8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 15, 2018

EXCO RESOURCES, INC.

(Exact name of registrant as specified in its charter)

Texas	001-32743	74-1492779
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
12377 Merit Drive Suite 1700 Dallas, Texas		75251
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (214) 368-2084

Not Applicable.

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 1.03. Bankruptcy or Receivership.

Voluntary Petition for Reorganization

On January 15, 2018, EXCO Resources, Inc. (the “Company”) and certain of its subsidiaries, including EXCO Services, Inc., EXCO Partners GP, LLC, EXCO GP Partners OLP, LP, EXCO Partners OLP GP, LLC, EXCO Operating Company, LP, EXCO Midcontinent MLP, LLC, EXCO Holding (Pa), Inc., EXCO Production Company (PA), LLC, EXCO Resources (XA), LLC, EXCO Production (WV), LLC, EXCO Land Company, LLC, EXCO Holding MLP, Inc., Raider Marketing, LP, Raider Marketing GP, LLC (collectively, the “Filing Subsidiaries” and, together with the Company, the “Debtors”), filed voluntary petitions (the “Bankruptcy Petitions”) for reorganization under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Court”). The Debtors have filed a motion with the Court seeking joint administration of their Chapter 11 cases under the caption In Re EXCO Resources, Inc., Case No. 18-30155 (MI).

The Debtors have filed motions with the Court seeking authorization to continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court.

Item 2.04. Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement.

The filing of the Bankruptcy Petitions described in Item 1.03 above constitutes an event of default that accelerated the Company’s obligations under the following debt instruments (collectively the “Debt Instruments”):

• The Company’s Reserve-Based Revolving First Lien Credit Facility, under that certain Amended and Restated Credit Agreement, dated as of July 31, 2013, among the Company, the guarantors party thereto and JPMorgan Chase Bank, as administrative agent;

• The Company’s 7.500% Senior Notes due 2018 and its 8.500% Senior Notes due 2022, issued pursuant to that certain Indenture, dated September 15, 2010 among the Company, the guarantors party thereto and Wilmington Savings Fund Society, FSB, as trustee;

• The Company’s 8.0% / 11.0% 1.5 Lien Senior Secured PIK Toggle Notes due 2022, issued pursuant to that certain Indenture, dated March 15, 2017, among the Company, the guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral trustee; and

• The Company’s 1.75 Lien Term Loan Facility, pursuant to that certain Credit Agreement, dated March 15, 2017, by and among the Company, the guarantors party thereto and Wilmington Trust, National Association as administrative agent and collateral trustee.

On January 15, 2018, the Company issued a press release announcing the filing of the Chapter 11 Cases. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The Debt Instruments provide that as a result of the Bankruptcy Petitions the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments are automatically stayed as a result of the Bankruptcy Petitions, and the creditors’ rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code.

Item 7.01. Regulation FD Disclosure.

On November 9, 2017, the Company entered into a confidentiality agreement (the “NDA”) and commenced discussions with legal and financial advisors (the “Advisors”) for certain holders (the “Holders”) of the Company’s 1.5 Lien Senior Secured Notes and 1.75 Lien Term Loans regarding the possibility of a potential financing, recapitalization, material asset or equity sale, reorganization and/or restructuring transaction or series of such transactions or alternative transactions for the Company. Subsequent to the dates of the execution of the confidentiality agreement, the Advisors (i) conducted due diligence on the Company and (ii) engaged in discussions with the Company and its advisors. Pursuant to the NDA, a public disclosure of all material non-public information provided to the Holders is required as of the date that the Company commences a case under Chapter 11 of the Bankruptcy Code.

Following entry into the NDA, the Company and the Holders engaged in discussions regarding potential restructuring transactions, including potential sales of certain assets of the Company. On several occasions in late 2017, the Advisors provided the Holders with certain presentation materials regarding the Company’s assets, historical and projected business plans and other background information (the “Presentation Materials”), which are attached as Exhibit 99.2 hereto. The Presentation Materials included certain projections and forecasts of the Company. The descriptions in this Form 8-K of the Presentation Materials do not purport to be complete and are qualified in their entirety by reference to the complete text of the Presentation Materials attached as Exhibit 99.2 hereto.

In addition, on January 16, 2018, the Company distributed certain non-public information with respect to its assets (the “Asset Summary”) to potential interested parties in connection with a marketing process for a sale of certain of the Company’s assets, which materials are attached as Exhibit 99.3. The descriptions in this Form 8-K of the Asset Summary do not purport to be complete and are qualified in their entirety by reference to the complete text of the Asset Summary attached hereto as Exhibit 99.3.

The information in the Presentation Materials and the Asset Summary is dependent upon assumptions with respect to commodity prices, production, development capital, exploration capital, operating expenses, availability and cost of capital and performance as set forth in the Presentation Materials and the Asset Summary. Any financial projections or forecasts included in the Presentation Materials and the Asset Summary were not prepared with a view toward public disclosure or compliance with the published guidelines of the Securities and Exchange Commission or the guidelines established by the American Institute of Certified Public Accountants regarding projections or forecasts. The projections do not purport to present the Company’s financial condition in accordance with accounting principles generally accepted in the United States. The Company’s independent accountants have not examined, compiled or otherwise applied procedures to the projections and, accordingly, do not express an opinion or any other form of assurance with respect to the projections. The inclusion of the projections herein should not be regarded as an indication that the Company or its representatives consider the projections to be a reliable prediction of future events, and the projections should not be relied upon as such. Neither the Company nor any of its representatives has made or makes any representation to any person regarding the ultimate outcome of the Company’s proposed restructuring compared to the projections, and none of them undertakes any obligation to publicly update the projections to reflect circumstances existing after the date when the projections were made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the projections are shown to be in error.

