Tuesdays earnings.... Valero Energy [VLO] and Exco Resources [XCO]

EXCO Resources (NYSE:XCO) today announced first quarter results for 2013. Adjusted net income, a non GAAP measure adjusting for gains from asset sales, non cash gains or losses from derivative financial instruments (derivatives), non cash ceiling test write downs and other items typically not included by securities analysts in published estimates, was $0.13 per diluted share for the first quarter 2013 compared to $0.03 per diluted share for the first quarter2012.

Adjusted earnings before interest, taxes, depreciation, depletion and amortization, gains on asset sales, ceiling test write downs and other non cash income and expense items (adjusted EBITDA, a non GAAP measure) for the first quarter 2013 were $96 million compared with $111 million in the first quarter 2012.

GAAP results were net income of $158 million, or $0.74 per diluted share, for the first quarter 2013 compared with a net loss of $282 million, or $1.32 per diluted share, for the first quarter 2012. The first quarter 2013 includes a $187 million gain from the contribution of 74.5% of our interests in certain conventional properties to our partnership with Harbinger Group Inc. (HGI). The first quarter 2012 net loss was primarily due to a $276 million non-cash ceiling test writedown of oil and natural gas properties......Read the entire Exco Resources earnings report.

Valero Energy Corp. (NYSE:VLO) today reported net income attributable to Valero stockholders of $654 million, or $1.18 per share, for the first quarter of 2013 compared to a net loss attributable to Valero stockholders of $432 million, or $0.78 per share, for the first quarter of 2012. Included in the first quarter 2012 results was a noncash asset impairment loss of $605 million after taxes, or $1.09 per share, predominately related to the Aruba refinery.

First quarter 2013 operating income was $1.1 billion versus an operating loss of $244 million in the first quarter of 2012. Excluding the noncash asset impairment loss noted above, first quarter 2012 operating income was $367 million. The resulting increase in operating income of approximately $700 million in 2013 was primarily due to higher refining throughput margins in each of Valero's operating regions, except the U.S. West Coast. The increase in refining throughput margins was mainly due to an increase in margins for diesel and jet fuel and wider discounts on crude oil and feedstocks......Read the entire Valero Energy earnings report.


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EXCO Resources to Release 1st Quarter 2012 Results

COT holding EXCO Resources [NYSE: XCO] will be releasing first quarter 2012 results on Tuesday, May 1, 2012, after market close. EXCO will host a conference call on Wednesday, May 2, 2012, at 10:00 a.m. (Dallas time) to discuss the contents of this release and respond to questions.

 Please call (800) 309-5788 if you wish to participate, and ask for the EXCO conference call ID# 70531704. The conference call will also be webcast on EXCO’s website at www.excoresources.com under the Investor Relations tab. Presentation materials related to this release will be posted on EXCO’s website on Tuesday, May 1, 2012, after market close.

 EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, development and production company headquartered in Dallas, Texas with principal operations in East Texas, North Louisiana, Appalachia and West Texas.

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Insider Monkey: Wilbur Ross Buys More EXCO Resources, Ticker XCO

Wilbur Ross’s Invesco Private Capital (WL Ross & Co) filed Form 4 on October 17th for its insider purchase in Exco Resources Inc. (XCO). Invesco Private Capital is XCO’s insider and largest stakeholder, and the firm reported 26.78 million shares, or 12.5% activist stake in XCO in its last 13D on August 31th. According to the Form 4 disclosure, Wilbur Ross bought 7,900 shares at $9.99 on October 13th. Although this is just a small purchase he made recently, Wilbur Ross has filed totally 4 insider purchases in XCO since September. XCO is now trading at $11.62, still near its 2 year low.

In the second quarter, twenty nine hedge funds in our tracking list had XCO in their portfolios. Howard Marks’ Oaktree Capital Management had 34.78 million shares, giving a 16.23% stake. Wilbur Ross’s Invesco Private Capital (WL Ross & Co) had 2.10 million shares, or 9.8% stake at that time, after a decrease of 95%. Anand Parekh’s Alyeska Investment Group had 9 million shares, corresponding to a 4.2% stake.

Wilbur Ross is known for restructuring failed companies. He specializes in leveraged buyouts and distressed businesses. He was listed as one of the world’s billionaires with a net personal wealth of $1.9 billion in 2011. His Invesco Private Capital (WL Ross & Co) has a portfolio value of $1.24 billion, with most of the capital invested in Financial, Basic Materials, and other sectors.

EXCO Resources, Inc. is an independent oil and natural gas company. According to Yahoo! Finance, the company “engages in the exploration, exploitation, development, and production of onshore North American oil and natural gas properties with a focus on shale resource plays”. The company had proved reserves of approximately 1.5 trillion cubic feet equivalent, and operated 7,276 wells as of December 31, 2010. The company was founded in 1955 and is headquartered in Dallas, Texas.


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