XTO Briefs 1Q Financial, Operational Results

XTO Energy 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 average gas price for the first quarter decreased 12% to $6.35 per thousand cubic feet (Mcf) from $7.24 per Mcf in first quarter 2009. The first quarter average oil price was $92.49 per barrel, a 12% decrease from last year's first quarter average price of $104.59. Natural gas liquids prices averaged $43.18 per barrel for the quarter, 81% higher than the 2009 quarter average price of $23.84.