Business Services Industry
Fort Worth, Texas-Based Cross Timbers Oil Posts Higher Quarterly Earnings.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, October, 2000 by Piller, Dan
Oct. 27--FORT WORTH, Texas--Cross Timbers Oil said Wednesday it earned $31.3 million, or 43 cents per share, for the quarter ended Sept. 30.
A year ago in the same quarter, Cross Timbers earned $13.1 million, or 18 cents per share.
The company announced a record cash flow from operations, increasing 136 percent from a year earlier to $94 million.
Third-quarter gas production averaged 342 million cubic feet per day, up 18 percent from the 1999 third quarter.
"We are exceptionally pleased with the results of this quarter," Chairman Bob R. Simpson said. "We have seen strong internal production growth this year as a result of our intensive development programs in East Texas, San Juan Basin and Arkoma."
The average natural gas...
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