presentation of sales taxes and other similar taxes collected from customers, and non-cash consideration. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017 and permits the use of either the retrospective or cumulative effect transition method. We are currently assessing the impact of ASU 2014-09 and the related updates and clarifications and are performing a review of the new guidance. We intend to adopt ASU 2014-09 and the related updates for the interim and annual periods beginning after December 15, 2017 and we expect to adopt the new standard using the modified retrospective method of adoption. We are evaluating the new guidance and performing detailed analysis of our contracts. We are currently unable to quantify the impact the standard will have on our consolidated financial condition and results of operations; however, we do not believe this standard will have a material impact, if any, on our consolidated financial condition and results of operations. However, the adoption of the standard will require that we provide expanded disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. |
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, 2017 or 2016. 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 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, 2017 $ 49.81 $ 3.00 June 30, 2017 48.95 3.01 March 31, 2017 47.61 2.73 December 31, 2016 42.75 2.48 We did no t recognize an impairment to our proved oil and natural gas properties for the three and nine months ended September 30, 2017 or 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 nine months ended September 30, 2016 . The impairments during 2016 were primarily due to the decline in oil and natural gas prices. 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. Our proved undeveloped reserves, other than the proved undeveloped reserves associated with certain wells drilled prior to September 30, 2017, remained reclassified in unproved primarily due to the uncertainty regarding the financing required to develop these reserves. These reserves remained classified as unproved due to our inability to meet the reasonable certainty criteria for recording proved undeveloped reserves, as prescribed under the SEC requirements, as the uncertainty regarding our availability of capital required to develop these reserves still existed at September 30, 2017 . 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. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 : (in thousands) Asset retirement obligations at beginning of period $ 11,289 Activity during the period: Liabilities incurred during the period 13 Liabilities settled during the period (101 ) Adjustment to liability due to acquisitions 17 Accretion of discount 648 Asset retirement obligations at end of period 11,866 Less current portion 344 Long-term portion $ 11,522 |
Oil and Natural Gas Properties
Oil and Natural Gas Properties Oil and Natural Gas Properties (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Oil and Gas Property [Abstract] | |
Average spot price | Average spot prices Oil (per Bbl) Natural gas (per Mmbtu) September 30, 2017 $ 49.81 $ 3.00 June 30, 2017 48.95 3.01 March 31, 2017 47.61 2.73 December 31, 2016 42.75 2.48 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Earnings Per Share Computations | The following table presents the basic and diluted earnings (loss) per share computations, adjusted to give effect to our reverse share split, for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2017 2016 2017 2016 Basic net income (loss) per common share: Net income (loss) $ (18,824 ) $ 50,936 $ 110,119 $ (190,559 ) Weighted average common shares outstanding 23,319 18,670 20,599 18,612 Net income (loss) per basic common share $ (0.81 ) $ 2.73 $ 5.35 $ (10.24 ) Diluted net income (loss) per common share: Net income (loss) $ (18,824 ) $ 50,936 $ 110,119 $ (190,559 ) Weighted average common shares outstanding 23,319 18,670 20,599 18,612 Dilutive effect of: Stock options — — — — Restricted shares and restricted share units — 79 — — Warrants — — — — Weighted average common shares and common share equivalents outstanding 23,319 18,749 20,599 18,612 Net income (loss) per diluted common share $ (0.81 ) $ 2.72 $ 5.35 $ (10.24 ) |
Derivative Financial Instrume23
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 December 31, 2016 Current assets Derivative financial instruments - commodity derivatives $ 1,512 $ — Long-term assets Derivative financial instruments - commodity derivatives 97 482 Current liabilities Derivative financial instruments - commodity derivatives (1,401 ) (27,711 ) Long-term liabilities Derivative financial instruments - commodity derivatives — (464 ) Net commodity derivative financial instruments $ 208 $ (27,693 ) Long-term liabilities Derivative financial instruments - common share warrants $ (14,555 ) $ — |
Effect Of Derivative Financial Instruments | Effect of Derivative Financial Instruments Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Gain (loss) on derivative financial instruments - commodity derivatives $ 860 $ 8,209 $ 22,934 $ (11,632 ) Gain on derivative financial instruments - common share warrants 18,286 — 146,585 — |
Fair Value Of Oil And Natural Gas Derivative Financial Instruments | The following table presents the volumes and fair value of our commodity derivative financial instruments as of September 30, 2017 : (dollars in thousands, except prices) Volume Bbtu/Mbbl Weighted average strike price per Mmbtu/Bbl Fair value at September 30, 2017 Natural gas: Swaps: Remainder of 2017 9,200 $ 3.05 $ (3 ) 2018 3,650 3.15 351 Collars: Remainder of 2017 2,760 (59 ) Sold call 3.28 Purchased put 2.87 Total natural gas $ 289 Oil: Swaps: Remainder of 2017 46 $ 50.00 $ (81 ) Total oil $ (81 ) Total commodity derivative financial instruments $ 208 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 December 31, 2016 EXCO Resources Credit Agreement $ 126,401 $ 228,592 1.5 Lien Notes 316,958 — Unamortized discount on 1.5 Lien Notes (144,928 ) — 1.75 Lien Term Loans 863,097 — Unamortized discount on 1.75 Lien Term Loans (18,610 ) — Exchange Term Loan 23,543 590,477 Fairfax Term Loan — 300,000 2018 Notes 131,576 131,576 Unamortized discount on 2018 Notes (305 ) (520 ) 2022 Notes 70,169 70,169 Deferred financing costs, net (12,524 ) (11,756 ) Total debt 1,355,377 1,308,538 Current maturities of long-term debt 1,333,989 50,000 Long-term debt $ 21,388 $ 1,258,538 September 30, 2017 (in thousands) Carrying value Deferred reduction in carrying value Unamortized discount/deferred financing costs Principal balance EXCO Resources Credit Agreement $ 126,401 $ — $ — $ 126,401 1.5 Lien Notes 172,030 — 144,928 316,958 1.75 Lien Term Loans 844,487 (154,171 ) 18,610 708,926 Exchange Term Loan 23,543 (6,297 ) — 17,246 2018 Notes 131,271 — 305 131,576 2022 Notes 70,169 — — 70,169 Deferred financing costs, net (12,524 ) — 12,524 — Total debt $ 1,355,377 $ (160,468 ) $ 176,367 $ 1,371,276 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016 . September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Derivative financial instruments - commodity derivatives $ — $ 208 $ — $ 208 Derivative financial instruments - common share warrants — (14,555 ) — (14,555 ) December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Derivative financial instruments - commodity derivatives $ — $ (27,693 ) $ — $ (27,693 ) |
