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For Immediate Release
XTO ENERGY ANNOUNCES 1Q EARNINGS AND PRODUCTION
FORT WORTH, TX (May 5, 2010) - XTO Energy Inc. (NYSE-XTO) today reported first quarter 2010 production of 2.90 billion cubic feet equivalent (Bcfe) per day, up 6% from the first quarter 2009 level of 2.73 Bcfe per day, and up 1% sequentially from 2.88 Bcfe per day in fourth quarter 2009. Total revenues for the first quarter were $2.00 billion, a 7% decrease from $2.16 billion the prior year. Earnings for the quarter were $330 million, or $0.56 per share ($0.56 diluted), compared with first quarter 2009 earnings of $486 million, or $0.84 per share ($0.83 diluted). After adjusting for a $13 million ($8 million after tax) non-cash derivative fair value gain, adjusted earnings for first quarter 2010 were $322 million, or $0.55 per share ($0.55 diluted), compared to first quarter 2009 adjusted earnings of $531 million, or $0.92 per share ($0.91 diluted).1
Operating income for the quarter was $656 million, a 26% decrease from first quarter 2009 operating income of $881 million. Operating cash flow was $1.25 billion, down 16% from 2009 first quarter comparable operating cash flow of $1.49 billion.1
First quarter daily gas production averaged 2.40 billion cubic feet (Bcf), up 8% from first quarter 2009 daily production of 2.23 Bcf. Daily oil production for the first quarter was 64.3 thousand barrels, a 2% decrease from the first quarter 2009 level of 65.6 thousand barrels. During the quarter, natural gas liquids production was 20.0 thousand barrels per day, a 9% increase from the prior year quarter rate of 18.3 thousand barrels per day.
The following information was filed by Xto Energy Inc (XTO) on Wednesday, May 5, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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