XTO Energy Increases Proved Reserves 1 TCFE to a Record 14.83 TCFE
FORT WORTH, Texas, Feb. 17 /PRNewswire-FirstCall/ -- XTO Energy Inc. (NYSE: XTO) today announced that Miller and Lents, Ltd., independent petroleum engineers, estimate XTO's proved oil and gas reserves at December 31, 2009 to be a record 14.83 trillion cubic feet of gas equivalent (Tcfe), up 7% compared with 13.86 Tcfe at December 31, 2008. Natural gas reserves increased 6% to 12.50 Tcf, and natural gas combined with natural gas liquids of 93 million barrels equaled 88% of total reserves. Oil reserves increased 10% to 294 million barrels. Proved developed reserves accounted for 61% of total proved reserves on an equivalent basis. During 2009, XTO Energy added 2.01 Tcfe at a cost of $1.63 per thousand cubic feet of gas equivalent (Mcfe), replacing 192% of production. The Company's development program replaced 190% of production or 1.99 Tcfe at a cost of $1.62 per Mcfe. Including revisions and excluding unproved property additions from leasing activities, development costs were $1.50 per Mcfe. Excluding price revisions and unproved property additions from leasing activities the Company replaced 249% of production or 2.61 Tcfe for development costs of $1.15 per Mcfe.
Average realized gas prices used in the estimation of proved reserves were $3.16 for 2009 and $4.66 for 2008. Average realized natural gas liquids prices were $27.18 for 2009 and $18.26 for 2008. Average realized oil prices were $55.96 for 2009 and $38.12 for 2008.
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.
This release can be found at http://www.xtoenergy.com.
Statements made in this news release may include 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 both 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. 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.
XTO ENERGY INC. Proved Oil and Gas Reserves December 31, 2009 Natural (in millions) Gas Gas Liquids Oil (Mcf) (Bbls) (Bbls) Mcfe ----- ------ ------ ---- Proved Developed 7,353.1 62.7 212.6 9,004.6 Proved Undeveloped 5,148.6 30.5 81.8 5,822.6 ------- ---- ---- ------- Total Proved 12,501.7 93.2 294.4 14,827.2 ======== ==== ===== ======== Changes in Proved Reserves Natural (in millions) Gas Gas Liquids Oil (Mcf) (Bbls) (Bbls) Mcfe ----- ------ ------ ---- December 31, 2008 11,802.9 75.8 267.5 13,862.4 Revisions (a) (644.4) 18.6 13.2 (453.8) Extensions and discoveries 2,175.8 6.2 37.9 2,440.8 Production (855.0) (7.5) (24.2) (1,045.2) Purchases in place 22.4 0.1 - 23.0 Sales in place - - - - --- --- --- --- December 31, 2009 12,501.7 93.2 294.4 14,827.2 ======== ==== ===== ======== (a) Includes downward price revisions of 620.0 Bcfe.
Acquisition, Development and Exploration Costs Incurred During 2009
The following table summarizes costs incurred, whether such costs are capitalized or expensed for financial reporting purposes:
(in millions) Acquisitions: Proved properties $30 Unproved properties - other 224 Development (a) 2,488 Exploration (b) 500 Asset retirement obligation accrual 40 --- Total costs incurred $3,282 ====== (a) Includes $42 million of capitalized interest. (b) Primarily includes exploratory drilling, geological and geophysical costs.
SOURCE XTO Energy Inc.
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