Small-cap Oil Company Shrinks (TXCO)

By Douglas A. McIntyre Updated Apr 28, 5:01AM EDT · Published Dec 26, 12:13PM EST

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Windmill_2_lg Small-cap oil producer TXCO Resources Inc. (NASDAQ:TXCO) announced a few days before the holiday that it would reduce staff by 20%, slow its fourth-quarter drilling operations, and shut-in five wells and two steam generators in response to the "unstable financial and commodity environment we currently face." The company also expects to announce lower 2009 capital expenditures in January and to seek buyers for some assets and partners in joint-ventures "to further enhance liquidity levels."

This is, by now, a familiar story. TXCO shares are trading this morning at $1.37, just a penny above the 52-week low and more than 90% off the 52-week high.

Paul Ausick
December 26, 200

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.