Schedule Of Estimated Fair Value Of Other Financial Instruments | September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total 1.5 Lien Notes $ — $ — $ 232,276 $ 232,276 1.75 Lien Term Loans — — 474,980 474,980 Exchange Term Loan — — 11,555 11,555 2018 Notes 33,210 — — 33,210 2022 Notes 14,341 — — 14,341 December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Exchange Term Loan $ — $ 294,000 $ — $ 294,000 Fairfax Term Loan — 222,000 — 222,000 2018 Notes 79,028 — — 79,028 2022 Notes 35,260 — — 35,260 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | For the three and nine months ended September 30, 2017 and 2016 , these transactions included the following: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Amounts received from OPCO $ 1,562 $ 3,824 $ 4,940 $ 12,586 As of September 30, 2017 and December 31, 2016 , the amounts owed were as follows: (in thousands) September 30, 2017 December 31, 2016 Amounts due to EXCO (1) $ 492 $ 618 Amounts due from EXCO (1) 3,389 13,624 (1) Advances to OPCO are recorded in "Inventory and other" 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 Finan27
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule Of Condensed Consolidating Balance Sheet | EXCO RESOURCES, INC. CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) September 30, 2017 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 94,216 $ (11,757 ) $ — $ — $ 82,459 Restricted cash — 23,379 — — 23,379 Other current assets 16,082 68,461 — — 84,543 Total current assets 110,298 80,083 — — 190,381 Equity investments — — 25,373 — 25,373 Oil and natural gas properties (full cost accounting method): Unproved oil and natural gas properties and development costs not being amortized — 112,935 — — 112,935 Proved developed and undeveloped oil and natural gas properties 333,253 2,722,005 — — 3,055,258 Accumulated depletion (330,776 ) (2,407,327 ) — — (2,738,103 ) Oil and natural gas properties, net 2,477 427,613 — — 430,090 Other property and equipment, net 585 20,493 — — 21,078 Investments in and advances to affiliates, net 502,864 — — (502,864 ) — Derivative financial instruments - commodity derivatives 97 — — — 97 Goodwill 13,293 149,862 — — 163,155 Total assets $ 629,614 $ 678,051 $ 25,373 $ (502,864 ) $ 830,174 Liabilities and shareholders' equity Current maturities of long-term debt $ 1,333,989 $ — $ — $ — $ 1,333,989 Other current liabilities 14,163 187,327 — — 201,490 Long-term debt 21,388 — — — 21,388 Derivative financial instruments - common share warrants 14,555 — — — 14,555 Other long-term liabilities 5,885 13,233 — — 19,118 Payable to parent — 2,416,991 — (2,416,991 ) — Total shareholders' equity (760,366 ) (1,939,500 ) 25,373 1,914,127 (760,366 ) Total liabilities and shareholders' equity $ 629,614 $ 678,051 $ 25,373 $ (502,864 ) $ 830,174 EXCO RESOURCES, INC. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 24,610 $ (15,542 ) $ — $ — $ 9,068 Restricted cash — 11,150 — — 11,150 Other current assets 6,463 83,936 — — 90,399 Total current assets 31,073 79,544 — — 110,617 Equity investments — — 24,365 — 24,365 Oil and natural gas properties (full cost accounting method): Unproved oil and natural gas properties and development costs not being amortized — 97,080 — — 97,080 Proved developed and undeveloped oil and natural gas properties 331,823 2,608,100 — — 2,939,923 Accumulated depletion (330,776 ) (2,371,469 ) — — (2,702,245 ) Oil and natural gas properties, net 1,047 333,711 — — 334,758 Other property and equipment, net 568 23,093 — — 23,661 Investments in and advances to affiliates, net 430,168 — — (430,168 ) — Deferred financing costs, net 4,376 — — — 4,376 Derivative financial instruments - commodity derivatives 482 — — — 482 Goodwill 13,293 149,862 — — 163,155 Total assets $ 481,007 $ 586,210 $ 24,365 $ (430,168 ) $ 661,414 Liabilities and shareholders' equity Current maturities of long-term debt $ 50,000 $ — $ — $ — $ 50,000 Other current liabilities 40,671 167,692 — — 208,363 Long-term debt 1,258,538 — — — 1,258,538 Other long-term liabilities 3,704 12,715 — — 16,419 Payable to parent — 2,337,585 — (2,337,585 ) — Total shareholders' equity (871,906 ) (1,931,782 ) 24,365 1,907,417 (871,906 ) Total liabilities and shareholders' equity $ 481,007 $ 586,210 $ 24,365 $ (430,168 ) $ 661,414 |
Schedule Of Condensed Consolidating Statement Of Operations | EXCO RESOURCES, INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) For the three months ended September 30, 2017 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ — $ 61,229 $ — $ — $ 61,229 Purchased natural gas and marketing — 5,507 — — 5,507 Total revenues — 66,736 — — 66,736 Costs and expenses: Oil and natural gas production — 12,259 — — 12,259 Gathering and transportation — 28,743 — — 28,743 Purchased natural gas — 5,388 — — 5,388 Depletion, depreciation and amortization 88 13,430 — — 13,518 Impairment of oil and natural gas properties — — — — — Accretion of discount on asset retirement obligations — 221 — — 221 General and administrative (5,042 ) 15,077 — — 10,035 Other operating items — 1,714 — — 1,714 Total costs and expenses (4,954 ) 76,832 — — 71,878 Operating income (loss) 4,954 (10,096 ) — — (5,142 ) Other income (expense): Interest expense, net (32,888 ) — — — (32,888 ) Gain on derivative financial instruments - commodity derivatives 860 — — — 860 Gain on derivative financial instruments - common share warrants 18,286 — — — 18,286 Other income 13 12 — — 25 Equity income — — 354 — 354 Net loss from consolidated subsidiaries (9,730 ) — — 9,730 — Total other income (expense) (23,459 ) 12 354 9,730 (13,363 ) Income (loss) before income taxes (18,505 ) (10,084 ) 354 9,730 (18,505 ) Income tax expense 319 — — — 319 Net income (loss) $ (18,824 ) $ (10,084 ) $ 354 $ 9,730 $ (18,824 ) 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 - commodity derivatives 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 nine months ended September 30, 2017 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Oil and natural gas $ — $ 195,072 $ — $ — $ 195,072 Purchased natural gas and marketing — 19,208 — — 19,208 Total revenues — 214,280 — — 214,280 Costs and expenses: Oil and natural gas production — 35,822 — — 35,822 Gathering and transportation — 83,183 — — 83,183 Purchased natural gas — 18,193 — — 18,193 Depletion, depreciation and amortization 224 36,424 — — 36,648 Impairment of oil and natural gas properties — — — — — Accretion of discount on asset retirement obligations — 648 — — 648 General and administrative (32,169 ) 45,225 — — 13,056 Other operating items 577 2,492 — — 3,069 Total costs and expenses (31,368 ) 221,987 — — 190,619 Operating income (loss) 31,368 (7,707 ) — — 23,661 Other income (expense): Interest expense, net (75,318 ) (2 ) — — (75,320 ) Gain on derivative financial instruments - commodity derivatives 22,934 — — — 22,934 Gain on derivative financial instruments - common share warrants 146,585 — — — 146,585 Loss on restructuring of debt (6,380 ) — — — (6,380 ) Other income (loss) 14 (10 ) — — 4 Equity income — — 1,009 — 1,009 Net loss from consolidated subsidiaries (6,710 ) — — 6,710 — Total other income (expense) 81,125 (12 ) 1,009 6,710 88,832 Income (loss) before income taxes 112,493 (7,719 ) 1,009 6,710 112,493 Income tax expense 2,374 — — — 2,374 Net income (loss) $ 110,119 $ (7,719 ) $ 1,009 $ 6,710 $ 110,119 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 - commodity derivatives (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 ) |
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, 2017 (in thousands) Resources Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities: Net cash provided by (used in) operating activities $ (9,637 ) $ 60,744 $ — $ — $ 51,107 Investing Activities: Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions (1,011 ) (114,663 ) — — (115,674 ) Proceeds from disposition of property and equipment — 25 — — 25 Restricted cash — (12,229 ) — — (12,229 ) Net changes in amounts due to joint ventures — (9,498 ) — — (9,498 ) Advances/investments with affiliates (79,406 ) 79,406 — — — Net cash used in investing activities (80,417 ) (56,959 ) — — (137,376 ) Financing Activities: Borrowings under EXCO Resources Credit Agreement 163,401 — — — 163,401 Repayments under EXCO Resources Credit Agreement (265,592 ) — — — (265,592 ) Proceeds received from issuance of 1.5 Lien Notes, net 295,530 — — — 295,530 Payments on Exchange Term Loan (11,602 ) — — — (11,602 ) Debt financing costs and other (22,077 ) — — — (22,077 ) Net cash provided by financing activities 159,660 — — — 159,660 Net increase in cash 69,606 3,785 — — 73,391 Cash at beginning of period 24,610 (15,542 ) — — 9,068 Cash at end of period $ 94,216 $ (11,757 ) $ — $ — $ 82,459 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 amounts due to joint ventures — 2,377 — — 2,377 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 ) Debt 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 |
