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Gold/Mining/Energy : XTO: Cross Timbers Oil Co.
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To: Dennis Roth who wrote (26)6/11/2008 11:29:13 AM
From: Dennis Roth   of 28
 
Bulking Up with $4.2B Hunt Deal, Seems Good Fit - Raising Estimates J. Wolff - Credit Suisse - June 11, 2008

· XTO Acquires Hunt Petroleum for $4.2B: XTO announced the acquisition of Hunt Petroleum and its affiliates for $4.2B, of which $2.6B is in cash and the balance in XTO common stock (23.5MM shares). We see the transaction as accretive (read on) and a good fit with significant resource potential in areas well known to XTO.

· Deal Accretive on EPS and CFPS, Raise Estimates: We are raising our 2008/2009 EPS estimates by 10%/12% to $4.63/$6.21 from $4.21/$5.54 to reflect volumes acquired through the Hunt deal partially offset by a higher share count and interest expense. W e estimate the deal is a respective 7% and 10% accretive on 2008 and 2009 cash flow per share (CFPS). Our target price remains unchanged at $77, which is based on a 10% discount to our $86 NAV estimate.

Much more in the Full Note, in file-52.pdf available at
bigfileswapper.com
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