The information included in this Form 8-K under Item 7.01 and 99.2 and 99.3 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that Section, unless the registrant specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

The exhibits listed below are filed herewith.

(d) Exhibits.

EXHIBIT NUMBER	EXHIBIT DESCRIPTION
99.1	Press Release, dated January 15, 2018.
99.2	Presentation Materials.
99.3	Asset Summary.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	EXCO RESOURCES, INC.
Date: January 16, 2018
	By:	/s/ Heather L. Lamparter
	Name:	Heather L. Lamparter
	Title:	Vice President, General Counsel and Secretary

EX-99.1

Exhibit 99.1

EXCO Resources, Inc. Files Voluntary Petitions for Chapter 11 Reorganization to Facilitate Financial

Restructuring

Company to Explore Strategic Alternatives to Maximize Value

Operations to Continue as Usual During Restructuring Process

DALLAS—(BUSINESS WIRE)—EXCO Resources, Inc. (NYSE: XCO.BC) (OTC Pink: XCOO) (“EXCO” or the “Company”) today announced that in order to facilitate a restructuring of its balance sheet, the Company and certain of its subsidiaries have filed voluntary petitions for a court-supervised reorganization under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (“the Court”). EXCO intends to operate in the ordinary course of business during the restructuring process.

EXCO continues to engage in constructive discussions with its creditor constituencies regarding the terms of a financial restructuring plan. In conjunction with this process, EXCO will explore potential strategic alternatives to maximize value for the benefit of its stakeholders, including the marketing of the Company’s assets, which may result in a sale of certain or substantially all of its assets under Section 363 of the Bankruptcy Code or as part of the plan of reorganization.

EXCO has received a commitment of $250 million in debtor-in-possession (“DIP”) financing from certain of its existing lenders including Fairfax Financial Holdings Limited and its affiliates; Bluescape Resources Company LLC and its affiliates, including Cove Key Management; and JPMorgan Chase Bank, N.A., and certain of its affiliates. The DIP financing, which is subject to court approval, is expected to refinance the Company’s existing Reserve-Based Credit Agreement and support the Company’s day-to-day operations during the restructuring process. The Company intends to pay vendors in full for all goods and services provided after the filing date.

Harold L. Hickey, EXCO’s Chief Executive Officer and President, said, “Like many other companies in our industry, EXCO’s financial position has been negatively impacted by the sustained downturn in commodity prices and uncertainty in the energy market. Despite having taken actions to mitigate the impact of these factors, including renegotiating certain commercial contracts, reducing costs, restructuring our balance sheet and divesting assets, we continue to face increasing liquidity pressures as we navigate the competitive environment. We believe that this financial restructuring process will enable us to strengthen our balance sheet as we continue to operate in the ordinary course of business. With our strong asset base and operational expertise, we remain confident in our ability to deliver value for the benefit of our stakeholders.”

Hickey continued, “I want to express my gratitude to the entire EXCO team for their unwavering dedication and hard work. I am confident our employees will continue to focus on safe and efficient execution of our day-to-day operations. We at EXCO are also grateful for the ongoing support of our service providers, business partners and other stakeholders during the restructuring process.”

In conjunction with the Chapter 11 process, the Company has filed a number of customary motions with the Court seeking court authorization to support its operations, including the payment of employee wages, salaries and benefits. EXCO is also seeking court authorization to continue meeting its obligations to its royalty, working interest and joint interest billing partners as well as certain vendors. The Company expects to receive court approval for these requests shortly.

Additional information is available at www.excoresources.com/restructuring/ and by calling (800) 683-4332. Court filings and other information related to the court-supervised proceedings are available at a website administered by the Company’s claims agent, Epiq Systems, at http://dm.epiq11.com/EXCO.

As previously announced, the Company has retained PJT Partners LP as financial advisor and Alvarez & Marsal North America, LLC as restructuring advisor. The Company continues to retain Kirkland & Ellis LLP as legal advisor.

About EXCO Resources, Inc.

EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, acquisition, development and production company headquartered in Dallas, Texas with principal operations in Texas, North Louisiana and the Appalachia region. EXCO’s headquarters are located at 12377 Merit Drive, Suite 1700, Dallas, TX 75251.

Forward-Looking Statements

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: discussions regarding EXCO’s restructuring, EXCO’s liquidity, sources of capital resources and ability to maintain compliance with debt covenants, continued volatility in the oil and gas markets, the estimates of reserves, commodity price changes, regulatory changes and general economic conditions. These risk factors are included in EXCO’s reports on file with the SEC. Except as required by applicable law, EXCO undertakes no obligation to publicly update or revise any forward-looking statements.

Contacts

EXCO Resources, Inc.

