XTO Energy Shares Rise On Upbeat 1Q Results

NEW YORK (AP) — Shares of oil and gas producer XTO Energy Inc. jumped on Thursday a day after the company said its first-quarter profit climbed 5 percent and topped Wall Street estimates on rising production and lower cash costs.

XTO shares gained 91 cents, or 2.2 percent, to $42.83 in afternoon trading.

Profits through March rose to $486 million, or 83 cents per share, from $465 million, or 92 cents per share, during the same period last year. Earnings per share went down in the 2009 quarter because the company had more shares outstanding.

Excluding nonrecurring items, adjusted earnings for the quarter totaled $531 million, or 91 cents per share. Revenue rose 29 percent to $2.16 billion.

In a poll by Thomson Reuters, analysts expected a profit of 77 cents per share on revenue of $2.12 billion. Analysts typically exclude nonrecurring items.

Citi Investment Research analyst Gil Yang recommended that investors swap out of EOG Resources Inc. and into XTO Energy. XTO's stock should climb along with improving natural gas prices, Yang said.