Gas Glut May Grow as XTO, Devon Wells Prove Prolific

The largest U.S. natural gas producers may be doing too well at the wellhead for their own good, pumping so much of the heating and power plant fuel that prices won’t soon recover from last year’s market collapse. XTO Energy Inc. and Devon Energy Corp., two of the five largest producers of U.S. gas, yesterday reported record output and smaller declines in earnings than analysts estimated. Anadarko Petroleum Corp., London based BP Plc and Chesapeake Energy Corp. previously reported second quarter output gains that helped them beat estimates.....Complete Story