Tyler Farquharson, 214-368-2084

Vice President, Chief Financial Officer and Treasurer

www.excoresources.com

or

Media Inquiries Only:

Joele Frank, Wilkinson Brimmer Katcher

Michael Freitag / Aura Reinhard / Torrey Leroy

212-355-4449

EX-99.2

Project Pelican Cleansing materials January 2018 Exhibit 99.2

Disclaimer

Asset Overview 4 I Additional Information 16 II

Asset Overview 4

EXCO has a strong collection of assets, with significant near-term drilling opportunities as well as the potential to develop contingent acreage for which financial resources were unable to be allocated given the strained market environment. Gas-levered portfolio with significant, high quality drilling inventory 250+ gross locations with IRRs of >25% at spot prices as of 9/29/17 92% HBP as of December 31, 2016 3-rig program expected in 4Q 2017 Large position in the most active development region in East Texas (“ETX”) / North Louisiana (“NLA”) South Texas Tier 1 oil wells have highest PV/I with IRRs of 65% at $3.00/MMBtu and $50/bbl Enhanced drilling and completion techniques have successfully increased EXCO’s (and competitors’) well productivity Longer laterals delivering nearly 150% more volume in ~275 days online in NLA Larger completions and higher fracture intensity delivering 45% more volume in ~600 days online in ETX Competitors have recently been successful in pursuing recompletion programs in existing horizontal wells by installing a liner system and refracture stimulating (QEP, CHK) EXCO drilled 2nd fastest well in Haynesville to-date at 22 days Upside in both NLA and Appalachia Unlock Bossier shale value in NLA with enhanced completion designs Utica potential in Central PA is emerging and EXCO is positioned to begin appraisal testing Source: Company filings and presentations. Asset Overview 124 152 171 0 186 200 141 180 0 251 251 113 241 69 69 0 136 157 90 101 110 227 234 238 191 251 255 240 255 189 254 254 226 252 218 218 183 247 255 220 223 226 202 214 221 130 245 255 225 255 123 253 253 198 250 180 180 113 237 255 217 217 217 176 193 204 65 241 255 210 255 57 253 253 168 247 142 142 43 228 255 152 163 171 86 116 135 0 138 149 104 134 0 249 249 23 216 16 16 0 102 117 67 75 82 57 77 89 0 92 100 69 89 0 175 175 5 145 11 11 0 69 79 45 51 55 0 0 0 51 51 51 85 85 85 128 128 128 150 150 150 192 192 192 221 221 221 1 2 3 5

Operating Area Overview Net Production (mmcfe/d) East Texas and North Louisiana Net Acres/%HBP(1) 96,300/87% Q2 ‘17 Operating Rigs 4 Q2 ‘17 Net Production (Mmcfe/d) 177 12/31/16 Proved Reserves (Bcfe) 1,110 Drilling Inventory 529 gross locations South Texas Net Acres/%HBP(1) 49,300/95% Q2 ‘17 Operating Rigs 0 Q2 ‘17 Net Production (Boe/d) 3,700 12/31/16 Proved Reserves (Bcfe) 155 Drilling Inventory 87 gross locations Appalachia Net Acres/%HBP(1) 184,100/93% Q2 ‘17 Operating Rigs 0 Q2 ‘17 Net Production (Mmcfe/d) 29 12/31/16 Proved Reserves (Bcfe) 29 Drilling Inventory 192 gross locations Total Net Acres/%HBP(1) 329,700/92% Q2 ‘17 Operating Rigs 4 Q2 ‘17 Net Production (Mmcfe/d) 229 12/31/16 Proved Reserves (Bcfe) 1,503 Drilling Inventory 808 gross locations Source: Company presentations. As of 12/31/16. Asset Overview (Cont’d) MAP OF PRIMARY ASSETS TX LA East Texas / North Louisiana South Texas WV PA Appalachia Zavala Frio Dimmit Harrison Caddo Gregg Rusk Panola DeSoto Shelby Nacogdoches San Augustine Sabine 6

Gross Locations 49 45 17 57 24 38 32 65 63 89 48 43 167 71 Source: Company presentations. As of 9/29/17. Drilling Inventory BREAKEVEN PRICE REQUIRED FOR 25% IRR EXCO has economic drilling inventory that can support the Company’s capital plan for at least the next 5 years without pricing or well performance improvements with a four rig drilling program. Spot: Gas $2.96; Oil $51.50(1) 262 Locations 546 Locations 808 Total Locations 7 Old forecast, not necessarily representative of Company’s current business plan and financial forecast

Net Production (Mmcfe / d) As of 12/31/16. North Louisiana Attribute Key Features Total Acreage(1) 50,800 net acres (38,000 shale) 100% HBP Active Wells 424 operated wells flowing to sales Production Q2 2017: 131 Mmcfe/d Targeted Formations Haynesville Bossier Q2 ‘17 Results Produced 131 Mmcfe/d, a decrease of 3 Mmcfe/d, or 2%, from Q1 2017 3 rig drilling program for the remainder of 2017 Turned-to-sales 3 gross (2.7 net) operated Haynesville shale wells and 1 gross (0.8 net) cross-unit Bossier shale well in 2017 2017 HSVL wells completed with 3500 lbs/ft are outperforming HSVL offset wells, which were completed with 2700 lbs/ft. Current EUR expectation is greater than 2.2 Bcf/1000’ 2017 BSSR well completed with 3500 lbs/ft is outperforming older BSSR well completed with 2350 lbs/ft based on 5 months of production history NORTH LOUISIANA OVERVIEW Harrison Panola Caddo DeSoto Red River Bossier Bienville TX LA EXCO Acreage TX LA 8

