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					                                                                   The Dramatic Volatility in our World
                                                   2008 SPIKE
150%                                           Oil Price: $143.57
                                            Natural Gas Price: $13.39


100%
         JANUARY 2007 Prices
             XTO: $35.72                                                                                                  May 2009 Prices
             Dow: 12,463                                                                                                   XTO: $42.77
           Oil Price: $61.05                                                                                                Dow: 8,500
        Natural Gas Price: $6.16                                                                                         Oil Price: $66.31
 50%
                                                                                                                      Natural Gas Price: $3.84




  0%




-50%


                                                   XTO       DJIA            Oil           Natural Gas

-100%
        01/07


                03/07


                         05/07


                                   07/07


                                           09/07


                                                   11/07


                                                           01/08


                                                                     03/08


                                                                                   05/08


                                                                                              07/08


                                                                                                      09/08


                                                                                                              11/08


                                                                                                                       01/09


                                                                                                                                03/09


                                                                                                                                        05/09
                                                                                                                                                 1
                     The Age of Hydrocarbon Man: Fossil Fuels




      Community &                         Industrialization &
       Education                            Consumption


SUBSISTENCE           EMERGING                          U.S. STANDARD
 EXISTENCE           URBANIZATION                          OF LIVING

    ---             2 BOE/yr per person              60 BOE/yr per person
                                                      7 billion Bbl of oil per year

Undeveloped            Third World                          First World



                                                                                      2
                                   Economic Forecast: GDP Growth (%)

                          2005    2006    2007    2008E    2009E 2010E
       Global Economy       4.4     5.1     5.0      3.3     -1.3   2.7
       Industrial World                              0.7     -3.4   1.1
       Developing World                              5.8      0.8   4.3

       United States       3.1     2.9     2.2       1.1     -3.3   1.8
       Canada              3.1     2.8     2.7       0.8     -1.8   0.1
       Europe              1.8     3.0     2.7       0.6     -3.0   0.8

       Asia (ex Japan)     8.4     9.3     9.5       6.9      3.0    6.4
        Japan              1.9     2.4     2.1      -0.6     -6.0   -0.1
        China             10.4    11.6    11.9       9.0      5.5    8.0
        India              9.1     9.8     9.3       7.4      4.3    6.1

       Latin America       4.5     5.4     5.6       4.2     -4.0   0.3
        Mexico             3.1     4.9     3.2       1.3     -5.0   0.2
        Brazil             2.9     3.7     5.7       5.1     -4.5   0.5
Source: Morgan Stanley
                                                                           3
                                                                              A Perspective on Global Oil
            120
                                                                                                 2020
                                                                                       New Production Required:
            100
                                                                                            > 50 MMBOPD

                                                                              Projected Demand Growth: + 1.4%
                                                                                  Global GDP Growth: +3.0%
            80


                                                                              Natural Field Decline Rate: - 4.5%
   MMBOPD




            60




            40      Long-term OPEC volumes are stressed
                      Far East population drives demand
                    Global fuel demand challenges supply
            20                                                                         Projected Base Production



             0
             2007   2008      2009E   2010E   2011E   2012E   2013E   2014E    2015E   2016E   2017E   2018E   2019E   2020E

                    Base Oil Production       New Production for Field Declines   New Production for Demand Growth

Source: IEA & Broadpoint Capital
                                                                                                                               4
                                                                                       Domestic Natural Gas

        35                  Aggressive drilling required to grow
                     Cost structure makes gas price >$7/Mcf long-term
                             Chasing severe underlying decline
        30
                         America’s choice of “CLEAN” fossil fuel

        25



        20
                                                                                           Production required
  Tcf




                                                                                                  to offset
        15                                                                                  initial 30% decline

        10
                                                        2009 Challenges
                                                       Depressed price of ~$5/Mcf
         5                                           reducing the rig count by ~50%
                                                        losing growth momentum
         0
         1994       1996        1998       2000      2002   2004   2006   2008     2010    2012   2014   2016   2018   2020

