XTO Energy finalizes settlement with Enron; XTO will pay $6 million - December 29, 2002

Providing coverage of Alaska and northern Canada's oil and gas industryDecember 2002

Vol. 7, No. 52

Week of December 29, 2002

XTO Energy finalizes settlement with Enron; XTO will pay $6 million

Petroleum News Alaska Staff

XTO Energy Inc. said Dec. 17 that final approval has been granted by the presiding bankruptcy court to settle all its outstanding claims with Enron North America Corp. XTO said that as a result it will pay Enron $6 million to settle all obligations between both parties and will recognize a $2 million gain on settlement.

XTO Energy said it will also record additional gas revenue of $14 million relating to physical delivery contracts with Enron.

In total, it said, about $16 million of additional pre-tax income will be recognized in the fourth quarter of 2002.

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