EXCO Resources, Inc. Announces Changes to Senior Management and Board of Directors, 2014 Capital Budget and Declares Quarterly Cash Dividend
Nov 21, 2013
DALLAS--(BUSINESS WIRE)--Nov. 21, 2013--
EXCO Resources, Inc. (NYSE:XCO) (“EXCO”) today announced that Douglas H.
Miller has resigned from his positions as Chairman of the Board and
Chief Executive Officer as well as from EXCO’s Board of Directors
effective as of November 20, 2013. The Board of Directors has appointed
Jeffrey D. Benjamin, a long-time investor in EXCO and an independent
member of EXCO’s Board of Directors, to serve as Non-Executive Chairman
of the Board of Directors. Mr. Benjamin has extensive knowledge of EXCO
and its business, having served on the Board since October 2005 and
prior to that from 1998 through 2003. Mr. Benjamin is also currently a
director of Caesars Entertainment Corporation, Chemtura Corporation and
Chairman of the Board of Spectrum Group International, Inc.
Mr. Benjamin stated, “Since Mr. Miller led the group that acquired
control of EXCO in 1997, his contributions to the organization have been
significant. The entire Board extends their sincere gratitude and
appreciation to Mr. Miller, along with best wishes for the future. The
Board has initiated a search to identify EXCO’s next Chief Executive
Officer. The search process will include a full review of both internal
and external candidates.”
The Board of Directors has approved a capital budget of up to $368
million for 2014 activities. The details of the capital budget will be
provided at EXCO’s analyst meeting on December 10, 2013.
The Board of Directors also declared a fourth quarter cash dividend of
$0.05 per share. The dividend is payable on December 16, 2013 to holders
of record on December 2, 2013. Any future declaration of dividends, as
well as the establishment of record and payment dates, is subject to the
approval of EXCO’s Board of Directors.
EXCO is an oil and natural gas exploration, exploitation, development
and production company headquartered in Dallas, Texas with principal
operations in Texas, North Louisiana and Appalachia.
Additional information about EXCO may be obtained by contacting Chris
Peracchi, Director of Finance and Investor Relations and Treasurer, at
EXCO’s headquarters, 12377 Merit Drive, Suite 1700, Dallas, TX 75251,
telephone number (214) 368-2084, or by visiting EXCO’s website at www.excoresources.com.
EXCO’s SEC filings and press releases can be found under the Investor
This release may contain forward-looking statements relating to
future financial results, business expectations and business
transactions. Actual results may differ materially from those
predicted as a result of factors over which EXCO has no control. Such
factors include, but are not limited to: estimates of reserves,
commodity price changes, regulatory changes and general economic
conditions. These risk factors and additional information are
included in EXCO’s reports on file with the Securities and Exchange
Commission. EXCO undertakes no obligation to publicly update or
revise any forward-looking statements.
Source: EXCO Resources, Inc.
EXCO Resources, Inc.
Chris Peracchi, 214-368-2084
Finance and Investor Relations and Treasurer