XTO Energy Expects to Cut Debt by $1 Billion
XTO Energy said Friday that it expects to reduce its debt by at least $1 billion next year as a result of high cash flow and production volumes.
The company said it has hedged about 70 percent of its expected production in 2009 at an equivalent price of $11 per thousand cubic feet of natural gas equivalent.
The hedging, combined with current commodity strip pricing, is expected to be enough to result in the debt reduction, XTO said.
XTO shares fell more than 2 percent on the New York Stock Exchange Friday.