By November 2, 2012 0 Comments Read More →

Exco Selling Natural Gas to Buy…Natural Gas

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Like many energy producers, low natural gas prices earlier this year prompted Exco Resources to put assets on the block to help cover budget shortfalls.

This week, the Dallas company’s chairman and chief executive, Douglas Miller, said Exco is still working on selling its stake in a gas pipeline system and some of its conventional gas production fields to improve liquidity. Accomplishing both would free up between $1 billion and $1.5 billion with which Exco would go shopping — for natural-gas-producing properties.

Miller said that there are between 15 and 20 deals Exco is considering, primarily in Louisiana’s Haynesville shale and Pennsylvania’s Marcellus shale fields — both gas fields — and in the Eagle Ford shale in south Texas, where wells usually yield a mix of oil and gas. “Deal flow is the highest I’ve seen since the 1980s,” due in large part to private companies looking to shed assets before tax increases anticipated next year, he said.

 

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Posted in: LOGA News

About the Author:

The Louisiana Oil & Gas Association (known before 2006 as LIOGA) was organized in 1992 to represent the Independent and service sectors of the oil and gas industry in Louisiana; this representation includes exploration, production and oilfield services. Our primary goal is to provide our industry with a working environment that will enhance the industry. LOGA services its membership by creating incentives for Louisiana’s oil & gas industry, warding off tax increases, changing existing burdensome regulations, and educating the public and government of the importance of the oil and gas industry in the state of Louisiana.

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