EXCO Resources Inc. (XCO) reported that its second-quarter net loss was $496.43 million or $2.32 per share, compared to net income of $82.36 million or $0.38 per share in the same quarter last year. The second quarter 2012 included a $429 million pre-tax non-cash ceiling test write-down of oil and natural gas properties.
Adjusted net income for the quarter declined to $11.47 million from $39.17 million in the prior year quarter. On a per share basis, net income was $0.05, down from $0.18 last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share. Analysts' estimates typically exclude special items.
Oil and natural gas for the quarter declined to $117.98 million from $206.83 million in the prior year quarter. Seven analysts had consensus revenue estimate of $145.28 million for the quarter.
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