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Exhibit 99.2
LOGO Cross Timbers Oil Company NEWS RELEASE
APPEARS
HERE
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Number: 00-19 For Immediate Release
CROSS TIMBERS SELLS SIX MILLION COMMON SHARES
FORT WORTH, TX (Nov 17, 2000) - Cross Timbers Oil Company (NYSE-XTO) today
announced that it has sold six million shares of its common stock through Lehman
Brothers Inc. Cross Timbers will use the proceeds of the offering to reduce
outstanding indebtedness by approximately $115 million.
This offering reduces long-term debt and increases Stockholders' Equity,
thereby accelerating improvement in the Company's balance sheet. With this
transaction, the Company expects debt at year-end 2000 to be between $755-$765
million.
"Including this transaction, the Company expects to reduce its obligations
by more than $330 million this year, while increasing Stockholders' Equity by
approximately $200 million," stated Bob R. Simpson, Chairman and Chief
Executive Officer. "With our sharply improved balance sheet, coupled with our
outstanding growth prospects in the domestic natural gas business, our stock
should trade at higher multiples of cash flow and earnings."
Cross Timbers Oil Company is a premier domestic natural gas producer
engaged in the acquisition, exploitation and development of quality, long-lived
oil and gas properties. The Company, whose predecessor companies were
established in 1986, completed its initial public offering in May 1993. Its
properties are concentrated in Texas, Oklahoma, Kansas, New Mexico, Arkansas,
Wyoming and Alaska.
Contact: John M. O'Rear Gary D. Simpson
Vice President & Treasurer Director of Investor Relations
Cross Timbers Oil Company Cross Timbers Oil Company
817/870-2800 817/870-2800
There will a conference call held in conjunction with this release. It will be
broadcast live via Internet webcast at 11:00 A.M. ET (10:00 A.M.CT) on Monday,
November 20, 2000. The webcast can be accessed on the Company's website at
www.crosstimbers.com.
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Statements made in this press release, including those relating to Stockholders'
Equity, debt levels and the Company's growth prospects and stock price, are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
statements are based on assumptions and estimates 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. Any number of factors could cause
actual results to differ materially from those in the forward-looking
statements, including, but not limited to, market conditions, the timing and
extent of changes in oil and gas prices, changes in underlying demand for oil
and gas, the timing and results of drilling activity, the availability of
drilling equipment, changes in interest rates, higher than expected production
costs and other expenses and the timing of receipts from the sale of oil and
gas. 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.
810 Houston St., Suite 2000, Fort Worth, Texas 76102-6298
(817) 870-2800, Fax (817) 870-1671
www.crosstimbers.com
