XTO Energy’s profit falls on lower gas prices
May 7th, 2010
Natural gas producer XTO Energy Inc.'s profit for the first quarter of 2010 was 32% lower than last year. The Fort Worth-based company’s drop in earnings is partly attributed to lower gas prices.
For the same period, XTO posted revenue of $2 billion, a 7 percent drop from $2.16 billion a year earlier.
During the first quarter of 2010, the average daily gas price fell 12% to $6.35 per thousand cubic feet, down from $7.24 per thousand cubic feet during the same period in 2009.
The average oil price was $92.49 per barrel, a 12 percent drop from last year’s first quarter average price of $104.59.
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