UPDATE: EXCO Resources Posts Downbeat Q4 Results

reported weaker-than-expected results for the fourth quarter. The Dallas, Texas-based company posted quarterly GAAP net income of $81 million, or $0.30 per share, versus net income of $42 million, or $0.15 per share, in the third quarter. Its adjusted net loss was $0.02 per share in the latest quarter, compared to income of $0.01 per share, in the third quarter. Its total revenue dropped to $127.8 million, from $180.4 million in the year-ago quarter and $151.0 million in the prior quarter. However, analysts were expecting a loss of $0.01 per share on revenue of $138.89 million. Oil, natural gas and natural gas liquid production fell to 31 Bcfe, or 340 Mmcfe per day in the latest quarter, from 33 Bcfe, or 358 Mmcfe per day, in the prior quarter. For the fourth quarter, oil, natural gas and NGL revenue declined to $128 million, versus $151 million in the third quarter. Adjusted EBITDA for the quarter slipped to $81 million, from $94 million in the third quarter 2014. Hal Hickey, EXCO's President and Chief Operating Officer, said, "We were proactive in amending our credit agreement to provide us with the liquidity and financial flexibility to persevere through the current market conditions. In order to maximize our cash flows in this commodity price environment, we have negotiated reductions in operating and capital costs and will continue to pursue further reductions. Also, we have implemented initiatives to reduce our general and administrative costs including a 15% reduction in our workforce during 2015. Our deep inventory of high-quality drilling opportunities will provide a platform for significant growth when prices recover. We also plan to be opportunistic as we evaluate acquisitions that meet our strategic and financial objectives." EXCO Resources shares gained 1.85% to $2.20 in after-hours trading.