XTO Reports Record Earnings

All those gas wells you see around Cowtown are pumping money into the pockets of Fort Worth-based XTO Energy. The company released its financials for the 4th quarter of last year, announcing record production and cash flow.

XTO said the for last quarter daily production was up 30% from the fourth quarter of 2006. Total revenues for the fourth quarter were $1,590,000,000.00, a new record, and a 33% increase from 2006. Quarterly earnings for the 4th quarter were $464 million, an 8% increase from fourth quarter 2006. Operating income for the quarter was $813 million, a 15% increase from fourth quarter 2006.

For the quarter daily gas production averaged 1.67 billion cubic feet (Bcf), up 36% from fourth quarter 2006 daily production of 1.23 Bcf. Bob R. Simpson, Chairman and CEO attributed the record numbers to new acquisitions stating, "These producing properties and leasehold acquisitions, totaling about $4 billion during 2007, added immediate growth impact and even more important, expansive upsides for future growth."