Cross Timbers Oil Announces Three-for-Two Stock Split; Anticipates Dividend Increase

Apr 11, 2001, 01:00 ET from Cross Timbers Oil Company

    FORT WORTH, Texas, April 11 /PRNewswire/ -- Cross Timbers Oil Company
 (NYSE:   XTO) announced today that its Board of Directors has declared a
 three-for-two stock split of its common stock, subject to stockholder approval
 of an increase in the number of authorized shares at the Company's Annual
 Meeting on May 15, 2001.  The Board also announced that it intends to maintain
 the quarterly cash dividend at one cent per share after the stock split,
 effecting a 50% dividend increase.
     "This is Cross Timbers' fourth three-for-two stock split since 1997 -- a
 remarkable achievement," said Bob R. Simpson, Chairman and Chief Executive
 Officer.  "The Board's decision reflects its confidence that our sustained
 record performance, exceptional internal growth profile and increasing asset
 values will continue to fuel outstanding stock performance."
     Assuming stockholder approval, Cross Timbers' transfer agent will deliver
 to each holder of record at the close of business on May 23, 2001 one
 additional share for every two shares of common stock held.  The stock split
 will be effected in the form of a stock dividend, which will be mailed on
 June 5, 2001.  As a result, Cross Timbers' stock should begin trading on a
 post-split basis June 6, 2001.  Cash will be paid in lieu of fractional shares
 based on the NYSE closing price of the Company's stock on May 23, 2001.  Cross
 Timbers will have approximately 122 million shares outstanding after the stock
 split.
     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 predecessors were
 established in 1986, completed its initial public offering in May 1993.  Its
 properties are concentrated in Texas, Oklahoma, Kansas, New Mexico, Arkansas,
 Wyoming, Alaska and Louisiana.
     Statements concerning future financial results, internal growth rates and
 stock performance are forward-looking statements.  These statements are based
 on assumptions concerning commodity prices, drilling results, production costs
 and other factors 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
 there is no assurance that these goals and projections can or will be met.
 Further information 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.
     This release can be found at the Company Web site at www.crosstimbers.com.
 
 

SOURCE Cross Timbers Oil Company
    FORT WORTH, Texas, April 11 /PRNewswire/ -- Cross Timbers Oil Company
 (NYSE:   XTO) announced today that its Board of Directors has declared a
 three-for-two stock split of its common stock, subject to stockholder approval
 of an increase in the number of authorized shares at the Company's Annual
 Meeting on May 15, 2001.  The Board also announced that it intends to maintain
 the quarterly cash dividend at one cent per share after the stock split,
 effecting a 50% dividend increase.
     "This is Cross Timbers' fourth three-for-two stock split since 1997 -- a
 remarkable achievement," said Bob R. Simpson, Chairman and Chief Executive
 Officer.  "The Board's decision reflects its confidence that our sustained
 record performance, exceptional internal growth profile and increasing asset
 values will continue to fuel outstanding stock performance."
     Assuming stockholder approval, Cross Timbers' transfer agent will deliver
 to each holder of record at the close of business on May 23, 2001 one
 additional share for every two shares of common stock held.  The stock split
 will be effected in the form of a stock dividend, which will be mailed on
 June 5, 2001.  As a result, Cross Timbers' stock should begin trading on a
 post-split basis June 6, 2001.  Cash will be paid in lieu of fractional shares
 based on the NYSE closing price of the Company's stock on May 23, 2001.  Cross
 Timbers will have approximately 122 million shares outstanding after the stock
 split.
     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 predecessors were
 established in 1986, completed its initial public offering in May 1993.  Its
 properties are concentrated in Texas, Oklahoma, Kansas, New Mexico, Arkansas,
 Wyoming, Alaska and Louisiana.
     Statements concerning future financial results, internal growth rates and
 stock performance are forward-looking statements.  These statements are based
 on assumptions concerning commodity prices, drilling results, production costs
 and other factors 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
 there is no assurance that these goals and projections can or will be met.
 Further information 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.
     This release can be found at the Company Web site at www.crosstimbers.com.
 
 SOURCE  Cross Timbers Oil Company