                                                             U.S. Production     Imports
Source: National Petroleum Council (forecast), EIA
                                                                                                                              5
                                                                                                        The Dynamics of Gas Price and Drilling Cost

                                              30                                                                                                                                                               $20

                                                                                                                                                               Shale Growth
                                                                                                                                                     Enthused by 150% Investment
U.S. Gas Rig Count (00) & Day rate ($M/day)




                                              25                                                                                                         of Sector’s Cash Flow

                                                                                                                                                                                                               $15
                                                                                    Growth Basins
                                              20                                         Jonah/Pinedale
                                                                                                                                                      20%




                                                                                                                                                                                                                     Gas Price ($/MCF)
                                                                                        Freestone/Bossier
                                                                                          Powder River                                               $18,000


                                              15                                                                                                                                                               $10


                                                                                                                                     $13,000
                                                                         25%
                                              10                        $10,500


                                                                                                                                                                                                               $5
                                                                                                       $7,500

                                               5
                                                                                                                                                                                               Flat to
                                                         +1.86%         +2.26%          -3.51%         -0.10%         -2.66%         -2.91%          +2.51%          +3.16%         +7.26%
                                                                                                                                                                                               Down
                                                                                                         U.S. Natural Gas Production Growth
                                                                                                                      EIA Reported Dry Gas
                                               0                                                                                                                                                               $0
                                                   '00            '01             '02            '03            '04            '05             '06             '07            '08        '09             '10

                                                                                   Gas Price             U.S. Gas Rig Count                    Day Rate (1,000 HP Rigs)

                                                                                                                                                                                                                                         6
              Characterizing The World As We Know It
   Global Economic Weakness
          Stall in financial liquidity
       Dramatic pull-back in spending
           Energy price collapse
         Lack of global confidence
       Repair Global Financial System

Liquidity Injection Around the Globe
    Enthusiastic funding by governments
           Working off bad debt
        Looking to build confidence


   Patience for the Turn Around
 Global investment returns from the sidelines
     Dealing with poor economic results
  Low cost natural resources fuel the bounce
 Growing population results in global demand


                                                       7
                          XTO Performs through the Cycles

Company built through the most challenging times
                          ▪
 Proven strategy endures the “ups-and-downs”
         Great properties overwhelm adversity
                          ▪
        Free cash flow drives prosperity
                          ▪
       Extraordinary, entrepreneurial team
                          ▪
   The “know-how” to convert captured value
           into shareholder returns


                                                            8
                                                     A Strategy of Measured Production Growth

                                                AVERAGE DAILY PRODUCTION


          3000                                                                                                                          8
                                                                                                                               ~2,718
                                                                                                                                        7
          2500     2009 Growth Target: 16%                                                                             2,335
                                                                                                                                        6

          2000
                      2008 Growth: 28%
                                                                                                               1,821                    5
MMCFEPD




                                                                                                                                            CFE/share
                                                                                                       1,528
          1500                                                                                 1,330                                    4

                                                                                       1,106                                            3
          1000                                                                  785
                                                                   525    623                                                           2
                                                      394    448
           500                                 325
                             136   159 203                                                                                              1
                 93    115

             0                                                                                                                          0
                 '93   '94   '95   '96   '97   '98    '99    '00   '01    '02    '03    '04     '05    '06      '07     '08    '09E

                                                Oil         NGL     Gas         cfe per share

                                                                                                                                                        9
                                                                      A Proven Strategy to Build RESERVES

                                                                 PROVED RESERVES*


        16000

                                                                                                                                                  13,862
        14000
                      Compound Annual Growth Rate: 29%
        12000                                                                                                                              11,289

        10000
                                                                                                                                   8,549
 BCFE




         8000                                                                                                              7,622

