- Current report filing (8-K)
15 1월 2009 - 1:28AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
report (Date of earliest event reported):
January 14, 2009
XTO
ENERGY INC.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
(State or
Other Jurisdiction of Incorporation)
1-10662
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75-2347769
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(Commission
File Number)
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(IRS
Employer Identification
No.)
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810
Houston, Fort Worth Texas
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76102
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(Registrant’s
Telephone Number, Including Area Code)
NONE
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General
Instruction A.2. below):
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
7.01. Regulation FD Disclosure
On
January 14, 2009, XTO Energy issued a news release announcing that the Company
had monetized and reset 37% of its hedge position. A copy of the news
release is furnished as Exhibit 99.1.
Early
Settlement of Hedges
As
discussed in the releases, in December 2008 and January 2009 the Company entered
into early settlement and reset arrangements with four of its financial
counterparties covering its 2009 natural gas and crude oil hedge
volumes. As a result of these early settlements, the Company received
approximately $1.4 billion ($900 million after-tax) which was used to reduce
outstanding debt. Of this amount, approximately $450 million ($300
million after-tax) was received in 2008 and the remainder was received in
2009. The effects of these transactions are discussed
below:
Natural
Gas
The
Company has entered into natural gas futures contracts and swap agreements that
effectively fix prices for the production and periods shown
below. Prices to be realized for hedged production may be less than
these fixed prices because of location, quality and other
adjustments.
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Weighted
Average
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NYMEX
Price
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Production
Period
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Mcf
per Day
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Per
Mcf
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2009
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January
to December
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1,745,000
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$ 8.81
(a)
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2010
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January
to December
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730,000
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$ 8.67
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(a)
Includes swap
agreements for 568,000 Mcf per day which were early settled and reset at
current market prices. The price shown is the price that will
be used for cash flow hedge accounting purposes and has been reduced for
transaction costs related to the early settlements. The
weighted average cash settlement contract price for all contracts is $7.96
per
Mcf.
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Crude
Oil
The
Company has entered into crude oil futures contracts and swap agreements that
effectively fix prices for the production and periods shown
below. Prices to be realized for hedged production may be less than
these fixed prices because of location, quality and other
adjustments.
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Weighted
Average
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NYMEX
Price
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Production
Period
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Bbls
per Day
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per
Bbl
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2009
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January
to December
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62,500
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$117.62
(a)
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2010
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January
to December
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27,500
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$126.65
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(a)
Includes swap
agreements for 35,600 Bbls per day which were early settled and reset at
current market prices. The price shown is the price that will
be used for cash flow hedge accounting purposes and has been reduced for
transaction costs related to the early settlements. The
weighted average cash settlement contract price for all contracts is
$80.97 per
Bbl.
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The
information in this Current Report, including the news release attached hereto,
is being furnished pursuant to Item 7.01 of Form 8-K and shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to liabilities of that
Section.
Item
9.01. Financial Statements and Exhibits.
The
following exhibits are filed as part of this Current Report of Form
8-K:
Exhibit Number and
Description
99.1
News
Release dated January 14, 2009
Forward-Looking
Statement and Related Matters
This
document contains 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. Forward-looking statements include estimates and give our
current expectations or forecasts of financial performance, prices to be
realized for hedged production and future hedging. Although we
believe our forward-looking statements are reasonable, they can be affected by
inaccurate assumptions or by known or unknown risks and
uncertainties. 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.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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XTO
ENERGY INC.
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Date: January
14, 2009
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By:
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/s/ Bennie G. Kniffen
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Bennie
G. Kniffen
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Senior
Vice President and
Controller
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EXHIBIT
INDEX
Exhibit
Number and Description
99.1
News Release dated January 14, 2009
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