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XTO Xto Energy, Inc.

41.81
0.00 (0.00%)
18 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Xto Energy, Inc. NYSE:XTO NYSE Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 41.81 0.00 01:00:00

Energy-Sector Benchmarks Make Gains; BP, Marathon In Focus

03/02/2009 3:59pm

Dow Jones News


XTO (NYSE:XTO)
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By Steve Gelsi

Energy stocks rose in step with the broad market in early action Tuesday as investors looked past a sizable net loss reported by oil major BP and bought into beaten-down shares of some oil and natural-gas producers.

Shares of Cameron International (CAM) stood out among sector decliners, however, falling 5.4% to $20.79.

The Amex Oil Index (XOI) rose 0.7% to 927, while the Amex Natural Gas Index (XNG) added 0.8% to 373. The Philadelphia Oil Service Index (OSXX) edged down 0.2% to 124.

In energy trading, crude-oil futures held steady around the $40.12-a-barrel mark.

BP (BP) had a $3.3 billion fourth-quarter loss, a reversal from $4.4 billion earned in the year-earlier quarter, as it adjusted for the falling value of unsold inventory in the face of plunging oil and natural-gas prices. U.S.-listed shares of BP were little changed.

Also reporting results, Marathon Oil Corp. (MRO) said it lost $41 million, or 6 cents a share, in the fourth quarter, compared to $668 million, or 94 cents, earned in the final three months of 2007. The latest results include a non-cash $1.4 billion impairment of goodwill.

Separately, Marathon said it's cutting its 2009 capital spending budget by 24% to $5.7 billion. Marathon's shares fell 1.4% to $26.53.

Also Tuesday, XTO Energy (XTO) said it would monetize some $1.3 billion in gains from commodity hedges to reduce its debt to about $10.25 billion in 2009.

The Fort Worth, Texas, natural-gas producer also reduced its 2009 capital-spending plan to $3.2 billion from its earlier target of $3.8 billion.

"Increasing production too rapidly ... is not a prudent use of our shareholders' resources," the company said.

XTO called the natural-gas markets "currently oversupplied." XTO's shares added about 1%.

Cameron International's shares fell after the oil and gas service provider said fourth-quarter net income was $149.1 million, or 67 cents a share, up from $125.9 million, or 54 cents a share, earned in the year-ago period.

The latest results include a non-cash, after-tax charge of $16.5 million, or 8 cents a share, associated with the termination of its U.S. pension plans.

Analysts surveyed by FactSet Research had estimated, on average, profit of 75 cents a share. The estimates typically exclude one-time charges.

-Steve Gelsi; 415-439-6400; AskNewswires@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary. You can use this link on the day this article is published and the following day.

 
 

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