XTO Energy Inc., Fort Worth, Texas, (NYSE: XTO) says its proved oil and gas reserves at the end of 2008 totaled a record 13.86 trillion cubic feet of gas equivalent, a 23% increase over its reserves at year-end 2007.
Independent petroleum engineers Miller and Lents Ltd. found that XTO’s gas reserves increased 25% to 11.80 trillion cubic feet, and natural gas combined with natural gas liquids of 76 million barrels totaled 88% of reserves.
Oil reserves increased 11% to 267 million barrels. Proved developed reserves accounted for 64% of total proved reserves on an equivalent basis. During 2008, XTO added 3.43 trillion cubic feet equivalent, replacing 401% of production.
Gas production for 2008 was a record 1.91 billion cubic feet per day, up 31% from 2007 daily production of 1.46 billion cubic feet. Oil production for 2008 was a record 56,000 barrels per day, a 19% increase from 2007 production of 47,000 barrels per day.
XTO had a strong fourth quarter, with production of 2.64 billion cubic feet equivalent, up 29% from 4Q 2007 production of 2.05 billion cubic feet equivalent.
Total revenues for the fourth quarter were a record $1.96 billion, up 23% increase from 2007. Earnings for the quarter were $351 million, or $0.61 per share, a 24% decrease from fourth-quarter 2007 earnings of $464 million, or $0.96 per share. Operating income for the quarter was $709 million, a 13% decrease from fourth-quarter 2007 operating income of $813 million.
XTO says it has a planned 2009 capital budget of $3.2 billion and is targeting production growth of 14%.
XTO chairman and founder Bob R. Simpson says, “Despite the volatility and extremes of 2008, XTO Energy reported another record year of performance for our shareholders. From an acquisition perspective, the company fortified its potential for long-term growth, with compelling economic returns, through an expansive addition of properties in the most prolific growth basins across the country.”
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