NEW YORK (Reuters) - Oil and gas producer XTO Energy Inc (XTO.N: Quote, Profile, Research, Stock Buzz) on Tuesday said earnings rose 33 percent on higher production and natural gas prices, and announced deals for more than $2 billion on new properties.
Those purchases include an $800 million buy in Texas' Barnett Shale. The company, which agreed last month to buy privately held Hunt Petroleum Corp for around $4.2 billion, has made more than $10 billion in acquisitions this year.
XTO boosted its 2008 and 2009 output forecasts due in part to recent acquisitions and lifted its capital budget for the year.
Net income in the quarter rose to $575 million, or $1.11 a share, from $432 million, or 91 cents a share, last year.
Excluding one-time items, the company said it earned $1.07 a share in the quarter. Analysts on average had expected the company to earn $1.04 a share, according to Reuters Estimates.
Natural gas and oil production in the quarter rose 29 percent from last year to 2.20 billion cubic feet equivalent per day. Its average realized price for natural gas rose 7 percent to $8.51 per thousand cubic feet.
XTO said it expects production growth of at least 29 percent in 2008 as well as 22 percent growth in 2009.
Given the company's production growth and acquisition pace, Chief Executive Bob Simpson said XTO could double in size over a four-year period.
XTO said on Tuesday it would buy 12,900 acres adjacent to its current operations in the Barnett Shale for $800 million, adding output of 35 million cubic feet of natural gas equivalent per day. Continued...
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