XTO Energy 3Q Earnings Climb to $312.8M
biz.yahoo.com
Thursday October 20, 7:52 am ET
XTO Energy Third-Quarter Earnings Soar to $312.8 Million As Revenue Beats Wall Street Estimates
FORT WORTH, Texas (AP) -- Oil and gas company XTO Energy Inc. said Thursday third-quarter profit more than doubled as revenue surged ahead of Wall Street's expectations.
Earnings for the three months ended Sept. 30 increased to $312.8 million, or 85 cents per share, from $140.8 million, or 40 cents per share, last year. Revenue jumped 90 percent to $964.2 million from $507.4 million.
Adjusted for stock-based compensation and other items, earnings rose to $309.4 million, or 86 cents per share, from $151 million, or 44 cents per share, last year.
Analysts had pegged XTO Energy's results lower, forecasting earnings of 82 cents per share on revenue of $813.7 million, according to a Thomson Financial poll.
"Our operating districts delivered outstanding performance for the quarter, with each resource basin arena increasing production volumes," President Keith Hutton said in a statement.
XTO Energy said third-quarter production was up 34 percent from last year, at 1.4 billion cubic feet equivalent per day. The company said it has ramped up activity levels and is aiming for a production growth rate of up to 31 percent this year. |
