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Exco Resources Inc (XCO): Billionaire Howard Marks’ Oaktree Capital Management Trims Its Stake

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Billionaire Howard Marks‘ Oaktree Capital Management recently filed a Form 13D with the SEC, in which reported holding 37.86 million common shares of Exco Resources Inc (NYSE:XCO), which account for 13.4% of the company’s outstanding stock. This represents a decrease in the firm’s stake, as it previously held 45.17 million shares according to its 13F filing for the reporting period of June 30.

Exco Resources is an oil and natural gas company that works on the exploitation of onshore oil and gas properties in the U.S. Over the past 12 months, the company’s shares have gained 116.02% as oil prices have rebounded from multi-year lows. In its financial report for the second quarter of 2016, Exco Resources reported a loss per share of $0.05 and revenue of $54 million, compared to a loss per share of $0.05 and revenue of $94 million for the same quarter of the previous year.

OAKTREE CAPITAL MANAGEMENT

According to our hedge fund database, some of the investors long EXCO Resources Inc (NYSE:XCO) at the end of June were Oaktree Capital Management, Prem Watsa’s Fairfax Financial Holdings, with a position valued at $33.2 million, Jim Simons’ Renaissance Technologies, with a stake worth $3.53 million, and Ken Griffin’s Citadel Investment Group. Investors who lost interest in EXCO Resources Inc (NYSE:XCO) and decided to drop their positions during the second quarter included Howard Guberman’s Gruss Asset Management, which said goodbye to a $2.5 million position of put options underlying EXCO shares.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
OCM Principal Opportunities Fund IV Delaware 14,565,886 86,250 14,565,886 86,250 14,652,136 5.2%
OCM Principal Opportunities Fund IV Delaware GP Inc 14,565,886 86,250 14,565,886 86,250 14,652,136 5.2%
OCM Principal Opportunities Fund IV 14,565,886 86,250 14,565,886 86,250 14,652,136 5.2%
OCM Principal Opportunities Fund IV GP 14,565,886 86,250 14,565,886 86,250 14,652,136 5.2%
OCM Principal Opportunities Fund IV GP Ltd 14,565,886 86,250 14,565,886 86,250 14,652,136 5.2%
OCM Principal Opportunities Fund III 2,180,978 86,250 2,180,978 86,250 2,267,228 0.8%
OCM Principal Opportunities Fund IIIA 39,977 86,250 39,977 86,250 126,227 0.0%
OCM Principal Opportunities Fund III GP 2,220,955 86,250 2,220,955 86,250 2,307,205 0.8%
Oaktree Fund GP I 18,123,091 18,123,091 18,123,091 6.4%
Oaktree Capital I 18,123,091 18,123,091 18,123,091 6.4%
OCM Holdings I 18,123,091 18,123,091 18,123,091 6.4%
Oaktree Holdings 18,123,091 18,123,091 18,123,091 6.4%
OCM EXCO Holdings 19,736,841 86,250 19,736,841 86,250 19,823,091 7.0%
Oaktree Capital Management 37,859,932 37,859,932 37,859,932 13.4%
Oaktree Holdings, Inc 37,859,932 37,859,932 37,859,932 13.4%
Oaktree Capital Group 37,859,932 37,859,932 37,859,932 13.4%
Oaktree Capital Group Holdings GP 37,859,932 37,859,932 37,859,932 13.4%
Oaktree Value Opportunities Fund Holdings 1,250,000 86,250 1,250,000 86,250 1,336,250 0.5%
Oaktree Value Opportunities Fund GP 1,250,000 86,250 1,250,000 86,250 1,336,250 0.5%
Oaktree Value Opportunities Fund GP Ltd 1,250,000 86,250 1,250,000 86,250 1,336,250 0.5%

Howard Marks
Howard Marks
Oaktree Capital Management

Page 1 of 34 – SEC Filing



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 6)*
EXCO RESOURCES, INC.
(Name of Issuer)
Common Stock, par value $0.001 per share
  (Title of Class of Securities)
269279402
(CUSIP Number)
Todd E. Molz
Managing Director and General Counsel
Oaktree Capital Group Holdings GP, LLC
333 South Grand Avenue, 28th Floor
Los Angeles, California 90071
(213) 830-6300
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
August 10, 2016
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-l(f) or 240.13d-1(g), check the following box.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7(b) for other parties to whom copies are to be sent.

____________________________

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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