Exco Resources, which is engaged in oil and gas exploration and production, has reported adjusted revenues of $329 million for the first quarter of 2008, a 109% increase, compared to $157 million for the same period of 2007.
Oil and natural gas revenues for the quarter were $318 million, exclusive of derivative financial instrument activities and $321 million inclusive of cash settlements on derivatives. Oil and natural gas revenues for the prior year’s quarter were $118 million before derivatives, and $151 million including cash settlements on derivatives.
Oil and natural gas production for the quarter set a record at 35 billion cubic feet equivalent (bcfe), or 386 million cubic feet equivalent (mmcfe) per day comprised of 352mmcfe per day of natural gas and 5,575 barrels per day of oil, which was more than 100% higher than the first quarter 2007 production of 17bcfe, or 192mmcfe per day, and approximately 2% higher than the fourth quarter 2007 production of 377mmcfe per day.
Douglas Miller, CEO of Exco Resources, said: Obviously, we are pleased with our first quarter accomplishments, which included records in production, adjusted EBITDA and capital spending. We have several very positive trends taking place at Exco including our growing focus on the Marcellus and Huron shales in Appalachia and the Haynesville shale in east Texas and north Louisiana.