By November 2, 2012 0 Comments Read More →

Exco Selling Natural Gas to Buy…Natural Gas

image_print

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.

 

Source

Posted in: LOGA News

About the Author:

Post a Comment


six + 8 =