                                                                                                                   5,860
         6000

                                                                                                           4,185
         4000                                                                                      3,372
                                                                                           2,682
                                                                        2,023 2,252
                                                              1,639
         2000                                        1,186
                           379      598      795
                  296
            0
                  '93       '94      '95      '96      '97      '98      '99         '00    '01     '02     '03     '04    '05      '06     '07     '08

                                                                               Oil     NGL        Gas
* Proved reserves for each year-end are 100% outside engineered by Miller & Lents
                                                                                                                                                           10
                                                                                               Performance Highlights
                                     2004          2005              2006                      2007            2008         1Q09
CASH MARGIN
 REVENUES                         66%              64%              67%                    68%                66%          69%

                                                          30%                 26%                  27%               31%              22%
      = 66%                             2%
                                             32%
                                                                          7%                      5%                             9%
                                                         6%                                                         3%

                                                                Cash Margin         Expenses     Cash Taxes


Revenue ($MM):                      $1,948          $3,519            $4,576                   $5,513          $7,696       $2,161
Net Income ($MM):                   $582            $1,160            $1,534                   $1,719          $1,947         $531
Op. Cash Flow ($MM):                $1,286          $2,254            $3,078                   $3,742          $5,130       $1,485
Annual ROCE:                        17.2%           21.1%             20.8%                    16.2%            11.0%        9.5%

Daily Production:                   1,016            1,330              1,528                    1,821           2,335      2,731
Prod’n Growth / Shr:                17.4%           20.0%              15.1%*                   15.0%           14.4%       11.5%

Realized Prices
     Natural Gas:                   $5.04            $7.04             $7.69                    $7.50           $7.81        $7.24
     Oil:                           $38.38          $47.03            $60.96                   $70.08          $87.59      $104.59
Cash Margin / Mcfe                  $3.46            $4.69             $5.52                    $5.63           $6.00        $6.04

EOP Market Cap ($B):                $9.2             $16.0             $17.3                    $24.9           $20.5        $17.8
EOP Share Price:                    $20.41          $33.80            $37.64                   $51.36          $35.27       $30.62
Cash Flow Multiple                  7.2x              7.1x              5.6x                     6.7x            4.0x         ~3x

  * Adjusted to include HGT distribution
                                                                                                                                            11
                                 Our Unique Advantages


           Acquisition expertise
                     ▪
Focused intensity on domestic development
               No distractions
                     ▪
         Consistent price hedging
                     ▪
Depth of visible, confident growth prospects




                                                         12
                                                          XTO’s Hedging Positions

                                       MCF or BBLS     NYMEX Price       Natural Gas
                  Production:               per day    per MCF or BBLS    Mcfe Price

       2009*      Natural Gas
                    Jan – Dec             1,745,000       $   8.79
                        Oil
                     Jan – Dec                62,500      $ 117.11
               Total NG Equivalent
                    Jan – Dec             2,120,000                      $ 10.69

       2010       Natural Gas
                    Jan – Dec                730,000      $   8.67
                        Oil
                     Jan – Dec                27,500      $ 126.65
               Total NG Equivalent
                    Jan – Dec                895,000                     $ 10.96




* Includes early settled and reset swap agreements
                                                                                       13
               A Good Acquisition Company Must be a GREAT Development Company

                                  1986 - 2008 RESERVES PERSPECTIVE


       35000                                                                   33,392


       30000

                            Low-risk drilling inventory                       14,200    268%
       25000


       20000
BCFE




       15000
                                       Delivered Growth                       10,122    112%

       10000


        5000                   9,070


           0

                                   Acquisitions   Development   Identified Upsides

                                                                                               14
                                                    Ownership and Opportunities Expand

                           Bakken Shale


                                                            Trend Building
                                                              Identify the target
                               Powder River Basin
                                                                Test the theory
Green River Basin                                            Expand the position

 Uinta Basin                 Piceance Basin




                             Raton Basin                                       Marcellus Shale


                                            NW Oklahoma     Woodford
  San Juan Basin
                                                              Arkoma/Fayetteville


