XTO Energy Increases 2009 Production Target By 22%
July 23, 2008
XTO Energy, a domestic natural gas producer engaged in the acquisition, exploitation and development of oil and natural gas properties, has announced that it is increasing its 2009 production growth target to 22% based on projected development activities and acquisitions already announced in 2008.
In order to achieve this production growth, the company’s 2009 development budget is estimated to be $4.6 billion. The company plans to utilize about 120 operated drilling rigs. Another $700 million will be allocated for pipeline infrastructure, compression and processing facilities.