Net production (mmcfe / d) As of 12/31/16. Reflects ~10k acres that requires continuous development obligation of two wells per year. East Texas Attribute Key Features Total Acreage(1) 45,500 net acres •74% HBP(2) Active Wells 104 operated wells flowing to sales Production •Q2 2017: 46 Mmcfe/d Targeted Formations Haynesville Bossier Q2 ‘17 Results Produced 46 Mmcfe/d, a decrease of 7 Mmcfe/d, or 13%, from Q1 2017 Highest EUR/1000’ in EXCO’s Haynesville Highlander booked at 2.6 Bcf/1000’ EXCO participated in the Walker J 1H, which turned to sales in January and is performing like EXCO-operated wells drilled in Highlander. These wells all had greater than 2500 lbs/ft proppant concentrations and are much better than the legacy wells in the area Participating in 2 stacked wells in the Highlander area testing BSSR and HSVL. Wells to turn to sales in October / November 2017 East Texas Overview Sabine Jasper Polk Angelina Nacogdoches TX LA EXCO Acreage San Augustine Sabine Shelby 9

Net production (Boe / D) As of 12/31/16. South Texas Attribute Key Features Total Acreage(1) 49,300 net acres 93% HBP (100% Core) Active Wells 235 operated wells Production Q2 2017: 3.7 MBoe/d Targeted Formations Eagle Ford Buda Austin Chalk Q2 ‘17 Results Produced 3.7 Mboe/d, a decrease of 0.3 Mboe/d, or 8%, from Q1 2017 Significant held-by-production acreage provides development flexibility Offset operator fracing numerous wells in the Boll/Calvert area causing shut-ins and increased water production Larger completion designs have greatly improved well recoveries and performance; last wells drilled are best in EXCO portfolio SOUTH TEXAS OVERVIEW Frio Dimmit La Salle Zavala EXCO Acreage TX LA 10

Appalachia overview As of 12/31/16. Appalachia Attribute Key Features Total Acreage(1) •184,100 net acres (127,000 shale) 90% HBP (shale) Active Wells 126 operated wells Production •Q2 2017: 29 Mmcfe/d Targeted Formations Marcellus Upper Devonian Utica Q2 ‘17 Results Produced 29 Mmcfe/d, a decrease of 1 Mmcfe/d, or 3% from Q1 2017 Decrease in production primarily due to sale of conventional assets in Pennsylvania on July 1, 2016, and conventional assets in West Virginia on October 3, 2016 In conjunction with the conventional asset sales, field employee count in the region has been reduced by 85% since Q4 2015 Net production (mmcfe / d) WV PA EXCO Acreage Ohio Pennsylvania West Virginia 11

The Company has had recent success across its basin positions in increasing estimated ultimate recoveries, primarily with enhanced completion methods. Source: Company presentations as of November 2017. Recent Performance Improvement 12 Old forecast, not necessarily representative of Company’s current business plan and financial forecast

Note: As of November 2017. Utica Testing in the Utica could result in proving of current contingent, under-exploited reserves EXCO holds 40,000 net acres prospective for Utica dry gas with up to 860 gross locations (670 Op/190 OBO); Contingent Net Reserves of ~4 TCF based on 3.0 Bcf/1000’ type curve Results from nearby wells are encouraging Consol’s Gaut well IP’d at 60+ Mmcf/d and cumulative production of 8.4 Bcf through 18 months of production as of Q1 2017 Range Resources – Claysville S.C. 9H: 59 Mmcf/d D&C costs are declining with Consol expecting the recently drilled Aiken appraisal wells to be $15mm; targeting development costs of $12.5mm for 7000’ laterals EXCO has drilled and completed 500+ wells in the Haynesville at similar pressures and depths as the Utica The potential exists to create significant value in the Utica if the Company is able to fund its drilling operations and potentially prove contingent reserves. 13

Note: As of November 2017. Bossier Staggered Bossier wells could yield more locations EXCO has approximately 30,000 net acres in the Bossier formation in DeSoto Parish with 167 gross operated locations / 132 OBO locations 3P+ net reserves of 900 Bcf Currently EXCO has 5 producing wells in NLA in the Mid-Bossier; 4 EXCO operated, 1 Operated by Other (OBO) 2017 vintage Bossier well (Norris 1-12) with largest completion design to date combined with a longer lateral IP’d 13 MMCFD and has CUM’d 1.2 Bcf in under five months; EXCO’s best Bossier well to date The current appraisal program is designed to achieve further breakthroughs in performance by refining landing zone and completion design The thickness of the Middle Bossier interval could provide a compelling staggered lateral development approach and yield additional gross locations Improved drilling and completion techniques in Bossier could increase EURs and drilling locations. 14

Note: As of November 2017. Other Drilling Opportunities Modern Harrison / Panola Haynesville completion design EXCO’s last well in this area was in 2010 but there has been offset operator success Rock quality indicates that larger completion designs could have a positive uplift on economics Haynesville recompletion with cemented liners Recent indications (QEP and CHK) have been positive from cemented liner recompletions South Texas landing zones Upper landing zones could help non-core areas achieve higher EURs and potentially allow for staggering core area wells Upper Devonian Offset operators are having success in the Upper Devonian in Appalachia Rogersville shale This area has received positive press based on public information and EXCO acreage has geologic potential The Company has several other value enhancing opportunities if investment capital is available. 15

