Prem Watsa Comments on Exco

Guru stock highlight

Mar 08, 2021

Fairfax owns 44% of Exco (EXCE, Financial), a U.S. oil and gas producer. Despite weak energy prices in 2020, Exco generated $128 million in EBITDA and $36 million in free cash flow. Net debt fell to $145 million (1.1 times EBITDA). Led by Chairman John Wilder and CEO Hal Hickey, Exco achieved these results through high field level productivity and company-wide cost control. In December, Exco recorded its 73rd month without a lost time incident. Exco's Chairman, John Wilder, is a great partner. We are well served by his leadership.

From Prem Watsa (Trades, Portfolio)'s 2020 annual shareholder letter.

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