XTO Energy Breaks Bank at $2.34B for Fourth Quarter
XTO Energy reported record production for fourth quarter 2009 of 2.88 billion cubic feet equivalent (Bcfe) per day, up 9% from the fourth quarter 2008 level of 2.64 Bcfe per day. Total revenues for the fourth quarter were a record $2.34 billion, a 19% increase from $1.96 billion the prior year. Earnings for the quarter were $537 million, or $0.92 per share ($0.92 diluted), a 53% increase from fourth quarter 2008 earnings of $351 million, or $0.61 per share ($0.61 diluted). After adjusting for an $8 million ($5 million after tax) non-cash derivative fair value loss, adjusted earnings for fourth quarter 2009 were $542 million, or $0.93 per share ($0.93 diluted). Fourth quarter 2008 adjusted earnings were $393 million, or $0.68 per share ($0.68 diluted). (1)
Operating income for the quarter was $989 million, a 39% increase from fourth quarter 2008 operating income of $709 million. Operating cash flow was a record $1.69 billion, up 28% from 2008 fourth quarter comparable operating cash flow of $1.32 billion. (1)
Fourth quarter daily gas production averaged 2.37 billion cubic feet (Bcf), up 9% from fourth quarter 2008 daily production of 2.17 Bcf. Daily oil production for the fourth quarter was 64.6 thousand barrels, a 2% increase from the fourth quarter 2008 level of 63.5 thousand barrels. During the fourth quarter, natural gas liquids production was 21.2 thousand barrels per day, a 37% increase from the fourth quarter 2008 rate of 15.4 thousand barrels per day.
The average realized gas price for the quarter was $7.29 per thousand cubic feet (Mcf), 7% higher than the fourth quarter 2008 average price of $6.79 per Mcf. The fourth quarter average oil price increased 30% to $110.85 per barrel from the fourth quarter 2008 average price of $85.19 per barrel. Natural gas liquids prices averaged $39.07 per barrel for the quarter, a 33% increase from the 2008 fourth quarter average price of $29.46.
For the year, the Company reported record earnings of $2.02 billion, or $3.48 per share ($3.46 diluted), compared with earnings of $1.91 billion, or $3.58 per share ($3.54 diluted) for 2008. Â After adjusting for a $130 million ($83 million after tax) non-cash derivative fair value loss and a $17 million ($11 million after tax) gain on extinguishment of debt, 2009 adjusted earnings were $2.09 billion, or $3.60 per share ($3.58 diluted) compared to 2008 adjusted earnings of $1.95 billion, or $3.64 per share ($3.60 diluted). (1) Operating cash flow in 2009 was a record $6.25 billion, up 22% from the prior year level of $5.13 billion. (1) Total revenues for 2009 were a record $9.06 billion, an 18% increase from revenues of $7.70 billion for 2008. Operating income for the year was $3.69 billion, a 5% increase from $3.51 billion for 2008.
Gas production for the year was a record 2.34 Bcf per day, up 23% from 2008 daily production of 1.91 Bcf. Oil production for 2009 was a record 66.3 thousand barrels per day, an 18% increase from 2008 production of 56.0 thousand barrels per day. Natural gas liquids production for 2009 was a record 20.6 thousand barrels per day, a 32% increase from 2008 production of 15.6 thousand barrels per day.
The average realized gas price for 2009 was $7.13 per Mcf, 9% lower than the 2008 average price of $7.81 per Mcf. The average oil price for the year was $107.65 per barrel, a 23% increase from the 2008 average price of $87.59 per barrel. Natural gas liquids averaged $30.03 per barrel, or 38% lower than the 2008 average of $48.76 per barrel.
(1) Adjusted earnings and operating cash flow are non-GAAP financial measures.
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