Boston, MA 05/27/2014 (wallstreetpr) – After the declaration of the first quarter’s financial facts and figures almost a month ago, EXCO Resources Inc (NYSE:XCO) on May 22, 2014 released the news of quarterly cash-dividend. The Texas based oil and natural gas exploitation, exploration, development as well as Production Company announced a second quarter’s cash dividend.
Dividend of $0.05 per share:
The board of directors on May 22, 2014 decided to pay a dividend of $0.05 per share for the second quarter to the shareholders on June 16, 2014. The second quarter cash-dividend will be paid to the holders registered a business till June 2, 2014. Any further alteration in date or dividends will be subjected on the approval of the EXCO Resources Inc (NYSE:XCO)’s directorial board.
Adjusted EBITDA and GAAP result:
The company declared its 1Q2014 earnings statistics, which clearly shows an adjusted EBITDA of $112 million. During the fourth quarter of last year, the adjusted EBITDA was $124 million. In 1Q2014, the GAAP result indicates a net loss of $5 million or $0.02 per diluted share, which in the fourth quarter of 2013 was $123 million or $0.57 per diluted share. According to the quarterly report disclosed on April 29, 2014, the company reported that the positive impact on the GAAP effect is due to higher realized price. However, the last quarter’s GAAP result was primarily influenced by non-cash impairment of the company’s natural gas as well as oil properties.
Production scale and the net non-GAAP income:
The company reported an adjusted net income (non-GAAP) rose from $0.04 to $0.05 per diluted share. However, EXCO Resources Inc (NYSE:XCO) registered a production of 37 Bcfe or 407 Mmcfe every day of oil, natural gas as well as natural gas liquids (NGL) in the 1Q2014. In the last quarter of the prior year, EXCO showed a bit better performance in the production scale. The chairman of EXCO, Jeff Benjamin, commented that the company has reduced the total debt under the credit agreement by nearly $630 million.
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