XTO Increases Commodity Price Hedges
XTO Energy has updated its price hedges for future sales of natural gas and oil production for 2009 and 2010.
"We have now hedged approximately 70% of our expected production in 2009 at an equivalent price of $11.00 per Mcfe. Given these hedges and the current commodity strip pricing, XTO anticipates record cash flow and production volumes with the financial strength to reduce debt by at least $1 billion next year," stated Bob R. Simpson, Chairman and Chief Executive Officer. "With our focus on delivering performance, particularly in these challenging times, we will continue to look for opportunities to increase our hedge position."
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