XTO Scores Big in Q2 with Record Production and Revenue

XTO Energy Inc. has reported record production in the second quarter 2008 of 2.20 billion cubic feet equivalent (Bcfe) per day, up 29% from the second quarter 2007 level of 1.70 Bcfe per day, and up 4% sequentially from 2.11 Bcfe per day in first quarter 2008. Total revenues for the second quarter were $1.94 billion, a 46% increase from $1.33 billion the prior year. Earnings for the quarter reached $575 million, or $1.13 per share ($1.11 diluted), a 33% increase from second quarter 2007 earnings of $432 million, or $0.93 per share ($0.91 diluted). Second quarter 2008 earnings include the effect of a $22 million non-cash derivative fair value gain. Excluding this non-cash change, the Company's adjusted earnings for second quarter 2008 were $553 million, or $1.09 per share ($1.07 diluted), up 28% compared to second quarter 2007 adjusted earnings of $432 million, or $0.93 per share ($0.91 diluted).


Second quarter 2008 daily gas production averaged 1.80 Bcf, up 35% from second quarter 2007 daily production of 1.33 Bcf. Daily oil production for the second quarter was 51.3 thousand barrels, an 11% increase from the second quarter 2007 level of 46.1 thousand barrels. During the quarter, natural gas liquids production was 15.6 thousand barrels per day, a 3% increase from the prior year quarter rate of 15.2 thousand barrels per day.


The average realized gas price for the second quarter increased 7% to $8.51 per thousand cubic feet (Mcf) from $7.94 per Mcf in second quarter 2007. Natural gas liquids prices averaged $58.87 per barrel for the quarter, 43% higher than the 2007 quarter average price of $41.20. The second quarter average oil price was $90.89 per barrel, a 36% increase from last year's second quarter average price of $67.03.


For the first six months of 2008, the Company reported earnings of $1.04 billion, or $2.07 per share ($2.04 diluted), compared with earnings of $815 million, or $1.77 per share ($1.74 diluted) for the same 2007 period. Included in year-to-date 2008 earnings is the effect of a $31 million non-cash derivative fair value gain. Excluding this non-cash change, the Company's adjusted earnings were $1.01 billion, or $2.01 per share ($1.98 diluted), up 20% compared to year-to-date 2007 adjusted earnings of $838 million, or $1.82 per share ($1.79 diluted).(1) Operating cash flow was $2.29 billion for the first half of 2008, up 37% compared with $1.67 billion for the 2007 period.(1) Total revenues for the first six months of 2008 were $3.61 billion, a 44% increase from revenues of $2.50 billion for the same 2007 period. Year-to- date operating income was $1.83 billion, a 33% increase from $1.37 billion for the first half of 2007.
 

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