Oil and natural gas company EXCO Resources, Inc. (XCO) Tuesday reported profit for the third quarter, benefiting mainly from a gain on closure of divestiture transactions, including JV transactions with BG Group. Revenues declined sharply on lower oil and gas prices.
For the latest quarter, the company posted net profit available to common shareholders of $433.33 million or $2.03 per share, compared to net loss available to common shareholders of $153.33 million or $0.80 per share in the year-ago quarter.
On an adjusted basis, net income available to common shareholders for the quarter was $42.0 million or $0.20 per share, lower than $45.0 million or $0.23 per share in the prior year.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.22 per share for the quarter. Analysts' estimates typically exclude special items.
In the most recent quarter, the company closed divestiture transactions, including joint venture transactions with BG Group, resulting in proceeds of approximately $1.4 billion. The company stated that it used the proceeds to reduce debt by $1.4 billion, including full retirement of its $300 million Term Credit Agreement. For the quarter, gain on divestitures amounted to $460.63 million.
Quarterly revenues plunged to $130.87 million from $429.41 million in the previous year. Analysts anticipated revenues of $228.64 million for the quarter.
Segment-wise, oil and gas division generated revenues of $125.49 million, lower than $402.41 million posted a year earlier. Midstream revenues dipped to $5.38 million from $27 million in the preceding year.
For the first nine months, net loss available to common shareholders of EXCO Resources widened to $738.27 million from $649.08 million reported a year ago. On a per share basis, net loss narrowed to $3.50 from $4.84 in the prior year.
On an adjusted basis, the company posted net income available to common shareholders of $144.17 million or $0.68 per share, in comparison with last year's $94.68 million or $0.68 per share.
Revenue for the nine-month period declined to $479.28 million from $1.22 billion on year.
XCO closed Tuesday's regular trade at $16.61, up $1.26 or 8.21%, on a volume of 3.94 million shares. In the afterhours, the company's shares rose $0.04 or 0.24% to $16.65.
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