                                    Barnett Shale                                    Mississippi
                                                              N Louisiana




                    Permian Basin           East Texas
                                                              Haynesville Shale
                                                                                                   Rig Count
                                                                  Gulf Coast
                                                                                    Offshore
                                                                                                     58
 Cook Inlet
                               South Texas                   XTO leasehold

                                                                                                               15
                                                                                  Eastern Region - Freestone Trend

                                                                                                   10 TCFE Potential
Productive area                                                                     Daily Production: 20 MMCFE to > 786 MMCFE
   3,400   mi2
                                                Rischer Store



                   Navarro
                                                                                                   PRODUCTION GROWTH
                                                                                               MMCFEPD (gross operated) / Rig Count
             Limestone
                                                    Reed                          1000                                                    40

                                                           Freestone
                                                                                   800
           N. Personville                            Teague                                                                               30

                                                                                   600
                             Oaks
                                                     Freestone                                                                            20
                                                    Bear Grass                     400
                 Farrar
                                                                                                                  Cumulative Production
                                                                                                                                          10
                                                                                   200                                  ~ 1.3 TCF
                                               466,000 acres
    Bald Prairie                               (381,000 net)                        0                                                     0
                                                                                         '98      '00     '02     '04      '06      '08
                                             Leon
                                Robertson                                                          Production Growth        Rig Count
                                                                       75 miles




                                            XTO acreage
                                            2008 acreage additions
                                                        46 miles
                                                                                                                                               16
                                                              Fort Worth Basin – Barnett Shale Growth
JACK                       WISE                                DENTON      1000                                                                   40
                                                                                                     PRODUCTION GROWTH
                                                                                                 MMCFEPD (gross operated) / Rig Count

                                  CORE                                      800
                                                                                                                                                  30

                                                                            600
              PARKER                                TARRANT DALLAS
                                                                                                                                                  20
                                                                            400
         TIER 1
                                                                                                                                                  10
                                                                            200                                        Cumulative Production
                                        Fort Worth
       Weatherford
                                                                                                                          ~ 610 BCF
                                                                                 0                                                                0
                                                                                     '01            '03          '05           '07         '09
                                                                                                   Production Grow th          Rig Count
                 HOOD   JOHNSON                                 ELLIS



                                                                          4000                       NET RESERVE GROWTH
                                                                                                                (BCFE)
                                  Cleburne                                                                                                 3160
            SOMERVELL                                                     3000
                                                            Ouachita                                                           2327
                                                           Thrust Front
                                             HILL

                  BOSQUE
                                                                          2000
                                                                                                                  1428
       TIER 2
                                                                          1000                            726

                                                                                           118
                     280,000 net acres                                      0
XTO acreage                                                                                '04            '05      '06          '07         '08
                                                                                                                                                       17
                                                                                Shale Basins


           Bakken Shale
                                            30% of DAILY GAS PRODUCTION
     Gross Production: 13,000 BOPD
            450,000 net acres                                                  Marcellus Shale
     Reserves/well: 300 - 600 MBOE                                               280,000 net acres
                 3 Rigs                                                     Reserves/well: 2.0 – 4.0 BCF
                                                                                       1 Rig

                                               Fayetteville Shale
                                            Gross production: 60 MMCFPD
                                                  380,000 net acres
                                             Reserves/well: 1.5 – 3.0 BCF
                Woodford Shale                         6 Rigs
           Gross Production: 65 MMCFPD
                  160,000 net acres
             Reserves/well: 2.5 – 5.0 BCF
                       3 Rigs



                                                                             Total Shale Potential
                                                                                     1.7 million acres

      Barnett Shale
Gross Production: 790 MMCFPD
 277,000 net acres (57% CORE)                                     Haynesville Shale
  Reserves/well: 2.0 - 9.0 BCF                                      100,000 net acres
            13 Rigs                                            Reserves/well: 4.0 – 9.0 BCF
                                                                         3 Rigs

