Exco

The Railroad Commission of Texas (RRC) on a 2-1 vote has granted Exco Operating Co. LP its exemption request to flare natural gas in an Eagle Ford Shale field over the objections of pipeline giant Williams.

Exco Resources Inc. announced Monday that it plans to sell its oil and natural gas properties in three counties in South Texas to an affiliate of Kohlberg Kravis Roberts & Co. LP (KKR) for $300 million.

Exco Resources Inc. spent the second quarter in cost-cutting mode, looking to improve liquidity and renegotiate its gathering and transportation contracts as it evaluates a possible return to activity in 2017.

Exco Resources Inc. became the latest operator to make moves to preserve liquidity on Wednesday, slashing its capital expenditures (capex) budget for 2016 by more than two-thirds and announcing plans to spud and complete just a handful of wells in the Haynesville and Bossier shales.

Dallas-based onshore operator Exco Resources Inc., pressured for months by low oil prices, said Wednesday it will focus nearly all of its activity in the first half of 2016 on its natural gas portfolio in the Haynesville Shale.

EXCO Resources Inc. said it has shut down its drilling program in the Eagle Ford Shale in South Texas due to low commodity prices and plans to divert the remainder of its capital expenditures (capex) to East Texas, in the Haynesville/Bossier Shale, where returns are expected to be above 25%.

EXCO Resources Inc. executives said the company continued to apply the technical know-how it gained in the Haynesville and Bossier shales to its operations in the Eagle Ford Shale during 1Q2014, while also meeting production guidance for the quarter and reducing debt.

At the close of a turbulent year, EXCO Resources Inc. ended 2013 with production decreases and a rising tide of red ink, but moves it made in the Eagle Ford Shale last year may be the light at the end of the tunnel, company officials said.

Azure Midstream Holdings LLC, launched last year by a team of industry veterans, on Thursday agreed to pay $910 million to buy TGGT Holdings LLC, a Haynesville Shale gathering system, in a transaction valued at $910 million.