XTO gas production up in second quarter - July 28, 2002

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

Vol. 7, No. 30

Week of July 28, 2002

XTO gas production up in second quarter

Steve Sutherlin, PNA managing editor

XTO Energy Inc. has reported record second quarter natural gas production of 502 million cubic feet per day, a 25 percent increase over second quarter 2001.

The company said July 23 that it earned $34.6 million, or 28 cents per share in the second quarter, versus $90.5 million, or 74 cents per share in second quarter 2001.

Cash flow from operations, before changes in operating assets and liabilities and exploration expense, was $117.5 million, or 95 cents per share, compared to second quarter 2001 operating cash flow of $125 million, or $1.02 per share.

Earnings and cash flow were higher in second quarter 2001 primarily because of significantly higher product prices, the company said. XTO’s average gas price for the second quarter decreased 27 percent to $3.33 per thousand cubic feet from $4.54 per mcf in second quarter 2001.

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