XTO Energy Updates Performance Guidance; Increases 2009 Production Target From 20% to 23%; Initiates 2011 Hedging Program
04 11월 2009 - 8:00PM
PR Newswire (US)
FORT WORTH, Texas, Nov. 4 /PRNewswire-FirstCall/ -- XTO Energy Inc.
(NYSE: XTO) is providing operational and financial guidance for the
remainder of 2009 based on current expectations for production,
expenses and other parameters resulting from ongoing operations and
development budget activities. These statements are forward
looking, as described in the final paragraph of this release, and
actual results may differ materially. These estimates do not
include derivative fair value gains and losses, the effects of
possible future acquisitions or divestitures, or unforeseen events
that may occur after this release. Production The Company is
raising its targeted annual production growth to 23% for 2009. The
estimated ranges of average daily production for the fourth quarter
of 2009 are: Q4 ------------- Natural Gas (MMcf) 2,360 - 2,400 NGL
(MBbl) 22 Oil (MBbl) 66 Total Gas Equivalent (MMcfe) 2,888 - 2,928
Price Realizations and Differentials The Company's realized natural
gas and oil prices are expected to average below the NYMEX prices
due to regional differentials. The following are estimated pricing
differentials, or percentage reductions to NYMEX prices, before
consideration of any hedging activity: Q4 Differential (Percentage
of NYMEX) --------------------- Natural Gas 12 - 14% Oil 7 - 9%
Realized pricing for natural gas liquids (NGL) is expected to be
about 40% to 45% of the average NYMEX oil price. Expenses The
following table presents the Company's expected expenses per Mcfe
assuming a $4.50 per Mcf NYMEX gas price and a $75.00 per Bbl NYMEX
oil price: Expense ($/Mcfe) Q4 ---------------- -----------
Production 0.94 - 0.98 Taxes, transportation and other 0.63 - 0.68
Exploration 0.05 - 0.10 Depreciation, depletion and amortization
2.95 - 3.00 Accretion of asset retirement obligation 0.02 - 0.04
General and administrative: cash 0.23 - 0.27 General and
administrative: non-cash, stock-based 0.12 - 0.18 Interest 0.49 -
0.53 Hedging The Company's current NYMEX hedging positions for
natural gas and oil are: PRODUCTION: Mcf or Bbls NYMEX Price
Natural Gas per Day per Mcf or Bbl ----------- -----------
-------------- 2009 Oct - Dec * 1,745,000 $ 8.79 2010 Jan - Dec
1,250,000 $ 7.49 2011 Jan - Dec 250,000 $ 7.02 Oil ----------- 2009
Oct - Dec ** 62,500 $ 117.11 2010 Jan - Dec 70,000 $ 95.70 *
Includes swap agreements for 1,273,000 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 $6.35 per Mcf. ** Includes swap agreements for
57,000 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 $58.64
per Bbl. Income Tax For the year, the Company projects a 37%
effective tax rate, with approximately 40% of that amount expected
to be currently payable. XTO Energy Inc. is a domestic natural gas
producer engaged in the acquisition, exploitation and development
of quality, long-lived oil and natural gas properties in the United
States. This release can be found at http://www.xtoenergy.com/.
Statements made in this news release, including those relating to
production growth, average daily production, price realizations and
differentials, commodity prices, expenses and effective income tax
rates and percentage currently payable are 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.
These statements are based on assumptions and estimates that
management believes are reasonable based on currently available
information; however, management's assumptions and the Company's
future performance are subject to a wide range of business risks
and uncertainties and there is no assurance that these goals and
projections can or will be met. Any number of factors could cause
actual results to differ materially from those in the
forward-looking statements, including, but not limited to, the
timing and extent of changes in oil and gas prices, changes in
underlying demand for oil and gas, the timing and results of
drilling activity, the timing of production, treatment and
transportation facility installations, curtailments by third-party
pipelines and processing or treatment facilities, changes in
interest rates and higher than expected production costs and other
expenses. The Company undertakes no obligation to publicly update
or revise any forward-looking statements. 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. DATASOURCE: XTO
Energy Inc. CONTACT: Louis G. Baldwin, Executive Vice President
& Chief Financial Officer, or Gary D. Simpson, Senior Vice
President, Investor Relations & Finance, or Thomas E.
Covington, Vice President, Investor Relations, all of XTO Energy
Inc., +1-817-870-2800 Web Site: http://www.xtoenergy.com/
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