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FORT WORTH, Texas - XTO Energy Inc. on Wednesday said its third-quarter earnings fell 4 percent, but the oil and natural gas producer raised its full-year production outlook.
Quarterly earnings were hurt in part by higher depreciation, depletion and amortization expenses, more than offsetting an increase in revenue.
Earnings for the three months ended Sept. 30 dropped to $500 million, or 86 cents per share, from $521 million, or 94 cents per share, during the same period last year.
Excluding one-time items, earnings amounted to 87 cents per share in the latest quarter.
Analysts polled by Thomson Reuters estimated profit of 84 cents per share. Analysts typically exclude one-time items from their estimates.
Revenue climbed 8 percent to $2.29 billion from $2.13 billion. Analysts forecast revenue of $2.23 billion.
XTO's average realized gas price decreased 18 percent from the prior-year period to $6.93 per 1,000 cubic feet. Natural gas liquids prices fell 43 percent to an average of $30.59 per barrel. Crude oil prices were $108.04 per barrel on average, a 16 percent increase from the prior-year period.
Quarterly production climbed 23 percent to 2.95 billion cubic feet equivalent per day.
Looking to the full year, XTO raised its 2009 annual production growth target to 23 percent from 20 percent. The company predicted fourth quarter production between 2.89 billion cubic feet equivalent and 2.93 billion cubic feet equivalent.
Shares of the company rose 51 cents to $42.75 in morning trading.
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