Additional Information 16

Management Team Name Years with EXCO Past Experience Harold L. Hickey Chief Executive Officer & President 16 years Appointed Chief Executive Officer in March 2015 and President since February 2013 Previously served as Chief Operating Officer from October 2005 until March 2015 and Vice President from October 2005 until February 2013 Served as President of subsidiary North Coast Energy from January 2004 until October 2005 Production and Asset Manager of EXCO from 2001 to 2004 Worked at Mobil Oil Corporation from 1979 to 2000 Harold H. Jameson Vice President & Chief Operating Officer 10 years Appointed Chief Operating Officer in April 2015 Previously served as Vice President of Development and Production Served in a Vice President role since March 2011 General Manager of East Texas / North Louisiana area from August 2008 until March 2011 after serving as General Manager of Vernon Field project Prior to joining the Company in April 2007, employed at Anadarko Petroleum from 1991 to 2007 Tyler S. Farquharson Vice President, Chief Financial Officer & Treasurer 12 years Appointed Vice President, Chief Financial Officer and Treasurer in February 2017 Previously served as acting Chief Financial Officer and Treasurer since October 2016 and Vice President of Strategic Planning since August 2016 Served in various roles including Strategic Analysis and Financial Planning Director since joining the Company in 2005 Heather L. Lamparter Vice President, General Counsel & Secretary 7 years Appointed Vice President, General Counsel and Secretary in February 2017 Previously served as Assistant General Counsel, acting General Counsel and Secretary beginning in December 2016 Served in various roles including Assistant General Counsel and Vice President of Legal of Appalachia JV Before joining the Company in 2010, represented E&P companies at K&L Gates The management team of EXCO Resources, Inc. ("EXCO" or "the Company") has years of experience in the industry with a proven track record of maximizing value. The team has a deep knowledge of EXCO's assets, having developed over 700 horizontal shale wells over the last 9 years. 17

Note: Based upon conversations with Counsel, it appears that substantially all assets have been pledged and liens perfected. Under the sixth amendment to the 2022 Notes, EXCO Equipment Leasing, LLC is listed as a guarantor, but the entity was dissolved in 2015. BG Production Company, LLC (DE) is the 50% owner of Bonchasse Land Company, L.L.C. (LA), EBG Resources, LLC (DE), Moran Land Company, L.L.C. (LA), Moran Minerals, L.L.C. (LA), PCMWL, L.L.C. (LA), EXCO Resources (PA), LLC (DE), and EXCO Appalachia Midstream, LLC (DE). Organization Chart EXCO Resources, Inc. Borrower & Issuer EXCO Holdings Inc. (PA) Raider Marketing GP EXCO Partners GP, LLC EXCO Midcontinent MLP, LLC EXCO Holdings MLP Inc. EXCO Services Raider Marketing, LP GP LP GP EXCO GP Partners Old, LP LP EXCO Operating Company, LP LP EXCO Partners OLP GP, LLC EXCO Land Company, LLC GP 50% PCMWL EBG Resources Moran Land Company Moran Minerals Bonchase Land Company EXCO Production Company (WV), LLC EXCO Production Company (PA), LLC EXCO Resources (XA), LLC EXCO Appalachia Midstream, LLC(2) EXCO Resources (PA), LLC(2) 50% 50% 50% 50% 50% 50% Memo:(1) Guarantor of RBL, 1.5L, 1.75L, 2L and unsecured notes Guarantor of RBL, 1.5L, 1.75L, 2L, and 8.5% notes Guarantor of RBL, 1.5L and 1.75L Guarantor of RBL and 1.75L Unrestricted subsidiary Borrower/Issuer The Company's legal structure is presented below. Based upon legal diligence, limited unencumbered asset value exists outside of the guarantor group. 18

Debt Maturity Schedule Source: CapIQ, Markit, Bloomberg, Company filings. Note: Data as of 10/17/17. RBL and cash balance shown pro forma for revolver draws post 9/7/17. RBL amount outstanding does not include LCs outstanding. Including LCs, the total balance is $150mm. Cash interest rates are 8% and 12.5% for 1.5 Lien and 1.75 Lien, respectively. Company also has the option to pay the PIK rate in shares at the trailing 20-day VWAP. Based on 2017E EBITDA of $80mm. As of 9/29/17. Existing Capital Structure Based upon 2017 projected EBITDA, the Company is levered 15x through its secured debt and 18x on a consolidated basis. 19

Well Details Note: As of November 2017. Economics shown on an 8/8ths basis; IRR assumes $3.00/MMBtu. North Louisiana Well Level Details Type curves 20 Old forecast, not necessarily representative of Company’s current business plan and financial forecast

Well Details Note: As of November 2017. Economics shown on an 8/8ths basis; IRR assumes $3.00/MMBtu. East Texas Well Level Details Type curves 21 Old forecast, not necessarily representative of Company’s current business plan and financial forecast

Well Details Note: As of November 2017. Economics shown on an 8/8ths basis; IRR assumes $3.00/MMBtu and $50.00/bbl. South Texas (Eagle Ford) Well Level Details Type curves 22 Old forecast, not necessarily representative of Company’s current business plan and financial forecast

Well Details Note: As of November 2017. Economics shown on an 8/8ths basis; IRR assumes $3.00/MMBtu. Appalachia Well Level Details Type curves 23 Old forecast, not necessarily representative of Company’s current business plan and financial forecast

