IPAA Oil & Gas Investment Symposium

1. IPAAOil & Gas Investment Symposium April 21, 2004

2. Corporate Overview • Equity market cap: • S&P/Moody’s ratings: • Shares outstanding: • Pro forma production mix: • Geographic focus: • Pro forma R/P ratio: • Management team: Strategy: Consistent and profitable growth in natural gas and oil production through a proven process of quality acquisitions and low-riskinternal development ~ $6.2 billion BBB-/Baa3 234 MM 87% gas, 13% liquids 100% U.S. 14.8 years Founders and senior members together 20+ years

3. Creating Value Through All Cycles GROWTH Strongbalance sheet Increasing ROR,optimize cash flow The best acquisition companies arethe bestdevelopmentcompanies AcquiretheRIGHT ASSETSto grow DiscoverNEW RESERVESto grow Long-lived,high margins Low-risk,prolific upsides EXPERTISE

4. A Strategy of Measured Growth PROVED RESERVES (Bcfe)* XTO STRATEGY • Long-lived assets • Low-risk inventory • Opportunistic hedging • Strategic acquisitions +24% 28%compound annual growth rate 2003 PF** * Reserves 100% outside engineered by Miller & Lents, Ltd. * * Pro forma for 2004 acquisitions

5. Consistent Increase inNatural Gas Production AVERAGE PRODUCTION (MMcf per day) GROWTH TARGETS2004:~ 18% to 20%2005:~ 10% to 12% +30% 28%compound annual growth rate

6. A Steady Process of Acquire & Develop PRODUCTION ADDITIONS (MMcfe per day) Disciplined acquisitions =More profitable growth 0% * Based on guidance issued 1/2004 & updated for acquisitions through February 23, 2004

7. Balancing Acquisitions with Development • Pursuit of the “Best Rock” drives XTO acquisitions • Steady flow of acquisitions throughout gas price cycles • Ultimately, opportunity drives deals, not arbitrary timing • Good properties are never cheap, but always outperform • Our economic returns today are better than ever • Discipline in costs • Maintaining low-risk activities • Best cash margins per unit • Naturally, our strategy requires replenishing the inventory

8. Building a Property Base on Premier ‘Rock’ Maintaining a Competitive Advantage • Decline curve management • Expanding successful plays • Tighter spacing & ‘Discovery Drilling’ • Low-risk, high-margin Cook Inlet 2004 Development Budget$520 MM Fontenelle Area Raton Basin Hugoton San Juan Basin Arkoma Permian Basin N. Louisiana East Texas Barnett Shale

9. A Good Acquisition CompanyMust be a GREAT Development Company DEVELOPMENT RESERVES ADDED 1986 – 2003 (BCFE) Average Development Cost$0.59 per Mcfe 98%

10. XTO Energy’s Margin Analysis NYMEX Natural Gas Hedging (MMcf/d)2004 (Mar - Dec): 392 @ $4.772005 (Jan - Dec): 100 @ $5.21 $2.87 CASH MARGIN INTEREST CASH COSTS* * Includes LOE, G&A and taxes & transportation * * Development expenditures / development reserves additions (excluding revisions)

11. XTO Growth Economics Delivering Strong Returns on Double-Digit Production Growth ~ 25%of cash flowrequired to replacereserves in 2004 $470 $332 $155 $156 $270 $235 $188 $178 $217 $250 $225 $207 $106 $143 $61 Maintenance Development Budget** Growth Development Budget * Cash provided by operating activities before changes in operating assets and liabilities and exploration expense ** FY 2000-2003 reflect actual F&D costs, 2004E assumes ~ $0.80/Mcfe FirstCall consensus estimates for 2004 revenue and cash flow

12. How Can XTO Still Keep Growing? • A shallow-decline production base requires minimal maintenance capital • More ‘free cash flow’ is the XTO advantage • ~ 75% of 2004 cash flow is available • In our hands, properties grow from the inside out • Reserves double over time • Low operational risk • Great cash returns • Our team has developed top expertise in finding new discoveries • Largest inventory in Company history • Opportunities abound in America

13. Delivering Growth & Building Inventory DEFYING INTUITION Development corridor upsidesare >50% of reserve base

14. Value Creation . . . Value Realization PROFITABLE GROWTH per share XTO stock up 15xsince 1993 IPO 23% CAGRMcfe per share

15. Disclaimer 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. 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.