XTO Earnings - The Season Opener for E&P

XTO announced Q2 earnings this morning with a $.04 upside surprise. Expectations were $1.05/share on average with a range of $.95-$1.18. During the June quarter last year, XTO earned $.91. Revenues were up 45.7% over last year and gas production year over year were up 35%.

XTO also announced today that it has entered into definitive agreements with multiple parties to purchase producing properties located in its Eastern and San Juan Regions and acreage positions in the Marcellus, Fayetteville, Barnett, and Haynesville shales, for a total of about $1.3 billion, of which $1 billion closed during the second quarter.

In a separate release, XTO announced the acquisition of 12,900 acres in the Barnett for $800 million. The acreage is currently producing 35 mmcf/day. The seller was not disclosed.

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