EX-99.3

Exhibit 99.3

PJT Partners EXCO Resources, Inc. OPPORTUNITY OVERVIEW | Q1 2018 Confidential

Notice to Recipients
This asset overview (the “Summary”) has been prepared solely for informational purposes and is being supplied by or on behalf of EXCO Resources, Inc. (“EXCO” or the “Company”) and/or one or more of its affiliates to you in your capacity as a prospective purchaser (the “Recipient”) in considering an acquisition of any or all of the Company’s assets (the “Transaction”).
RECEIPT AND RETENTION OF THIS SUMMARY CONSTITUTES AN AGREEMENT TO BE BOUND BY THE TERMS OF THIS NOTICE. IF THE RECIPIENT IS NOT WILLING TO ACCEPT THE SUMMARY (AS DEFINED HEREIN) ON THE TERMS SET FORTH IN THIS NOTICE, IT MUST RETURN THE SUMMARY TO THE COMPANY IMMEDIATELY WITHOUT MAKING ANY COPIES THEREOF, EXTRACTS THEREFROM OR USE THEREOF.
The Recipient acknowledges and agrees that (i) the Summary is provided to the Recipient for informational purposes, (ii) neither the Company nor any of its affiliates bear any responsibility (and shall not be liable) for the accuracy or completeness (or lack thereof) of any information contained within the Summary, (iii) no representation regarding the material within the Summary is made herein by the Company, (iv) neither the Company, nor any of its affiliates have made an independent verification as to the accuracy or completeness of the information within the Summary, and (v) neither the Company, nor any of its affiliates shall have any obligation to update or supplement any information contained within the Summary or otherwise provide additional information. The Summary has been prepared to assist interested parties in making their own evaluation of the Transaction and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may consider material or desirable in making its decision to invest in the Transaction. Each Recipient of the information and data contained herein should take such steps as it deems necessary to assure that it has the information it considers material or desirable in making any decision to purchase and should perform its own independent investigation and analysis of the Transaction and the creditworthiness of the parties involved. The Recipient represents that it is sophisticated and experienced in investing in transactions similar to the Transaction. The information and data contained herein are not a substitute for the Recipient’s independent evaluation and analysis and should not be considered as a recommendation by the Company, nor any of its affiliates that any Recipient enter into the Transaction.
The Recipient acknowledges that (a) neither the Company nor any of its affiliates is in the business of providing legal, tax, investment or accounting advice, (b) the Recipient understands that there may be legal, tax, investment or accounting risks associated with the potential transaction described in the Summary, (c) the Recipient should receive legal, tax, investment and accounting advice from advisors with appropriate expertise to assess relevant risks, (d) the Recipient should apprise senior management in its organization as to the legal, tax, investment and accounting advice (and of applicable risks) associated with the Transaction and the disclaimers as to these matters, and (e) neither the Company nor any of its affiliates is making or will make any representation to any Recipient regarding the legality of an investment by any Recipient or any other person in the Transaction.
Any forward-looking statements and projections reflect various estimates and assumptions by the Company concerning anticipated results. No representations or warranties are made by the Company nor any of its affiliates as to the accuracy of any such statements or projections or with respect to any other materials contained herein. Whether or not any such forward-looking statements or projections are in fact achieved will depend upon future events some of which are not within the control of the Company nor any of its affiliates and which are in any case subject to a number of business and other risks. Accordingly, actual results may vary from the projected results and such variations may be material. Prospective acquirers should not rely on such forward-looking statements and projections.

Executive Summary
Diverse Portfolio with Substantial, High-Quality Drilling Inventory
EXCO Resources, Inc. (“EXCO” or the “Company”) has engaged PJT Partners (“PJT”) as its financial advisor to solicit proposals for the sale of its portfolio of assets.
OPPORTUNITY OVERVIEW AND SALE PROCESS DETAIL MAP OF PRIMARY ASSETS
On January 15, 2018, EXCO filed voluntary petitions for relief
Appalachia
under Chapter 11 of the US Bankruptcy Code as part of a process PA
Zavala Frio
to restructure its balance sheet
• As part of the ongoing process, the Company is seeking WV indications of interest for the sale of its assets Harrison, TX
Dimmit
• Acceptable bids will include those for the entire asset portfolio East Texas / Caddo, LA    Jackson, LA or for its three individual asset regions with indicative bids due North Louisiana on or around March 9, 2018 Gregg, TX
Red River, LA
• Binding bids to follow in accordance with sale process TX
Rusk, TX
procedures and final court approval prior to closing LA DeSoto, LA
Panola, TX
• Virtual data room (“VDR”) will be available in mid-February South 2018 for interested parties upon execution of a confidentiality Texas
Nacogdoches, TX
agreement
Shelby, TX
• Reserve database effective date of April 1, 2018, for any asset sale San Augustine, TX
Sabine, TX
PORTFOLIO SUMMARY(1)
East Texas / North Louisiana South Texas Appalachia & Other(2)
2017E Exit Net Production 208 MMcf/d 3,005 Boe/d 26 MMcf/d Net Acres / % HBP 98,100 / 87% 49,700 / 94% 181,500 / 94% Average WI / NRI of PDP Operated Wells 53% / 41% 44% / 33% 36% / 29% Gross Producing Well Count Total / Operated 854 / 532 251 / 228 145 / 115
(1) Figures as of year-end 2017.
(2) A pending Appalachia transaction may significantly increase EXCO’s working interests. In the event that the pending transaction closes, EXCO, and certain of its affiliates, would be the sole entities to convey its 2
Appalachia interests to a prospective buyer(s) per the marketing materials contained herein.