Organization And Basis Of Pre28
Organization And Basis Of Presentation (Narrative) (Details) $ / shares in Units, $ in Thousands | Dec. 20, 2017USD ($) | Sep. 20, 2017USD ($) | Jun. 20, 2017shares | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Dec. 31, 2017 | Jun. 01, 2017shares | Mar. 15, 2017USD ($) | Dec. 31, 2016USD ($)$ / sharesshares |
Common stock, authorized shares | shares | 260,000,000 | 780,000,000 | 260,000,000 | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | |||||||
Debt instrument, face amount | $ 1,371,276 | ||||||||
Amount by Which Cash Flow from Investing Activities Exceeds Cash Flow from Operating Activities | 86,300 | ||||||||
Maximum secured debt | 1,200,000 | ||||||||
Paid-in-kind Payment, Maximum Indebtedness for the Period | 6,900 | ||||||||
Operating Loss Carryforwards | 2,400,000 | ||||||||
Paid in-kind interest expense | 38,386 | $ 0 | |||||||
Liquidity | $ 105,800 | ||||||||
Maximum beneficial ownership allowed, Percentage | 50.00% | ||||||||
Borrowings under EXCO Resources Credit Agreement | $ 163,401 | 390,897 | |||||||
Debt Instrument, Covenant, Maximum Cash Available for Repurchase, Exchanges, Redemption, Liquidity $ 100 Million, Minimum | 75,000 | ||||||||
Debt Instrument, Covenant, Maximum Cash Available for Repurchase, Exchanges, Redemption | 25,000 | ||||||||
Debt Instrument, Covenant, Maximum Cash Available for Repurchase, Exchanges, Redemption, When Liquidity is 200 Million Dollars, Minimum | 70,000 | ||||||||
Debt Instrument, Covenant, Minimum Liquidity To Be Maintained, For Cash Limit Of $75 Million | 100,000 | ||||||||
Debt Instrument, Covenant, Minimum Liquidity To Be Maintained, For Cash Limit Of $70 Million | 200,000 | ||||||||
Interest Paid | 23,072 | $ 51,975 | |||||||
Letters of Credit Outstanding, Amount | 23,600 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||
OPCO [Member] | |||||||||
Working interest in equity investment | 0.50% | ||||||||
Percentage of ownership interest | 50.00% | ||||||||
East Texas/North Louisiana JV [Member] | |||||||||
Ownership percentage in joint venture | 50.00% | ||||||||
Appalachia JV [Member] | |||||||||
Ownership percentage in joint venture | 50.00% | ||||||||
Proportional working interest | 49.75% | ||||||||
1.5 Lien Notes [Member] | |||||||||
Debt instrument, face amount | $ 316,958 | ||||||||
Debt instrument, principal outstanding | 172,030 | ||||||||
1.75 Lien Notes [Member] | |||||||||
Debt instrument, face amount | 708,926 | ||||||||
Debt instrument, principal outstanding | $ 844,487 | ||||||||
EXCO Resources Credit Agreement [Member] | |||||||||
Debt instrument, covenant, interest coverage ratio | 1.75 | ||||||||
Debt Instrument, Covenant, Minimum Liquidity to be Maintained, End of the Month | $ 50,000 | ||||||||
Debt Instrument, Covenant, Minimum Liquidity to be Maintained, End of the Quarter | $ 70,000 | ||||||||
Debt Instrument, Covenant, Ratio of Aggregate Credit Exposure to EBITDAX | 1.2 | ||||||||
Senior Unsecured Notes due 2018 [Member] | |||||||||
Debt instrument, face amount | $ 131,576 | ||||||||
Debt instrument, principal outstanding | $ 131,576 | ||||||||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 150,000 | ||||||||
Long-term Line of Credit | 126,401 | $ 228,592 | |||||||
Scenario, Forecast [Member] | EXCO Resources Credit Agreement [Member] | |||||||||
Debt instrument, covenant, interest coverage ratio | 2 | ||||||||
Secured Debt [Member] | 1.5 Lien Notes [Member] | |||||||||
Debt instrument, face amount | $ 300,000 | ||||||||
Debt Instrument, Additional Debt or Common Shares Issued, Stated Interest Rate | 11.00% | ||||||||
Paid in-kind interest expense | $ 17,000 | ||||||||
Secured Debt [Member] | 1.75 Lien Notes [Member] | |||||||||
Debt instrument, face amount | $ 708,900 | $ 682,800 | |||||||
Debt Instrument, Additional Debt or Common Shares Issued, Stated Interest Rate | 15.00% | ||||||||
Paid in-kind interest expense | $ 26,200 | ||||||||
Interest, Paid-in-kind, Shares | shares | 2,745,754 | ||||||||
Secured Debt [Member] | Scenario, Forecast [Member] | 1.75 Lien Notes [Member] | |||||||||
Debt Instrument, Minimum Liquidity Required, To Pay Interest In Cash | $ 175,000 | ||||||||
Paid in-kind interest expense | $ 26,900 | ||||||||
Revenues and Royalties Payable | |||||||||
Other commitments | $ 19,500 |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||||
Gain on derivative financial instruments - common share warrants | $ 18,286 | $ 0 | $ 146,585 | $ 0 | |
Warrant Liability, Noncurrent | $ 14,555 | $ 14,555 | $ 0 |
Acquisitions, Divestitures An30
Acquisitions, Divestitures And Other Significant Events (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Apr. 07, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||||
Capitalized Costs, Unproved Properties | $ 112,935 | $ 97,080 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Venado [Member] | ||||
Business Acquisition [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 300,000 | |||
North Louisiana [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | 20,100 | $ 4,600 | ||
Payments to Acquire Oil and Gas Property | 13,300 | |||
Capitalized Costs, Unproved Properties | 5,200 | |||
Purchase price adjustment | 6,800 | |||
Capitalized Costs, Proved Properties | $ 14,800 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligations at beginning of period | $ 11,289 | ||||
Liabilities incurred during the period | 13 | ||||
Liabilities settled during the period | (101) | ||||
Adjustment to liability due to acquisitions | 17 | ||||
Accretion of discount | $ 221 | $ 325 | 648 | $ 2,006 | |
Asset retirement obligations at end of period | 11,866 | 11,866 | |||
Less current portion | 344 | 344 | $ 344 | ||
Long-term portion | $ 11,522 | $ 11,522 |
Oil and Natural Gas Propertie32
Oil and Natural Gas Properties (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017USD ($)$ / bbl$ / MMBTU | Jun. 30, 2017$ / bbl$ / MMBTU | Mar. 31, 2017$ / bbl$ / MMBTU | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016$ / bbl$ / MMBTU | |
Oil and Gas Property [Abstract] | |||||||
Impairment of unproved costs to proved properties | $ 0 | $ 0 | |||||
Reference Prices Per Bbl Of Oil | $ / bbl | 49.81 | 48.95 | 47.61 | 42.75 | |||
Reference prices per mmbtu of natural gas | $ / MMBTU | 3 | 3.01 | 2.73 | 2.48 | |||
Impairment of oil and natural gas properties | $ 0 | $ 0 | $ 0 | $ 160,813,000 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income (loss) | $ (18,824) | $ 50,936 | $ 110,119 | $ (190,559) |
Weighted average common shares outstanding | 23,319 | 18,670 | 20,599 | 18,612 |
Net income (loss) per basic common share | $ (0.81) | $ 2.73 | $ 5.35 | $ (10.24) |
Dilutive Effect of Warrants | 0 | 0 | 0 | 0 |
Weighted average common and common equivalent shares outstanding | 23,319 | 18,749 | 20,599 | 18,612 |
Net income (loss) per diluted common share | $ (0.81) | $ 2.72 | $ 5.35 | $ (10.24) |
Stock Options [Member] | ||||
Dilutive effect of stock equivalents | 0 | 0 | 0 | 0 |
Restricted Stock [Member] | ||||
Dilutive effect of stock equivalents | 0 | 79 | 0 | 0 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 21,723,733 | 5,872,204 | 9,951,298 | 5,968,174 |
Financing Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 13.95 | $ 13.95 |
Derivative Financial Instrume35
