Lot's of companies have larger debt than market caps, it means nothing and is not an investment valuation measure. American Airlines is an example - is it a loser because it has a larger debt amount than its' market cap? No. You might focus on the quality of the assets, growth potential, and relevant valuation measures to base an investment decision. Couple that with some knowledge of market trends and conditions and you might make better decisions and points. Or you can do the simple thing and find a guru, like Wilbur Ross, and just move with him, since he has already done the due diligence on XCO, and is seldom wrong.