East Texas / North Louisiana Highlights
Large Operated Position in the Core of the Haynesville and Bossier Shales
PREMIER HAYNESVILLE / BOSSIER SHALE OPPORTUNITIES EAST TEXAS / NORTH LOUISIANA ACREAGE MAP
• Approximately 85,000 largely contiguous net acres in the core of the Haynesville and Bossier play(1)
• Leasehold is majority operated and 87% held by production,
TX LA providing operational control Caddo Core Acreage • Current net production of ~208 MMcf/d (87% EXCO operated
Harrison
Position with production) from ~850 producing wells
Gregg
Significant – Approximately 420 operated producing wells in the Production Louisiana Haynesville represents a leading position among producers
Jackson
• Robust PDP base supports large total reserve value Panola
• In the event of a Shell divestiture, a pref right exists for EXCO Rusk
Red River
to acquire their Haynesville / Bossier assets
DeSoto
• Identified low-risk drilling and DUC inventory primed to Shelby ramp up production levels and cash flow
Nacogdoches
Drilling • Significant operated inventory of horizontal Haynesville and Bossier drilling locations with robust drilling economics at Inventory current strip pricing
San Sabine
with • High intensity completion designs of >3,500 lbs/ft as being Augustine De-Risked, implemented by EXCO, with ongoing completion Delineated optimization up to 5,000 lbs/ft designs across the play Upside – Results of latest generation of frac designs in portion of Potential East TX are rivaling results in core Louisiana parishes
• Cross-unit laterals and well spacing, in addition to successfully tested third-party recompletions, provide GROWTH AND RESILIENCY IN REGIONAL RIG COUNT(2) incremental upside
Regional rig count has escalated with flat natural gas prices, a testament to the
• Attractive netbacks / differentials in the position due to latest generation of completion designs. proximity to Henry Hub, LNG export facilities, and region 50 $4.00 with petrochemical demand 45 Strategically – Existing major pipelines provide substantial capacity to $3.50
40 Henry
Located Near access multiple Gulf Coast and Southeast markets 35
$3.00 Hub
Key • Extensive gas gathering and water handling systems provide Count 30(
$
Infrastructure coverage across development acreage Rig 25 $2.50 /M
M
• Ongoing optimization activities with gas transportation 20 B
$2.00 tu)
providers, with the potential to leverage the bankruptcy 15 code around select executory contracts 10 $1.50
Jan-16 Apr-16 Jul-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 (1) Jackson Parish acreage is excluded in the Haynesville and Bossier play net acres.
Rig Count Henry Hub 3 (2) Haynesville rig counts per Baker Hughes. Henry Hub spot price per EIA figures.

East Texas / North Louisiana Highlights (Cont’d)
Significant Collection of High-Return, Upside Opportunities
In addition to core drilling inventory targeting the world-class Haynesville shale, EXCO has identified tremendous STRATIGRAPHIC COLUMN HORIZON OVERVIEW upside opportunities across its East Texas / North
Louisiana position LOWER Selected Commentary:
CRETACEOUS Travis Peak
Identified Upside Demonstrated Success • Thick / high OGIP

South Texas Highlights
Highly Economic Operated Asset in the Eagle Ford Oil Window
UNIQUE OPPORTUNITY IN LOW-RISK AREA OF THE PLAY SOUTH TEXAS ACREAGE MAP
• Approximately 50,000 net acre position, almost entirely HBP, Large, primarily in the prolific oil window of Zavala, Frio, and Dimmit
Zavala TX LA
Contiguous Counties
Frio
South Texas • Lower Eagle Ford thickness of up to ~200 ft across the entire position; Acreage including Upper Eagle Ford, total thickness of up to ~400 ft Position • Potential for lateral lengths in excess of 10,000 ft in some areas given lease configuration and relatively shallow depths
• Current net production of ~3,000 Boe/d (~90% oil)
– Operational control with average WI of 44%
Dimmit
Predictable – Approximately 230 operated and 20 non-op wells producing EXCO Acreage Production from the Lower Eagle Ford, Austin Chalk, and Buda formations and Cash • Predictable PDP cash flow provides solid value for debt support in an STRATIGRAPHIC COLUMN
Flow Profile acquisition financing
• Prolific Austin Chalk
• Extensive infrastructure in place with ample takeaway capacity to Escondido production in offset facilitate further development activity Olmos acreage, but largely Low-risk upside of significant gross operated Eagle San Miguel undeveloped across • consists Lower Ford drilling locations Anacacho EXCO’s position
Guilian 5,800’
Austin Chalk • Upper Eagle Ford
– Substantial running room with over half the acreage
6,100’ prospective and undeveloped
Significant, Eagle Ford untested for
• Completion design continues to evolve through increasing proppant 6,500’ Typical
Low-Risk staggered / stacked intensity from 1,250 lbs/ft to over 2,300 lbs/ft Buda TVD
Drilling in development
– Approximately 50% EUR uplift realized on larger completion Del Rio Zavala
Inventory design CRETACEOUS 6,800’ County • Buda upside consists
Georgetown plus of multi-year drilling
• Additional formations enhance upside drilling inventory (Austin Edwards Stuart City
Additional Chalk, Upper Eagle Ford, Buda, Georgetown) Comanchian inventory
Upside Glen Rose
9,400’ • Recent success
• Easily implementable operational improvements identified, including
Pearsall drilling Georgetown meaningful cost savings from full field electrification Sligo wells in Zavala
• Company owns ~6,580 surface acres that provide development flexibility and access to water supply Hosston County by CML
Coahulian Exploration
Target Formation