Derivative Financial Instruments (Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - commodity derivatives - Current assets | $ 1,512 | $ 0 |
Derivative financial instruments - commodity derivatives - Long-term assets | 97 | 482 |
Derivative financial instruments - commodity derivatives - Current liabilities | (1,401) | (27,711) |
Derivative financial instruments - commodity derivatives - Long-term liabilities | 0 | (464) |
Derivative financial instruments - common share warrants - Long-term liabilities | (14,555) | 0 |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - commodity derivatives - Current assets | 1,512 | 0 |
Derivative financial instruments - commodity derivatives - Long-term assets | 97 | 482 |
Derivative financial instruments - commodity derivatives - Current liabilities | (1,401) | (27,711) |
Derivative financial instruments - commodity derivatives - Long-term liabilities | 0 | (464) |
Net commodity derivative financial instruments | $ 208 | $ (27,693) |
Derivative Financial Instrume36
Derivative Financial Instruments (Effect Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative financial instruments | $ 860 | $ 8,209 | $ 22,934 | $ (11,632) |
Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative financial instruments | 860 | 8,209 | 22,934 | (11,632) |
Equity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative financial instruments | $ 18,286 | $ 0 | $ 146,585 | $ 0 |
Derivative Financial Instrume37
Derivative Financial Instruments (Fair Value Of Oil And Natural Gas Derivative Financial Instruments) (Details) bbl in Thousands, MMBTU in Thousands, $ in Thousands | Sep. 30, 2017USD ($)MMBTU$ / MMBTU$ / bblbbl | Dec. 31, 2016MMBTUbbl |
Oil [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | $ (81) | |
Oil [Member] | Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Volume (oil) | bbl | 183 | |
Oil [Member] | Swap [Member] | 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Volume (oil) | bbl | 46 | |
Weighted average strike price per Mmbtu/Bbl | $ / bbl | 50 | |
Fair Value of Derivative Financial Instrument | $ (81) | |
Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | $ 289 | |
Natural Gas [Member] | Collar [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Natural Gas Mmbtu | MMBTU | 10,950 | |
Natural Gas [Member] | Collar [Member] | 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Natural Gas Mmbtu | MMBTU | 2,760 | |
Fair Value of Derivative Financial Instrument | $ (59) | |
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 | 41,950 | |
Natural Gas [Member] | Swap [Member] | 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Natural Gas Mmbtu | MMBTU | 9,200 | |
Weighted average strike price per Mmbtu/Bbl | $ / MMBTU | 3.05 | |
Fair Value of Derivative Financial Instrument | $ (3) | |
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 | $ 351 |
Derivative Financial Instrume38
Derivative Financial Instruments (Narrative) (Details) $ / shares in Units, bbl in Thousands, MMBTU in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017USD ($)MMBTU$ / shares$ / MMBTU$ / bblbbl | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)MMBTU$ / shares$ / MMBTU$ / bblbbl | Sep. 30, 2016USD ($) | Mar. 15, 2017shares | Dec. 31, 2016MMBTUbbl | |
Derivative [Line Items] | ||||||
Gain on derivative financial instruments - common share warrants | $ | $ 18,286 | $ 0 | $ 146,585 | $ 0 | ||
Percentage Of Derivative Instruments To Equivalent Production | 56.00% | 60.00% | 59.00% | 55.00% | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | $ 0.01 | ||||
Price per share required for anti-dilution adjustment related to Commitment Fee Warrants and Amendment Fee Warrants | $ / shares | $ 10.5 | $ 10.5 | ||||
Oil [Member] | 2017 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Average Forward Price | $ / bbl | 51.74 | 51.74 | ||||
Oil [Member] | Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Investment Contract Volume | bbl | 183 | |||||
Oil [Member] | Swap [Member] | 2017 [Member] | ||||||
Derivative [Line Items] | ||||||
Investment Contract Volume | bbl | 46 | 46 | ||||
Natural Gas [Member] | 2017 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Average Forward Price | $ / MMBTU | 3.05 | 3.05 | ||||
Natural Gas [Member] | 2018 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Average Forward Price | $ / MMBTU | 3.05 | 3.05 | ||||
Natural Gas [Member] | Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Natural gas volume | MMBTU | 41,950 | |||||
Natural Gas [Member] | Swap [Member] | 2017 [Member] | ||||||
Derivative [Line Items] | ||||||
Natural gas volume | MMBTU | 9,200 | 9,200 | ||||
Natural Gas [Member] | Swap [Member] | 2018 [Member] | ||||||
Derivative [Line Items] | ||||||
Natural gas volume | MMBTU | 3,650 | 3,650 | ||||
Natural Gas [Member] | Collar [Member] | ||||||
Derivative [Line Items] | ||||||
Natural gas volume | MMBTU | 10,950 | |||||
Natural Gas [Member] | Collar [Member] | 2017 [Member] | ||||||
Derivative [Line Items] | ||||||
Natural gas volume | MMBTU | 2,760 | 2,760 | ||||
Financing Warrants [Member] | ||||||
Derivative [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 13.95 | $ 13.95 | ||||
Commitment Fee Warrants [Member] | ||||||
Derivative [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | 0.01 | 0.01 | ||||
Amendment Fee Warrants [Member] | ||||||
Derivative [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | $ 0.01 | ||||
Secured Debt [Member] | Financing Warrants [Member] | 1.5 Lien Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 21,505,383 | |||||
Secured Debt [Member] | Commitment Fee Warrants [Member] | 1.5 Lien Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 431,433 | |||||
Secured Debt [Member] | Amendment Fee Warrants [Member] | 1.75 Lien Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,325,546 |
Debt (Schedule Of Long-Term Deb
Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 15, 2017 | Dec. 31, 2016 | Oct. 26, 2015 |
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 1,371,276 | |||
Deferred financing costs, net | (12,524) | $ (11,756) | ||
Total Debt | 1,355,377 | 1,308,538 | ||
Less amounts due within one year | 1,333,989 | 50,000 | ||
Long-term debt | 21,388 | 1,258,538 | ||
1.5 Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | 316,958 | 0 | ||
Debt instrument, face amount | 316,958 | |||
Debt Instrument | 172,030 | |||
Unamortized discount | (144,928) | 0 | ||
1.75 Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | 863,097 | 0 | ||
Debt instrument, face amount | 708,926 | |||
Debt Instrument | 844,487 | |||
Unamortized discount | (18,610) | 0 | ||
Senior Unsecured Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 131,576 | |||
Debt Instrument | 131,576 | |||
Unamortized discount | (305) | (520) | ||
Senior Unsecured Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 70,169 | |||
Debt Instrument | 70,169 | |||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility under credit agreement | 126,401 | 228,592 | ||
Senior Notes [Member] | Exchange Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | 23,543 | $ 382,800 | 590,477 | |
Debt instrument, face amount | 17,246 | $ 400,000 | ||
Senior Notes [Member] | Fairfax Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 0 | $ 300,000 | $ 300,000 | |
Senior Notes [Member] | Senior Unsecured Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 131,271 | |||
Senior Notes [Member] | Senior Unsecured Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 70,169 | |||
Secured Debt [Member] | 1.5 Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 300,000 | |||
Secured Debt [Member] | 1.75 Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 708,900 | $ 682,800 | ||
Secured Debt [Member] | Exchange Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | $ 23,543 |
Debt Debt (Detailed Summary) (D
