XTO Energy's oil, gas reserves jump 40 percent to 5.86 tcfe

Ray Tyson

Exploration and production independent XTO Energy reported year-end 2004 oil and gas reserves of 5.86 trillion cubic feet of gas equivalent, an increase of 40 percent over year-end 2003 reserves of 4.185 tcf, the company said Feb. 24.

The company, largely through property acquisitions, added 2.047 tcf of gas equivalent during 2004 at a cost of $1.26 per thousand cubic feet of gas equivalent, replacing 551 percent of production. The company’s development program replaced 195 percent of production or 724 billion cubic feet equivalent at a cost of 88 cents per thousand cubic feet.

Natural gas reserves alone increased 29 percent to 4.715 tcf, and natural gas combined with natural gas liquids of 38.5 million barrels equaled 84 percent of total reserves. Oil reserves increased 175 percent to 152.5 million barrels. Proved developed reserves accounted for 72.3 percent of total proved reserves.