(Source: PRNewswire-FirstCall)
FORT WORTH, Texas, Aug. 5 /PRNewswire-FirstCall/ -- XTO Energy Inc. is providing operational and financial guidance for the remainder of 2009 based on current expectations for production, expenses and other parameters resulting from ongoing operations and development budget activities. These statements are forward looking, as described in the final paragraph of this release, and actual results may differ materially. These estimates do not include derivative fair value gains and losses, the effects of possible future acquisitions or divestitures, or unforeseen events that may occur after this release.
Production
The Company is raising its targeted annual production growth to 20% for 2009. This guidance reflects a lower rig count and anticipates involuntary curtailment in the second half of 2009 due to high natural gas storage levels. The estimated ranges of average daily production for the remainder of 2009 are:
Q3 - Q4 ------- Natural Gas (MMcf) 2,270 - 2,290 NGL (MBbl) 19 Oil (MBbl) 68 Total Gas Equivalent (MMcfe) 2,792 - 2,812 Price Realizations and Differentials
The Company's realized natural gas and oil prices are expected to average below the NYMEX prices due to regional differentials. The following are estimated pricing differentials, or percentage reductions to NYMEX prices, before consideration of any hedging activity:
Q3 - Q4 Differential (Percentage of NYMEX) --------------------- Natural Gas 14 - 16% Oil 10 - 12%
Realized pricing for natural gas liquids (NGL) is expected to be about 40% to 45% of the average NYMEX oil price.