Debt Debt (Detailed Summary) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 15, 2017 | Dec. 31, 2016 | Oct. 26, 2015 |
Debt Instrument [Line Items] | ||||
Debt Instrument, Deferred Reduction In Carrying Value of Long Term Debt | $ (160,468) | |||
Debt Instrument, Unamortized Discount and Deferred Financing Costs | 176,367 | |||
Debt instrument, face amount | 1,371,276 | |||
Deferred financing costs, net | 12,524 | $ 11,756 | ||
Total Debt | 1,355,377 | 1,308,538 | ||
1.5 Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 172,030 | |||
Debt Instrument, Unamortized Discount | 144,928 | 0 | ||
Debt Instrument, Deferred Reduction In Carrying Value of Long Term Debt | 0 | |||
Debt instrument, face amount | 316,958 | |||
1.75 Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 844,487 | |||
Debt Instrument, Unamortized Discount | 18,610 | 0 | ||
Debt Instrument, Deferred Reduction In Carrying Value of Long Term Debt | (154,171) | |||
Debt instrument, face amount | 708,926 | |||
Senior Unsecured Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 131,576 | |||
Debt Instrument, Unamortized Discount | 305 | 520 | ||
Debt instrument, face amount | 131,576 | |||
Senior Unsecured Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 70,169 | |||
Debt instrument, face amount | 70,169 | |||
Secured Debt [Member] | 1.5 Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 300,000 | |||
Secured Debt [Member] | 1.75 Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 708,900 | $ 682,800 | ||
Secured Debt [Member] | Exchange Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 23,543 | |||
Debt Instrument, Deferred Reduction In Carrying Value of Long Term Debt | (6,297) | |||
Senior Notes [Member] | Exchange Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 17,246 | $ 400,000 | ||
Senior Notes [Member] | Fairfax Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 0 | 300,000 | $ 300,000 | |
Senior Notes [Member] | Senior Unsecured Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument | 131,271 | |||
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 | $ 126,401 | $ 228,592 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Dec. 20, 2017USD ($) | Sep. 20, 2017USD ($) | Jun. 20, 2017USD ($)shares | Mar. 15, 2017USD ($) | Sep. 30, 2017USD ($)multiple | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)multiple | Sep. 30, 2016USD ($) | Mar. 31, 2018multiple | Dec. 31, 2017multiple | Dec. 31, 2016USD ($) | Oct. 26, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 1,371,276,000 | $ 1,371,276,000 | ||||||||||
Letters of Credit Outstanding, Amount | 23,600,000 | 23,600,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 0 | 0 | ||||||||||
Paid in-kind interest expense | 38,386,000 | $ 0 | ||||||||||
Payments of Financing Costs | 22,077,000 | 4,569,000 | ||||||||||
Transaction costs | $ 0 | $ (57,421,000) | $ 6,380,000 | $ (119,374,000) | ||||||||
Maximum beneficial ownership allowed, Percentage | 50.00% | 50.00% | ||||||||||
PIK Payment, Liquidity Level Less Than One Hundred and Fifty Million Dollars, Percentage | 100.00% | 100.00% | ||||||||||
PIK Payment, Liquidity Level,Two Hundred and Twenty Five Million Dollars or Greater, Percentage | 0.00% | 0.00% | ||||||||||
Liquidity Level, For Hundred Percentage PIK Payment | $ 150,000,000 | $ 150,000,000 | ||||||||||
Liquidity Level, For Zero Percentage PIK Payment | 225,000,000 | 225,000,000 | ||||||||||
Paid-in-kind Payment, Maximum Indebtedness for the Period | $ 6,900,000 | $ 6,900,000 | ||||||||||
EXCO Resources Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Interest Rate During Period | 4.70% | 4.70% | ||||||||||
Debt Instrument, Covenant, Minimum Liquidity to be Maintained, End of the Month | $ 50,000,000 | $ 50,000,000 | ||||||||||
Debt Instrument, Covenant, Minimum Liquidity to be Maintained, End of the Quarter | $ 70,000,000 | $ 70,000,000 | ||||||||||
Debt Instrument, Covenant, Ratio of Aggregate Credit Exposure to EBITDAX | 1.2 | 1.2 | ||||||||||
Debt instrument, covenant, interest coverage ratio | 1.75 | 1.75 | ||||||||||
Debt Instrument, Covenant, Multiple for Interest Expense | multiple | 4 | 4 | ||||||||||
1.5 Lien Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 316,958,000 | $ 316,958,000 | ||||||||||
Secured Debt | 316,958,000 | 316,958,000 | $ 0 | |||||||||
1.5 Lien Notes [Member] | Secured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, interest rate | 8.00% | |||||||||||
Debt instrument, face amount | $ 300,000,000 | |||||||||||
Debt Instrument, Additional Debt or Common Shares Issued, Stated Interest Rate | 11.00% | |||||||||||
Paid in-kind interest expense | $ 17,000,000 | |||||||||||
Commitment Fees Warrants and Financing Warrants, Fair Value Disclosure | $ 148,600,000 | |||||||||||
Payments of Financing Costs | 4,500,000 | |||||||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 4,300,000 | |||||||||||
1.75 Lien Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | 708,926,000 | 708,926,000 | ||||||||||
Secured Debt | $ 863,097,000 | $ 863,097,000 | 0 | |||||||||
1.75 Lien Notes [Member] | Secured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, interest rate | 12.50% | 12.50% | ||||||||||
Debt instrument, face amount | 682,800,000 | $ 708,900,000 | $ 708,900,000 | |||||||||
Amendment Fee Warrants, Fair Value Disclosure | 12,600,000 | |||||||||||
Debt Instrument, Additional Debt or Common Shares Issued, Stated Interest Rate | 15.00% | 15.00% | ||||||||||
Paid in-kind interest expense | $ 26,200,000 | |||||||||||
Interest, Paid-in-kind, Shares in Value | $ 27,600,000 | |||||||||||
Interest, Paid-in-kind, Shares, Period to Determine the Share Price | 20 days | |||||||||||
Payments of Financing Costs | 8,600,000 | |||||||||||
Interest, Paid-in-kind, Shares | shares | 2,745,754 | |||||||||||
Interest Expense, Debt | $ 23,000,000 | |||||||||||
Exchange Term Loan [Member] | Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, interest rate | 12.50% | |||||||||||
Debt instrument, face amount | $ 17,246,000 | $ 17,246,000 | $ 400,000,000 | |||||||||
Secured Debt | $ 382,800,000 | 23,543,000 | 23,543,000 | 590,477,000 | ||||||||
Fairfax Term Loan [Member] | Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, interest rate | 12.50% | |||||||||||
Debt instrument, face amount | $ 0 | $ 0 | 300,000,000 | $ 300,000,000 | ||||||||
Senior Unsecured Notes due 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, interest rate | 7.50% | 7.50% | ||||||||||
Debt instrument, face amount | $ 131,576,000 | $ 131,576,000 | ||||||||||
Senior Unsecured Notes due 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, interest rate | 8.50% | 8.50% | ||||||||||
Debt instrument, face amount | $ 70,169,000 | $ 70,169,000 | ||||||||||
Debt instrument, issued price, percentage | 100.00% | 100.00% | ||||||||||
Revolving Credit Facility [Member] | EXCO Resources Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current borrowing capacity | $ 150,000,000 | $ 150,000,000 | ||||||||||
Long-term Line of Credit | $ 126,401,000 | $ 126,401,000 | $ 228,592,000 | |||||||||
Line of credit facility, maturity date | Jul. 31, 2018 | |||||||||||
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 | 2.50% | |||||||||||
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 | 3.50% | |||||||||||
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 | 1.50% | |||||||||||
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 | 2.50% | |||||||||||
Scenario, Forecast [Member] | EXCO Resources Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, covenant, interest coverage ratio | 2 | |||||||||||
Debt Instrument, Covenant, Multiple for Interest Expense | multiple | 1.33 | 2 | ||||||||||
