XTO Energy Inc.’s second quarter natural gas production hit a record 803 MMcf/d, a 27% increase from 2Q2003’s 631 MMcf/d, the company reported Tuesday. The Fort Worth-based producer’s oil production was up 38%, also a record, to stand at 17,682 bbl/d, while natural gas liquids output was up 17% over a year ago to 7,463 bbl/d.
Earnings for the quarter were $99.1 million (41 cents/share), compared with $57.3 million (25 cents) for the same period of 2003. Second quarter 2004 earnings include the effects of stock-based incentive compensation of $37.7 million, of which $30.6 million is non-cash, and a special one-time bonus of $11.7 million relating to the company’s $1.4 billion of acquisitions from ChevronTexaco and ExxonMobil. Excluding these items, earnings were $134.6 million (55 cents/share), compared with adjusted earnings of $74.4 million (33 cents) in 2Q2003. Operating cash flow was a record $285.6 million, up 59% from a year earlier’s $179.6 million.
“These record results highlight a banner quarter for XTO,” said CEO Bob R. Simpson. “Along with the strongest production and cash flow results in the company’s history, we announced record acquisitions of $1.4 billion in properties from the majors. The addition of these long-lived, high-quality assets establishes a new foundation of growth opportunities for XTO’s future. Even as the company gets larger, we continue to pace our drilling efforts, increase our development inventory and manage a steady production profile — the tenets of long-term growth.”
Total revenues for the second quarter were $444.7 million, 58% above 2Q2003 revenues of $282.2 million. Operating income for the quarter was $187.8 million, a 65% increase from last year’s $113.9 million.
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