Dallas Energy Firm Delisted From NYSE as Troubles Grow

All is not good in the oil patch for some firms such as Dallas based EXCO Resources. It has been delisted from trading at the New York Stock Exchange.

Known for its oil and gas exploration in the Eagle Ford Shale, EXCO has started trading on the OTC Pink Marketplace. The New York Stock Exchange delisted the company last week after its stock slipped below $1 per share in November.

The NYSE indicated the company had failed to maintain an average global market capitalization over a consecutive 30 trading-day period of at least $15 million .

The two-year crude price downturn took its toll on the company. Earlier this year, a  $300 million deal to sell its South Texas assets fell apart. Then in the third quarter, EXCO reported an $18 million loss on $66.7 million of revenue.

After a $300 million deal to sell its South Texas assets fell apart earlier this.  year, EXCO reported an $18 million loss on $66.7 million of revenue during the third quarter.