Scenario, Forecast [Member] | 1.75 Lien Notes [Member] | Secured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Paid in-kind interest expense | $ 26,900,000 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Estimated Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - common share warrants | $ (14,555) | $ 0 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - common share warrants | 0 | |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - common share warrants | (14,555) | |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - common share warrants | 0 | |
Commodity Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - commodity derivatives | 208 | (27,693) |
Commodity Contract [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - commodity derivatives | 0 | 0 |
Commodity Contract [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - commodity derivatives | 208 | (27,693) |
Commodity Contract [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - commodity derivatives | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Estimated Fair Value Of Other Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
1.5 Lien Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 232,276 | |
1.5 Lien Notes [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | |
1.5 Lien Notes [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | |
1.5 Lien Notes [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 232,276 | |
1.75 Lien Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 474,980 | |
1.75 Lien Notes [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | |
1.75 Lien Notes [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | |
1.75 Lien Notes [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 474,980 | |
Senior Unsecured Notes due 2018 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 33,210 | $ 79,028 |
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 | 33,210 | 79,028 |
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 | 14,341 | 35,260 |
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 | 14,341 | 35,260 |
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 | 11,555 | 294,000 |
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 | 0 | 294,000 |
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 | $ 11,555 | 0 |
Fairfax Term Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 222,000 | |
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 | |
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 | 222,000 | |
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 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Change in valuation allowance | $ 95.5 |
Recognized net valuation allowance | 1,300 |
Operating Loss Carryforwards | $ 2,400 |
Related Party Transactions (Det
Related Party Transactions (Details) - OPCO [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | ||
Advances to OPCO | $ 0 | $ 0 | $ 0 | $ 0 | ||
Amounts received from OPCO | 1,562 | $ 3,824 | 4,940 | $ 12,586 | ||
Amounts due to EXCO | [1] | 492 | 492 | $ 618 | ||
Amounts due from EXCO | [1] | $ 3,389 | $ 3,389 | $ 13,624 | ||
[1] | Advances to OPCO are recorded in "Inventory and other" 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 ($) | Oct. 12, 2017 | Sep. 20, 2017 | Jun. 20, 2017 | Mar. 15, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Related Party Transaction [Line Items] | ||||||||
Interest Paid | $ 23,072,000 | $ 51,975,000 | ||||||
Debt instrument, face amount | $ 1,371,276,000 | 1,371,276,000 | ||||||
Paid in-kind interest expense | $ 38,386,000 | 0 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 | ||||||
Payments of Financing Costs | $ 22,077,000 | 4,569,000 | ||||||
Fairfax [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Paid | $ 10,600,000 | |||||||
Energy Strategic Advisory Services LLC (ESAS) [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Beneficial ownership of outstanding common shares | 24.10% | 24.10% | ||||||
Interest Paid | $ 1,200,000 | |||||||
Services and Investment Agreement, Monthly Fee | $ 300,000 | 300,000 | ||||||
Services and Investment Agreement, Annual Incentive Payment, Maximum | $ 2,400,000 | $ 2,400,000 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,333,335 | 5,333,335 | ||||||
Equity-based compensation related to warrants | $ (1,300,000) | $ 900,000 | $ (14,200,000) | $ 11,800,000 | ||||
1.5 Lien Notes [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, face amount | 316,958,000 | 316,958,000 | ||||||
1.75 Lien Notes [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, face amount | 708,926,000 | 708,926,000 | ||||||
Secured Debt [Member] | 1.5 Lien Notes [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, face amount | $ 300,000,000 | |||||||
Paid in-kind interest expense | $ 17,000,000 | |||||||
Payments of Financing Costs | 4,500,000 | |||||||
Secured Debt [Member] | 1.5 Lien Notes [Member] | Fairfax [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, face amount | 159,500,000 | 159,500,000 | ||||||
Paid in-kind interest expense | 8,500,000 | |||||||
Secured Debt [Member] | 1.5 Lien Notes [Member] | Energy Strategic Advisory Services LLC (ESAS) [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, face amount | 74,000,000 | 74,000,000 | ||||||
Paid in-kind interest expense | 4,000,000 | |||||||
Payments of Financing Costs | 2,100,000 | |||||||
Secured Debt [Member] | 1.5 Lien Notes [Member] | Oaktree [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, face amount | 41,700,000 | 41,700,000 | ||||||
Paid in-kind interest expense | 2,200,000 | |||||||
Payments of Financing Costs | 1,200,000 | |||||||
Secured Debt [Member] | 1.75 Lien Notes [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
PIK Interest | 2,745,754 | |||||||
Debt instrument, face amount | 682,800,000 | 708,900,000 | $ 708,900,000 | |||||
Paid in-kind interest expense | 26,200,000 | |||||||
Payments of Financing Costs | $ 8,600,000 | |||||||
Secured Debt [Member] | 1.75 Lien Notes [Member] | Fairfax [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
PIK Interest | 1,657,330 | |||||||
Debt instrument, face amount | 427,900,000 | $ 427,900,000 | ||||||
Paid in-kind interest expense | 15,800,000 | |||||||
Secured Debt [Member] | 1.75 Lien Notes [Member] | Energy Strategic Advisory Services LLC (ESAS) [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
PIK Interest | 192,609 | |||||||
Debt instrument, face amount | $ 49,700,000 | $ 49,700,000 | ||||||
Paid in-kind interest expense | $ 1,800,000 | |||||||
Payments of Financing Costs | $ 1,600,000 | |||||||
Commitment Fee Warrants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 | ||||||
Commitment Fee Warrants [Member] | Fairfax [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 431,433 | 431,433 | ||||||
Commitment Fee Warrants [Member] | Secured Debt [Member] | 1.5 Lien Notes [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 431,433 | |||||||
Financing Warrants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 13.95 | $ 13.95 | ||||||
Financing Warrants [Member] | Fairfax [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,824,377 | 10,824,377 | ||||||
Financing Warrants [Member] | Energy Strategic Advisory Services LLC (ESAS) [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,017,922 | 5,017,922 | ||||||
Financing Warrants [Member] | Oaktree [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,831,542 | 2,831,542 | ||||||
Financing Warrants [Member] | Secured Debt [Member] | 1.5 Lien Notes [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 21,505,383 | |||||||
Amendment Fee Warrants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 | ||||||
Amendment Fee Warrants [Member] | Fairfax [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,294,143 | 1,294,143 | ||||||
Amendment Fee Warrants [Member] | Secured Debt [Member] | 1.75 Lien Notes [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,325,546 | |||||||
Subsequent Event [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from equity method investment | $ 6,000,000 |
Condensed Consolidating Finan47
