FORT WORTH, Texas, April 25 /PRNewswire-FirstCall/ -- XTO Energy
Inc. (NYSE:XTO) today reported record first quarter 2007 production
of 1.602 billion cubic feet equivalent (Bcfe) per day, up 10% from
the first quarter 2006 level of 1.460 Bcfe per day. Total revenues
for the first quarter were $1.17 billion, a 4% decrease from $1.22
billion the prior year. Earnings for the quarter were $383 million,
or $1.04 per share ($1.03 diluted), compared with first quarter
2006 earnings of $467 million, or $1.28 per share ($1.26 diluted).
First quarter 2007 earnings include the effects of a non-cash
change in derivative fair value. Excluding this non-cash change,
the Company's adjusted earnings were $406 million, or $1.11 per
share ($1.09 diluted), compared to first quarter 2006 adjusted
earnings of $467 million, or $1.28 per share ($1.26 diluted).(1)
Operating income for the quarter was $647 million, a 16% decrease
from first quarter 2006 operating income of $769 million. Operating
cash flow, defined as cash provided by operations, before changes
in operating assets and liabilities and exploration expense, was
$795 million, down 1% from 2006 first quarter comparable operating
cash flow of $803 million.(1) First quarter daily gas production
averaged 1.264 billion cubic feet (Bcf), up 12% from first quarter
2006 daily production of 1.126 Bcf. Daily oil production for the
first quarter was 45,649 barrels, a 2% increase from the first
quarter 2006 level of 44,563 barrels. During the quarter, natural
gas liquids production was 10,811 barrels per day, a 3% decrease
from the prior year quarter rate of 11,126 barrels per day. "We are
proud to announce the Company's outstanding quarterly results as
XTO embarks on another year of record operating performance,"
stated Bob R. Simpson, Chairman and Chief Executive Officer. "Our
strategy has established XTO Energy as a top-tier growth company in
the industry. With more than 7.3 Tcfe of captured, low-risk
upsides, we can plan for long-term growth. Further, our low cost
structure generates the free cash flow to enhance those growth
opportunities. As always, we are focused on creating and growing
value for our shareholders." Keith A. Hutton, President, further
comments. "With 73 drilling rigs active, our development teams
continue to drive production upwards with natural gas volumes
increasing by about 3% from last quarter. In the East Texas Region,
production improved by almost 4%, as the Freestone Trend reached
average daily gross production of 577 MMcf. In the Barnett Shale,
production beat our projections again as volumes moved up 12% from
the previous period to 249 MMcf per day net to XTO. In the Piceance
Basin, testing is now underway on our first completed well with a
sustained daily rate of 3 MMcf producing from two-thirds of the 900
feet pay section. Across the board, our activity is on pace to
deliver another exceptional year of double-digit growth." The
average gas price for the first quarter decreased 19% to $7.37 per
thousand cubic feet (Mcf) from $9.08 per Mcf in first quarter 2006.
The first quarter average oil price was $66.62 per barrel, a 17%
increase from last year's first quarter average price of $56.98.
Natural gas liquids prices averaged $35.97 per barrel for the
quarter, 3% higher than the 2006 quarter average price of $34.76.
An Operations Overview detailing first quarter activities is
available on the Company's website at http://www.xtoenergy.com/.
XTO Energy Inc. is a domestic natural gas producer engaged in the
acquisition, exploitation and development of quality, long-lived
oil and natural gas properties in the United States. Its properties
are concentrated in Texas, New Mexico, Arkansas, Oklahoma, Kansas,
Wyoming, Colorado, Alaska, Utah, Louisiana and Mississippi. (1)
Adjusted earnings and operating cash flow are non-GAAP financial
measures. See the end of this release for further explanation and
reconciliation of these measures. The Company's first quarter 2007
earnings and operational review conference call will be broadcast
live via Internet webcast at 4:00 P.M. ET (3:00 P.M. CT) on
Wednesday, April 25, 2007. The webcast can be accessed on the
Company's website at http://www.xtoenergy.com/. Statements made in
this news release, including those relating to operating
performance, long-term growth, free cash flow, operating costs,
future value for stockholders and production growth are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These statements are based on assumptions and
estimates that management believes are reasonable based on
currently available information; however, management's assumptions
and the Company's future performance are both subject to a wide
range of business risks and uncertainties and there is no assurance
that these goals and projections can or will be met. Any number of
factors could cause actual results to differ materially from those
in the forward-looking statements, including, but not limited to,
the timing and extent of changes in oil and gas prices, changes in
underlying demand for oil and gas, the timing and results of
drilling activity, the availability of and cost of obtaining
drilling equipment and technical personnel, delays in completing
production, treatment and transportation facilities, higher than
expected production costs and other expenses, pipeline curtailments
by third-parties and general market conditions. Further information
on risks and uncertainties is available in the Company's filings
with the Securities and Exchange Commission, which are incorporated
by this reference as though fully set forth herein. XTO ENERGY INC.
