XTO Energy Inc.

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XTO Energy Inc, formerly Cross Timbers Oil Company, is a premier domestic natural gas producer engaged in the acquisition, exploitation and development of high-quality, long-lived, producing natural gas and oil properties. The Company's reserves have grown from 296 billion cubic feet equivalent (Bcfe) in 1993 to almost 5.860 trillion cubic feet equivalent (Tcfe) today, making it the fourth largest owner of domestic natural gas reserves among the independents.

Over its 19-year history, XTO Energy has amassed a portfolio of legacy assets that has fueled remarkably consistent growth in production and reserves on a per-share basis. Reserves on acquired properties have grown an average of 98% from the date of acquisition. The Company is a leader in low-cost development and high-margin economic return. As a result, tremendous value has been created for the shareholders and the stock has performed well--up about 34 times since IPO in 1993.

Perhaps most important, XTO Energy is poised to continue its extraordinary performance. The Company holds an unprecedented inventory of low-risk projects, which will fuel double-digit growth in production for years to come. In 2005, XTO delivered 27% to 29% growth in equivalent production and...