Condensed Consolidating Financial Statements (Schedule Of Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 82,459 | $ 9,068 | $ 3,534 | $ 12,247 |
Restricted cash | 23,379 | 11,150 | ||
Other current assets | 84,543 | 90,399 | ||
Total current assets | 190,381 | 110,617 | ||
Equity investments | 25,373 | 24,365 | ||
Unproved oil and natural gas properties and development costs not being amortized | 112,935 | 97,080 | ||
Proved developed and undeveloped oil and natural gas properties | 3,055,258 | 2,939,923 | ||
Accumulated depletion | (2,738,103) | (2,702,245) | ||
Oil and natural gas properties, net | 430,090 | 334,758 | ||
Other property and equipment, net | 21,078 | 23,661 | ||
Investments in and advances to affiliates, net | 0 | 0 | ||
Deferred financing costs, net | 0 | 4,376 | ||
Derivative financial instruments - commodity derivatives | 97 | 482 | ||
Goodwill | 163,155 | 163,155 | ||
Total assets | 830,174 | 661,414 | ||
Liabilities and shareholders’ equity | ||||
Current maturities of long-term debt | 1,333,989 | 50,000 | ||
Other current liabilities | 201,490 | 208,363 | ||
Long-term debt | 21,388 | 1,258,538 | ||
Derivative financial instruments - common share warrants | 14,555 | 0 | ||
Other long-term liabilities | 19,118 | 16,419 | ||
Payable to parent | 0 | 0 | ||
Total shareholders' equity | (760,366) | (871,906) | (837,597) | (662,323) |
Total liabilities and shareholders' equity | 830,174 | 661,414 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | (11,757) | (15,542) | (6,220) | (22,049) |
Restricted cash | 23,379 | 11,150 | ||
Other current assets | 68,461 | 83,936 | ||
Total current assets | 80,083 | 79,544 | ||
Equity investments | 0 | 0 | ||
Unproved oil and natural gas properties and development costs not being amortized | 112,935 | 97,080 | ||
Proved developed and undeveloped oil and natural gas properties | 2,722,005 | 2,608,100 | ||
Accumulated depletion | (2,407,327) | (2,371,469) | ||
Oil and natural gas properties, net | 427,613 | 333,711 | ||
Other property and equipment, net | 20,493 | 23,093 | ||
Investments in and advances to affiliates, net | 0 | 0 | ||
Deferred financing costs, net | 0 | |||
Derivative financial instruments - commodity derivatives | 0 | 0 | ||
Goodwill | 149,862 | 149,862 | ||
Total assets | 678,051 | 586,210 | ||
Liabilities and shareholders’ equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Other current liabilities | 187,327 | 167,692 | ||
Long-term debt | 0 | 0 | ||
Derivative financial instruments - common share warrants | 0 | |||
Other long-term liabilities | 13,233 | 12,715 | ||
Payable to parent | 2,416,991 | 2,337,585 | ||
Total shareholders' equity | (1,939,500) | (1,931,782) | ||
Total liabilities and shareholders' equity | 678,051 | 586,210 | ||
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 | 25,373 | 24,365 | ||
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 | |||
Derivative financial instruments - commodity derivatives | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Total assets | 25,373 | 24,365 | ||
Liabilities and shareholders’ equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Derivative financial instruments - common share warrants | 0 | |||
Other long-term liabilities | 0 | 0 | ||
Payable to parent | 0 | 0 | ||
Total shareholders' equity | 25,373 | 24,365 | ||
Total liabilities and shareholders' equity | 25,373 | 24,365 | ||
Resources [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 94,216 | 24,610 | 9,754 | 34,296 |
Restricted cash | 0 | 0 | ||
Other current assets | 16,082 | 6,463 | ||
Total current assets | 110,298 | 31,073 | ||
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 | 333,253 | 331,823 | ||
Accumulated depletion | (330,776) | (330,776) | ||
Oil and natural gas properties, net | 2,477 | 1,047 | ||
Other property and equipment, net | 585 | 568 | ||
Investments in and advances to affiliates, net | 502,864 | 430,168 | ||
Deferred financing costs, net | 4,376 | |||
Derivative financial instruments - commodity derivatives | 97 | 482 | ||
Goodwill | 13,293 | 13,293 | ||
Total assets | 629,614 | 481,007 | ||
Liabilities and shareholders’ equity | ||||
Current maturities of long-term debt | 1,333,989 | 50,000 | ||
Other current liabilities | 14,163 | 40,671 | ||
Long-term debt | 21,388 | 1,258,538 | ||
Derivative financial instruments - common share warrants | 14,555 | |||
Other long-term liabilities | 5,885 | 3,704 | ||
Payable to parent | 0 | 0 | ||
Total shareholders' equity | (760,366) | (871,906) | ||
Total liabilities and shareholders' equity | 629,614 | 481,007 | ||
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 | (502,864) | (430,168) | ||
Deferred financing costs, net | 0 | |||
Derivative financial instruments - commodity derivatives | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Total assets | (502,864) | (430,168) | ||
Liabilities and shareholders’ equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Derivative financial instruments - common share warrants | 0 | |||
Other long-term liabilities | 0 | 0 | ||
Payable to parent | (2,416,991) | (2,337,585) | ||
Total shareholders' equity | 1,914,127 | 1,907,417 | ||
Total liabilities and shareholders' equity | $ (502,864) | $ (430,168) |
Condensed Consolidating Finan48
Condensed Consolidating Financial Statements (Schedule Of Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Oil and natural gas | $ 61,229 | $ 70,862 | $ 195,072 | $ 176,732 |
Purchased natural gas and marketing | 5,507 | 6,324 | 19,208 | 15,335 |
Total revenues | 66,736 | 77,186 | 214,280 | 192,067 |
Oil and natural gas production | 12,259 | 12,608 | 35,822 | 39,143 |
Gathering and transportation | 28,743 | 27,979 | 83,183 | 79,828 |
Purchased natural gas | 5,388 | 6,586 | 18,193 | 17,273 |
Depletion, depreciation and amortization | 13,518 | 15,910 | 36,648 | 63,995 |
Impairment of oil and natural gas properties | 0 | 0 | 0 | 160,813 |
Accretion of discount on asset retirement obligations | 221 | 325 | 648 | 2,006 |
General and administrative | 10,035 | 10,746 | 13,056 | 38,626 |
Other operating items | 1,714 | (1,110) | 3,069 | 23,936 |
Total costs and expenses | 71,878 | 73,044 | 190,619 | 425,620 |
Operating income (loss) | (5,142) | 4,142 | 23,661 | (233,553) |
Interest expense, net | (32,888) | (16,997) | (75,320) | (54,186) |
Gain (loss) on derivative financial instruments - commodity derivatives | 860 | 8,209 | 22,934 | (11,632) |
Gain on derivative financial instruments - common share warrants | 18,286 | 0 | 146,585 | 0 |
Gain (Loss) on Restructuring of Debt and Extinguishment of Debt | 0 | 57,421 | (6,380) | 119,374 |
Other income (loss) | 25 | 12 | 4 | 37 |
Equity income (loss) | 354 | (823) | 1,009 | (8,824) |
Net earnings (loss) from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Total other income (expense) | (13,363) | 47,822 | 88,832 | 44,769 |
Income (loss) before income taxes | (18,505) | 51,964 | 112,493 | (188,784) |
Income tax expense | 319 | 1,028 | 2,374 | 1,775 |
Net income (loss) | (18,824) | 50,936 | 110,119 | (190,559) |
Guarantor Subsidiaries [Member] | ||||
Oil and natural gas | 61,229 | 70,862 | 195,072 | 176,732 |
Purchased natural gas and marketing | 5,507 | 6,324 | 19,208 | 15,335 |
Total revenues | 66,736 | 77,186 | 214,280 | 192,067 |
Oil and natural gas production | 12,259 | 12,608 | 35,822 | 39,139 |
Gathering and transportation | 28,743 | 27,979 | 83,183 | 79,828 |
Purchased natural gas | 5,388 | 6,586 | 18,193 | 17,273 |
Depletion, depreciation and amortization | 13,430 | 15,821 | 36,424 | 63,697 |
Impairment of oil and natural gas properties | 0 | 0 | 0 | 159,975 |
Accretion of discount on asset retirement obligations | 221 | 325 | 648 | 2,006 |
General and administrative | 15,077 | 15,141 | 45,225 | 44,688 |
Other operating items | 1,714 | (1,110) | 2,492 | 24,342 |
Total costs and expenses | 76,832 | 77,350 | 221,987 | 430,948 |
Operating income (loss) | (10,096) | (164) | (7,707) | (238,881) |
