Part IV
Item 15.
Exhibits and Financial Statement Schedules
XTO ENERGY INC. Consolidated Statements of Cash Flows
Year Ended December 31 |
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(in millions) |
2007 |
2006 |
2005 |
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OPERATING ACTIVITIES |
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| Net income | $ | 1,691 | $ | 1,860 | $ | 1,152 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation, depletion and amortization | 1,187 | 875 | 655 | |||
| Accretion of discount in asset retirement obligation | 22 | 16 | 12 | |||
| Non-cash incentive compensation | 65 | 63 | 34 | |||
| Dry hole expense | 21 | 9 | – | |||
| Deferred income tax | 659 | 529 | 415 | |||
| Gain on distribution of royalty trust units | – | (469) | – | |||
| Non-cash derivative fair value (gain) loss | 43 | (39) | (39) | |||
| Other non-cash items | 23 | 10 | 23 | |||
| Changes in operating assets and liabilities, net of effects of acquisitions of corporations (a) |
(72) | 5 | (158) | |||
| Cash Provided by Operating Activities | 3,639 | 2,859 | 2,094 | |||
INVESTING ACTIVITIES |
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| Proceeds from sale of property and equipment | 1 | 6 | 17 | |||
| Property acquisitions, including acquisitions of corporations | (4,012) | (616) | (1,407) | |||
| Development costs, capitalized exploration costs and dry hole expense | (2,668) | (2,047) | (1,304) | |||
| Other property and asset additions | (666) | (379) | (214) | |||
| Cash Used by Investing Activities | (7,345) | (3,036) | (2,908) | |||
FINANCING ACTIVITIES |
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| Proceeds from long-term debt | 7,293 | 5,719 | 3,825 | |||
| Payments on long-term debt | (4,433) | (5,377) | (2,977) | |||
| Net proceeds from common stock offering | 1,009 | – | – | |||
| Dividends | (170) | (109) | (67) | |||
| Senior note and debt offering costs | (18) | (9) | (5) | |||
| Proceeds from exercise of stock options and warrants | 33 | 24 | 73 | |||
| Payments upon exercise of stock options | (57) | (46) | (20) | |||
| Excess tax benefit on exercise of stock options | 57 | 50 | – | |||
| Purchases of treasury stock and other | (13) | (72) | (23) | |||
| Cash Provided by Financing Activities | 3,701 | 180 | 806 | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(5) | 3 | (8) | |||
| Cash and Cash Equivalents, January 1 | 5 | 2 | 10 | |||
| Cash and Cash Equivalents, December 31 | $ | – | $ | 5 | $ | 2 |
| (a) Changes in Operating Assets and Liabilities | ||||||
| Accounts receivable | $ | (198) | $ | (12) | $ | (258) |
| Other current assets | (85) | (16) | (47) | |||
| Other operating assets and liabilities | (9) | (12) | (3) | |||
| Current liabilities | 220 | 45 | 150 | |||
| $ | (72) | $ | 5 | $ | (158) | |
See accompanying notes to consolidated financial statements. |
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