Any thoughts on XTO's report today?
Cross Timbers Oil Announces Record Cash Flow and Gas Production for Fourth Quart
/FROM PR NEWSWIRE DALLAS 888-776-3971/
TO BUSINESS AND ENERGY EDITORS:
Cross Timbers Oil Announces Record Cash Flow and Gas Production for Fourth
Quarter and the Year
FORT WORTH, Texas, Feb. 14 /PRNewswire/ --
Cross Timbers Oil Company (NYSE: XTO) today announced record fourth quarter
cash flow from operations, before changes in operating assets and liabilities
and exploration expense of $137.2 million, or $1.86 per share. Cash flow
increased 170% from fourth quarter 1999 cash flow of $50.8 million, or 69
cents per share. Fourth quarter gas production averaged a record 366 million
cubic feet (Mmcf) per day, a 10% increase from fourth quarter 1999 daily
production of 333 Mmcf. Long-term debt at December 31, 2000 totaled $769
million, a decline of $159 million during the fourth quarter.
Earnings available to common stock for the quarter, before change in
derivative fair value, non-cash incentive compensation and gains and losses on
asset sales, were $67.3 million, or 91 cents per share. Comparable fourth
quarter 1999 earnings were $12.2 million, or 17 cents per share. Earnings for
the quarter were $49.8 million net of after-tax charges of $13.5 million for
the fair value losses on certain derivatives related to the Company's hedging
activities and $10.5 million in after-tax non-cash incentive compensation and
after-tax gains of $6.5 million related to asset sales. Comparable fourth
quarter 1999 earnings were $5.6 million.
Total revenues for the quarter were $205.4 million, an 85% increase over
fourth quarter 1999 revenues of $111 million. Operating income for the
quarter was $82.9 million, a 111% increase from fourth quarter 1999 operating
income of $39.3 million.
"Our fourth quarter results exceeded all expectations," noted Bob R.
Simpson, Chairman and Chief Executive Officer. "Once again, exceptional
internal production growth and strong commodity prices produced a record
quarter. Fourth quarter cash flow topped cash flow for all of 1999, a
previous Company record. As impressive as these results are, they are only a
prelude to expected record results for 2001 and 2002."
"We believe Cross Timbers has the potential for low-risk, multi-year gas
production growth that is unequaled among our competitors," added Steffen E.
Palko, Vice Chairman and President. "Fourth quarter gas production surpassed
our projections and put us ahead of schedule in meeting our objective of
increasing gas production by 20% this year."
Fourth quarter gas production averaged 366 Mmcf per day, a 10% increase
from fourth quarter 1999 daily production of 333 Mmcf. Natural gas liquids
production for the quarter averaged 4,523 barrels per day, a 3% increase from
the prior year quarter production of 4,382 barrels per day. Fourth quarter
oil production averaged 12,852 barrels per day, a 3% decline from the prior
year quarter. Increased gas and liquids production is attributable to the
Company's development activity. Decreased oil production is primarily related
to property sales.
The average gas price for the quarter was $4.56 per thousand cubic feet
(Mcf), a 95% increase from the fourth quarter 1999 average price of $2.34 per
Mcf. The fourth quarter average oil price increased 28% to $29.63 per barrel
from the fourth quarter 1999 average price of $23.15 per barrel. Natural gas
liquids prices averaged $22.82 per barrel for the quarter, a 54% increase from
the 1999 quarter average price of $14.81.
For the year 2000, cash flow from operations was a record $344.6 million
or $4.84 per share, a 160% increase from $132.7 million or $1.89 per share for
1999. The Company reported earnings available to common stock of
$115.2 million, or $1.62 per share, compared with earnings of $45 million or
64 cents per share for 1999. Excluding after-tax, non-cash incentive
compensation, gains on asset sales and losses in the fair value of certain
derivatives related to the Company's hedging activities, earnings were
$140.1 million or $1.97 per share for the year 2000, compared with earnings of
$14.7 million or 21 cents per share for 1999. Total revenues for 2000 were
$600.9 million, a 76% increase from revenues of $341.3 million for 1999.
Operating income for the year was $212.1 million, a 122% increase from
$95.4 million for 1999.
Gas production for the year was a record 344 Mmcf per day, a 19% increase
from 1999 daily production of 288 Mmcf. Natural gas liquids production for
2000 was 4,430 barrels per day, a 22% increase from 1999 production of
3,631 barrels per day. Oil production for 2000 averaged 12,941 barrels per
day, an 8% decline from 1999 production.
The average gas price for 2000 was $3.38 per Mcf, a 59% increase from the
1999 average price of $2.13 per Mcf. The average oil price for the year was
$27.07 per barrel, a 60% increase from the 1999 average price of $16.94 per
barrel. Natural gas liquids prices averaged $19.61 per barrel, or 66% higher
than the 1999 average of $11.80 per barrel. |
