EXCO Resources Turns To Profit In Q2

(RTTNews) - Oil and gas company EXCO Resources Inc. (XCO) Monday reported second-quarter net income of $86 million or $0.40 per share, compared to net loss of $496 million or $2.32 per share last year.

Excluding items, adjusted earnings for the quarter were $10.9 million or $0.10 per share, compared to $11.5 million or $0.05 per share a year ago.

Oil and natural gas revenue for the quarter were $150 million, compared to $118 million a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.11per share on revenues of $141.19 million for the quarter. Analysts' estimates typically exclude special items.

Oil, natural gas and natural gas liquids or NGL production was 38 Bcfe, or 420 Mmcfe per day, for the second quarter 2013, down from 50 Bcfe, or 550 Mmcfe per day a year ago. The decrease in production was primarily the result of the contribution of conventional properties to the EXCO/HGI Partnership and normal production declines.