(in millions, except production, per share and per unit data) Three
Months Ended March 31, 2007 2006 (Unaudited) Consolidated Income
Statements REVENUES Gas and natural gas liquids $872 $955 Oil and
condensate 274 228 Gas gathering, processing and marketing 22 31
Other 1 1 Total Revenues 1,169 1,215 EXPENSES Production 129 124
Taxes, transportation and other 81 104 Exploration (a) 4 6
Depreciation, depletion and amortization 240 196 Accretion of
discount in asset retirement obligation 5 4 Gas gathering and
processing 19 4 General and administrative (b) 56 40 Derivative
fair value (gain) loss (c) (12) (32) Total Expenses 522 446
OPERATING INCOME 647 769 OTHER EXPENSE Interest expense, net (d)
(47) (41) INCOME BEFORE INCOME TAX 600 728 INCOME TAX Current (e)
106 137 Deferred 111 124 Total Income Tax Expense 217 261 NET
INCOME $383 $467 EARNINGS PER COMMON SHARE Basic $1.04 $1.28
Diluted $1.03 $1.26 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic 366.7 363.9 Diluted 372.2 369.5 Average Daily Production Gas
(Mcf) 1,263,514 1,126,005 Natural Gas Liquids (Bbls) 10,811 11,126
Oil (Bbls) 45,649 44,563 Natural Gas Equivalents (Mcfe) 1,602,276
1,460,136 Average Sales Prices (f) Gas (per Mcf) $7.37 $9.08
Natural Gas Liquids (per Bbl) $35.97 $34.76 Oil (per Bbl) $66.62
$56.98 XTO ENERGY INC. (continued) (in millions) Three Months Ended
March 31, 2007 2006 Consolidated Statement of Cash Flows Data
(Unaudited) Net Income $383 $467 Adjustments to reconcile net
income to net cash provided by operating activities: Depreciation,
depletion and amortization 240 196 Accretion of discount in asset
retirement obligation 5 4 Dry hole expense 2 3 Non-cash incentive
compensation 17 7 Deferred income tax 111 124 Non-cash change in
derivative fair value 36 1 Other non-cash items (1) (2) Changes in
operating assets and liabilities 58 163 Cash Provided by Operating
Activities $851 $963 March 31, December 31, 2007 2006 (Unaudited)
Consolidated Balance Sheet Data Cash and cash equivalents $15 $5
Current Assets $1,085 $1,585 Less - Derivative fair value (g) 342
804 Current Assets, excluding derivative fair value $743 $781 Net
Property and Equipment $11,610 $10,824 Total Assets $13,152 $12,885
Current Liabilities $1,117 $1,240 Less: Derivative fair value (g)
50 37 Deferred income tax payable (g) 99 263 Current Liabilities,
excluding derivative fair value and deferred income tax payable
$968 $940 Long-term Debt $3,609 $3,451 Total Stockholders' Equity
$5,944 $5,865 Less -- Accumulated other comprehensive income (g)
192 486 Total Stockholders' Equity excluding accumulated other
comprehensive income $5,752 $5,379 (a) Includes geological and
geophysical costs, as well as dry hole costs of $2 million in the
three-month 2007 period and $3 million in the three-month 2006
period. (b) Includes non-cash incentive award compensation of $17
million in the three-month 2007 period and $7 million in the
three-month 2006 period. (c) The derivative fair value (gain) loss
comprises the change in fair value of the following derivative
financial instruments not providing effective hedges (in millions):
Three Months Ended March 31, 2007 2006 Btu swap contracts $ - $
(16) Other non-hedge derivatives 2 1 Ineffective portion of hedge
derivatives (14) (17) Total derivative fair value (gain) loss $
(12) $ (32) (d) Net of capitalized interest of $6 million in the
three-month 2007 period and $3 million in the three-month 2006
period. (e) The current income tax provision exceeds cash tax
expense by the benefit realized upon exercise of stock options not
expensed in the financial statements. This benefit, which is
recorded in additional paid in capital, was $13 million for the
three-month 2007 period and $7 million for the three-month 2006
period. (f) Average sales prices include realized gains and losses
upon cash settlement of hedge derivatives. Realized gains and
losses on non-hedge derivatives and on the ineffective portion of
hedge derivatives are recorded as a component of derivative fair
value (gain) loss (see (c) above). These non-hedge and ineffective
derivative gains and losses are primarily related to the timing of
entering basis swap agreements and designating them as hedges
associated with NYMEX swaps. Had realized non-hedge and ineffective
gains and losses, attributable to first quarter production, been
recorded as oil and gas revenue, the average oil and gas prices
would have been: Three Months Ended March 31, 2007 2006 Gas (per
Mcf) $ 7.77 $ 9.48 Oil (per Bbl) 67.12 56.67 (g) These adjustments
are made to current assets, current liabilities and stockholders'
equity because these items are recorded based on estimated
derivative fair values and resulting unrealized gains and losses.
