XTO Energy 2Q profit surges as production jumps

For the period ended June 30, the company posted profit of $575 million, or $1.11 per share, up 33 percent from a profit of $432 million, or 91 cents per share, in the year-ago period.

Excluding a one-time gain, profit totaled $553 million, or $1.07 per share.

Revenue jumped 46 percent to $1.94 billion from $1.33 billion.

Analysts polled by Thomson Financial expected, on average, earnings of $1.05 per share on revenue of $1.85 billion. Analysts typically exclude one-time gains and losses in their estimates.

Production increased about 29 percent to 2.20 billion cubic feet equivalent (Bcfe) per day from 1.70 Bcfe per day. The jump comes as prices for crude oil--and other forms of energy--have spiked in recent months.

So far this year, prices for crude have jumped about 37 percent.

"Given our production growth target of 22 percent in 2009 and double-digit beyond, XTO now has the potential to double in size over the course of a four year period," Bob R. Simpson, chairman and chief executive, said in a press release. "We own the portfolio to make it happen and, as always, we are committed to creating value for our shareholders along the way."

Shares fell $4.92, or 8.4 percent, to $53.13 in morning trading.