XTO Energy Inc., which is expected to soon become a part of ExxonMobil Corp., on Wednesday reported that its natural gas-weighted production in the first three months of 2010 was 6% higher than in the year-ago period, climbing to 2.90 Bcfe/d from 2.73 Bcf/d.
The output also was 1% higher sequentially from the last three months of 2009, the Fort Worth, TX-based producer said. XTO is expected to be merged into ExxonMobil’s operations before the end of June (see Daily GPI, April 30).
Natural gas production jumped 8% from a year ago, averaging 2.40 Bcf/d compared with 2.23 Bcf/d in 1Q2009. Oil production fell 2% to 64,300 b/d from 65,6400 b/d. Natural gas liquids (NGL) production was off 9% from a year ago at 20,000 b/d.
XTO said it received on average $6.35/Mcf for its natural gas in 1Q2010, down from $7.24 in the year-ago period. The average oil price received was $92.49/bbl, down 12% from 1Q2009’s average price of $104.59. NGL prices averaged $43.18/bbl, or 81% higher than a year earlier when prices averaged $23.84/bbl.
Total revenues for the first three months of this year were $2 billion, down 7% from $2.16 billion the prior year. Earnings in 1Q2010 also were also off at $330 million (56 cents/share) from $486 million (84 cents). Adjusting for one-time items, XTO earned $322 million (55 cents/share) in 1Q2010, compared with $531 million (92 cents) a year earlier.
Operating income in the latest period also fell by double digits to $656 million, or 26% below 1Q2009’s $881 million. Operating cash flow fell 16% to $1.25 billion from $1.49 billion.
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