Realized gains and losses will be based on commodity prices when
related future production occurs. Net assets and equity to be
recorded when future production occurs are not included in the
balance sheet. Non-GAAP Financial Measures Adjusted Earnings
Adjusted earnings, a non-GAAP financial measure, excludes certain
items that management believes affect the comparability of
operating results. The Company discloses adjusted earnings as a
useful adjunct to GAAP net income because: -- Management uses
adjusted earnings to evaluate the Company's operational trends and
performance relative to other oil and gas producing companies. --
Adjusted earnings are more comparable to earnings estimates
provided by securities analysts. -- Items excluded generally are
one-time items, or items whose timing or amount cannot be
reasonably estimated. Accordingly, any guidance provided by the
Company generally excludes information regarding these types of
items. The following reconciles GAAP net income to adjusted
earnings: Three Months Ended (in millions, except per share
amounts) March 31, (Unaudited) 2007 2006 Net income $383 $467
Adjustments, net of tax: Non-cash change in derivative fair value
23 -(a) Adjusted earnings $406 $467(a) Adjusted earnings per common
share: Basic $1.11 $1.28(a) Diluted $1.09 $1.26(a) (a) Adjusted
earnings for the 2006 three-month period was changed to include the
derivative cash settlements. The effect was to increase adjusted
earnings by $21 million or $0.05 per share ($0.05 diluted).
Operating Cash Flow Operating cash flow, a non-GAAP financial
measure, is defined as cash provided by operating activities before
changes in operating assets and liabilities and exploration
expense. Because changes in operating assets and liabilities and
exploration expense are excluded, this cash flow statistic is
different from cash provided by operating activities, as disclosed
under GAAP. Management believes operating cash flow is a better
liquidity indicator for oil and gas producers because of the
adjustments made to cash provided by operating activities,
explained as follows: -- Adjustment for changes in operating assets
and liabilities eliminates fluctuations primarily related to the
timing of cash receipts and disbursements, which can vary from
period-to-period because of conditions the Company cannot control
(for example, the day of the week on which the last day of the
period falls), and results in attributing cash flow to operations
of the period that provided the cash flow. -- Adjustment for
exploration expense is to provide an amount comparable to operating
cash flow for full cost companies and to eliminate the effect of a
discretionary expenditure that is part of the Company's capital
budget. Management uses operating cash flow not only for measuring
the Company's cash flow and liquidity, but also in evaluating the
Company against other oil and gas producing companies and valuing
potential producing property acquisitions. The following reconciles
cash provided by operating activities, the GAAP cash flow measure,
to operating cash flow: Three Months Ended (in millions) March 31,
(Unaudited) 2007 2006 Cash Provided by Operating Activities $851
$963 Changes in operating assets and liabilities (58) (163)
Exploration expense, excluding dry hole expense 2 3 Operating Cash
Flow $795 $803 DATASOURCE: XTO Energy Inc. CONTACT: Louis G.
Baldwin, Executive Vice President & Chief Financial Officer, or
Gary D. Simpson, Senior Vice President Investor Relations &
Finance, both +1-817-870-2800, of XTO Energy Inc. Web site:
http://www.xtoenergy.com/
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