XTO Energy sees bigger production dips from storms

NEW YORK - Oil and gas producer XTO Energy Inc. said Wednesday it expects fourth-quarter production drops from recent hurricanes to be worse than initially forecast.

The company sees production sliding by 4 billion cubic feet equivalent to 4.5 billion cubic feet equivalent due to the storms. Previously XTO had guided for dips of 2.5 billion cubic feet equivalent to 3 billion cubic feet equivalent.

XTO Energy reported its third-quarter profit jumped 22 percent as production increased amid high energy prices.

For the period ended Sept. 30, the company earned $521 million, or 94 cents per share, compared with net income of $412 million, or 84 cents per share, a year earlier. Revenue rose 50 percent to $2.13 billion from $1.42 billion.

Shares slipped 13 cents to $37.12 in morning trading Wednesday after trading as high as $38.36 earlier in the session. The stock has traded between $23.80 and $73.74 in the past 52 weeks.

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