XTO profit rises, sees higher '08 output Oil and gas producer XTO Energy Inc (XTO.N: Quote, Profile, Research) posted higher fourth-quarter profit on Tuesday, boosted by higher natural gas output, and raised its production growth target for 2008.
Net earnings in the quarter rose to $464 million, or 95 cents per share, from $429 million, or 92 cents per share, in the year-ago quarter.
Natural gas production in the quarter rose 36 percent from the previous year to an average of 1.67 billion cubic feet per day, while oil production rose 6 percent to 48,844 barrels per day.
The Fort Worth, Texas-based company raised its production forecast for 2008 to a 20 percent year-on-year increase from its previous estimate of 17 percent.
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