                                                                                                           18
   Shale Gas Basin Economics for XTO’s Premier Acreage

                                   Gross               Nat Gas   Nat Gas
                  Well Cost         EUR    F&D Costs   @ $7.50   @ $5.00*
   Play               million       BCFE    per MCFE     ROR       ROR

  Barnett Core       $2.8            3.3     $1.13      92%        47%
  Fayetteville       $2.7            2.2     $1.46      65%        36%
  Woodford           $5.0            3.8     $1.55      53%        32%
  Haynesville        $8.0            6.5     $1.58      59%        36%
  Marcellus          $3.5            3.0     $1.34      99%        70%




* Reflects 20% reduction in well costs
                                                                            19
                                        2009 Inventory for Development
         30%
Captured Resource                               XTO Reserve Estimated
                               Drill Well
     GROWTH Y-O-Y                                 Potential F&D Cost
                               Inventory           (BCFE, net)    ($/MCFE)
 Eastern Region/Freestone      2,300 – 2,500         4,300       $0.80 – 1.70
 Barnett Shale                 2,400 – 2,600         4,700       $0.80 – 1.80
 Fayetteville Shale            1,600 – 1,800         2,500       $1.20 – 1.60
 Woodford Shale                 700 – 800            2,000       $1.20 – 1.75
 Eastern Region/Haynesville    1,000 – 1,100         2,500       $1.20 – 1.80
 Uinta, San Juan & Raton       1,500 – 1,600         1,500       $0.50 – 1.50
 Permian/S. Texas/GOM          1,250 – 1,350          900        $1.30 – 2.00
 Marcellus Shale                200 – 220             500        $1.00 – 1.40
 Bakken Shale                   150 – 250             300        $1.50 - 2.00


                    Total 11,100 – 12,220  19,200
                   Booked PUD Reserves: 5 TCFE
           UNBOOKED LOW-RISK UPSIDES:
                              14.2 TCFE
                                                                                20
 2010 Positioning for Growth Acceleration

 Setting the stage operationally for 10% production growth
                              ▪
       XTO’s shallow production profile substantiates
                     our ability to grow
                              ▪
Amplify economic returns with lowest drilling costs into rising
                     commodity prices




                                                                  21
Statements concerning production growth, cash-flow margins, finding costs, future gas prices, reserve potential
and debt levels are forward-looking statements. Financial results are subject to audit by independent auditors.
These statements are based on assumptions concerning commodity prices, drilling results, production,
administrative costs and interest costs that management believes are reasonable based on currently available
information; however, management’s assumptions and the Company’s future performance are both subject to a
wide range of business risks and uncertainties, and there is no assurance that these goals and projections can or
will be met. In addition, acquisitions that meet the Company’s profitability, size and geographic and other criteria
may not be available on economic terms. Further information on risks and uncertainties is available in the
Company’s filings with the Securities and Exchange Commission, which are incorporated by this reference as
though fully set forth herein.
This presentation includes certain non-GAAP financial measures. Reconciliation and calculation schedules for the
non-GAAP financial measures can be found on our website at www.xtoenergy.com.
Reserve estimates and estimates of reserve potential or upside with respect to the pending acquisition were made
by our internal engineers without review by an independent petroleum engineering firm. Data used to make these
estimates were furnished by the seller and may not be as complete as that which is available for our owned
properties. We believe our estimates of proved reserves comply with criteria provided under rules of the
Securities and Exchange Commission.
The Securities and Exchange Commission has generally permitted oil and gas companies, in their filings made
with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or
conclusive formation test to be economically and legally producible under existing economic and operating
conditions. We use the terms reserve “potential” or “upside” or other descriptions of volumes of reserves
potentially recoverable through additional drilling or recovery techniques that the SEC’s guidelines may prohibit us
from including in filings with the SEC. These estimates are by their nature more speculative than estimates of
proved reserves and accordingly are subject to substantially greater risk of being actually realized by the
company.

				
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