Appalachia Highlights
Prolific Resource Potential in the Marcellus, Upper Devonian, and Utica
OPPORTUNITY TO CAPITALIZE ON ENORMOUS GAS IN PLACE(1) APPALACHIA ACREAGE MAP
Pennsylvania
• Large, primarily operated acreage position across the Marcellus Shale(2)
Immense Net
Acreage – Approximately 82,300 net acres in Pennsylvania
Forest
– Approximately 80,600 net acres in West Virginia Elk Sullivan
Position in Lycoming
• Exposure to ~40,000 prospective net acres in the Utica Shale Clinton
World- Clarion Jefferson
Columbia
Leading • Existing production base of ~26 MMcf/d with shallow declines Clearfield from ~145 gross wells that are supported by in-place Centre
Natural Gas Armstrong infrastructure
Region Indiana
• EXCO-owned gathering system (~25miles), including three Allegheny Cambria compressor stations, in Armstrong and Centre Counties Westmoreland
Washington
• Primarily HBP acreage position (94%) provides control around the Fayette Somerset pace of future development activities
EXCO Acreage
– Position primarily held by third-party shallow well production Significant • Meaningful drilling inventory economical today; capital
Drilling constraints have hindered EXCO’s development efforts to-date,
Upside that with most recent activity in 2014
Utica XTO) is West Virginia includes Utica • drilling activity from offset operators (CNX and
Deep Rights appraising acreage in close proximity to EXCO’s Utica position Tyler
• Recent advances in completion design have considerably Taylor
Wood
Ritchie Grant
improved economic outlook Barbour
Wirt Lewis
• Upper Devonian activity progressing toward EXCO acreage Gilmer
Jackson Calhoun Upshur Roane
• Appalachian infrastructure is undergoing transformative Putnam Braxton Infrastructure expansion that is expected to outpace regional supply growth Cabell Clay
Kanawha
Buildout to – Differentials are anticipated to improve and drive down Lincoln Nicholas Enhance break-even pricing Boone Fayette
Market Access EXCO Acreage
– Over 15 Bcf/d of additional gas takeaway capacity Mingo Logan Raleigh and anticipated to be added through year-end 2019(3)
Wyoming
Economics • Improved take-away capacity to complement existing low-cost operating structure
(1) A pending Appalachia transaction may significantly increase EXCO’s working interests. In the event that the pending transaction closes, EXCO, and certain of its affiliates, would be the sole entities to convey its Appalachia interests to a prospective buyer(s) per the marketing materials contained herein.
(2) Marcellus acreage count excludes acreage in Kentucky, Virginia, New York and certain other acreage. 6 (3) Based on company disclosures and research.

Process Timing and Contact Information
• EXCO plans to conduct a two-stage sale process with indications of interest due on or around March 9, 2018
• VDR to open on or around February 12, 2018, with Management / Data Room presentations to be held in the second stage during the months of March and April
• Binding bid date, selection of Stalking Horse bidder(s), and other milestones to be dictated by sale process dynamics and court approvals
January 2018 February 2018 March 2018 S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 6 1 2 3 1 2 3
7 8 9 10 11 12 13 4 5 6 7 8 9 10 4 5 6 7 8 9 10
14 15 16 17 18 19 20 11 12 13 14 15 16 17 11 12 13 14 15 16 17
21 22 23 24 25 26 27 18 19 20 21 22 23 24 18 19 20 21 22 23 24
28 29 30 31 25 26 27 28 25 26 27 28 29 30 31
VDR Open Indications of Interest Mgt / Data Room Presentations US Federal / Company Holiday
KEY CONTACTS
For additional information, please reach out to the following members of PJT Partners:
Keith Lord Zachary Rigoni* Jeremy Woodard* Emmanuel Recachinas Tony Yang Jennifer Wang
Managing Director Director Vice President Associate Analyst Analyst lord@pjtpartners.com rigoni@pjtpartners.com woodard@pjtpartners.com recachinas@pjtpartners.com yang@pjtpartners.com wang@pjtpartners.com Office: (212) 364-2443 Office: (212) 364-2420 Office: (212) 364-5729 Office: (212) 364-7967 Office: (212) 364-2823 Office: (212) 364-7962 Cell: (917) 353-2424 Cell: (773) 552-5202 Cell: (646) 919-7017 Cell: (203) 610-3166 Cell: (215) 858-7368 Cell: (702) 238-8050
*Denotes primary contacts.
7
formation provides Schuler flexibility to
✓EXCO Norris 1-12 HC 1 well potentially stagger /
• EXCO continuing to unlock (2017 completion design) stack laterals
Bossier Shale potential in cum’d 1.9 Bcf in 8 months Sandstone
North Louisiana with an EUR/1,000’ of 1.6 Cotton Valley Sandstones • Completion
Bcf Valley optimization drives
Bossier
EURs of >2.0
✓Continued EXCO Cotton Bcf/1000’ in East
• Evolving completion JURASSIC development optimization, Bossier Shale Texas designs with tighter stage / including design of cluster spacing elicit better staggered laterals to allow UPPER Haynesville Shale • Offset operators results demonstrating strong for additional locations Haynesville results in East Texas
Group Cotton Valley Lime
• Modern Harrison / Panola ✓Other operators with Selected Commentary: County, TX Haynesville optimized completions Louark Buckner
• Over-pressured, completion optimizations (3,000-4,000+ lbs/ft) in the thermally mature and continue to establish region are enhancing Smackover organic-rich shale that economic locations economics is highly delineated    across EXCO’s position
GR Louann Salt
✓Cemented liner
• Substantial refrac completion designs have MIDDLE Haynesville • Continued evolution inventory among vast significantly larger JURASSIC Louann Warner of Haynesville completion designs is portfolio of operated EXCO proppant volume with delivering results in wellbores; cemented liner tighter stage and cluster    excess of 3.0 Bcf recompletions are eliciting spacing; success among strong results and returns CHK, QEP and Vine UPPER TRIASSIC Eagle Mills EUR/1,000’ lateral projects
Target Formation
4