FORT WORTH, Texas, Nov. 7 /PRNewswire-FirstCall/ -- XTO Energy Inc. announced today the addition of price hedges for future sales of natural gas. The Company now has hedged about 338 billion cubic feet of natural gas equivalent volumes in 2007, more than 50% of production, at an equivalent price of $10.24 per Mcf.
The following table details the Company's current commodity swap transactions:
Mcf or Bbls NYMEX Price
per Day per Mcf or Bbl
Natural Gas
Nov 2006 800,000 $ 10.28
Dec 2006 900,000 $ 10.06
Jan-Dec 2007 700,000 $ 9.55
Oil
Nov-Dec 2006 37,500 $ 68.37
Jan-Dec 2007 37,500 $ 74.40
Jan-Dec 2008 22,500 $ 74.26
"We are adding hedge positions in 2007 to assure outstanding economic returns as we continue our double-digit growth," stated Bob R. Simpson, Chairman and Chief Executive Officer. "With the Company's expanding drilling inventory and strong free cash flow, XTO is positioned to drive production and reserve growth -- and thus, underlying value -- for years to come."
XTO Energy Inc. is a domestic energy producer engaged in the acquisition, development and discovery of quality, long-lived oil and natural gas properties in the United States. Its properties are concentrated in Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah, Louisiana and Mississippi.
This release can be found at http://www.xtoenergy.com/ .
Statements made in this news release, including those relating to growth rates, production and reserve growth, economic returns, future value for shareholders, drilling inventory and free cash flow are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the timing and extent of changes in oil and gas prices, changes in underlying demand for oil and gas, the timing and results of drilling activity, the timing of production, treatment and transportation facility installations or repairs, the availability of drilling equipment and technical personnel, curtailments by third-party pipelines and processing or treatment facilities, changes in interest rates, general market conditions, and higher than expected production costs and other expenses. The Company undertakes no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in the Company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein.