Interest expense, net | 0 | 0 | (2) | 0 |
Gain (loss) on derivative financial instruments - commodity derivatives | 0 | 0 | 0 | 0 |
Gain on derivative financial instruments - common share warrants | 0 | 0 | ||
Gain (Loss) on Restructuring of Debt and Extinguishment of Debt | 0 | 0 | 0 | |
Other income (loss) | 12 | 8 | (10) | 28 |
Equity income (loss) | 0 | 0 | 0 | 0 |
Net earnings (loss) from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Total other income (expense) | 12 | 8 | (12) | 28 |
Income (loss) before income taxes | (10,084) | (156) | (7,719) | (238,853) |
Income tax expense | 0 | 0 | 0 | 0 |
Net income (loss) | (10,084) | (156) | (7,719) | (238,853) |
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 - commodity derivatives | 0 | 0 | 0 | 0 |
Gain on derivative financial instruments - common share warrants | 0 | 0 | ||
Gain (Loss) on Restructuring of Debt and Extinguishment of Debt | 0 | 0 | 0 | |
Other income (loss) | 0 | 0 | 0 | 0 |
Equity income (loss) | 354 | (823) | 1,009 | (8,824) |
Net earnings (loss) from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Total other income (expense) | 354 | (823) | 1,009 | (8,824) |
Income (loss) before income taxes | 354 | (823) | 1,009 | (8,824) |
Income tax expense | 0 | 0 | 0 | 0 |
Net income (loss) | 354 | (823) | 1,009 | (8,824) |
Resources [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 | 4 |
Gathering and transportation | 0 | 0 | 0 | 0 |
Purchased natural gas | 0 | 0 | 0 | 0 |
Depletion, depreciation and amortization | 88 | 89 | 224 | 298 |
Impairment of oil and natural gas properties | 0 | 0 | 0 | 838 |
Accretion of discount on asset retirement obligations | 0 | 0 | 0 | 0 |
General and administrative | (5,042) | (4,395) | (32,169) | (6,062) |
Other operating items | 0 | 0 | 577 | (406) |
Total costs and expenses | (4,954) | (4,306) | (31,368) | (5,328) |
Operating income (loss) | 4,954 | 4,306 | 31,368 | 5,328 |
Interest expense, net | (32,888) | (16,997) | (75,318) | (54,186) |
Gain (loss) on derivative financial instruments - commodity derivatives | 860 | 8,209 | 22,934 | (11,632) |
Gain on derivative financial instruments - common share warrants | 18,286 | 146,585 | ||
Gain (Loss) on Restructuring of Debt and Extinguishment of Debt | 57,421 | (6,380) | 119,374 | |
Other income (loss) | 13 | 4 | 14 | 9 |
Equity income (loss) | 0 | 0 | 0 | 0 |
Net earnings (loss) from consolidated subsidiaries | (9,730) | (979) | (6,710) | (247,677) |
Total other income (expense) | (23,459) | 47,658 | 81,125 | (194,112) |
Income (loss) before income taxes | (18,505) | 51,964 | 112,493 | (188,784) |
Income tax expense | 319 | 1,028 | 2,374 | 1,775 |
Net income (loss) | (18,824) | 50,936 | 110,119 | (190,559) |
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 | 0 |
Gain (loss) on derivative financial instruments - commodity derivatives | 0 | 0 | 0 | 0 |
Gain on derivative financial instruments - common share warrants | 0 | 0 | ||
Gain (Loss) on Restructuring of Debt and Extinguishment of Debt | 0 | 0 | 0 | |
Other income (loss) | 0 | 0 | 0 | 0 |
Equity income (loss) | 0 | 0 | 0 | 0 |
Net earnings (loss) from consolidated subsidiaries | 9,730 | 979 | 6,710 | 247,677 |
Total other income (expense) | 9,730 | 979 | 6,710 | 247,677 |
Income (loss) before income taxes | 9,730 | 979 | 6,710 | 247,677 |
Income tax expense | 0 | 0 | 0 | 0 |
Net income (loss) | $ 9,730 | $ 979 | $ 6,710 | $ 247,677 |
Condensed Consolidating Finan49
Condensed Consolidating Financial Statements (Schedule Of Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net cash provided by (used in) operating activities | $ 51,107 | $ (3,740) |
Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions | (115,674) | (70,455) |
Proceeds from disposition of property and equipment | 25 | 11,242 |
Restricted cash | (12,229) | 686 |
Net changes in amounts due to joint ventures | (9,498) | 2,377 |
Advances/investments with affiliates | 0 | 0 |
Net cash used in investing activities | (137,376) | (56,150) |
Borrowings under EXCO Resources Credit Agreement | 163,401 | 390,897 |
Repayments under EXCO Resources Credit Agreement | (265,592) | (243,797) |
Proceeds received from issuance of 1.5 Lien Notes, net | 295,530 | 0 |
Payments on Exchange Term Loan | (11,602) | (38,056) |
Repurchases of senior unsecured notes | 0 | (53,298) |
Debt financing costs and other | (22,077) | (4,569) |
Net cash provided by financing activities | 159,660 | 51,177 |
Net increase (decrease) in cash | 73,391 | (8,713) |
Cash at beginning of period | 9,068 | 12,247 |
Cash at end of period | 82,459 | 3,534 |
Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 60,744 | (12,892) |
Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions | (114,663) | (69,205) |
Proceeds from disposition of property and equipment | 25 | 11,232 |
Restricted cash | (12,229) | 686 |
Net changes in amounts due to joint ventures | (9,498) | 2,377 |
Advances/investments with affiliates | 79,406 | 83,631 |
Net cash used in investing activities | (56,959) | 28,721 |
Borrowings under EXCO Resources Credit Agreement | 0 | 0 |
Repayments under EXCO Resources Credit Agreement | 0 | 0 |
Proceeds received from issuance of 1.5 Lien Notes, net | 0 | |
Payments on Exchange Term Loan | 0 | 0 |
Repurchases of senior unsecured notes | 0 | |
Debt financing costs and other | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Net increase (decrease) in cash | 3,785 | 15,829 |
Cash at beginning of period | (15,542) | (22,049) |
Cash at end of period | (11,757) | (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 amounts due to joint ventures | 0 | 0 |
Advances/investments with affiliates | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Borrowings under EXCO Resources Credit Agreement | 0 | 0 |
Repayments under EXCO Resources Credit Agreement | 0 | 0 |
Proceeds received from issuance of 1.5 Lien Notes, net | 0 | |
Payments on Exchange Term Loan | 0 | 0 |
Repurchases of senior unsecured notes | 0 | |
Debt financing costs and other | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Net increase (decrease) in cash | 0 | 0 |
Cash at beginning of period | 0 | 0 |
Cash at end of period | 0 | 0 |
Resources [Member] | ||
Net cash provided by (used in) operating activities | (9,637) | 9,152 |
Additions to oil and natural gas properties, gathering assets and equipment and property acquisitions | (1,011) | (1,250) |
Proceeds from disposition of property and equipment | 0 | 10 |
Restricted cash | 0 | 0 |
Net changes in amounts due to joint ventures | 0 | 0 |
Advances/investments with affiliates | (79,406) | (83,631) |
Net cash used in investing activities | (80,417) | (84,871) |
Borrowings under EXCO Resources Credit Agreement | 163,401 | 390,897 |
Repayments under EXCO Resources Credit Agreement | (265,592) | (243,797) |
Proceeds received from issuance of 1.5 Lien Notes, net | 295,530 | |
Payments on Exchange Term Loan | (11,602) | (38,056) |
Repurchases of senior unsecured notes | (53,298) | |
Debt financing costs and other | (22,077) | (4,569) |
Net cash provided by financing activities | 159,660 | 51,177 |
Net increase (decrease) in cash | 69,606 | (24,542) |
Cash at beginning of period | 24,610 | 34,296 |
Cash at end of period | 94,216 | 9,754 |
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 amounts due to joint ventures | 0 | 0 |
Advances/investments with affiliates | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Borrowings under EXCO Resources Credit Agreement | 0 | 0 |
Repayments under EXCO Resources Credit Agreement | 0 | 0 |
Proceeds received from issuance of 1.5 Lien Notes, net | 0 | |
Payments on Exchange Term Loan | 0 | 0 |
Repurchases of senior unsecured notes | 0 | |
Debt financing costs and other | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Net increase (decrease) in cash | 0 | 0 |
Cash at beginning of period | 0 | 0 |
Cash at end of period | $ 0 | $ 0 |