XTO pushes production up 27%; earnings gain 47% as prices rise

Allen Baker, Petroleum News contributing writer

XTO Energy Inc. continued to boost its gas production in the first quarter, and higher prices brought profits to $66.2 million, up 47 percent from same quarter in 2002. In the fourth quarter, the Fort Worth, Texas, firm had earnings of 56.1 million.

Gas flow reached an average of 591 million cubic feet daily, up 27 percent from 464 million a year earlier. The fourth-quarter figure was 551 million cubic feet each day. Gas liquids production also rose 27 percent as development continued to help in East Texas and in the Arkoma and San Juan basins.

Crude numbers, which had been slipping, showed a slight gain, up 1 percent compared with the first quarter of 2002 to 13,394 barrels daily. The number was up 3 percent from the fourth quarter.

Average gas price in the recent quarter was $3.82 per thousand cubic feet, a gain of 7 percent from the number a year earlier. It was only a few pennies above the fourth quarter’s average of $3.79.

Natural gas liquids, however, brought in much better returns — $23.39 a barrel, up 117 percent from the same quarter of 2002. It was also up 32 percent from the fourth quarter sales figure.

Crude prices also helped the profit number. Oil price average for the quarter was $29.42 a barrel, a 49 percent gain from a year ago and up 14 percent from the fourth quarter.

All that brought revenues to $253.5 million, up 41 percent from a year ago but a gain of just 6 percent from the fourth quarter.